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Thryv Grows SaaS Revenue 24% Year-Over-Year in First Quarter 2023

First quarter total SaaS clients increased 15% and SaaS monthly active users increased 25% year-over-year

Efficient customer channels and operating leverage deliver strong SaaS EBITDA outperformance

Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv, the leading small business software platform, announced that its SaaS revenue grew 24% year-over-year in the first quarter of 2023.

“We delivered strong first quarter results,” said Joe Walsh, Chairman and CEO. “Every success metric is steady or increasing year-over-year and quarter-over-quarter. We performed well against our guidance, reporting strong SaaS revenue growth, improving SaaS Adjusted EBITDA, and increasing marketing services revenue. Our key SaaS metrics, subscribers and ARPU, showed continued strength as a result of prioritizing innovation and execution. This gives us strong predictability and reflects steady, smart growth. We are intensely focused on increasing engagement and usage because these lead to increased renewal and spend.”

“Acquisitions of well-run marketing services businesses are a key part of our strategy,” Walsh continued. “We are pleased to announce we've acquired Yellow Holdings Limited, the official yellow pages publisher of New Zealand. Also known as Yellow, the company has been New Zealand's leading marketing services company for more than 50 years and has over 10,000 digital clients. Yellow's excellent team will now be able to guide local business owners who are ready to modernize their business, and, as a result, adopt our Thryv platform.”

Thryv continues to roll out new products based on its “center” strategy. The most recent launch, Marketing Center, is gaining client sign-ups by providing tools SMBs need to market and grow. With the launch of additional centers over the next few years, Thryv will offer additional functionality at a variety of price points. As a small business scales and gains incremental value through its Thryv platform, clients will be able to expand the solutions they purchase from Thryv.

“Looking ahead to the rest of 2023, we remain confident in our previous full year SaaS revenue guidance and are focused on achieving SaaS EBITDA profitability,” said Paul Rouse, Chief Financial Officer. “As a result of our recent acquisition of Yellow Holdings and predictable performance in billings, we are increasing our full year guidance of both marketing services revenue and marketing services EBITDA. We are pleased with our results this quarter. Our goal is to drive more operating leverage in the SaaS business as the year progresses.”

First Quarter 2023 Financial Highlights:

Revenue

  • Total SaaS1 revenue was $59.9 million, a 24.4% increase year-over-year
  • Total Marketing Services2 revenue was $185.6 million, a 28.7% decrease year-over-year
  • Consolidated total revenue was $245.6 million, a decrease of 20.4% year-over-year
  • Consolidated net income was $9.3 million, or $0.25 per diluted share, compared to net income of $33.5 million, or $0.88 per diluted share, for the first quarter of 2022
  • Consolidated Adjusted EBITDA was $58.5 million, representing an Adjusted EBITDA margin of 23.8%
  • Total SaaS Adjusted EBITDA loss was $0.2 million
  • Total Marketing Services Adjusted EBITDA was $58.7 million, representing an Adjusted EBITDA margin of 31.6%
  • Consolidated Gross Profit was $154.8 million
  • Consolidated Adjusted Gross Profit3 was $161.9 million
  • SaaS Gross Profit was $37.2 million, representing a Gross Profit Margin of 62.0%
  • SaaS Adjusted Gross Profit was $38.5 million, representing an Adjusted Gross Profit Margin of 64.2%

SaaS Metrics

  • SaaS monthly Average Revenue per Unit (“ARPU”)4 increased to $379 for the first quarter of 2023, compared to $352 in the first quarter of 2022
  • Total SaaS clients increased 15% year-over-year to 54 thousand for the first quarter of 2023
  • Seasoned Net Dollar Retention5 was 91% at the end of the first quarter of 2023
  • SaaS monthly active users6 increased 25% year-over-year to 45 thousand active users for the first quarter of 2023
  • ThryvPay total payment volume was $45 million, an increase of 78% year-over-year

____________________________

1 Total SaaS revenue in the U.S. and International segments was $58.1 million and $1.8 million for the three months ended March 31, 2023, respectively.

2 Total Marketing Services revenue in the U.S. and International segments was $147.3 million and $38.3 million for the three months ended March 31, 2023, respectively.

