Thryv (NASDAQ: THRY) grows SaaS 34% in 2025 and returns to profitability

Rhea-AI Filing Summary

Thryv Holdings, Inc. reported strong 2025 progress in shifting to a software‑driven model. SaaS revenue rose to $461.0 million, up 34.2% year‑over‑year, while Marketing Services revenue declined 32.6% to $324.0 million, leading consolidated revenue to slip 4.7% to $785.0 million.

The company moved from a net loss of $74.2 million in 2024 to net income of $0.3 million in 2025, or $0.01 per diluted share. Consolidated Adjusted EBITDA was $151.8 million with a 19.3% margin. SaaS Adjusted EBITDA reached $73.8 million with a 16.0% margin, while Marketing Services Adjusted EBITDA was $78.0 million and a 24.1% margin.

SaaS revenue represented over 62% of total revenue in Q4 2025. Key operating metrics included 100 thousand SaaS clients, Seasoned Net Revenue Retention of 94%, and Q4 SaaS monthly ARPU of $373, up 15% year‑over‑year. Operating cash flow was $63.5 million and Free Cash Flow was $31.1 million.

Positive

• SaaS growth and mix shift: 2025 SaaS revenue rose 34.2% to $461.0 million, with Q4 SaaS contributing over 62% of total revenue, indicating a successful transition toward a higher‑value software model.
• Return to profitability: Net results improved from a $74.2 million loss in 2024 to $0.3 million of net income in 2025, while SaaS Adjusted EBITDA nearly doubled to $73.8 million with a 16.0% margin.

Negative

• Legacy revenue contraction and lower free cash flow: Marketing Services revenue declined 32.6% to $324.0 million and total revenue fell 4.7%, while Free Cash Flow dropped to $31.1 million from $56.2 million year‑over‑year.

Insights

Equity research analyst

Thryv’s 2025 shows strong SaaS growth, mix shift, and a return to profitability despite shrinking legacy revenue.

Thryv is rapidly transforming from a legacy marketing services provider to a SaaS platform. In 2025, SaaS revenue grew 34.2% to $461.0 million, while Marketing Services revenue fell 32.6% to $324.0 million. SaaS now accounts for over 62% of Q4 total revenue, signaling a structurally different business mix.

Profitability improved meaningfully. The company swung from a $74.2 million net loss in 2024 to net income of $0.3 million in 2025, aided by the absence of prior‑year impairment charges and lower operating expenses. Consolidated Adjusted EBITDA was $151.8 million with a 19.3% margin, only modestly below 2024 despite lower total revenue.

Within SaaS, Adjusted EBITDA nearly doubled to $73.8 million and margin expanded to 16.0%, supported by higher Q4 ARPU of $373 (up 15%) and Seasoned Net Revenue Retention of 94%. However, free cash flow declined to $31.1 million from $56.2 million, and Marketing Services revenue pressure weighed on consolidated top‑line, so the sustainability of growth and margins will depend on continued SaaS expansion and cost discipline disclosed in future periods.

0001556739FALSE00015567392026-02-262026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2026

THRYV HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware			001-35895			13-2740040
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)
1301 Municipal Way, Suite 220 Grapevine, TX						76051
(Address of Principal Executive Offices)						(Zip Code)

(972) 453-7000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

THRY

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 26, 2026, Thryv Holdings, Inc. (the “Company”) issued a press release announcing its earnings for the year ended December 31, 2025. This press release is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

The Company will hold a conference call on February 26, 2026.

The information in Item 2.02 and Item 7.01 of this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 2.02 and Item 7.01 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description

99.1			Press release, dated February 26, 2026, issued by Thryv Holdings, Inc.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			THRYV HOLDINGS, INC.
Date: February 26, 2026			By:			/s/ Paul D. Rouse
			Name: Paul D. Rouse
			Title: Chief Financial Officer, Executive Vice President and Treasurer

Exhibit 99.1

Thryv Achieves SaaS Revenue Growth of 34% in Full Year 2025, Shifts Focus to AI-Enabled "Market, Sell, Grow" Platform to Empower SMBs

–Q4 SaaS Revenue Grows to over 62% of Total Revenue

–2025 SaaS Adjusted EBITDA Margin Expands 400 Basis Points Year-Over-Year

–Q4 SaaS Monthly ARPU Increases 15% Year-Over-Year to $373

–Q4 Marketing Center Revenue Growth of Over 50% Year-Over-Year

DALLAS, February 26, 2026 – Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv®, the leading small business marketing and sales software platform, reported an increase in SaaS revenue of 14% year-over-year in the fourth quarter of 2025 and grew 34% year-over-year for the full year 2025.

