Thryv (NASDAQ: THRY) posts Q1 2026 profit on SaaS-led shift
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Thryv Holdings reported first quarter 2026 results showing a shift toward higher-margin software. Total revenue was $167.7 million, down 7.5% year-over-year as legacy Marketing Services declined 27.5% to $50.9 million, while SaaS revenue grew 5.0% to $116.7 million, now about 70% of total.
The company delivered net income of $4.5 million, or $0.10 per diluted share, compared with a net loss of $9.6 million a year earlier. Adjusted EBITDA rose to $24.1 million, a 14.4% margin versus 11.5% in 2025, supported by lower operating expenses and higher profitability in Marketing Services.
SaaS metrics improved, with monthly ARPU at $378, up 12.8% year-over-year, and “quality customers” contributing 70% of SaaS revenue. Thryv issued 2026 guidance calling for $463–$471 million in SaaS revenue and total-company Adjusted EBITDA of $100–$110 million, while free cash flow for the quarter was negative $5.5 million.
Positive
- None.
Negative
- None.
Insights
Profitability and SaaS mix improved, while total revenue remains in decline.
Thryv is clearly pivoting toward SaaS, which reached $116.7M in Q1 2026, up 5.0% year-over-year and about 70% of revenue. Marketing Services revenue fell 27.5% to $50.9M, driving the 7.5% consolidated revenue decline.
Despite lower revenue, profitability improved: net income swung to $4.5M from a $9.6M loss, and Adjusted EBITDA rose 15.1% to $24.1M with a 14.4% margin. Mix shift plus cost controls, including lower sales and marketing expense, supported this.
Guidance for 2026 targets SaaS revenue of $463–$471M and total Adjusted EBITDA of $100–$110M. Free cash flow was negative $5.5M in Q1, so future filings will clarify whether improved margins translate into sustained cash generation as the Marketing Services business shrinks.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenue: $167.7M
SaaS revenue: $116.7M
Marketing Services revenue: $50.9M
+5 more
8 metrics
Total revenue
$167.7M
Q1 2026, down 7.5% year-over-year
SaaS revenue
$116.7M
Q1 2026, up 5.0% year-over-year
Marketing Services revenue
$50.9M
Q1 2026, down 27.5% year-over-year
Net income
$4.5M
Q1 2026 vs $9.6M loss in Q1 2025
Adjusted EBITDA
$24.1M
Q1 2026, 14.4% margin, up 15.1% YoY
SaaS ARPU
$378
Monthly ARPU Q1 2026, up 12.8% YoY
Free cash flow
-$5.5M
Q1 2026, from $1.5M operating cash and $6.9M capex
Cash, cash equivalents and restricted cash
$8.1M
Balance at March 31, 2026
Key Terms
Adjusted EBITDA, Adjusted Gross Profit, Seasoned Net Revenue Retention, Average Revenue per Unit, +2 more
6 terms
Adjusted EBITDA financial
"Consolidated Adjusted EBITDA was $24.1 million, representing an Adjusted EBITDA margin of 14.4%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Gross Profit financial
"Consolidated Adjusted Gross Profit1 was $112.9 million"
Adjusted gross profit is a company’s revenue from selling goods or services minus the direct costs of producing them, with one-time or unusual items added back or removed to show the core margin. Investors use it like a cleaned-up snapshot of how much a business actually earns on its products, similar to measuring body weight after removing heavy clothes, because it helps compare performance across periods and companies without noise from rare events.
Seasoned Net Revenue Retention financial
"Seasoned Net Revenue Retention3 was 93% for the first quarter of 2026"
Seasoned net revenue retention measures how much recurring revenue a company keeps and grows from its existing, established customers over a set period (often a year), excluding revenue from brand-new customers. It shows whether mature customers are staying, buying more, or shrinking their spending; think of it like checking how much fruit a long-planted orchard produces year after year rather than counting newly planted trees. Investors use it to judge revenue stability and the efficiency of upselling versus churn.
