Thryv Holdings, Inc.
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
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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.
Jun 30, 2025 · Filed Jul 30, 2025
THRY$1.18-1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001556739-25-000040
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001556739-25-000050
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 140 previous paragraphs and 165 current paragraphs.
75 unchanged; 42 reworded; 34 added; 20 removed; 3 previous and 14 current paragraphs rearranged.
Tables are not compared: 10 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
During the twelve months ended June 30, 2025, we converted approximately 29,000 clients with digital Marketing Services products to our Thryv Platform who were not already SaaS clients at the time of conversion. As of June 30, 2025, approximately 22,000 of these clients remained as SaaS clients. The conversion of these Marketing Services clients increased SaaS revenue by $9.1 million and$17.9 million during the three and six months ended June 30, 2025, respectively.
Current report
Additionally, during the twelve months ended June 30, 2025, we converted digital Marketing Services products to our Thryv Platform for approximately 12,000 clients who already had at least one SaaS product in our Thryv Platform at the time of conversion. The conversion of these Marketing Services clients increased SaaS revenue by $7.4 million and $13.4 million during the three and six months ended June 30, 2025, respectively.
Current report
Monthly ARPU for SaaS increased by $19, or 6%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, anddecreased by$7, or 2%, for thesix months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase in ARPU for thethree months ended June 30, 2025 was driven by the sale of additional SaaS offerings to existing SaaS clients, the growth of the average spend of new SaaS clients, price increases implemented in the third quarter of 2024 and the second quarter of 2025, and fewer conversions of clients from digital Marketing Services solutions to our SaaS offerings during thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. Client conversions reduce ARPU as clients are frequently converted at a lower initial ARPU than the SaaS base. The decrease in ARPU for the six months ended June 30, 2025, was driven by our strategic decision to accelerate the conversion of clients from digital Marketing Services solutions to our SaaS offerings at no additional cost to the client at the time of upgrade. A large number of these clients were converted throughout 2024 and into 2025, which negatively impacted overall ARPU for subsequent periods, including the six months ended June 30, 2025.
Current report
(2) See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income, the most directly comparable measure presented in accordance with GAAP.
Current report
SaaS Revenue
Current report
SaaS revenue increased by $37.2 million, or 47.8%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily attributable to the acquisition of Keap and the Company’s strategic decision during the fourth quarter of 2023 to accelerate the conversion of clients from its digital Marketing Services solutions to its SaaS offerings. Of the $37.2 million SaaS revenue increase, Keap contributed $17.7 million and the conversion of digital Marketing Services products for clients to SaaS products during the first six months of 2025 contributed $4.6 million. In addition, SaaS revenue increased $9.5 million due to new sales, client expansion, and product price increases during the first six months of 2025. Finally, SaaS revenue increased $5.4 million due to net revenue changes associated with products sold or converted prior to January 1, 2025, including net expanded revenue from converted products.
Current report
For the three months ended March 31, 2025, compared to the three months ended March 31, 2024, SaaS revenue increased by $36.8 million. Of the $36.8 million revenue increase, Keap contributed $18.9 million and the conversion of digital Marketing Services products for clients to SaaS products during the first three months of 2025 contributed $1.9 million. In addition, SaaS revenue increased $3.0 million due to new sales and client expansion during the first three months of 2025. Finally, net SaaS revenue increased $13.0 million due to net revenue from SaaS products converted for clients prior to January 1, 2025, including net expanded revenue from those converted clients.
Current report
Marketing Services Revenue
Current report
Marketing Services revenue decreased by $50.8 million, or 34.7%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
Current report
General and administrative expense increased by $0.5 million, or 1.0%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily attributable to an increase in contract services expense of $1.9 million and an increase in bad debt expense of $0.9 million. These increases were partially offset by a decrease in employee related-expenses of $1.1 million, a decrease in severance expense of $0.5 million, and a decrease in depreciation and amortization expense of $0.7 million due to the accelerated amortization method used by the Company.
Current report
Income Tax Expense
Current report
Results of Operations
Current report
Consolidated Results of Operations
Current report
(2) See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income, the most directly comparable measure presented in accordance with GAAP.
Current report
Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024
Current report
Revenue
Current report
Revenue decreased by $65.9 million, or 14.4%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was driven by a decrease in Marketing Services revenue of $139.9 million partially offset by an increase in SaaS revenue of $74.0 million.
Current report
SaaS Revenue
Current report
SaaS revenue increased by $74.0 million, or 48.7%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily attributable to the acquisition of Keap and the Company’s strategic decision during the fourth quarter of 2023 to accelerate the conversion of clients from its digital Marketing Services solutions to its SaaS offerings. Of the$74.0 million SaaS revenue increase, Keap contributed $36.6 million and the conversion of digital Marketing Services products for clients to SaaS products during the firstsix months of 2025 contributed $6.5 million. In addition, SaaS revenue increased $12.5 million due to new sales, client expansion, and product price increases during the first six months of 2025. Finally, SaaS revenue increased $18.4 million due to net revenue changes associated with products sold or converted prior to January 1, 2025, including net expanded revenue from converted products.
Current report
Marketing Services Revenue
Current report
Marketing Services revenue decreased by $139.9 million, or 45.8%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Current report
Cost of services decreased by $29.5 million, or 19.0%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This decrease was primarily driven by the corresponding decline in revenue and strategic cost saving initiatives. Specifically, we reduced printing, distribution and digital fulfillment support costs by $22.3 million and employee-related expenses by $1.9 million. Additionally, depreciation and amortization expense decreased $3.5 million due to the accelerated amortization method used by the Company.
Current report
Gross Profit
Current report
Sales and marketing expense decreased by $0.7 million, or 0.5%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in sales commissions of $6.6 million due to new sales commissions plans and revised targets and a decrease in depreciation and amortization of $1.9 million due to the accelerated amortization method used by the Company. These decreases were partially offset by an increase in employee-related expenses of $3.0 million, an increase in marketing and advertising expenses of $3.0 million, and an increase in contract services expense of $1.3 million.