Fourth Quarter Financial 2025 Highlights:

•SaaS revenue was $119.0 million, a 14.1% increase year-over-year

•SaaS revenue excluding Keap was $102.8 million, a 13.1% increase year-over-year

•Marketing Services revenue was $72.6 million, an 11.7% decrease year-over-year

•Consolidated total revenue was $191.6 million, an increase of 2.7% year-over-year

•Consolidated net loss was $9.7 million, or $(0.22) per diluted share; compared to net income of $7.9 million, or $0.19 per diluted share, for the fourth quarter of 2024

•Consolidated Adjusted EBITDA was $38.9 million, representing an Adjusted EBITDA margin of 20.3%

•SaaS Adjusted EBITDA was $20.0 million, representing an Adjusted EBITDA margin of 16.8%

•Marketing Services Adjusted EBITDA was $18.8 million, representing an Adjusted EBITDA margin of 25.9%

•Consolidated Gross Profit was $130.3 million

•Consolidated Adjusted Gross Profit1 was $133.6 million

•SaaS Gross Profit was $81.7 million, representing a Gross Margin of 68.7%

•SaaS Adjusted Gross Profit1 was $83.8 million, representing an Adjusted Gross Margin of 70.4%

Full-Year 2025 Financial Highlights:

•SaaS revenue was $461.0 million, a 34.2% increase year-over-year

•SaaS revenue excluding Keap was $391.4 million, an 18.6% increase year-over-year

•Marketing Services revenue was $324.0 million, a 32.6% decrease year-over-year

•Consolidated total revenue was $785.0 million, a decrease of 4.7% year-over-year

•Consolidated net income was $0.3 million, or $0.01 per diluted share, compared to net loss of $74.2 million, or $(2.00) per diluted share, for last year

•Consolidated Adjusted EBITDA was $151.8 million, representing an Adjusted EBITDA margin of 19.3%

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

•SaaS Adjusted EBITDA was $73.8 million, representing an Adjusted EBITDA margin of 16.0%

•Marketing Services Adjusted EBITDA was $78.0 million, representing an Adjusted EBITDA margin of 24.1%

•Consolidated Gross Profit was $532.7 million

•Consolidated Adjusted Gross Profit1 was $548.2 million

•SaaS Gross Profit was $325.8 million, representing a Gross Margin of 70.7%

•SaaS Adjusted Gross Profit1 was $335.0 million, representing an Adjusted Gross Margin of 72.7%

•Operating cash flow was $63.5 million

•Free cash flow2 was $31.1 million

Recent Business Highlights and Metrics

•Quality customers3 (defined as those contributing more than $400 in monthly recurring revenue) accounted for 69% of SaaS revenue3 in the fourth quarter of 2025

•SaaS clients were 100 thousand at the end of the fourth quarter of 2025

•Seasoned Net Revenue Retention4 was 94% as of December 31, 2025

•SaaS monthly Average Revenue per Unit (“ARPU”)5 was $373 for the fourth quarter of 2025, an increase of 15% year-over-year

•In the fourth quarter of 2025, Marketing Center revenue increased 56% year-over-year

•For 2025, Marketing Center revenue increased over 100% year-over-year

“We delivered solid full-year 2025 results, with SaaS revenue growth of 34% year-over-year and SaaS Adjusted EBITDA margin of 16.0%,” said Joe Walsh, Thryv Chairman and CEO. “During the year, we have successfully transitioned from legacy print and marketing services into a leading SMB software company, with SaaS revenue now contributing over 62% of total revenue. Looking ahead, we are shifting to a unified growth offering enabled by AI—the Thryv Platform—designed to help small businesses market, sell, and grow.”

Earnings Conference Call Information

Thryv will host a conference call on Thursday, February 26, 2026 at 8:30 a.m. (Eastern Time) to discuss the Company's fourth quarter 2025 results and outlook.

To listen to this conference call, please use this link. After registering, a confirmation email will be sent, including access details. We recommend registering a day in advance or at a minimum thirty minutes prior to the start of the call. A live webcast will also be available on the Investor Relations section of the Company's website at investor.thryv.com.