Average Revenue per Unit financial
"SaaS monthly Average Revenue per Unit (“ARPU”)4 was $378 for the first quarter of 2026"
Free Cash Flow financial
"Free Cash Flow | $ (5,453) | | | $ (17,566)"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Forward-Looking Statements regulatory
"Certain statements contained herein are not historical facts, constitute “forward-looking statements”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Revenue: $167.7M · Guidance included
Q1 2026
Revenue
$167.7M
-7.5% YoY
Net income
$4.5M
vs -$9.6M in Q1 2025
Adjusted EBITDA
$24.1M
+15.1% YoY
SaaS revenue
$116.7M
+5.0% YoY
Marketing Services revenue
$50.9M
-27.5% YoY
Guidance
For 2026, Thryv guides to SaaS revenue of $463–$471M, Marketing Services revenue of $157–$163M, and total Adjusted EBITDA of $100–$110M, with Q2 2026 segment ranges provided.
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): April 30, 2026
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (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):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The | ||||||||||||||
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 April 30, 2026, Thryv Holdings, Inc. (the “Company”) issued a press release announcing its earnings for the three months ended March 31, 2026. 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 April 30, 2026. A copy of the investor presentation to be discussed at the conference call is being furnished as Exhibit 99.2, and is incorporated herein by reference and available on the Company’s website.
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 April 30, 2026, issued by Thryv Holdings, Inc. | ||||
| 99.2 | Investor Presentation | ||||
| 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: April 30, 2026 | By: | /s/ Paul D. Rouse | |||||||||
| Name: Paul D. Rouse | |||||||||||
| Title: Chief Financial Officer, Executive Vice President and Treasurer | |||||||||||
 | Exhibit 99.1 | |||||||
Thryv Grows SaaS Revenue in First Quarter 2026, Exceeds Total Company Revenue and EBITDA Guidance
–Q1 SaaS Revenue Grows to 70% of Total Revenue
–Q1 Marketing Center Revenue Growth of 29% Year-Over-Year
–Q1 SaaS Monthly ARPU Increases 13% Year-Over-Year to $378
–AI Delivering for Clients — Rapid Adoption Across New Platform Features
DALLAS, April 30, 2026 – Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv®, the leading small business marketing and sales software platform, reported results for the first quarter of 2026.
First Quarter Financial 2026 Highlights:
•SaaS revenue was $116.7 million, a 5.0% increase year-over-year
•Marketing Services revenue was $50.9 million, a 27.5% decrease year-over-year
•Consolidated total revenue was $167.7 million, a decrease of 7.5% year-over-year
•Consolidated net income increased to $4.5 million, or $0.10 per diluted share; compared to net loss of $9.6 million, or $(0.22) per diluted share, for the first quarter of 2025
•Consolidated Adjusted EBITDA was $24.1 million, representing an Adjusted EBITDA margin of 14.4%
•SaaS Adjusted EBITDA was $10.8 million, representing an Adjusted EBITDA margin of 9.3%
•Marketing Services Adjusted EBITDA was $13.2 million, representing an Adjusted EBITDA margin of 26.0%
•Consolidated Gross Profit was $109.3 million
•Consolidated Adjusted Gross Profit1 was $112.9 million
•SaaS Gross Profit was $75.6 million, representing a Gross Margin of 64.8%
•SaaS Adjusted Gross Profit1 was $78.2 million, representing an Adjusted Gross Margin of 67.0%
1 Defined as Gross profit adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense.
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Recent Business Highlights and Metrics
•Quality customers2 (defined as those contributing more than $400 in monthly recurring revenue) accounted for 70% of SaaS revenue2 in the first quarter of 2026
•SaaS clients were 96 thousand at the end of the first quarter of 2026
•Seasoned Net Revenue Retention3 was 93% for the first quarter of 2026
•SaaS monthly Average Revenue per Unit (“ARPU”)4 was $378 for the first quarter of 2026, an increase of 12.8% year-over-year
•Marketing Center revenue increased 29% year-over-year in the first quarter of 2026
"We delivered a strong start to 2026, with SaaS revenue exceeding our guidance and now representing 70% of total revenue," said Joe Walsh, Thryv Chairman and CEO. "Our upmarket motion is clearly working, as ARPU grew 13% year-over-year and Quality Customers now represent 70% of our SaaS revenue. We are expanding beyond our legacy client base, and are attracting larger small businesses with Marketing Center, engaging them at a higher level, and encouraging them to spend more - driving ARPU upward."