3 Defined as Gross profit adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense.

4 Defined as total client billings for a particular month divided by the number of clients that have one or more revenue-generating solutions in that same month.

5 Seasoned Net Dollar Retention is defined as net dollar retention excluding clients acquired over the previous 12 months.

6 Defined as a client with one or more users who log into our SaaS solutions at least once during the calendar month.

Outlook

Based on information available as of May 4, 2023, Thryv is issuing guidance7 for the second quarter of 2023 and full year 2023 as indicated below:

 

 

2nd Quarter

 

Full Year

(in millions)

 

2023

 

2023

SaaS Revenue

 

$63.0 - $63.5

 

$257 to $259

SaaS Adjusted EBITDA

 

$0.75 - $1.25

 

$2.5 - $3.5

 

2nd Quarter

 

3rd Quarter

 

4th Quarter

 

Full Year

(in millions)

2023

 

2023

 

2023

 

2023

Marketing Services Revenue

$188 - $190

 

$114 - $118

 

$166 - $170

 

$653 - $663

Marketing Services Adjusted EBITDA

 

 

 

 

 

 

$187 - $190

Earnings Conference Call Information

Thryv will host a conference call on Thursday, May 4, 2023 at 8:30 a.m. (Eastern Time) to discuss the Company's first quarter 2023 results.

For analysts to register for this conference call, please use this link. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. We recommend registering a day in advance or at a minimum thirty minutes prior to the start of the call. To listen to the webcast, please use this link or visit Thryv's Investor Relations website at investor.thryv.com. A live webcast will also be available on the Investor Relations section of the Company's website at investor.thryv.com.

If you are unable to participate in the conference call, a replay will be available. To access the replay, please dial (800) 770-2030 or (647) 362-9199 and enter “87769.”

____________________________

7 These statements are forward-looking and actual results may materially differ. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause our actual results to materially differ from these forward-looking statements.

Final Results

Thryv Holdings, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income (Loss)

 

Three Months Ended

 

March 31,

(in thousands, except share and per share data)

 

2023

 

 

 

2022

 

Revenue

$

245,555

 

 

$

308,375

 

Cost of services

 

90,747

 

 

 

110,519

 

Gross profit

 

154,808

 

 

 

197,856

 

 

 

 

 

Operating expenses:

 

 

 

Sales and marketing

 

76,343

 

 

 

93,955

 

General and administrative

 

47,680

 

 

 

52,194

 

Total operating expenses

 

124,023

 

 

 

146,149

 

 

 

 

 

Operating income

 

30,785

 

 

 

51,707

 

Other income (expense):

 

 

 

Interest expense

 

(16,488

)

 

 

(13,108

)

Interest expense, related party

 

 

 

 

(1,759

)

Other components of net periodic pension (cost) benefit

 

(121

)

 

 

70

 

Other income (expense)

 

(366

)

 

 

6,222

 

Income before income tax expense

 

13,810

 

 

 

43,132

 

Income tax expense

 

(4,496

)

 

 

(9,621

)

Net income

$

9,314

 

 

$

33,511

 

Other comprehensive income (loss):

 

 

 

Foreign currency translation adjustment, net of tax

 

(2,188

)

 

 

5,448

 

Comprehensive income

$

7,126

 

 

$

38,959

 

 

 

 

 

Net income per common share:

 

 

 

Basic

$

0.27

 

 

$

0.98

 

Diluted

$

0.25

 

 

$

0.88

 

 

 

 

 

Weighted-average shares used in computing basic and diluted net income per common share:

 

 

 

Basic

 

34,606,864

 

 

 

34,159,979

 

Diluted

 

36,981,652

 

 

 

37,957,685

 

Thryv Holdings, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share data)

March 31, 2023

 

December 31, 2022

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

15,395

 

 

$

16,031

 

Accounts receivable, net of allowance of $13,196 in 2023 and $14,766 in 2022

 

271,905

 

 

 

284,698

 

Contract assets, net of allowance of $30 in 2023 and $33 in 2022

 

2,120

 

 

 

2,583

 

Taxes receivable

 

7,918

 

 

 

11,553

 