2 Defined as net cash provided by operating activities minus additions to fixed assets and capitalized software.

3 Excludes customers and revenue attributed to the Keap acquisition.

4 Seasoned NRR is calculated by dividing the revenue of all clients that have had one or more SaaS offerings for at least two years as of the last month of the year or quarter, as applicable, by the same clients' revenue one year ago. Seasoned NRR excludes clients acquired in the Keap acquisition.

5 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. This is a weighted-average calculation and inclusive of the impact from the Keap acquisition.

Thryv Holdings, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive (Loss) Income

			Three Months Ended												Years Ended
			December 31,												December 31,
(in thousands, except share and per share data)			2025						2024						2025						2024
Revenue			$	191,619					$	186,596					$	785,015					$	824,156
Cost of services			61,282						63,569						252,305						286,919
Gross profit			130,337						123,027						532,710						537,237
Operating expenses:
Sales and marketing			52,146						61,534						225,692						254,433
Research and development			9,473						6,628						39,111						15,713
General and administrative			58,554						62,067						211,198						217,296
Impairment charges			—						—						—						83,094
Total operating expenses			120,173						130,229						476,001						570,536
Operating income (loss)			10,164						(7,202)						56,709						(33,299)
Other income (expense):
Interest expense			(5,548)						(4,940)						(23,430)						(36,494)
Interest expense, related party			(2,600)						(4,783)						(11,328)						(10,277)
Net periodic pension (cost) benefit			(6,606)						29,549						(8,817)						24,806
Other income (expense)			278						(3,163)						3,909						(10,734)
(Loss) income before income tax expense			(4,312)						9,461						17,043						(65,998)
Income tax expense			(5,348)						(1,578)						(16,736)						(8,218)
Net (loss) income			$	(9,660)					$	7,883					$	307					$	(74,216)
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of tax			(39)						(882)						(570)						250
Comprehensive (loss) income			$	(9,699)					$	7,001					$	(263)					$	(73,966)
Net (loss) income per common share:
Basic			$	(0.22)					$	0.19					$	0.01					$	(2.00)
Diluted			$	(0.22)					$	0.19					$	0.01					$	(2.00)
Weighted-average shares used in computing basic and diluted net (loss) income per common share:
Basic			43,579,557						40,579,831						43,621,796						37,142,271
Diluted			43,579,557						41,901,138						44,476,869						37,142,271

Thryv Holdings, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share data)			December 31, 2025						December 31, 2024
Assets
Current assets
Cash and cash equivalents			$	10,752					$	16,311
Accounts receivable, net of allowance of $13,830 in 2025 and $13,051 in 2024			136,394						161,620
Contract assets, net of allowance of $2 in 2025 and $29 in 2024			411						2,127
Taxes receivable			8,134						6,218
Prepaid expenses			10,939						13,923
Deferred costs			11,548						8,402
Other current assets			679						2,119
Total current assets			178,857						210,720
Fixed assets and capitalized software, net			50,885						44,478
Goodwill			253,809						253,318
Intangible assets, net			25,929						34,259
Deferred tax assets			133,221						143,495
Other assets			45,886						25,895
Total assets			$	688,587					$	712,165
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable			$	9,764					$	13,011
Accrued liabilities			91,246						95,462
Current portion of unrecognized tax benefits			28,303						26,196
Contract liabilities			28,875						40,315
Current portion of Term Loan			10,500						7,875
Current portion of Term Loan, related party			7,000						5,250
Other current liabilities			3,905						8,151
Total current liabilities			179,593						196,260
Term Loan, net			125,419						146,885
Term Loan, net, related party			85,448						100,436
ABL Facility			25,120						23,891
Pension obligations, net			44,171						38,014
Other liabilities			10,697						9,759
Total long-term liabilities			290,855						318,985
Commitments and contingencies
Stockholders' equity
Common stock - $0.01 par value, 250,000,000 shares authorized; 72,002,129 shares issued and 43,815,268 shares outstanding at December 31, 2025; and 70,556,740 shares issued and 43,033,960 shares outstanding at December 31, 2024			720						706
Additional paid-in capital			1,303,144						1,272,476
Treasury stock - 28,186,861 shares at December 31, 2025 and 27,522,780 shares at December 31, 2024			(498,103)						(488,903)
Accumulated other comprehensive loss			(15,511)						(14,941)
Accumulated deficit			(572,111)						(572,418)
Total stockholders' equity			218,139						196,920
Total liabilities and stockholders' equity			$	688,587					$	712,165