Outlook
Based on information available as of April 30, 2026, Thryv is issuing guidance5 for the second quarter of 2026 and full year 2026 as indicated below:
2nd Quarter | Full Year | |||||||||||||
| (in millions) | 2026 | 2026 | ||||||||||||
| SaaS Revenue | $114 - $115 | $463 - $471 | ||||||||||||
| SaaS Adjusted EBITDA6 | $12 - $13 | $70 - $75 | ||||||||||||
| 2nd Quarter | 3rd Quarter | 4th Quarter | Full Year | |||||||||||||||||||||||
| (in millions) | 2026 | 2026 | 2026 | 2026 | ||||||||||||||||||||||
| Marketing Services Revenue | $31 - $33 | $33 - $35 | $42 - $44 | $157 - $163 | ||||||||||||||||||||||
Marketing Services Adjusted EBITDA6 | $3 - $4 | $30 - $35 | ||||||||||||||||||||||||
2 Excludes customers and revenue attributed to the Keap acquisition.
3 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. For each reporting quarter, the weighted-average monthly NRR from all the months in the quarter are reported. Seasoned NRR excludes clients acquired in the Keap acquisition.
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. This is a weighted-average calculation and inclusive of the impact from the Keap acquisition.
5 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.
6 SaaS Adjusted EBITDA and Marketing Services Adjusted EBITDA are forward-looking non-GAAP financial measurers. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable effort.
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Earnings Conference Call Information
Thryv will host a conference call on Thursday, April 30, 2026 at 8:30 a.m. (Eastern Time) to discuss the Company's first quarter 2026 results.
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.
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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) | 2026 | 2025 | |||||||||
| Revenue | $ | 167,684 | $ | 181,371 | |||||||
| Cost of services | 58,428 | 62,083 | |||||||||
| Gross profit | 109,256 | 119,288 | |||||||||
| Operating expenses: | |||||||||||
| Sales and marketing | 47,948 | 59,842 | |||||||||
| Research and development | 11,431 | 10,209 | |||||||||
| General and administrative | 45,819 | 52,271 | |||||||||
| Total operating expenses | 105,198 | 122,322 | |||||||||
| Operating income (loss) | 4,058 | (3,034) | |||||||||
| Other income (expense): | |||||||||||
| Interest expense | (4,141) | (6,067) | |||||||||
| Interest expense, related party | (2,466) | (3,006) | |||||||||
| Net periodic pension cost | (345) | (768) | |||||||||
| Other income | 1,433 | 392 | |||||||||
| Loss before income tax benefit | (1,461) | (12,483) | |||||||||
| Income tax benefit | 6,003 | 2,865 | |||||||||
| Net income (loss) | $ | 4,542 | $ | (9,618) | |||||||
| Other comprehensive loss: | |||||||||||
| Foreign currency translation adjustment, net of tax | (395) | (187) | |||||||||
| Comprehensive income (loss) | $ | 4,147 | $ | (9,805) | |||||||
Net income (loss) per common share: | |||||||||||
| Basic | $ | 0.10 | $ | (0.22) | |||||||
| Diluted | $ | 0.10 | $ | (0.22) | |||||||
Weighted-average shares used in computing basic and diluted net income (loss) per common share: | |||||||||||
| Basic | 44,207,794 | 43,412,366 | |||||||||
| Diluted | 45,246,486 | 43,412,366 | |||||||||
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Thryv Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
| (in thousands, except share data) | March 31, 2026 | December 31, 2025 | |||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 7,952 | $ | 10,752 | |||||||
Accounts receivable, net of allowance of $14,381 in 2026 and $13,830 in 2025 | 147,083 | 136,394 | |||||||||
Contract assets, net of allowance of $2 in 2026 and $2 in 2025 | 433 | 411 | |||||||||
| Taxes receivable | 22,710 | 8,134 | |||||||||
| Prepaid expenses | 14,459 | 10,939 | |||||||||
| Deferred costs | 7,472 | 11,548 | |||||||||
| Other current assets | 643 | 679 | |||||||||
| Total current assets | 200,752 | 178,857 | |||||||||
| Fixed assets and capitalized software, net | 50,101 | 50,885 | |||||||||
| Goodwill | 253,809 | 253,809 | |||||||||
| Intangible assets, net | 24,471 | 25,929 | |||||||||
| Deferred tax assets | 120,238 | 133,221 | |||||||||
| Other assets | 44,367 | 45,886 | |||||||||
| Total assets | $ | 693,738 | $ | 688,587 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 10,853 | $ | 9,764 | |||||||
| Accrued liabilities | 84,225 | 91,246 | |||||||||
| Current portion of unrecognized tax benefits | 1,803 | 28,303 | |||||||||
| Contract liabilities | 36,790 | 28,875 | |||||||||
| Current portion of Term Loan | 15,750 | 10,500 | |||||||||
| Current portion of Term Loan, related party | 10,500 | 7,000 | |||||||||