Prepaid expenses

 

39,580

 

 

 

25,092

 

Indemnification asset

 

27,250

 

 

 

26,495

 

Other current assets

 

24,463

 

 

 

11,864

 

Total current assets

 

388,631

 

 

 

378,316

 

Fixed assets and capitalized software, net

 

38,115

 

 

 

42,334

 

Goodwill

 

564,934

 

 

 

566,004

 

Intangible assets, net

 

33,019

 

 

 

34,715

 

Deferred tax assets

 

115,796

 

 

 

113,859

 

Other assets

 

31,772

 

 

 

42,649

 

Total assets

$

1,172,267

 

 

$

1,177,877

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

8,980

 

 

$

18,972

 

Accrued liabilities

 

127,229

 

 

 

126,810

 

Current portion of unrecognized tax benefits

 

32,675

 

 

 

31,919

 

Contract liabilities

 

47,782

 

 

 

41,854

 

Current portion of long-term debt

 

70,000

 

 

 

70,000

 

Other current liabilities

 

10,164

 

 

 

10,937

 

Total current liabilities

 

296,830

 

 

 

300,492

 

Term Loan, net

 

311,483

 

 

 

345,256

 

ABL Facility

 

72,231

 

 

 

54,554

 

Pension obligations, net

 

72,584

 

 

 

72,590

 

Deferred tax liabilities

 

 

 

 

513

 

Other liabilities

 

24,086

 

 

 

22,205

 

Total long-term liabilities

 

480,384

 

 

 

495,118

 

Commitments and contingencies

 

 

 

Stockholders' equity

 

 

 

Common stock - $0.01 par value, 250,000,000 shares authorized; 61,557,811 shares issued and 34,817,979 shares outstanding at March 31, 2023; and 61,279,379 shares issued and 34,593,837 shares outstanding at December 31, 2022

 

616

 

 

 

613

 

Additional paid-in capital

 

1,112,420

 

 

 

1,105,701

 

Treasury stock - 26,739,832 shares at March 31, 2023 and 26,685,542 shares at December 31, 2022

 

(469,941

)

 

(468,879

)

Accumulated other comprehensive income (loss)

 

(18,449

)

 

 

(16,261

)

Accumulated deficit

 

(229,593

)

 

 

(238,907

)

Total stockholders' equity

 

395,053

 

 

 

382,267

 

Total liabilities and stockholders' equity

$

1,172,267

 

 

$

1,177,877

 

Thryv Holdings, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

 

Three Months Ended March 31,

(in thousands)

 

2023

 

 

 

2022

 

Cash Flows from Operating Activities

 

 

 

Net income

$

9,314

 

 

$

33,511

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

15,431

 

 

 

21,969

 

Amortization of debt issuance costs

 

1,361

 

 

 

1,441

 

Deferred income taxes

��

(1,675

)

 

 

(5,671

)

Provision for credit losses and service credits

 

5,755

 

 

 

5,467

 

Stock-based compensation expense

 

5,393

 

 

 

1,928

 

Other components of net periodic pension cost (benefit)

 

121

 

 

 

(70

)

(Gain) loss on foreign currency exchange rates

 

(881

)

 

 

1,077

 

Bargain purchase gain

 

 

 

 

(7,297

)

Other

 

(756

)

 

 

1,440

 

Changes in working capital items, excluding acquisitions:

 

 

 

Accounts receivable

 

16,268

 

 

 

(12,361

)

Contract assets

 

463

 

 

 

1,285

 

Prepaid expenses and other assets

 

(14,679

)

 

 

(6,920

)

Accounts payable and accrued liabilities

 

(6,515

)

 

 

(9,775

)

Other liabilities

 

2,711

 

 

 

3,303

 

Net cash provided by operating activities

 

32,311

 

 

 

29,327

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

Additions to fixed assets and capitalized software

 

(5,136

)

 

 

(3,999

)

Acquisition of a business, net of cash acquired

 

 

 

 

(22,003

)

Net cash (used in) investing activities

 

(5,136

)

 

 

(26,002

)

 

 

 

 

Cash Flows from Financing Activities

 

 

 

Payments of Term Loan

 

(35,000

)