Thryv Holdings, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

			Years Ended December 31,
(in thousands)			2025						2024
Cash Flows from Operating Activities
Net income (loss)			$	307					$	(74,216)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			39,459						52,789
Amortization of deferred commissions			14,634						18,283
Amortization of debt issuance costs			3,236						4,022
Deferred income taxes			10,625						(5,270)
Provision for credit losses and service credits			17,703						22,508
Stock-based compensation expense			25,250						24,118
Net periodic pension cost (benefit)			8,817						(24,806)
Impairment charges			—						83,094
(Gain) loss on foreign currency exchange rates			(3,509)						4,096
Loss on early extinguishment of debt			—						6,638
Other			416						(3,166)
Changes in working capital items, excluding acquisitions:
Accounts receivable			(9,848)						23,167
Contract assets			1,716						782
Prepaid expenses and other assets			(14,524)						1,139
Accounts payable and accrued liabilities			(12,731)						(26,526)
Contract liabilities			(12,433)						(8,625)
Other liabilities			(5,590)						(8,244)
Net cash provided by operating activities			63,528						89,783
Cash Flows from Investing Activities
Additions to fixed assets and capitalized software			(32,390)						(33,537)
Acquisition of a business, net of cash acquired			(143)						(76,887)
Net cash used in investing activities			(32,533)						(110,424)
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)
Payments from Term Loan, related party			(14,000)						(31,500)
Proceeds from ABL Facility			375,519						329,004
Payments of ABL Facility			(374,291)						(353,957)
Principal payments on finance lease obligations			(934)						—
Debt issuance costs			—						(5,480)
Repurchases of common stock			(4,999)						(499)
Proceeds from common stock offering, net of offering expenses			—						87,402
Other			1,231						7,164
Net cash (used in) provided by financing activities			(38,474)						19,216
Effect of exchange rate changes on cash, cash equivalents and restricted cash			587						(1,344)
Decrease in cash, cash equivalents and restricted cash			(6,892)						(2,769)
Cash, cash equivalents and restricted cash, beginning of period			17,761						20,530
Cash, cash equivalents and restricted cash, end of period			$	10,869					$	17,761
Supplemental Information
Cash paid for interest			$	31,581					$	44,018
Cash paid for income taxes, net			$	5,202					$	15,413

Segment Information

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

			Three Months Ended December 31,												Change
(in thousands)			2025						2024						Amount						%
Revenue
SaaS			$	118,990					$	104,305					$	14,685					14.1		%
Marketing Services			72,629						82,291						(9,662)						(11.7)		%
Total Revenue			$	191,619					$	186,596					$	5,023					2.7		%
Adjusted EBITDA
SaaS			$	20,043					$	17,276					$	2,767					16.0		%
Marketing Services			18,837						12,104						6,733						55.6		%
Consolidated Adjusted EBITDA			$	38,880					$	29,380					$	9,500					32.3		%

			Years Ended December 31,												Change
(in thousands)			2025						2024						Amount						%
Revenue
SaaS			$	461,027					$	343,476					$	117,551					34.2		%
Marketing Services			323,988						480,680						(156,692)						(32.6)		%
Total Revenue			$	785,015					$	824,156					$	(39,141)					(4.7)		%
Adjusted EBITDA
SaaS			$	73,842					$	41,190					$	32,652					79.3		%
Marketing Services			78,004						121,241						(43,237)						(35.7)		%
Consolidated Adjusted EBITDA			$	151,846					$	162,431					$	(10,585)					(6.5)		%

The following tables present reconciliations of SaaS revenue for the Company to SaaS revenue excluding Keap and Keap SaaS revenue:

			Three Months Ended December 31,
(in thousands)			2025						2024
Reconciliation of SaaS Revenue
SaaS Revenue			$	118,990					$	104,305
Less:
Keap SaaS Revenue			16,219						13,419
SaaS Revenue (excluding Keap)			$	102,771					$	90,886

			Years Ended December 31,
(in thousands)			2025						2024
Reconciliation of SaaS Revenue
SaaS Revenue			$	461,027					$	343,476
Less:
Keap SaaS Revenue			69,596						13,419
SaaS Revenue (excluding Keap)			$	391,431					$	330,057

Non-GAAP Measures

Our results included in this press release include Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow, which are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”).