| Other current liabilities | 3,340 | 3,905 | |||||||||
| Total current liabilities | 163,261 | 179,593 | |||||||||
| Term Loan, net | 120,716 | 125,419 | |||||||||
| Term Loan, net, related party | 82,063 | 85,448 | |||||||||
| ABL Facility | 29,534 | 25,120 | |||||||||
| Pension obligations, net | 44,016 | 44,171 | |||||||||
| Other liabilities | 28,738 | 10,697 | |||||||||
| Total long-term liabilities | 305,067 | 290,855 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity | |||||||||||
Common stock - $0.01 par value, 250,000,000 shares authorized; 72,888,889 shares issued and 44,344,879 shares outstanding at March 31, 2026; and 72,002,129 shares issued and 43,815,268 shares outstanding at December 31, 2025 | 729 | 720 | |||||||||
| Additional paid-in capital | 1,307,891 | 1,303,144 | |||||||||
Treasury stock - 28,544,010 shares at March 31, 2026 and 28,186,861 shares at December 31, 2025 | (499,735) | (498,103) | |||||||||
| Accumulated other comprehensive loss | (15,906) | (15,511) | |||||||||
| Accumulated deficit | (567,569) | (572,111) | |||||||||
| Total stockholders' equity | 225,410 | 218,139 | |||||||||
| Total liabilities and stockholders' equity | $ | 693,738 | $ | 688,587 | |||||||
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Thryv Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
| Three Months Ended March 31, | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Cash Flows from Operating Activities | |||||||||||
| Net income (loss) | $ | 4,542 | $ | (9,618) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 9,166 | 11,516 | |||||||||
| Amortization of deferred commissions | 1,349 | 3,499 | |||||||||
| Amortization of debt issuance costs | 741 | 830 | |||||||||
| Deferred income taxes | 13,026 | (2,986) | |||||||||
| Provision for credit losses and service credits | 3,630 | 3,782 | |||||||||
| Stock-based compensation expense | 4,750 | 7,737 | |||||||||
| Net periodic pension cost | 345 | 768 | |||||||||
| Gain on foreign currency exchange rates | (1,433) | (392) | |||||||||
| Other | 2 | 37 | |||||||||
| Changes in working capital items, excluding acquisitions: | |||||||||||
| Accounts receivable | (4,820) | 16,840 | |||||||||
| Prepaid expenses and other assets | (23,160) | (20,525) | |||||||||
| Accounts payable and accrued liabilities | (31,631) | (22,338) | |||||||||
| Contract liabilities | 7,737 | 2,407 | |||||||||
| Other liabilities | 17,229 | (2,038) | |||||||||
| Net cash provided by (used in) operating activities | 1,473 | (10,481) | |||||||||
| Cash Flows from Investing Activities | |||||||||||
| Additions to fixed assets and capitalized software | (6,926) | (7,085) | |||||||||
| Acquisition of a business, net of cash acquired | — | (143) | |||||||||
| Net cash used in investing activities | (6,926) | (7,228) | |||||||||
| Cash Flows from Financing Activities | |||||||||||
| Proceeds from ABL Facility | 90,777 | 109,647 | |||||||||
| Payments of ABL Facility | (86,363) | (95,748) | |||||||||
| Principal payments on finance lease obligations | (216) | — | |||||||||
| Other | (1,621) | (1,620) | |||||||||
| Net cash provided by financing activities | 2,577 | 12,279 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 80 | 124 | |||||||||
| Decrease in cash, cash equivalents and restricted cash | (2,796) | (5,306) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 10,869 | 17,760 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 8,073 | $ | 12,454 | |||||||
| Supplemental Information | |||||||||||
| Cash paid for interest | $ | 6,858 | $ | 8,256 | |||||||
| Cash (received) paid for income taxes, net | $ | (5,587) | $ | 1,178 | |||||||
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Segment Information
The following tables summarize the operating results of the Company's reportable segments:
| Three Months Ended March 31, | Change | ||||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | Amount | % | |||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| SaaS | $ | 116,738 | $ | 111,129 | $ | 5,609 | 5.0 | % | |||||||||||||||
| Marketing Services | 50,946 | 70,242 | (19,296) | (27.5) | % | ||||||||||||||||||
| Total Revenue | $ | 167,684 | $ | 181,371 | $ | (13,687) | (7.5) | % | |||||||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||
| SaaS | $ | 10,816 | $ | 10,815 | $ | 1 | — | % | |||||||||||||||
| Marketing Services | 13,248 | 10,086 | 3,162 | 31.4 | % | ||||||||||||||||||
| Consolidated Adjusted EBITDA7 | $ | 24,064 | $ | 20,901 | $ | 3,163 | 15.1 | % | |||||||||||||||
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”).