Current report
Interest Expense
Current report
Other components of net periodic pension cost decreasedby$1.6 million for the six months ended June 30, 2025. This decrease was primarilydue to a higher return on plan assets of$1.4 million.
Current report
Other income (expense) increasedby$10.7 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily due to a foreign-currency related gain of$2.9 million recorded during thesix months ended June 30, 2025, compared to a foreign-currency related loss of$1.2 million during thesix months ended June 30, 2024. Additionally, there was a$6.6 million loss on early extinguishment of debt which occurred during the six months ended June 30, 2024.
Current report
Income Tax Expense
Current report
Adjusted EBITDA
Current report
Adjusted EBITDA decreased by $41.3 million, or 36.4%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease in Adjusted EBITDA was primarily driven by the secular decline in our Marketing Services segment. The decrease was partially offset by the growth in our SaaS segment. See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income, the most directly comparable measure presented in accordance with GAAP.
Current report
(4)In connection with the debt refinancing completed on May 1, 2024, the Company recorded a Loss on early extinguishment of debt related to the write-off of certain unamortized debt issuance costs on the Company's Prior Term Loan and Prior ABL Facility. See Note 8, Debt Obligations, to our consolidated financial statements included in Part I, Item 1 in this Quarterly Report for more information.
Current report
Net cash used in investing activities decreased by $1.2 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This decrease was primarily due to a decline in additions to fixed assets and capitalized software.
Current report
Cash Flows used in Financing Activities
Current report
Net cash used in financing activities decreased by $0.5 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This decrease primarily related to net proceeds of $16.0 million on the Company's ABL Facility during the six months ended June 30, 2025, compared to net payments of $30.8 million during the six months ended June 30, 2024. This change was partially offset by payments related to our Term Loan. During the six months ended June 30, 2025, the Company made $26.3 million of prepayments on the Company's Term Loan. During the six months ended June 30, 2024, the Company had $20.7 million of net proceeds as we entered into our Term Loan agreement. As a part of the Term Loan agreement, the Company paid debt issuance costs of $5.3 million during the six months ended June 30, 2024.
Removed paragraphs (20)
Previous report
•connect their pre-existing email, Facebook and Instagram accounts;
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•install Command Center’s WebChat client on their website; and
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•use Voice over Internet Protocol in-platform telephony services, Short Message Service and video calls.
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Thryv Marketing Services
Previous report
Monthly ARPU for SaaS decreased by $34, or 9%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease in SaaS ARPU during thethree months ended March 31, 2025 primarily resulted from our strategic decision to accelerate the conversion of clients from digital Marketing Services solutions to our SaaS offerings at no additional base cost to the client at the time of upgrade. The sale of our other SaaS offerings to new and existing SaaS clients offset a portion of the SaaS decline.
Previous report
Cost of Services
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Operating Expenses
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Sales and Marketing
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General and Administrative
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Thryv SaaS Revenue
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Thryv SaaS revenue increased by $36.8 million, or 49.5%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily attributable to the Company’s strategic decision during the fourth quarter of 2023 to accelerate the conversion of clients from its digital Marketing Services solutions to its SaaS offerings. Clients converted from digital Marketing Services solutions during the trailing twelve months resulted in an $11.3 million increase in SaaS revenue for the three months ended March 31, 2025. SaaS revenue also increased $6.6 million as a result of increased demand for our Thryv SaaS solutions as SMBs accelerate their move away from manual processes and towards cloud platforms to more efficiently manage and grow their businesses, and by our success in re-focusing our go-to-market and onboarding strategy to target higher value clients. Finally, Keap contributed $18.9 million of SaaS revenue during the three months ended March 31, 2025.
Previous report
Thryv Marketing Services Revenue
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Cost of Services
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Operating Expenses
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Sales and Marketing
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General and Administrative
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Income Tax Benefit (Expense)
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Cash Flows from Investing Activities
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Cash Flows from Financing Activities
Previous report
Net cash from financing activities increased by $13.8 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This increase was related to a $7.0 million increase in net proceeds on the Company's ABL Facility and a $9.4 million decrease in payments made on the Company's Term Loan. The Company made no payments on the Company's Term Loan during the three months ended March 31, 2025 as a result of prepayments made during the prior year. During the three months ended March 31, 2024, the Company made $9.4 million of payments on the Company's prior Term Loan.
Reworded paragraphs (42)
Previous wording
We serve approximately 280,000 SMB clients globally through two business segments: Thryv SaaS and Thryv Marketing Services.
Current wording
We serve approximately 261,000 SMB clients globally through two business segments: SaaS and Marketing Services.
Previous wording
Thryv Business Center is designed to allow an SMB everything necessary to streamline day-to-day business operations, including customer relationship management, appointment scheduling, estimate and invoice creation, and online review management. Thryv Marketing Center is a fully integrated next generation marketing and advertising platform operated by the end user. Marketing Center contains everything a small business owner needs to market and grow their business effectively, including easy to understand, AI driven analytics and lead attribution, helping them understand what marketing is working for them. ThryvPay®, is our own branded payment solution that allows users to get paid via credit card and ACH and is tailored to service focused businesses that want to provide consumers safe, contactless, and fast-online payment options. Thryv Add-Ons include AI-assisted website development, search engine optimization tools, Google Business Profile optimization, Hub by Thryv SM, and Thryv Leads. These optional platform subscription-based add-ons provide a seamless user experience for our end-users and drive higher engagement within the Thryv Platform while also producing incremental revenue growth. Keap Automations is Thryv's sales and marketing automation engine that helps SMBs efficiently grow, allowing automation of repetitive tasks, campaigns, processes, and tools.