 

 

(15,444

)

Payments of Term Loan, related party

 

 

 

 

(2,056

)

Proceeds from ABL Facility

 

272,857

 

 

 

302,374

 

Payments of ABL Facility

 

(255,179

)

 

 

(279,327

)

Other

 

267

 

 

 

839

 

Net cash (used in) provided by financing activities

 

(17,055

)

 

 

6,386

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(290

)

 

 

541

 

Increase in cash and cash equivalents and restricted cash

 

9,830

 

 

 

10,252

 

Cash and cash equivalents and restricted cash, beginning of period

 

18,180

 

 

 

13,557

 

Cash and cash equivalents and restricted cash, end of period

$

28,010

 

 

$

23,809

 

 

 

 

 

Supplemental Information

 

 

 

Cash paid for interest

$

15,008

 

 

$

11,966

 

Cash (received) paid for income taxes, net

$

(992

)

 

$

15,421

 

The following tables summarize the operating results of the Company's reportable segments:

 

Three Months Ended March 31,

 

Change

(in thousands)

 

2023

 

 

 

2022(1)

 

Amount

 

%

Revenue

 

 

 

 

 

 

 

Thryv U.S.

 

 

 

 

 

 

 

Marketing Services

$

147,300

 

 

$

212,533

 

 

$

(65,233

)

 

(30.7

)%

SaaS

 

58,127

 

 

 

47,343

 

 

 

10,784

 

 

22.8

%

Thryv International

 

 

 

 

 

 

 

Marketing Services

 

38,326

 

 

 

47,664

 

 

 

(9,338

)

 

(19.6

)%

SaaS

 

1,802

 

 

 

835

 

 

 

967

 

 

115.8

%

Consolidated Revenue

$

245,555

 

 

$

308,375

 

 

$

(62,820

)

 

(20.4

)%

 

 

 

 

 

 

 

 

Segment Gross Profit

 

 

 

 

 

 

 

Thryv U.S.

 

 

 

 

 

 

 

Marketing Services

$

93,174

 

 

$

136,510

 

 

$

(43,336

)

 

(31.7

)%

SaaS

 

35,960

 

 

 

29,409

 

 

 

6,551

 

 

22.3

%

Thryv International

 

 

 

 

 

 

 

Marketing Services

 

24,480

 

 

 

31,716

 

 

 

(7,236

)

 

(22.8

)%

SaaS

 

1,194

 

 

 

221

 

 

 

973

 

 

NM

 

Consolidated Segment Gross Profit

$

154,808

 

 

$

197,856

 

 

$

(43,048

)

 

(21.8

)%

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

 

 

 

 

 

Thryv U.S.

 

 

 

 

 

 

 

Marketing Services

$

41,264

 

 

$

66,395

 

 

$

(25,131

)

 

(37.9

)%

SaaS

 

1,122

 

 

 

(4,364

)

 

 

5,486

 

 

125.7

%

Thryv International

 

 

 

 

 

 

 

Marketing Services

 

17,409

 

 

 

24,097

 

 

 

(6,688

)

 

(27.8

)%

SaaS

 

(1,326

)

 

 

(2,411

)

 

 

1,085

 

 

45.0

%

Consolidated Adjusted EBITDA

$

58,469

 

 

$

83,717

 

 

$

(25,248

)

 

(30.2

)%

(1)

Thryv U.S. includes Vivial results of operations subsequent to the January 21, 2022 acquisition date.

Non-GAAP Measures

Our results included in this press release include Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Gross Profit, which are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures are presented for supplemental informational purposes only and are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please refer to the supplemental information presented in the tables below for a reconciliation of Adjusted EBITDA to Net income and Adjusted Gross Profit to Gross profit. Both Net income and Gross profit are the most comparable GAAP financial measure to Adjusted EBITDA and Adjusted Gross Profit, respectively. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide additional tools for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry.