We have included Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit 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, and Adjusted Gross Profit are used by management for budgeting and forecasting as well as measuring the Company’s performance. We believe Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Gross Profit 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, Stock-based compensation expense, and non-operating expenses, such as Net periodic pension cost 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.
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.
7 Consolidated Adjusted EBITDA is equal to SaaS Adjusted EBITDA and Marketing Services Adjusted EBITDA. See Non-GAAP Measures below for a reconciliation of Consolidated Adjusted EBITDA to Net income (loss).
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The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, Net income (loss):
| Three Months Ended March 31, | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Reconciliation of Adjusted EBITDA | |||||||||||
| Net income (loss) | $ | 4,542 | $ | (9,618) | |||||||
| Interest expense | 6,607 | 9,073 | |||||||||
| Depreciation and amortization expense | 9,166 | 11,516 | |||||||||
| Stock-based compensation expense | 4,750 | 7,737 | |||||||||
Restructuring and integration expenses (1) | 6,090 | 4,682 | |||||||||
| Income tax benefit | (6,003) | (2,865) | |||||||||
Net periodic pension cost (2) | 345 | 768 | |||||||||
Other (3) | (1,433) | (392) | |||||||||
| Adjusted EBITDA | $ | 24,064 | $ | 20,901 | |||||||
(1)For the three months ended March 31, 2026 and 2025, expenses relate to periodic efforts to enhance efficiencies and reduce costs, and include severance benefits, and costs associated with abandoned facilities and system consolidation. For more information on our restructuring and integration expenses, please see our Q1 2026 Quarterly Report on Form 10-Q.
(2)Net periodic pension cost is primarily from our non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs.
(3)Other primarily includes foreign exchange-related (income) expense.
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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, 2026 | |||||||||||||||||
| (in thousands) | SaaS | Marketing Services | Total | ||||||||||||||
| Reconciliation of Adjusted Gross Profit | |||||||||||||||||
| Gross Profit | $ | 75,632 | $ | 33,624 | $ | 109,256 | |||||||||||
| Plus: | |||||||||||||||||
| Depreciation and amortization expense | 2,497 | 1,087 | 3,584 | ||||||||||||||
| Stock-based compensation expense | 47 | 21 | 68 | ||||||||||||||
| Adjusted Gross Profit | $ | 78,176 | $ | 34,732 | $ | 112,908 | |||||||||||
| Gross Margin | 64.8 | % | 66.0 | % | 65.2 | % | |||||||||||
| Adjusted Gross Margin | 67.0 | % | 68.2 | % | 67.3 | % | |||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||
| (in thousands) | SaaS | Marketing Services | Total | ||||||||||||||
| Reconciliation of Adjusted Gross Profit | |||||||||||||||||
| Gross Profit | $ | 78,770 | $ | 40,518 | $ | 119,288 | |||||||||||
| Plus: | |||||||||||||||||
| Depreciation and amortization expense | 2,598 | 1,627 | 4,225 | ||||||||||||||
| Stock-based compensation expense | 84 | 70 | 154 | ||||||||||||||
| Adjusted Gross Profit | $ | 81,452 | $ | 42,215 | $ | 123,667 | |||||||||||
| Gross Margin | 70.9 | % | 57.7 | % | 65.8 | % | |||||||||||
| Adjusted Gross Margin | 73.3 | % | 60.1 | % | 68.2 | % | |||||||||||
The following table sets forth a reconciliation of Free Cash Flow to its most directly comparable GAAP measure, Net cash provided by (used in) operating activities:
| Three Months Ended March 31, | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Reconciliation of Free Cash Flow | |||||||||||
| Net cash provided by (used in) operating activities | $ | 1,473 | $ | (10,481) | |||||||
| Additions to fixed assets and capitalized software | (6,926) | (7,085) | |||||||||