Current wording
SaaS. Our SaaS segment generated$115.0 million and$77.8 million of consolidated revenue for the three months ended June 30, 2025 and 2024, respectively, and $226.1 million and $152.1 million of consolidated revenue for the six months ended June 30, 2025 and 2024, respectively. Our primary SaaS offerings are comprised of Thryv®, our flagship all-in-one small business management platform, which includes Thryv Marketing Center, Thryv Business Center, Keap®, Command Center, ThryvPay®, and Thryv Add-Ons (collectively referred to as our“Thryv Platform”). Thryv Marketing Center is a fully integrated next generation marketing and advertising platform operated by the end user. Marketing Center contains everything a small business owner needs to market and grow their business effectively, including easy to understand, artificial intelligence (“AI”) driven analytics and lead attribution, helping them understand what marketing is working for them. Thryv Business Center is designed to allow an SMB everything necessary to streamline day-to-day business operations, including customer relationship management, appointment scheduling, estimate and invoice creation, and online review management. Keap is Thryv's sales and marketing automation engine that helps SMBs to efficiently grow by automating repetitive tasks, campaigns, and processes, including customer relationship management, using automation tools and AI. Thryv Command Center enables SMBs to centralize all their internal and external communications through a modular, easily expandable, and customizable platform. ThryvPay® is our own branded payment solution that allows users to get paid via credit card and ACH and is tailored to service focused businesses that want to provide consumers safe, contactless, and fast-online payment options. Thryv Add-Ons include AI-assisted website development, search engine optimization tools, Google Business Profile optimization, Hub by Thryv SM, Thryv Leads®, growth packages, and social media services. These optional platform subscription-based add-ons provide a seamless user experience for our end-users and drive higher engagement within the Thryv Platform while also producing incremental revenue growth.
Previous wording
Our Thryv Marketing Services segment provides both print and digital solutions and generated$70.2 million and$159.3 million of consolidated revenues for the three months ended March 31, 2025 and 2024, respectively. Our Marketing Services offerings include our owned and operated Print Yellow Pages (“Print”), which carry the “The Real Yellow Pages” tagline, our proprietary Internet Yellow Pages, known by the Yellowpages.com, Superpages.com, and Dexknows.com URLs, search engine marketing solutions and other digital media solutions, which include online display and social advertising, online presence, and video and search engine optimization tools (collectively referred to as“Digital”). Our Thryv Marketing Services segment includes Thryv Australia Pty Ltd (“Thryv Australia”), and Yellow Holdings Limited (“Yellow”), a New Zealand marketing services company. Thryv Australia and Yellow serve approximately 75,000 and 15,000 Marketing Services SMBs, respectively, many of which we believe are ideal candidates for the Thryv Platform. During the third quarter of 2024, we made a strategic decision to terminate our Marketing Services solutions by the end of 2028.
Current wording
Marketing Services. Our Marketing Services segment provides both print and digital solutions and generated$95.5 million and$146.3 million of consolidated revenues for the three months ended June 30, 2025 and 2024, respectively, and $165.7 million and $305.6 million of consolidated revenue for the six months ended June 30, 2025 and 2024, respectively. Our Marketing Services offerings include our owned and operated Print Yellow Pages (“Print”), which carry the “The Real Yellow Pages” tagline, our proprietary Internet Yellow Pages, known by the Yellowpages.com, Superpages.com, and Dexknows.com URLs, search engine marketing solutions and other digital media solutions, which include online display and social advertising, online presence, and video and search engine optimization tools (collectively referred to as“Digital”). During the third quarter of 2024, we made a strategic decision to terminate our Marketing Services solutions by the end of 2028.
Previous wording
Our revenue growth is driven by our ability to attract, retain and expand the spend of SMB clients. To do so, we must deliver solutions that address the challenges currently faced by SMBs at a value-based price point that SMBs can afford.
Current wording
Our revenue growth is driven by our ability to attract, convert, retain and expand the spend of SMB clients. To do so, we must deliver solutions that address the challenges currently faced by SMBs at a value-based price point that SMBs can afford.
Previous wording
Our strategy is to expand the use of our SaaS solutions by introducing our SaaS solutions to new SMB clients, as well as our current Thryv Marketing Services clients and our existing SaaS client base, offering them additional SaaS solutions. This strategy includes capitalizing on the increased needs of SMBs for solutions that facilitate a remote working environment and virtual interactions. This strategy will require substantial sales and marketing capital. This strategy poses a risk if our Marketing Services clients do not fully embrace the transition to SaaS offerings by purchasing additional SaaS offerings or if they have higher churn rates.
Current wording
Our strategy is to expand the use of our SaaS solutions by introducing our SaaS solutions to new SMB clients, as well as converting our current Marketing Services clients to our Thryv Platform and offering our SaaS client base additional SaaS solutions. This strategy includes capitalizing on the increased needs of SMBs for solutions that facilitate a remote working environment and virtual interactions. This strategy will require substantial sales and marketing capital as well as capital to support conversions. This strategy poses a risk if our Marketing Services clients do not fully embrace the transition to SaaS offerings by purchasing additional SaaS offerings or if they have higher churn rates.
Previous wording
During the fourth quarter of 2023, we made a strategic decision to accelerate the transition of clients with digital Marketing Services solutions to our Thryv Platform by converting clients with certain Marketing Services products to the Thryv Platform outside of the sales process at no additional base cost to these clients at the time of upgrade. During the trailing twelve months ended March 31, 2025, we converted approximately 44,000 clients from our digital Marketing Services to our Thryv Platform, generating a$11.3 million increase in SaaS revenue during the three months ended March 31, 2025. As of March 31, 2025, approximately 34,000 of these clients remained as active SaaS clients.
Current wording
During the fourth quarter of 2023, we made a strategic decision to accelerate the transition of clients with digital Marketing Services solutions to our Thryv Platform by converting certain Marketing Services products to the Thryv Platform through upgrades initiated for clients by Thryv outside of the sales process at no additional base cost to these clients at the time of upgrade.
