Thryv Holdings, Inc.

Previous wording

We are dedicated to supporting local, independent businesses and franchises by providing innovative marketing solutions and cloud-based tools to the entrepreneurs who run them. We are one of the largest providers of SaaS end-to-end customer experience tools and digital marketing solutions to small-to-medium sized businesses (“SMBs”). Our solutions enable our SMB clients to generate new business leads, manage their customer relationships and run their day-to-day business operations.

Current wording

We are dedicated to supporting local, independent businesses and franchises by providing innovative marketing solutions and cloud-based tools to the entrepreneurs who run them. We are one of the largest providers of SaaS end-to-end customer experience tools and digital marketing solutions to small-to-medium sized businesses (“SMBs”). Our solutions enable our SMB clients to create an online presence, generate new business leads, manage their customer relationships and run their day-to-day business operations.

Previous wording

We serve approximately 261,000 SMB clients globally through two business segments: SaaS and Marketing Services.

Current wording

We serve approximately 250,000 SMB clients globally through two business segments: SaaS and Marketing Services.

Previous 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.

Current wording

SaaS. Our SaaS segment generated$115.9 million and$87.1 million of consolidated revenue for the three months ended September 30, 2025 and 2024, respectively, and $342.0 million and $239.2 million of consolidated revenue for the nine months ended September 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, Thryv Workforce Center, Thryv Reporting Center, Keap®, ThryvPay®, KeapPay and Thryv Add-Ons (collectively referred to as our“Thryv Platform”).

Previous 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.

Current wording

Marketing Services. Our Marketing Services segment provides both print and digital solutions and generated$85.7 million and$92.8 million of consolidated revenues for the three months ended September 30, 2025 and 2024, respectively, and $251.4 million and $398.4 million of consolidated revenue for the nine months ended September 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,

Previous wording

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 wording

During the twelve months ended September 30, 2025, we converted approximately 16,000 clients with Digital marketing services products to our Thryv Platform who were not already SaaS clients at the time of conversion. As of September 30, 2025, approximately 13,000 of these clients remained as SaaS clients. The conversion of these Marketing Services clients increased SaaS revenue by $4.6 million and$12.6 million during the three and nine months ended September 30, 2025, respectively.

Previous wording

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 wording

Additionally, during the twelve months ended September 30, 2025, we converted Digital marketing services products to our Thryv Platform for approximately 9,000 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 $3.8 million and $9.3 million during the three and nine months ended September 30, 2025, respectively.

Previous 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.

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 nine months ended September 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

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.

Current wording

Marketing Services clients decreased by 63 thousand, or 25%, as of September 30, 2025 as compared to September 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 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.

Current wording

SaaS clients increased by 7 thousand, or 7%, as of September 30, 2025 as compared to September 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 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.

Current wording

Total clients decreased by 46 thousand, or 16%, as of September 30, 2025 as compared to September 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 resulting from the Keap Acquisition.

Previous 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.

Current wording

Monthly ARPU for Marketing Services decreased by $20, or 16%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, anddecreased by $27, or 20%, for thenine months ended September 30, 2025 compared to the nine months ended September 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

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 wording

Monthly ARPU for SaaS increased by $58, or 19%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, andincreased by$17, or 5%, for thenine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in ARPU for the three and nine months ended September 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 the Keap acquisition during the fourth quarter of 2024 which added clients with a higher average ARPU. This was partially offset by the conversion of clients from lower ARPU Digital marketing services solutions to our SaaS offerings at no additional cost to the client at the time of upgrade.

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 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.

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 during the last month of the year or quarter, as applicable, by the same clients' revenue one year ago. Seasoned NRR excludes clients acquired over the previous 12 months, which includes 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

Sales and marketing expense consists primarily of base salaries, stock-based compensation, sales commissions paid to our inside and outside sales force and other expenses incurred by personnel within the sales, marketing, sales training, and client care departments. Additionally, Sales and marketing expense includes advertising costs such as media, promotional material, branding, online advertising, information technology expenses andallocated overhead costs which includes depreciation of fixed assets, and amortization associated with capitalized software and intangible assets.

Current wording

Sales and marketing expense consists primarily of base salaries, stock-based compensation, sales commissions paid to our inside and outside sales force and other expenses incurred by personnel within the sales, marketing, sales training, and client care departments. Additionally, Sales and marketing expense includes advertising costs such as media, promotional material, branding, online advertising, information technology expenses and allocated overhead costs which includes depreciation of fixed assets, and amortization associated with capitalized software and intangible assets.

Previous wording

Other income (expense) consists of interest expense, other components of net periodic pension cost, and other expense, which primarily includes foreign currency-related income and expense.

Current wording

Other income (expense) consists of interest expense, net periodic pension cost, and other expense, which primarily includes foreign currency-related income and expense.

Previous 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.

Current wording

Revenue increased by $21.7 million, or 12.1%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was driven by an increase in SaaS revenue of $28.8 million partially offset by a decrease in Marketing Services revenue of $7.1 million.

Previous wording

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 wording

SaaS revenue increased by $28.8 million, or 33.1%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily attributable to the acquisition of Keap, new sales, client expansion, price increases, 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 $28.8 million SaaS revenue increase, (i) Keap contributed $16.8 million, (ii) the conversion of Digital marketing services products for clients to SaaS products during the first nine months of 2025 contributed $5.5 million, and (iii) new sales, client expansion, and product price increases during the first nine months of 2025 contributed$14.2 million. These increases were partially offset by decreases in SaaS revenue of$7.7 million due to net revenue changes associated with products sold or converted prior to January 1, 2025, including net expanded revenue from converted products.

Previous 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.

Current wording

Print revenue increased by $18.4 million, or 41.8%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This increase 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, partially offset by the continued secular decline in U.S. and international industry demand for Print services.