| Free Cash Flow | $ | (5,453) | $ | (17,566) | |||||||
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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 March 31, 2026 | |||||||||||||||||
| (dollars in thousands) | SaaS | Marketing Services | Total | ||||||||||||||
| Revenue | $ | 116,738 | $ | 50,946 | $ | 167,684 | |||||||||||
| Net Income | 4,542 | ||||||||||||||||
| Net Income Margin | 2.7 | % | |||||||||||||||
| Adjusted EBITDA | 10,816 | 13,248 | 24,064 | ||||||||||||||
| Adjusted EBITDA Margin | 9.3 | % | 26.0 | % | 14.4 | % | |||||||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||
| (dollars in thousands) | SaaS | Marketing Services | Total | ||||||||||||||
| Revenue | $ | 111,129 | $ | 70,242 | $ | 181,371 | |||||||||||
| Net Loss | (9,618) | ||||||||||||||||
| Net Loss Margin | (5.3) | % | |||||||||||||||
| Adjusted EBITDA | 10,815 | 10,086 | 20,901 | ||||||||||||||
| Adjusted EBITDA Margin | 9.7 | % | 14.4 | % | 11.5 | % | |||||||||||
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, which include companies that use components of our SaaS offerings provided by third
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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, 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 or regulations 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.
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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
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Exhibit 99.2 1ST QUARTER 2026
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11 Q1 2026
12 FINANCIAL REVIEW Q1 SaaS Highlights +5% YoY +29% YoY $378 +13% YoY Revenue Marketing Center Revenue ARPU Quality Customer % of Revenue 67.0% 70% +800 bps Adjusted Gross Margin(1) Results are inclusive of the Keap acquisition made on October 31, 2024, with the exception of Quality Customer metrics and Marketing Center. (1) See Appendix for a reconciliation of Gross Margin to Adjusted Gross Margin. (2) Defined as clients with greater than $400 monthly recurring revenue. Quality Customer Count(2) +6% YoY b YoY
13 Results are inclusive of the Keap acquisition made on October 31, 2024. The SaaS percentage of revenue may fluctuate due to the timing of revenue recognized from Marketing Services print publications, which are recognized upfront for the full contract term in accordance with ASC 606. However, SaaS continues to account for the clear majority of total revenue and is expected to remain the dominant source going forward.
14 Strategic Shift to the AI-Enabled Unified Growth Platform Existing SaaS Portfolio Revenue2 Thryv Platform Revenue1 (1) Thryv’s "Market, Sell and Grow" (MSG) platform represents more than two thirds of revenue in 1Q '26. MSG includes Marketing Center, Keap and additional marketing value-added services. (2) Our Existing SaaS Portfolio, primarily consisting of Business Center, Workforce Center, and payments as well as other support solutions, continues to generate stable recurring revenue, while the Thryv Platform represents our AI-enabled unified growth engine moving forward. SaaS Revenue results for the quarter ended March 31, 2026.
15 (1)(2) (1) Denotes customers with paid products. (2) In line with changes to the Company's product hierarchy, websites, listing applications and other offerings are now included in the definition of a customer with multiple products. Excludes clients from the Keap acquisition made on October 31, 2024. Includes upgrades to the SaaS platform initiated by Thryv for selected Marketing Services customers at no additional base cost to the converted customers.
16 The compelling underlying trend of Thryv’s subscriber expansion: Thryv's highest-value clients — those spending more than $400/month — are growing. (1) Quality client counts, defined as customers with $400 or more monthly spend, exclude customers resulting from the Keap acquisition.