Previous wording
The conversion of these clients decreases the number of clients in and the revenue of the Thryv Marketing Services segment and increases the number of clients in and the revenue of the Thryv SaaS segment. While we believe these clients are receiving a valuable upgrade to our Thryv Platform and will be more likely to subscribe for additional features of the Thryv Platform in the future, the conversion of these clients outside of the sales process could result in these clients cancelling their services with us (known as “churn”) at a materially higher rate than the other clients in our SaaS segment. During 2024 and 2025, the churn of clients converted from our digital Marketing Services solutions was in line with the churn from the other clients in our SaaS segment. The conversion of clients to our Thryv Platform at no additional base cost resulted in a decrease to our SaaS monthly ARPU.
Current wording
The conversion of Marketing Services products for clients who were not already SaaS clients at the time of conversion decreases the number of clients in the Marketing Services segment and increases the number of clients in the SaaS segment. The conversion of products for Marketing Services clients (whether or not those clients had SaaS solutions prior to the conversion) decreases the revenue of the Marketing Services segment and increases the revenue of the SaaS segment. While we believe the conversions initiated for clients by Thryv provides valuable upgrades from digital Marketing Services to our Thryv Platform and that converted clients will be more likely to subscribe for additional features of the Thryv Platform in the future, Thryv's conversion of products for these clients outside of the traditional sales process could result in these clients cancelling their services with us (known as “churn”) at a materially higher rate than the other clients in our SaaS segment. During 2024 and the six months ended June 30, 2025, the churn of clients converted by Thryv from our digital Marketing Services solutions to our Thryv Platform was in line with the churn from the other clients in our SaaS segment.
Previous wording
We intend to continue to develop and grow a profitable SaaS segment to better help SMBs manage their businesses, while maintaining strong profitability within our Marketing Services segment, which we expect to continue to serve as an efficient customer acquisition channel for our SaaS platform until its termination in 2028. As a result, SaaS has been able to achieve profitable growth. We will continue to improve our SaaS solutions by analyzing user behavior, expanding features, improving usability, enhancing our onboarding services and customer support and making version updates available to
Current wording
We intend to continue to develop and grow a profitable SaaS segment to better help SMBs manage their businesses, while maintaining strong profitability within our Marketing Services segment, which we expect to continue to serve as an efficient customer acquisition channel for our SaaS platform until its termination in 2028. As a result, SaaS has been able to achieve profitable growth. We will continue to improve our SaaS solutions by analyzing user behavior, expanding features, improving usability, enhancing our onboarding services and customer support and making version updates available to SMBs. We believe these initiatives will ultimately drive revenue growth; however, such improvements will also increase our operating expenses.
Previous wording
Marketing Services clients decreased by 76 thousand, or 26%, as of March 31, 2025 as compared to March 31, 2024. This decrease was related to the secular decline in the print media industry and significant competition in the digital media space, from focusing on offering our SaaS solutions to our current Marketing Services clients, and from our strategic decision to accelerate the conversion of clients from digital Marketing Services solutions to SaaS offerings.
Current wording
Marketing Services clients decreased by 72 thousand, or 46%, as of June 30, 2025 as compared to June 30, 2024. This decrease was primarily related to the secular decline in the print media industry, significant competition in the digital media space, and from our strategic decision to accelerate the conversion of clients from digital Marketing Services solutions to SaaS offerings.
Previous wording
SaaS clients increased by 41 thousand, or 59%, as of March 31, 2025 as compared to March 31, 2024, primarily due to the conversion of clients from digital Marketing Services solutions to the Thryv Platform during 2024 and continued into 2025. In addition, during the fourth quarter of 2024, we added 15 thousand clients from the Keap Acquisition.
Current wording
SaaS clients increased by 21 thousand, or 25%, as of June 30, 2025 as compared to June 30, 2024, primarily due to the conversion of clients from digital Marketing Services solutions to the Thryv Platform during 2024 and continuing into 2025. In addition, during the fourth quarter of 2024, we added 15 thousand clients from the Keap Acquisition.
Previous wording
Total clients decreased by 47 thousand, or 14%, as of March 31, 2025 as compared to March 31, 2024. The primary driver of this decrease was the secular decline in the print media business combined with increasing competition in the digital media and SaaS space, partially offset by an increase in SaaS clients.
Current wording
Total clients decreased by 46 thousand, or 15%, as of June 30, 2025 as compared to June 30, 2024. The primary driver of this decrease was the secular decline in the print media business combined with increasing competition in the digital media and SaaS space, partially offset by an increase in SaaS clients.
Previous wording
Monthly ARPU for Marketing Services decreased by $34, or 23%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease in ARPU for these periods was related to reduced spend by clients on our print media offerings due to the secular decline of the industry, caused by the continuing shift of advertising spend to larger digital media audiences, and our strategic decision to accelerate the conversion of clients from digital Marketing Services solutions to SaaS offerings.
Current wording
Monthly ARPU for Marketing Services decreased by $28, or 20%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, anddecreased by $31, or 22%, for thesix months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease in ARPU for these periods was related to reduced spend by clients on our print media offerings due to the secular decline of the industry, caused by the continuing shift of advertising spend to larger digital media audiences, and our strategic decision to accelerate the conversion of clients from digital Marketing Services solutions to SaaS offerings.
Previous wording
We believe that Seasoned Net Revenue Retention (“Seasoned NRR”) is an indicator of our ability to retain and expand revenue for established clients that have had one or more SaaS offerings for at least a year. Seasoned NRR is calculated by dividing the revenue of all SaaS clients as of the last month of the year or quarter, as applicable, by the same clients' revenue one year ago (the “beginning period”), excluding clients acquired over the 12 months subsequent to the beginning period, including clients acquired in the Keap Acquisition.
Current wording
We believe that Seasoned Net Revenue Retention (“Seasoned NRR”) is an indicator of our ability to retain and expand revenue for established clients that have had one or more SaaS offerings for at least a year. Seasoned NRR is calculated by dividing the revenue of all SaaS clients as of the last month of the year or quarter, as applicable, by the same clients' revenue one year ago (the “beginning period”), excluding clients acquired over the previous 12 months, including clients acquired in the Keap Acquisition. Revenue added to the SaaS segment as a result of the conversion of a Marketing Services product to a SaaS product is included in the calculation of Seasoned NRR for any client who, at the time Thryv converted a Marketing Services product to a SaaS product for that client, already had at least one SaaS product for at least one year. The revenue associated with the products upgraded by Thryv to SaaS for these clients increases SaaS revenue and Seasoned NRR at the time of conversion.
