Thryv Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
THRY$1.07-16.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash Flows from Operating Activities | |||
| Net income (loss) | $307 | $(74,216) | $(259,295) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 39,459 | 52,789 | 63,251 |
| Amortization of deferred commissions | 14,634 | 18,283 | 14,954 |
| Amortization of debt issuance costs | 3,236 | 4,022 | 5,422 |
| Deferred income taxes | 10,625 | (5,270) | (12,904) |
| Provision for credit losses and service credits | 17,703 | 22,508 | 24,516 |
| Stock-based compensation expense | 25,250 | 24,118 | 22,201 |
| Net periodic pension cost (benefit) | 8,817 | (24,806) | (2,719) |
| Impairment charges | — | 83,094 | 268,846 |
| (Gain) loss on foreign currency exchange rates | (3,509) | 4,096 | 603 |
| Loss on early extinguishment of debt | — | 6,638 | — |
| Loss from the remeasurement of the indemnification asset | — | — | 10,734 |
| Other, net | 416 | (3,166) | — |
| Changes in working capital items, excluding acquisitions: | |||
| Accounts receivable | (9,848) | 23,167 | 54,325 |
| Contract assets | 1,716 | 782 | (326) |
| Prepaid expenses, deferred costs, and other assets | (14,524) | 1,139 | 7,117 |
| Accounts payable and accrued liabilities | (12,731) | (26,526) | (37,749) |
| Contract liabilities | (12,433) | (8,625) | 1,406 |
| Other liabilities | (5,590) | (8,244) | (12,156) |
| Net cash provided by operating activities | 63,528 | 89,783 | 148,226 |
| Cash Flows from Investing Activities | |||
| Additions to fixed assets and capitalized software | (32,390) | (33,537) | (33,394) |
| Acquisition of a business, net of cash acquired | (143) | (76,887) | (8,897) |
| Other | — | — | (225) |
| Net cash used in investing activities | (32,533) | (110,424) | (42,516) |
| Cash Flows from Financing Activities | |||
| Proceeds from Term Loan | — | 206,220 | — |
| Proceeds from Term Loan, related party | — | 137,480 | — |
| Payments of Term Loan | (21,000) | (356,618) | (120,000) |
| Payments of Term Loan, related party | (14,000) | (31,500) | — |
| Proceeds from ABL Facility | 375,519 | 329,004 | 919,975 |
| Payments of ABL Facility | (374,291) | (353,957) | (925,684) |
| Principal payments on finance lease obligation | (934) | — | — |
| Debt issuance costs | — | (5,480) | — |
| Repurchases of common stock | (4,999) | (499) | — |
| Proceeds from exercise of stock warrants | — | — | 15,898 |
| Proceeds from common stock offering, net of offering expenses | — | 87,402 | — |
| Other | 1,231 | 7,164 | 6,318 |
| Net cash (used in) provided by financing activities | (38,474) | 19,216 | (103,493) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 587 | (1,344) | 133 |
| (Decrease) increase in cash, cash equivalents and restricted cash | (6,892) | (2,769) | 2,350 |
| Cash, cash equivalents and restricted cash, beginning of period | 17,761 | 20,530 | 18,180 |
| Cash, cash equivalents and restricted cash, end of period | $10,869 | $17,761 | $20,530 |
| Supplemental Information | |||
| Cash paid for interest | $31,581 | $44,018 | $57,027 |
| Cash paid for income taxes, net | $5,202 | $15,413 | $9,313 |
| Non-cash investing and financing activities | |||
| Repurchase of Treasury stock as a result of the settlement of the indemnification asset | $— | $— | $15,760 |
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