Thryv Holdings, Inc. (THRY) SEC Filings & Earnings Calls

Transaction subject to customary closing conditions and termination provisions.

“The Purchase Agreement contains customary representations and warranties and covenants, provides for representation and warranty insurance and is subject to certain customary closing adjustments and termination provisions.” · word for word

Restructuring risk: business plan change may indicate operational challenges.

“As a result of the restructuring, the Company’s second-half 2026 business plan and priorities have changed.” · word for word

SaaS revenue decline YoY indicates potential market saturation or competitive pressure

“SaaS revenue was $114.5 million, a decrease of 0.5% year-over-year” · word for word

Restructuring execution risk; charges may not yield expected savings

“Company expects to incur total restructuring and related charges of approximately $20 million to $25 million” · word for word

Net loss swing from profit to loss raises profitability concerns

“Consolidated net loss was $16.7 million, or $(0.38) per diluted share; compared to net income of $13.9 million, or $0.31 per diluted share, for the second quarter of 2025” · word for word

SaaS client churn and downgrade risk

“Seasoned NRR decreased from 102% for the three months ended June 30, 2025 to 90% for the three months ended June 30, 2026.” · word for word

Marketing Services revenue decline

“Marketing Services revenue decreased by $59.2 million, or 62.0%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.” · word for word

Margin compression from low-margin conversions

“The decrease in SaaS gross margin was primarily due to the conversion of Digital marketing services solutions to our Thryv Platform throughout 2025 and 2026 that carry lower margins than our existing SaaS products.” · word for word

Marketing Services revenue continues to decline sharply (-27.5% YoY), indicating ongoing structural shift away from legacy print/digital services.

“Marketing Services revenue $50.9M, -27.5% YoY”

Total revenue declined 7.5% YoY due to Marketing Services decline partially offset by SaaS growth.

“Consolidated total revenue $167.7M, -7.5% YoY”

SaaS Margin Dilution from Conversions

“Gross margin from our SaaS segment decreased to 64.8% for the three months ended March 31, 2026, compared to 70.9% for the three months ended March 31, 2025.” · word for word

Client Attrition and NRR Decline

“Seasoned NRR decreased from 99% for the three months ended March 31, 2025 to 93% for the three months ended March 31, 2026.” · word for word

High Leverage and Interest Rate Exposure

“A hypothetical 100 basis point increase in interest rates would increase our interest expense by approximately $2.7 million annually, based on the debt outstanding at March 31, 2026.” · word for word

Marketing Services revenue continues to decline sharply, indicating structural headwinds in legacy print business.

“Marketing Services revenue -32.6% FY2025; -11.7% Q4 YoY”

Consolidated net loss in Q4 despite positive full-year net income; quarterly volatility remains.

“Q4 net loss -$9.7M vs Q4 2024 net income +$7.9M”

Marketing Services revenue expected to halve in FY2026, indicating accelerated decline of legacy business.

“FY2026 Marketing Services revenue guidance $150-160M vs FY2025 $324M”

Total company revenue expected to decline ~21% in FY2026 due to Marketing Services drop, despite SaaS stability.

“FY2026 total company revenue guidance $611-631M vs FY2025 $785M”

Goodwill impairment risk

“Subsequent to December 31, 2025, the Company experienced continued declines in its stock price that resulted in the Company's market capitalization declining below the Company's book value. We are in the process of evaluating whether an interim goodwill impairment assessment is needed for the SaaS reporting unit in the first quarter of 2026.” · word for word

Client churn in SaaS

“Seasoned NRR decreased by 4% for the year ended December 31, 2025 compared to the year ended December 31, 2024.” · word for word

SEC investigation

“In October 2024, we received a subpoena from the Division of Enforcement of the SEC requesting documents and information related to the Company’s previously publicly announced strategic conversion of its clients from its Digital marketing services solutions platform to its SaaS solutions platform.” · word for word

Retention bonuses may indicate key person risk or upcoming transition.

“Retention bonuses tied to continued employment through 2026 and 2027.”

Secular decline in Marketing Services

“Marketing Services revenue decreased by $147.0 million, or 36.9%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.” · word for word

Seasoned NRR decline

“Seasoned NRR decreased by 700 basis points from 101% as of September 30, 2024 to 94% as of September 30, 2025.” · word for word

Competition from large platforms

“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.” · word for word

Client churn from conversions

“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.” · word for word

Marketing Services revenue continues to decline; Keap acquisition integration risk.

“Marketing Services revenue was $85.7 million, an 8% decrease year-over-year” · word for word