Previous wording
Seasoned NRR increased by 900 basis points from 94% for thethree months ended March 31, 2024 to 103% for thethree months ended March 31, 2025. The increase in Seasoned NRR during thethree months ended March 31, 2025 resulted from selling additional SaaS products to existing SaaS clients, a price increase for SaaS clients in the third quarter of 2024, and our strategic decision to accelerate the conversion of clients from digital Marketing Services solutions to our SaaS offerings that included instances where Marketing Services clients already had at least one of our SaaS offerings and SaaS revenue increased for those clients.
Current wording
Seasoned NRR increased by 900 basis points from 94% as of June 30, 2024 to 103% as of June 30, 2025. The increase in Seasoned NRR resulted from selling additional SaaS products to existing SaaS clients, a price increase for SaaS clients in the third quarter of 2024 and in the second quarter of 2025, and our strategic decision to accelerate the conversion of clients from digital Marketing Services solutions to our SaaS offerings that included instances where SaaS revenue increased for converted clients that already had at least one of our SaaS offerings and SaaS revenue increased for those clients at the time of conversion.
Previous wording
We generate revenue from our two business segments: Thryv SaaS and Thryv Marketing Services. Our primary source of revenue in our Thryv SaaS segment is our SaaS solutions. Our primary sources of revenue in our Thryv Marketing Services segment are Print and Digital services.
Current wording
We generate revenue from our two business segments: SaaS and Marketing Services. Our primary source of revenue in our SaaS segment is our SaaS solutions. Our primary sources of revenue in our Marketing Services segment are Print and Digital services.
Previous wording
General and administrative expense primarily consists of salaries, benefits and stock-based compensation incurred by corporate management and administrative functions such as information technology, finance and accounting, legal, internal audit, human resources, billing and receivables, and management personnel. In addition, General and administrative expense includes bad debt expense, non-recurring charges, and other corporate expenses such as professional fees, operating taxes, and insurance. General and administrative expense also includes allocated overhead costs which includes depreciation of fixed assets, and amortization associated with capitalized software and intangible assets.
Current wording
General and administrative expense primarily consists of salaries, benefits and stock-based compensation incurred by corporate management and administrative functions such as information technology, finance and accounting, legal, internal audit, human resources, billing and receivables, and management personnel. In addition, General and administrative expense includes bad debt expense, non-recurring charges, and other corporate expenses such as professional fees, operating taxes, and insurance. General and administrative expense also includes allocated overhead costs which include depreciation of fixed assets and amortization associated with capitalized software and intangible assets.
Previous wording
Revenue decreased by $52.3 million, or 22.4%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was driven by a decrease in Thryv Marketing Services revenue of $89.1 million, partially offset by an increase in Thryv SaaS revenue of $36.8 million.
Current wording
Revenue decreased by $13.6 million, or 6.1%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease was driven by a decrease in Marketing Services revenue of $50.8 million, partially offset by an increase in SaaS revenue of $37.2 million.
Previous wording
Print revenue decreased by $46.9 million, or 55.4%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This decrease in Print revenue was primarily driven by the impact of publication timing differences of our U.S. directories, as a result of our Print agreements having greater than 12-month terms, as well as the continued secular decline in U.S. and international industry demand for Print services.
Current wording
Print revenue decreased by $15.6 million, or 18.9%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This decrease in Print revenue was primarily driven by the impact of publication timing differences of our U.S. directories, as a result of our Print agreements having greater than 12-month terms, as well as the continued secular decline in U.S. and international industry demand for Print services.
Previous wording
On a publication-by-publication basis, the increase in average publication cycles from 18 months to 24 months results in an average revenue increase of 18% per published directory compared to the last time the directory was published. However, when adjusting the published directory’s revenue on a monthly basis, that is the published directory’s revenue divided by the number of months of the published lifecycle, the average revenue per published directory decreased by 37% compared to the last time the directory was published. The net impact on revenue per published directory was a 19% decline for the directories published during thethree months ended March 31, 2025. This net decline per directory was the result of the secular decline in industry demand for Print services.
Current wording
On a publication-by-publication basis, the increase in average publication cycles from 18 months to 24 months results in an average revenue increase of 7% per published directory compared to the last time the directory was published. However, when adjusting the published directory’s revenue on a monthly basis, that is the published directory’s revenue divided by the number of months of the published lifecycle, the average revenue per published directory decreased by 33% compared to the last time the directory was published. The net impact on revenue per published directory was a 26% decline for the directories published during thethree months ended June 30, 2025. This net decline per directory was the result of the secular decline in industry demand for Print services.
Previous wording
Digital revenue decreased by $42.1 million, or 56.4%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was primarily driven by the Company’s strategic decision during the fourth quarter of 2023 to accelerate the conversion of clients from its digital Marketing Services solutions to its SaaS offerings. For thethree months ended March 31, 2025, clients converted to SaaS offerings during the trailing twelve months reduced Marketing Services revenue by$11.3 million. However, this resulted in the growth of SaaS revenue as highlighted above in the Thryv SaaS Revenue section. Digital revenue has further decreased due to a continued trending decline in the Company’s Marketing Services client base and significant competition in the consumer search and display space, particularly from large, well-capitalized businesses such as Google, Yelp and Facebook. For the year ended March 31, 2025, the continued trending decline and significant competition resulted in a$30.8 million decrease in digital revenue.