We have included Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow because management believes they provide useful information to investors in gaining an overall understanding of our current financial performance and provide consistency and comparability with past financial performance. Specifically, we believe Adjusted EBITDA provides useful information to management and investors by excluding certain non-operating items that we believe are not indicative of our core operating results. In addition, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow are used by management for budgeting and forecasting as well as measuring the Company’s performance. We believe Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow provide investors with the financial measures that closely align with our internal processes.

We define Adjusted EBITDA (“Adjusted EBITDA”) as Net income (loss) plus Interest expense, Income tax expense (benefit), Depreciation and amortization expense, Restructuring and integration expenses, Loss on early extinguishment of debt, Stock-based compensation expense, Impairment charges, and other non-operating expenses, such as Net periodic pension cost (benefit), and certain unusual and non-recurring charges that might have been incurred. Adjusted EBITDA should not be considered as an alternative to Net income (loss) as a performance measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We define Adjusted Gross Profit (“Adjusted Gross Profit”) as Gross profit adjusted to exclude the impact of Depreciation and amortization expense and Stock-based compensation expense. We define Free Cash Flow as net cash provided by operating activities minus additions to fixed assets and capitalized software.

Non-GAAP financial information has limitations as an analytical tool and is presented for supplemental informational purposes only. Such information should not be considered a substitute for financial information

presented in accordance with U.S. GAAP and may be different from similarly-titled non-GAAP measures used by other companies.

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

			Three Months Ended December 31,												Years Ended December 31,
(in thousands)			2025						2024						2025						2024
Reconciliation of Adjusted EBITDA
Net (loss) income			$	(9,660)					$	7,883					$	307					$	(74,216)
Interest expense			8,148						9,723						34,758						46,771
Depreciation and amortization expense			8,137						11,645						39,459						52,789
Stock-based compensation expense			5,698						6,465						25,250						24,118
Restructuring and integration expenses (1)			12,634						15,018						28,180						32,697
Income tax expense			5,348						1,578						16,736						8,218
Transaction costs (2)			—						3,439						—						5,145
Net periodic pension cost (benefit) (3)			6,606						(29,549)						8,817						(24,806)
Loss on early extinguishment of debt (4)			—						—						—						6,638
Impairment charges			—						—						—						83,094
Other (5)			1,969						3,178						(1,661)						1,983
Adjusted EBITDA			$	38,880					$	29,380					$	151,846					$	162,431

(1)For the years ended December 31, 2025 and 2024, expenses relate to periodic efforts to enhance efficiencies and reduce costs, and include severance benefits, costs associated with abandoned facilities, and system consolidation costs. For more information on our restructuring and integration expenses, please see our 2025 Annual Report on Form 10-K.

(2)Expenses related to the Keap Acquisition.

(3)Net periodic pension cost (benefit) is primarily from our non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs.

(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 10, Debt Obligations, to our consolidated financial statements included in Part I, Item 1 in our 2025 Annual Report on Form 10-K for more information.

(5)Other primarily includes foreign exchange-related (income) expense.

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 December 31, 2025
(in thousands)			SaaS						Marketing Services						Total
Reconciliation of Adjusted Gross Profit
Gross Profit			$	81,736					$	48,601					$	130,337
Plus:
Depreciation and amortization expense			1,949						1,183						3,132
Stock-based compensation expense			90						47						137
Adjusted Gross Profit			$	83,775					$	49,831					$	133,606
Gross Margin			68.7		%				66.9		%				68.0		%
Adjusted Gross Margin			70.4		%				68.6		%				69.7		%

			Three Months Ended December 31, 2024
(in thousands)			SaaS						Marketing Services						Total
Reconciliation of Adjusted Gross Profit
Gross Profit			$	76,231					$	46,796					$	123,027
Plus:
Depreciation and amortization expense			2,830						1,837						4,667
Stock-based compensation expense			108						47						155
Adjusted Gross Profit			$	79,169					$	48,680					$	127,849
Gross Margin			73.1		%				56.9		%				65.9		%
Adjusted Gross Margin			75.9		%				59.2		%				68.5		%