Previous wording

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 thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024.

Current wording

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 more published directories during thethree months ended September 30, 2025 compared to thethree months ended September 30, 2024.

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 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.

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 23% 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 32% compared to the last time the directory was published. The net impact on revenue per published directory was a 9% decline for the directories published during thethree months ended September 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 $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.

Current wording

For thethree months ended September 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 $3.0 million, and Thryv's conversion of Digital marketing services products to SaaS products since January 1, 2025 reduced Marketing Services revenues by an additional $5.5 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 thethree months ended September 30, 2025, the continued trending decline and significant competition resulted in a $17.1 million decrease in Digital revenue.

Previous wording

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 wording

Gross profit increased by $24.5 million, or 21.9%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase in Gross profit was primarily due to an increase in SaaS revenue and a decrease in Cost of services as a result of strategic cost saving initiatives.

Previous wording

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 wording

Our gross margin increased to 67.7% for the three months ended September 30, 2025 compared to 62.3% for the three months ended September 30, 2024. Gross margin from our SaaS segment increased to 71.1% for the three months ended September 30, 2025, compared to 69.6% for the three months ended September 30, 2024 as a result of an increase in revenue and strategic cost savings initiatives. Gross margin from our Marketing Services segment increased to 63.1% for the three months ended September 30, 2025, compared to 55.4% for the three months ended September 30, 2024 as a result of strategic cost savings initiatives.

Previous 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.

Current wording

Sales and marketing expense increased by $1.9 million, or 2.9%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily due to an increase in employee-related expenses of $4.1 million, an increase in marketing and advertising expenses of $1.7 million, and an increase in contract services expense of $1.8 million. These increases were partially offset by a decrease in sales commissions of $5.1 million, a decrease in depreciation and amortization expense of $1.0 million due to the accelerated amortization method used by the Company, and a decrease in stock-based compensation of $0.3 million.

Previous wording

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 wording

General and administrative expense decreased by $3.0 million, or 5.8%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was primarily attributable to a decrease in transaction costs of $1.5 million, a decrease in employee-related expenses of $1.3 million, and a decrease in depreciation and amortization expense of $0.9 million due to the accelerated amortization method used by the Company. These decreases were partially offset by an increase in contract services expense of $1.1 million.

Previous 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.

Current wording

Interest expense decreased by $2.9 million, or 25.4%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, driven primarily by lower outstanding debt balances.

Previous wording

Other components of net periodic pension cost decreased by $0.8 million for the three months ended June 30, 2025. This decrease was primarily due to an increase in expected return on assets of$0.7 million.

Current wording

Net periodic pension cost decreased by $0.9 million for the three months ended September 30, 2025. This decrease was primarily due to an increase in expected return on plan assets of$0.7 million.

Previous 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.

Current wording

Other income increased by $0.5 million for the three months ended September 30, 2025. This increase was primarily due to an increase in foreign-currency related gain.

Previous 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.

Current wording

The Company's effective tax rate (“ETR”) was 50.7% and 5.3% for the three months ended September 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 $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.

Current wording

Adjusted EBITDA increased by $21.2 million, or 108.1%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase in Adjusted EBITDA was primarily driven by the increase in sales of our higher margin SaaS solutions. 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.

Previous wording

(1)Consolidated results of operations includes Keap's results of operations subsequent to the October 31, 2024 acquisition date.

Current wording

(1) Consolidated results of operations includes Keap's results of operations subsequent to the October 31, 2024 acquisition date.

Previous wording

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024

Current wording

Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024

Previous wording

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 wording

Revenue decreased by $44.2 million, or 6.9%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was driven by a decrease in Marketing Services revenue of $147.0 million partially offset by an increase in SaaS revenue of $102.9 million.

Previous wording

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 wording

SaaS revenue increased by $102.9 million, or 43.0%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily attributable to the acquisition of Keap, new sales, client expansion, price increases, 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$102.9 million SaaS revenue increase, (i)Keap contributed $53.4 million, (ii) the conversion of Digital marketing services products for clients to SaaS products during the first nine months of 2025 contributed $12.0 million, and (iii) new sales, client expansion, and product price increases during the first nine months of 2025 contributed $26.7 million. Finally, SaaS revenue increased $10.8 million due to net revenue changes associated with products sold or converted prior to January 1, 2025, including net expanded revenue from converted products.

Previous wording

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 wording

Print revenue decreased by $44.1 million, or 20.9%, for the nine months ended September 30, 2025 compared to the nine months ended September 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.

Previous wording

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 wording

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 nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

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 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 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 16% 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 17% decline for the directories published during thenine months ended September 30, 2025. This net decline per directory was the result of the secular decline in industry demand for Print services.

Previous wording

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 wording

Digital marketing services revenue decreased by $102.9 million, or 55.1%, for the nine months ended September 30, 2025 compared to the nine months ended September 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 thenine months ended September 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 $9.8 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 $12.0 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 nine months ended September 30, 2025, the continued trending decline and significant competition resulted in a $81.1 million decrease in digital revenue.

Previous 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.

Current wording

Cost of services decreased by $32.3 million, or 14.5%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This decrease was primarily driven by the corresponding decline in revenue and by strategic cost saving initiatives. Specifically, we reduced printing, distribution and digital fulfillment support costs by $21.6 million, employee-related expenses by $3.5 million and contract services expense by $2.9 million. Additionally, depreciation and amortization expense decreased $4.6 million due to the accelerated amortization method used by the Company.

Previous 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.

Current wording

Gross profit decreased by $11.8 million, or 2.9%, for the nine months ended September 30, 2025 compared to the nine months ended September 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 a decline in total revenue and strategic cost saving initiatives.