17 Total SaaS and Local Sales Generated inclusive of results from the Keap acquisition. (1) Thryv Initiated Upgrades refers to upgrades to the SaaS platform initiated by Thryv for selected Marketing Services products at no additional base cost to the converted customers.
18 1st Quarter $ in thousands 2026 2025 YoY% SaaS Revenue $116,738 $111,129 5.0% Adjusted EBITDA(1) 10,816 10,815 Adjusted EBITDA Margin(2) 9.3% 9.7% Marketing Services Revenue $50,946 $70,242 (27.5)% Adjusted EBITDA(1) 13,248 10,086 Adjusted EBITDA Margin(2) 26.0% 14.4% Consolidated Revenue $167,684 $181,371 (7.5)% Net Income (Loss) 4,542 (9,618) Net Income (Loss) Margin 2.7% (5.3)% Adjusted EBITDA(1) 24,064 20,901 Adjusted EBITDA Margin(2) 14.4% 11.5% 1st Quarter Highlights (1) Consolidated Adjusted EBITDA is equal to SaaS Adjusted EBITDA and Marketing Services Adjusted EBITDA. See the Appendix for a reconciliation to Net income (loss). (2) Equal to adjusted EBITDA divided by revenue.
19 Q2 and FY 2026 Outlook (in millions, USD) Q2 2026 Q3 2026 Q4 2026 FY 2026 MARKETING SERVICES REVENUE $31 to $33 $33 to $35 $42 to $44 $157 to $163 Adjusted EBITDA $3 to $4 $30 to $35 (in millions, USD) Q2 2026 FY 2026 SAAS REVENUE $114 to $115 $463 to $471 Adjusted EBITDA $12 to $13 $70 to $75 (in millions, USD) Q2 2026 Q3 2026 Q4 2026 FY 2026 TOTAL COMPANY REVENUE $145 to $148 $620 to $634 Adjusted EBITDA $15 to $17 $100 to $110
21 APPENDIX Non-GAAP Financial Reconciliation *Figures may not foot due to rounding. (in thousands) Q1-25 Q2-25 Q3-25 Q4-25 FY25 Q1-26 Net income (loss) $ (9,618) $ 13,931 $ 5,654 $ (9,660) $ 307 $ 4,542 Interest expense 9,073 8,952 8,585 8,148 34,758 6,607 Depreciation and amortization expense 11,516 10,191 9,615 8,137 39,459 9,166 Stock-based compensation expense 7,737 6,008 5,807 5,698 25,250 4,750 Restructuring and integration expenses 4,682 5,493 5,371 12,634 28,180 6,090 Income tax expense (benefit) (2,865) 8,436 5,817 5,348 16,736 (6,003) Net periodic pension cost 768 778 665 6,606 8,817 345 Other (392) (2,557) (681) 1,969 (1,661) (1,433) Adjusted EBITDA $ 20,901 $ 51,232 $ 40,833 $ 38,880 $ 151,846 $ 24,064
22 Reconciliation of Adjusted Gross Profit to Gross Profit APPENDIX Three Months Ended March 31, 2026 (in thousands) SaaS Marketing Services Consolidated Reconciliation of Adjusted Gross Profit Gross profit $ 75,632 $ 33,624 $ 109,256 Plus: Depreciation and amortization expense 2,497 1,087 3,584 Stock-based compensation expense 47 21 68 Adjusted Gross Profit $ 78,176 $ 34,732 $ 112,908 Gross Margin 64.8 % 66.0 % 65.2 % Adjusted Gross Margin 67.0 % 68.2 % 67.3 % Three Months Ended March 31, 2025 (in thousands) SaaS Marketing Services Consolidated Reconciliation of Adjusted Gross Profit Gross profit $ 78,770 $ 40,518 $ 119,288 Plus: Depreciation and amortization expense 2,598 1,627 4,225 Stock-based compensation expense 84 70 154 Adjusted Gross Profit $ 81,452 $ 42,215 $ 123,667 Gross Margin 70.9 % 57.7 % 65.8 % Adjusted Gross Margin 73.3 % 60.1 % 68.2 % Non-GAAP Financial Reconciliation
23 APPENDIX Supplemental Financial Information The supplemental financial information provides Revenue, Adjusted EBITDA and Adjusted EBITDA Margin for our (i) Marketing Services business and (ii) SaaS business. SaaS Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Marketing Services Adjusted EBITDA and Adjusted EBITDA margin are also non-GAAP financial measures. The supplement financial information also provides Free cash flow, which is a non-GAAP financial measure. 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 reconciliation of these non-GAAP financial measures to the corresponding GAAP financial measures presented in the supplemental financial information or under the heading Non-GAAP Financial Reconciliation. 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, 2026 (in thousands) SaaS Marketing Services Total Revenue $ 116,738 $ 50,946 $ 167,684 Adjusted EBITDA 10,816 13,248 24,064 Adjusted EBITDA Margin 9.3 % 26.0 % 14.4 % Three Months Ended March 31, (in thousands) 2026 2025 Net cash provided by (used in) operating activities $ 1,473 $ (10,481) Additions to fixed assets and capitalized software (6,926) (7,085) Free cash flow $ (5,453) $ (17,566) Three Months Ended March 31, 2025 (in thousands) SaaS Marketing Services Total Revenue $ 111,129 $ 70,242 $ 181,371 Adjusted EBITDA 10,815 10,086 20,901 Adjusted EBITDA Margin 9.7 % 14.4 % 11.5 %