			Year Ended December 31, 2025
(in thousands)			SaaS						Marketing Services						Total
Reconciliation of Adjusted Gross Profit
Gross Profit			$	325,824					$	206,886					$	532,710
Plus:
Depreciation and amortization expense			8,785						6,133						14,918
Stock-based compensation expense			352						251						603
Adjusted Gross Profit			$	334,961					$	213,270					$	548,231
Gross Margin			70.7		%				63.9		%				67.9		%
Adjusted Gross Margin			72.7		%				65.8		%				69.8		%

			Year Ended December 31, 2024
(in thousands)			SaaS						Marketing Services						Total
Reconciliation of Adjusted Gross Profit
Gross Profit			$	238,222					$	299,015					$	537,237
Plus:
Depreciation and amortization expense			8,600						12,406						21,006
Stock-based compensation expense			336						327						663
Adjusted Gross Profit			$	247,158					$	311,748					$	558,906
Gross Margin			69.4		%				62.2		%				65.2		%
Adjusted Gross Margin			72.0		%				64.9		%				67.8		%

The following tables set forth reconciliations of Free Cash Flow to its most directly comparable GAAP measure, Net cash provided by operating activities:

			Three Months Ended December 31,												Years Ended December 31,
(in thousands)			2025						2024						2025						2024
Reconciliation of Free Cash Flow
Net cash provided by operating activities			$	22,207					$	26,143					$	63,528					$	89,783
Additions to fixed assets and capitalized software			(9,899)						(8,807)						(32,390)						(33,537)
Free Cash Flow			$	12,308					$	17,336					$	31,138					$	56,246

Supplemental Financial Information

The following supplemental financial information provides Revenue, Net Income (Loss), Net Income (Loss) Margin, Adjusted EBITDA and Adjusted EBITDA Margin by our (i) SaaS business and (ii) Marketing Services business. 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.

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 December 31, 2025
(in thousands)			SaaS						Marketing Services						Total
Revenue			$	118,990					$	72,629					$	191,619
Net Loss															(9,660)
Net Loss Margin															(5.0)		%
Adjusted EBITDA			20,043						18,837						38,880
Adjusted EBITDA Margin			16.8		%				25.9		%				20.3		%

			Three Months Ended December 31, 2024
(in thousands)			SaaS						Marketing Services						Total
Revenue			$	104,305					$	82,291					$	186,596
Net Income															7,883
Net Income Margin															4.2		%
Adjusted EBITDA			17,276						12,104						29,380
Adjusted EBITDA Margin			16.6		%				14.7		%				15.7		%

			Year Ended December 31, 2025
(in thousands)			SaaS						Marketing Services						Total
Revenue			$	461,027					$	323,988					$	785,015
Net Income															307
Net Income Margin															—		%
Adjusted EBITDA			73,842						78,004						151,846
Adjusted EBITDA Margin			16.0		%				24.1		%				19.3		%

			Year Ended December 31, 2024
(in thousands)			SaaS						Marketing Services						Total
Revenue			$	343,476					$	480,680					$	824,156
Net Loss															(74,216)
Net Loss Margin															(9.0)		%
Adjusted EBITDA			41,190						121,241						162,431
Adjusted EBITDA Margin			12.0		%				25.2		%				19.7		%

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: significant competition for our Marketing Services solutions and SaaS offerings, including from companies that use components of our SaaS offerings provided by third parties; our ability to maintain profitability; our ability to manage our growth effectively; our ability to transition our Marketing Services clients to our Thryv platform, maintain transitioned clients on that platform and sell them additional or upgraded products; sell our platform into new markets or further penetrate existing markets; our ability to maintain our strategic relationships with third-party service providers; internet search engines and portals potentially terminating or materially altering their agreements with us; our ability to keep pace with rapid technological changes and evolving industry standards; our SMBs clients potentially opting not to renew their agreements with us or renewing at lower spend; potential system interruptions or failures, including cybersecurity breaches, identity theft, data loss, unauthorized access to data or other disruptions that could compromise our information; our potential failure to identify suitable acquisition candidates and consummate such acquisitions; our ability to complete acquisitions and the successful integration of such acquisitions, including our October 2024 acquisition of Keap, and any failure of an acquired business to achieve its plans and objectives or realize any expected benefit from any such acquisition; the potential loss of one or more key employees or our inability to attract and to retain highly skilled employees; our ability to maintain the compatibility of our Thryv platform with third-party applications;