The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, Net income:

 

Three Months Ended March 31,

(in thousands)

 

2023

 

 

 

2022

 

Reconciliation of Adjusted EBITDA

 

 

 

Net income

$

9,314

 

 

$

33,511

 

Interest expense

 

16,488

 

 

 

14,867

 

Depreciation and amortization expense

 

15,431

 

 

 

21,969

 

Stock-based compensation expense (1)

 

5,393

 

 

 

1,928

 

Restructuring and integration expenses (2)

 

5,340

 

 

 

5,827

 

Income tax expense

 

4,496

 

 

 

9,621

 

Transaction costs (3)

 

373

 

 

 

1,720

 

Other components of net periodic pension cost (benefit) (4)

 

121

 

 

 

(70

)

Non-cash gain from remeasurement of indemnification asset (5)

 

(756

)

 

 

(400

)

Other (6)

 

2,269

 

 

 

(5,256

)

Adjusted EBITDA

$

58,469

 

 

$

83,717

 

(1)

We record Stock-based compensation expense related to the amortization of grant date fair value of the Company’s stock-based compensation awards.

(2)

For the three months ended March 31, 2023 and 2022, expenses relate to periodic efforts to enhance efficiencies and reduce costs, and include severance benefits, and costs associated with abandoned facilities and system consolidation.

(3)

Expenses related to the Vivial Acquisition and other transaction costs.

(4)

Other components of net periodic pension cost (benefit) 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 (benefit) relates to periodic mark-to-market pension remeasurement.

(5)

In connection with the YP Acquisition, the seller indemnified us for future potential losses associated with certain federal and state tax positions taken in tax returns filed by the seller prior to the acquisition date.

(6)

Other primarily represents foreign exchange-related expense. Additionally, during the three months ended March 31, 2022, Other includes the bargain purchase gain as a result of the Vivial Acquisition.

The following tables set forth reconciliations of Adjusted Gross Profit and Adjusted Gross Margin, to their most directly comparable GAAP measures, Gross profit and Gross margin:

 

Three Months Ended March 31, 2023

 

Thryv U.S.

 

Thryv International

 

 

(in thousands)

Marketing

Services

 

SaaS

 

Marketing

Services

 

SaaS

 

Total

Reconciliation of Adjusted Gross Profit

 

 

 

 

 

 

 

 

 

Gross profit

$

93,174

 

 

$

35,960

 

 

$

24,480

 

 

$

1,194

 

 

$

154,808

 

Plus:

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

2,918

 

 

 

1,142

 

 

 

2,779

 

 

 

145

 

 

 

6,984

 

Stock-based compensation expense

 

103

 

 

 

46

 

 

 

 

 

 

 

 

 

149

 

Adjusted Gross Profit

$

96,195

 

 

$

37,148

 

 

$

27,259

 

 

$

1,339

 

 

$

161,941

 

Gross Margin

 

63.3

%

 

 

61.9

%

 

 

63.9

%

 

 

66.3

%

 

 

63.0

%

Adjusted Gross Margin

 

65.3

%

 

 

63.9

%

 

 

71.1

%

 

 

74.3

%

 

 

65.9

%

 

Three Months Ended March 31, 2022

 

Thryv U.S.

 

Thryv International

 

 

(in thousands)

Marketing

Services

 

SaaS

 

Marketing

Services

 

SaaS

 

Total

Reconciliation of Adjusted Gross Profit

 

 

 

 

 

 

 

 

 

Gross profit

$

136,510

 

 

$

29,409

 

 

$

31,716

 

 

$

221

 

 

$

197,856

 

Plus:

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

4,395

 

 

 

979

 

 

 

4,366

 

 

 

76

 

 

 

9,816

 

Stock-based compensation expense

 

61

 

 

 

15

 

 

 

 

 

 

 

 

 

76

 

Adjusted Gross Profit

$

140,966

 

 

$

30,403

 

 

$

36,082

 

 

$

297

 

 

$

207,748

 

Gross Margin

 

64.2

%

 

 

62.1

%

 

 

66.5

%

 

 

26.5

%

 

 

64.2

%

Adjusted Gross Margin

 

66.3

%

 

 

64.2

%

 

 

75.7

%

 

 

35.6

%

 

 

67.4

%

Supplemental Financial Information

The following supplemental financial information provides Revenue, Adjusted EBITDA and Adjusted EBITDA Margin by (i) Marketing Services businesses in the U.S., International and in Total and (ii) SaaS businesses in the U.S., International and in Total. Total SaaS Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Total Marketing Services Adjusted EBITDA and Adjusted EBITDA margin are also non-GAAP financial measures. These non-GAAP financial measures are presented for supplemental informational purposes only and are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please refer to the supplemental information presented in the tables below for a reconciliation of these non-GAAP financial measures to the corresponding segment financial measures presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our global SaaS and Marketing Services financial performance, enhance the overall understanding of our global SaaS and Marketing Services past financial performance and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide additional tools for investors to use in comparing our core financial performance over multiple periods.