Current wording
Digital revenue decreased by $35.2 million, or 55.3%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease was driven in large part by the Company’s strategic decision during the fourth quarter of 2023 to accelerate the conversion of digital Marketing Services products for clients to SaaS offerings. For thethree months ended June 30, 2025, Thryv's conversion of digital Marketing Services products for clients to SaaS offerings prior to January 1, 2025, reduced Marketing Services revenue by$11.9 million and Thryv's conversion of digital Marketing Services products to SaaS products since January 1, 2025 reduced Marketing Services revenues by an additional $4.6 million. Digital revenue has further decreased due to a continued trending decline in the Company’s Marketing Services client base and significant competition in the consumer search and display space, particularly from large, well-capitalized businesses such as Google, Yelp and Facebook. For thethree months ended June 30, 2025, the continued trending decline and significant competition resulted in a$18.7 million decrease in digital revenue.
Previous wording
Cost of services decreased by $17.9 million, or 22.4%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This decrease was primarily driven by the corresponding decline in revenue and strategic cost saving initiatives. Specifically, we reduced printing, distribution, digital and fulfillment costs by $14.5 million, contract services expense by $1.1 million and employee-related expenses by $0.9 million. Additionally, depreciation and amortization expense decreased by $1.6 million due to the accelerated amortization method used by the Company.
Current wording
Cost of services decreased by $11.6 million, or 15.4%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This decrease was primarily driven by the corresponding decline in revenue and strategic cost saving initiatives. Specifically, we reduced printing, distribution, digital and fulfillment costs by $7.8 million, contract services expense by $0.9 million and employee-related expenses by $1.0 million. Additionally, depreciation and amortization expense decreased by $2.0 million due to the accelerated amortization method used by the Company.
Previous wording
Sales and marketing expense decreased by less than $0.1 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This decrease was primarily driven by a decrease in sales commissions of $2.8 million and a decrease in depreciation and amortization expense of $0.7 million due to the accelerated amortization method used by the Company. These decreases were offset by an increase in stock-based compensation expense of $1.2 million, an increase in marketing and advertising expenses of $0.9 million, an increase in employee-related expenses of $0.5 million, and an increase in software expense of $0.5 million.
Current wording
Sales and marketing expense decreased by $0.7 million, or 1.1%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This decrease was primarily driven by a decrease in sales commissions of $3.8 million, a decrease in depreciation and amortization expense of $1.2 million due to the accelerated amortization method used by the Company, and a decrease in stock-based compensation expense of $0.6 million. These decreases were primarily offset by an increase in marketing and advertising expenses of $2.0 million, and an increase in employee-related expenses of $2.5 million.
Previous wording
Interest expense decreased by $4.3 million, or 32.1%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, driven primarily by lower outstanding debt balances.
Current wording
Interest expense decreased by $3.2 million, or 26.5%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, driven primarily by lower outstanding debt balances.
Previous wording
Other income (expense) increased by $2.8 million for the three months ended March 31, 2025. This increase was primarily due to an increase in foreign-currency related gain of $0.4 million during the three months ended March 31, 2025 compared to a foreign-currency related loss of $2.4 million during the three months ended March 31, 2024.
Current wording
Other income (expense) increased by $8.0 million for the three months ended June 30, 2025. This increase was primarily due to an increase in foreign-currency related gain of $1.3 million and the absence of a $6.6 million loss on early extinguishment of debt which occurred during thethree months ended June 30, 2024.
Previous wording
The Company's effective tax rate (“ETR”) was 23.0% and 39.0% for the three months ended March 31, 2025 and 2024, respectively. The Company's ETR differs from the U.S. Federal statutory rate of 21% primarily due to permanent differences, including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, minimum taxes, change in valuation allowance due to expiring net operating losses, and the discrete impact of interest accrual on uncertain tax positions.
Current wording
The Company's effective tax rate (“ETR”) was 37.7% and 54.4% for the three months ended June 30, 2025 and 2024, respectively. The Company's ETR differs from the U.S. Federal statutory rate of 21% primarily due to permanent differences, including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, minimum taxes, change in valuation allowance due to expiring net operating losses, and the discrete impact of interest accrual on uncertain tax positions.
Previous wording
Adjusted EBITDA decreased by $33.2 million, or 61.4%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease in Adjusted EBITDA was primarily driven by the decrease in sales of our Marketing Services products. This was partially offset by increased sales of our higher margin SaaS solutions in our Thryv SaaS segment. See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income (loss), the most directly comparable measure presented in accordance with GAAP.
Current wording
Adjusted EBITDA decreased by $8.1 million, or 13.6%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease in Adjusted EBITDA was primarily driven by the decrease in sales of our Marketing Services products. This was partially offset by increased sales of our higher margin SaaS solutions in our SaaS segment. See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income, the most directly comparable measure presented in accordance with GAAP.
Previous wording
(2) See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income (loss), the most directly comparable measure presented in accordance with GAAP.
Current wording
(4) See “Non-GAAP Financial Measures” for a definition of Adjusted Gross Margin.
Previous wording
Gross profit decreased by $34.4 million, or 22.4%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease in Gross profit was primarily due to a decrease in Marketing Services revenue, partially offset by an increase in SaaS revenue and a decrease in cost of services as a result of decline in revenue and strategic cost saving initiatives.
Current wording
Gross profit decreased by $36.3 million, or 12.0%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease in Gross profit was primarily due to a decrease in Marketing Services revenue, partially offset by an increase in SaaS revenue and a decrease in cost of services as a result of decline in revenue and strategic cost saving initiatives.
Previous wording
Our gross margin remained flat at 65.8% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Gross margin from our SaaS segment increased to 70.9% for the three months ended March 31, 2025, compared to 66.1% for the three months ended March 31, 2024. This increase was offset by a decrease in gross margin from our Marketing Services segment. Gross margin from our Marketing Services segment decreased to 57.7% for the three months ended March 31, 2025, compared to 65.6% for the three months ended March 31, 2024. SaaS gross margin increased as a result of an increase in revenue and strategic cost savings initiatives. Marketing Services gross margin decreased as a result of a decrease in revenue. Further, the decrease in Marketing Services cost of services did not proportionately decrease with the decline in revenue.