24 1Unbilled receivables represent print revenue earned but not yet invoiced and are expected to result in future cash collections as clients are billed under contract terms. Per ASC 606 accounting policy, print revenue is recognized upfront at the time of delivery.
25 APPENDIX Definitions Definitions of key terms used in this presentation are as follows: • Adjusted EBITDA1: Defined as Net income (loss) plus Interest expense, Income tax expense (benefit), Depreciation and amortization expense, Restructuring and integration expenses, Stock-based compensation expense, 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 Gross Profit and Adjusted Gross Profit Margin1: Defined as Gross profit and Gross margin, respectively, adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense. • Average Revenue per Unit ("ARPU"): 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. 1Results included in this presentation 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 in the Appendix for a reconciliation of Adjusted EBITDA to Net income (loss) and Adjusted Gross Profit to Gross profit. Both Net income (loss) 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.
FAQ
How did Thryv (THRY) perform financially in Q1 2026?
Thryv generated total Q1 2026 revenue of $167.7 million, down 7.5% year-over-year, but swung to net income of $4.5 million from a $9.6 million loss. Adjusted EBITDA increased to $24.1 million, representing a 14.4% margin.
How fast is Thryv (THRY) growing its SaaS business?
Thryv’s SaaS revenue reached $116.7 million in Q1 2026, a 5.0% year-over-year increase. SaaS now accounts for about 70% of total revenue. SaaS monthly ARPU was $378, up roughly 12.8% year-over-year, highlighting success with higher-value customers.
What happened to Thryv’s Marketing Services revenue in Q1 2026?
Marketing Services revenue declined to $50.9 million in Q1 2026, a 27.5% year-over-year decrease. Despite lower revenue, Marketing Services Adjusted EBITDA rose to $13.2 million, with margin improving to 26.0% from 14.4% in the prior-year quarter.
Did Thryv (THRY) improve profitability metrics in Q1 2026?
Yes. Thryv reported net income of $4.5 million versus a prior-year loss of $9.6 million. Adjusted EBITDA increased to $24.1 million, up 15.1% year-over-year, and the Adjusted EBITDA margin expanded to 14.4% from 11.5%.
What guidance did Thryv provide for full-year 2026?
For 2026, Thryv guided to SaaS revenue of $463–$471 million and SaaS Adjusted EBITDA of $70–$75 million. Marketing Services revenue is expected between $157–$163 million, with total-company Adjusted EBITDA of $100–$110 million for the year.
How strong are Thryv’s key SaaS operating metrics like ARPU and retention?
In Q1 2026, Thryv’s SaaS monthly ARPU was $378, up 12.8% year-over-year. “Quality customers” generated 70% of SaaS revenue, and Seasoned Net Revenue Retention was 93%, indicating relatively stable spending among longer-tenured clients.
What was Thryv’s cash flow and balance sheet position in Q1 2026?
Free cash flow in Q1 2026 was negative $5.5 million, from operating cash of $1.5 million minus $6.9 million of capitalized software and fixed asset additions. Thryv ended the quarter with $8.1 million in cash, cash equivalents and restricted cash on its balance sheet.