our ability to successfully expand our operations and current offerings into new markets, including internationally, or further penetrate existing markets; our potential failure to provide new or enhanced functionality and features; our potential failure to comply with applicable privacy, security and data laws, regulations and standards; potential changes in regulations governing privacy concerns and laws or other domestic or foreign data protection regulations; our potential failure to meet service level commitments under our client contracts; our potential failure to offer high-quality or technical support services; our Thryv platform and add-ons potentially failing to perform properly; our use of artificial intelligence in our business, and challenges with properly managing its use, could result in reputational harm, competitive harm, and legal liability; the potential impact of future labor negotiations; our ability to protect our intellectual property rights, proprietary technology, information, processes, and know-how; rising inflation and our ability to control costs, including operating expenses; general macro-economic conditions, including a recession or an economic slowdown in the U.S. or internationally; adverse tax laws, regulations or audit outcomes or potential changes to existing tax laws or regulations; costs, liabilities and reputational harm resulting from regulatory investigations, including the subpoena from the Division of Enforcement of the Securities and Exchange Commission (the “SEC”); volatility and weakness in bank and capital markets; and costs, obligations and liabilities incurred as a result of and in connection with being a public company as well as the risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K filed with the SEC. 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

Thryv (NASDAQ: THRY) is an AI-enabled global marketing platform that helps small businesses (SMBs) get found online faster, win more customers, and drive repeat business. Thryv software offers SMBs AI-driven lead insights, automated customer follow‑up and payment processing, an AI-enabled CRM and a suite of additional solutions. Thryv is making growth‑focused AI tools accessible to the plumber, salon owner, contractor, lawyer, accountant and more. Over 200K+ businesses globally use Thryv to market, sell, and grow. For more information, visit www.thryv.com.

Media Contact:

Julie Murphy

Thryv, Inc.

617.967.5426

julie.murphy@thryv.com

Investor Contact: 

Cameron Lessard 

Thryv, Inc.

cameron.lessard@thryv.com  

  ###

FAQ

How did Thryv (THRY) perform financially in full-year 2025?

Thryv generated $785.0 million in 2025 revenue, down 4.7% year‑over‑year, but improved to $0.3 million in net income versus a $74.2 million loss in 2024. Consolidated Adjusted EBITDA was $151.8 million with a 19.3% margin.

What was Thryv’s SaaS revenue and growth rate in 2025?

In 2025, Thryv’s SaaS revenue reached $461.0 million, growing 34.2% year‑over‑year. SaaS revenue excluding Keap was $391.4 million, up 18.6%. This rapid growth made SaaS the majority of revenue, exceeding 62% of total revenue in the fourth quarter.

How are Thryv’s Marketing Services performing compared with SaaS?

Thryv’s Marketing Services revenue declined to $324.0 million in 2025, a 32.6% year‑over‑year drop, while SaaS revenue grew strongly. Despite lower Marketing Services revenue, that segment delivered $78.0 million Adjusted EBITDA with a 24.1% margin, supporting overall profitability.

What profitability metrics did Thryv (THRY) report for 2025?

Thryv reported $0.3 million in net income for 2025, or $0.01 per diluted share. Consolidated Adjusted EBITDA was $151.8 million with a 19.3% margin, including SaaS Adjusted EBITDA of $73.8 million and Marketing Services Adjusted EBITDA of $78.0 million.

What were Thryv’s key SaaS operating metrics in Q4 2025?

In Q4 2025, Thryv had 100 thousand SaaS clients and Seasoned Net Revenue Retention of 94%. SaaS monthly ARPU reached $373, up 15% year‑over‑year. Quality customers, those over $400 in monthly recurring revenue, represented 69% of SaaS revenue.

How much cash flow did Thryv generate in 2025?

Thryv produced $63.5 million in operating cash flow and $31.1 million in Free Cash Flow during 2025. Free Cash Flow is defined as net cash provided by operating activities minus additions to fixed assets and capitalized software, a key measure management uses to track cash generation.

What margin trends did Thryv report for SaaS and Marketing Services?

For 2025, Thryv’s SaaS Adjusted EBITDA margin was 16.0%, while Marketing Services Adjusted EBITDA margin was 24.1%. On a gross profit basis, SaaS posted a 70.7% Gross Margin and a 72.7% Adjusted Gross Margin, reflecting attractive software economics.

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