Current wording
Our gross margin increased by 190 basis points to 67.9% for the six months ended June 30, 2025 compared to 66.0% for the six months ended June 30, 2024. Gross margin from our SaaS segment increased to 71.5% for the six months ended June 30, 2025, compared to 66.6% for the six months ended June 30, 2024. This increase was partially offset by a decrease in gross margin from our Marketing Services segment. Gross margin from our Marketing Services segment decreased to 62.9% for the six months ended June 30, 2025, compared to 65.7% for the six months ended June 30, 2024. SaaS gross margin increased as a result of an increase in revenue and strategic cost savings initiatives. Marketing Services gross margin decreased as a result of decreased demand for our marketing services solutions.
Previous wording
General and administrative expense decreased by $0.1 million, or 0.3%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was primarily attributable to a decrease in bad debt expense of $2.2 million, a decrease in severance expense of $1.2 million, and a decrease in depreciation and amortization expense of $0.8 million due to the accelerated amortization method used by the Company. These decreases were offset by the absence of a$3.2 million gain on disposal of certain intangible assets recorded during the three months ended March 31, 2024, and an increase in stock-based compensation expense of $1.2 million.
Current wording
General and administrative expense increased by $0.4 million, or 0.4%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily attributable to the absence of a $3.2 million gain on disposal of certain intangible assets recorded during the six months ended June 30, 2024. Additionally, stock-based compensation expense increased $1.5 million and contract services expense increased $1.8 million. These increases were partially offset by a decrease in severance expense of $1.7 million, a decrease in bad debt expense of $1.3 million, and a decrease in employee-related expenses of $1.2 million. Additionally, depreciation and amortization expense decreased $1.5 million as a result of the accelerated amortization method used by the Company.
Previous wording
We define Adjusted EBITDA (“Adjusted EBITDA”) as Net (loss) income plus Interest expense, Income tax expense, Depreciation and amortization expense, Restructuring and integration expenses, Stock-based compensation expense, and non-operating expenses, such as, Other components of net periodic pension cost, and certain unusual and non-recurring charges that might have been incurred. Adjusted EBITDA should not be considered as an alternative to Net (loss) income as a performance measure. We define Adjusted Gross Profit (“Adjusted Gross Profit”) and Adjusted Gross Margin (“Adjusted Gross Margin”) as Gross profit and Gross margin, respectively, adjusted to exclude the impact of Depreciation and amortization expense and Stock-based compensation expense.
Current wording
We define Adjusted EBITDA (“Adjusted EBITDA”) as Net income plus Interest expense, Income tax expense, Depreciation and amortization expense, Restructuring and integration expenses, Stock-based compensation expense, and non-operating expenses, such as, Other components of net periodic pension cost, and certain unusual and non-recurring charges that might have been incurred. Adjusted EBITDA should not be considered as an alternative to Net income as a performance measure. We define Adjusted Gross Profit (“Adjusted Gross Profit”) and Adjusted Gross Margin (“Adjusted Gross Margin”) as Gross profit and Gross margin, respectively, adjusted to exclude the impact of Depreciation and amortization expense and Stock-based compensation expense.
Previous wording
The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, Net (loss) income:
Current wording
The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, Net income:
Previous wording
(2)See the table below for detail of Restructuring and integration expenses for the three months ended March 31, 2025 and 2024.
Current wording
(2)See the table below for detail of Restructuring and integration expenses for the three and six months ended June 30, 2025 and 2024.
Previous wording
(3)Other components of net periodic pension cost is from our non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs. The most significant component of Other components of net periodic pension cost relates to periodic mark-to-market pension remeasurement.
Current wording
(3)Other components of net periodic pension cost is from our non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs.
Previous wording
(4)Other primarily includes foreign exchange-related (income) expense.
Current wording
(5)Other primarily includes foreign exchange-related (income) expense.
Previous wording
The following is a reconciliation of Restructuring and integration expenses that are included in the Adjusted EBITDA to Net (loss) income reconciliation above:
Current wording
The following is a reconciliation of Restructuring and integration expenses that are included in the Adjusted EBITDA to Net income reconciliation above:
Previous wording
(b)We incur severance charges related to certain reduction in force actions taken by our management. These reduction in force actions are designed to streamline the Company’s operations and drive lower operating expenses as we continue to shift from our Marketing Services activities and drive continued focus on our SaaS business. All of the severance charges incurred during the three months ended March 31, 2025 and 2024 related to our legacy Marketing Services employees and our shift from Marketing Services activities.
Current wording
(b)We incur severance charges related to certain reduction in force actions taken by our management. These reduction in force actions are designed to streamline the Company’s operations and drive lower operating expenses as we continue to shift from our Marketing Services activities and drive continued focus on our SaaS business. All of the severance charges incurred during the three and six months ended June 30, 2025 and 2024 related to our legacy Marketing Services employees and our shift from Marketing Services activities.
Previous wording
Net cash used in operating activities increased by $15.9 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to an overall decline in our sales as well as changes in working capital, particularly accounts payable and accrued liabilities, and accounts receivable, which were primarily impacted by the timing of payments and collections. These decreases were partially offset by a $3.7 million decrease in interest payments and a $0.7 million decrease in income tax payments.
Current wording
Net cash from operating activities decreased by $8.6 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was primarily due to an overall decline in our sales as well as changes in working capital, particularly accounts payable and accrued liabilities which were primarily impacted by the timing of payments. These decreases were partially offset by lower income tax payments of $10.0 million and lower interest payments of $7.9 million as a result of lower debt balances.
Previous wording
Net cash used in investing activities was largely unchanged for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
Current wording
Cash Flows used in Investing Activities
Previous wording
The Term Loan Facility matures on May 1, 2029 and borrowings under the Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or base rate, in each case, plus an applicable margin per annum equal to (i) 6.75% (for SOFR loans) and (ii) 5.75% (for base rate loans). The Term Loan Facility requires mandatory amortization payments, paid quarterly commencing June 30, 2024, equal to (i) $52.5 million per year for the first two years following the closing date of the Term Loan, and (ii) $35.0 million per year thereafter. As a result of $26.2 million of prepayments made through March 31, 2025, the Company's mandatory amortization payments for the next 12 months total$26.3 million.