 

Three Months Ended March 31, 2023

(in thousands)

Marketing Services

 

SaaS

 

U.S.

 

International

 

Total

 

U.S.

 

International

 

Total

Revenue

$

147,300

 

 

$

38,326

 

 

$

185,626

 

 

$

58,127

 

 

$

1,802

 

 

$

59,929

 

Adjusted EBITDA

 

41,264

 

 

 

17,409

 

 

 

58,673

 

 

 

1,122

 

 

 

(1,326

)

 

 

(204

)

Adjusted EBITDA Margin

 

28.0

%

 

 

45.4

%

 

 

31.6

%

 

 

1.9

%

 

 

(73.6

)%

 

 

(0.3

)%

 

Three Months Ended March 31, 2022

(in thousands)

Marketing Services

 

SaaS

 

U.S.

 

International

 

Total

 

U.S.

 

International

 

Total

Revenue

$

212,533

 

 

$

47,664

 

 

$

260,197

 

 

$

47,343

 

 

$

835

 

 

$

48,178

 

Adjusted EBITDA

 

66,395

 

 

 

24,097

 

 

 

90,492

 

 

 

(4,364

)

 

 

(2,411

)

 

 

(6,775

)

Adjusted EBITDA Margin

 

31.2

%

 

 

50.6

%

 

 

34.8

%

 

 

(9.2

)%

 

 

NM

 

 

 

(14.1

)%

Forward-Looking Statements

Certain statements contained herein are not historical facts, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. Statements that include the words “may”, “will”, “could”, “should”, “would”, “believe”, “anticipate”, “forecast”, “estimate”, “expect”, “preliminary”, “intend”, “plan”, “target”, “project”, “outlook”, “future”, “forward”, “guidance” and similar statements of a future or forward-looking nature identify forward-looking statements. These statements are not guarantees of future performance. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following: risks related to the ongoing COVID-19 pandemic, the Company’s ability to maintain adequate liquidity to fund operations; the Company’s future operating and financial performance; the Company’s ability to consummate acquisitions, or, if consummated, to successfully integrate acquired businesses into the Company’s operations, the Company’s ability to recognize the benefits of acquisitions, or the failure of an acquired company to achieve its plans and objectives; limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our credit facilities; our ability to retain existing business and obtain and retain new business; general economic or business conditions affecting the markets we serve; declining use of print yellow page directories by consumers; our ability to collect trade receivables from clients to whom we extend credit; credit risk associated with our reliance on small and medium sized businesses as clients; our ability to attract and retain key managers; increased competition in our markets; our ability to obtain future financing due to changes in the lending markets or our financial position; our ability to maintain agreements with major Internet search and local media companies; reduced advertising spending and increased contract cancellations by our clients, which causes reduced revenue; and our ability to anticipate or respond effectively to changes in technology and consumer preferences as well as the risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on From 10-Q filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. For these reasons, we caution you against relying on forward-looking statements. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements speak only as of the date hereof and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Thryv Holdings, Inc.

Thryv Holdings, Inc. (NASDAQ: THRY) is a global software and marketing services company that empowers small- to medium-sized businesses (“SMBs”) to grow and modernize their operations so they can compete and win in today's economy. Over 50,000 businesses use our award-winning SaaS platform, Thryv®, to manage their end-to-end operations, which has helped businesses across the U.S. and overseas grow their bottom line. Thryv also manages digital and print presence for approximately 400,000 businesses, connecting these SMBs to local consumers via proprietary local search portals and print directories. For more information about Thryv Holdings, Inc, visit thryv.com.

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