Current wording
Term Loan Facility requires mandatory amortization payments, paid quarterly commencing June 30, 2024, equal to (i) $52.5 million per year for the first two years following the closing date of the Term Loan, and (ii) $35.0 million per year thereafter. As a result of $39.4 million of prepayments made through June 30, 2025, the Company's mandatory amortization payments for the next 12 months total$8.8 million.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (14)
Current report — wording carried from elsewhere
Gross profit decreased by $2.0 million, or 1.3%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease in Gross profit was primarily due to a decrease in Marketing Services revenue, partially offset by an increase in SaaS revenue and a decrease in cost of services as a result of strategic cost saving initiatives.
Current report — wording carried from elsewhere
Our gross margin increased to 69.7% for the three months ended June 30, 2025 compared to 66.3% for the three months ended June 30, 2024. Gross margin from our SaaS segment increased to 72.1% for the three months ended June 30, 2025, compared to 67.2% for the three months ended June 30, 2024 as a result of an increase in revenue and strategic cost savings initiatives. Gross margin from our Marketing Services segment increased to 66.7% for the three months ended June 30, 2025, compared to 65.8% for the three months ended June 30, 2024 as a result of strategic cost savings initiatives.
Current report — wording carried from elsewhere
The following table sets forth certain consolidated financial data for each of the periods indicated:
Current report — wording carried from elsewhere
(1)Consolidated results of operations includes Keap's results of operations subsequent to the October 31, 2024 acquisition date.
Current report — wording carried from elsewhere
(3) See “Non-GAAP Financial Measures” for a definition of Adjusted Gross Profit and a reconciliation to Gross profit, the most directly comparable measure presented in accordance with GAAP.
Current report — wording carried from elsewhere
The following table summarizes Revenue by business segment for the periods indicated:
Current report — wording carried from elsewhere
Print revenue decreased by $62.6 million, or 37.4%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This decrease in Print revenue was primarily driven by the impact of publication timing differences, as a result of our Print agreements having greater than 12-month terms, as well as the continued secular decline in U.S. and international industry demand for Print services.
Current report — wording carried from elsewhere
Print revenue is recognized upon delivery of the published directories. Individual published directories have different publication cycles, with a typical lifecycle of 24 months for U.S. directories in 2025. During the fourth quarter of 2024, we began to transition from 18-month publication cycles to 24-month publication cycles for U.S. directories. As a result of recognizing revenue upon delivery, we typically record revenue for each published U.S. directory only once every 24 months, which does not make comparing revenue year-over-year fully representative of actual demand trends due to timing of publication cycles. Due to publication timing differences, the Company recognized revenue for fewer published directories during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Current report — wording carried from elsewhere
On a publication-by-publication basis, the increase in average publication cycles from 18 months to 24 months results in an average revenue increase of 10% per published directory compared to the last time the directory was published. However, when adjusting the published directory’s revenue on a monthly basis, that is the published directory’s revenue divided by the number of months of the published lifecycle, the average revenue per published directory decreased by 36% compared to the last time the directory was published. The net impact on revenue per published directory was a 26% decline for the directories published during thesix months ended June 30, 2025. This net decline per directory was the result of the secular decline in industry demand for Print services.
Current report — wording carried from elsewhere
Digital Marketing Services revenue decreased by $77.3 million, or 55.9%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was driven in large part by the Company’s strategic decision during the fourth quarter of 2023 to accelerate the conversion of digital Marketing Services products for its clients to SaaS offerings. For thesix months ended June 30, 2025, Thryv's conversion of digital Marketing Services products for clients to SaaS offerings prior to January 1, 2025 reduced Marketing Services revenue by$24.8 million and Thryv's conversion of digital Marketing Services products for clients to SaaS products since January 1, 2025 reduced Marketing Services revenue by an additional $6.5 million. Digital revenue has further decreased due to a continued trending decline in the Company's Marketing Services client base and significant competition in the consumer search and display space, particularly from large, well-capitalized businesses such as Google, Yelp, and Facebook. For the six months ended June 30, 2025, the continued trending decline and significant competition resulted in a$46.0 million decrease in digital revenue.
Current report — wording carried from elsewhere
Interest expense decreased by $7.5 million, or 29.4%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, driven primarily by lower outstanding debt balances.
Current report — wording carried from elsewhere
Other Components of Net Periodic Pension Cost
Current report — wording carried from elsewhere
The Company's effective tax rate (“ETR”) was 56.4% and 46.2% for the six months ended June 30, 2025 and 2024, respectively. The Company's ETR differs from the U.S. Federal statutory rate of 21% primarily due to permanent differences including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, minimum taxes, change in valuation allowance due to expiring net operating losses, andthe discrete impact of interest accrual on uncertain tax positions.
Current report — wording carried from elsewhere
The Term Loan Facility matures on May 1, 2029 and borrowings under the Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, the secured overnight financing rate (“SOFR”) or base rate, in each case, plus an applicable margin per annum equal to (i) 6.75% (for SOFR loans) and (ii) 5.75% (for base rate loans). The
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Thryv SaaS. Our Thryv SaaS segment generated$111.1 million and$74.3 million of consolidated revenues for the three months ended March 31, 2025 and 2024, respectively. Our primary SaaS offerings are comprised of Thryv®, our flagship all-in-one small business management platform, which includes Command Center, Business Center, Marketing Center, ThryvPay®, Thryv Add-Ons, and Keap Automations (collectively referred to as our“Thryv Platform”). Thryv Command Center enables SMBs to centralize all their internal and external communications through a modular, easily expandable, and customizable platform. Command Center allows an SMB to perform the following tasks to provide a centralized inbox for all customer communication:
Previous report — wording carried elsewhere
SMBs. We believe these initiatives will ultimately drive revenue growth; however, such improvements will also increase our operating expenses.
Previous report — wording carried elsewhere
Thryv Marketing Services revenue decreased by $89.1 million, or 55.9%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.