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Thryv Reports Strong Fourth Quarter and Fiscal Year 2021 Results, Exceeding All Guidance Targets

03/10/2022

– Fourth Quarter Total SaaS Revenue Grows 36% Year-Over-Year
– Full Year 2021 Total SaaS Revenue Grows 32% Year-Over-Year

DALLAS--(BUSINESS WIRE)-- Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the end-to-end client experience platform for growing small businesses, announced audited financial results for the fourth quarter and fiscal year 2021. The Company has also provided guidance for first quarter and full year 2022.

“We are pleased to report a strong finish to 2021, with Q4 representing our largest SaaS revenue quarter on record,” said Joe Walsh, Chairman and CEO. “We beat all of our 2021 guidance targets. These outstanding results confirm that Thryv has become the leader in moving small to medium-sized businesses to cloud software to enable them to modernize and run their businesses.”

The Company also announced that it has acquired Vivial Media Holdings, Inc. (“Vivial”), a regional provider of small business digital and print marketing services, for $21 million. On a post synergy basis, the purchase price of Vivial corresponds to an enterprise value / adjusted EBITDA multiple of approximately 2x, consistent with Thryv’s disciplined acquisition strategy and prior marketing services acquisitions.

“Vivial has a strong presence in key US markets including Hawaii, Alaska, Cincinnati, Ohio, Rochester, New York, and Lincoln, Nebraska,” said Walsh. “These fit synergistically into Thryv’s national platform. We are confident that many of Vivial’s 25,000 digital customers will adopt Thryv’s CRM software.”

“With the highly-profitable Marketing Services business providing low-cost leads into the SaaS business, the Company will continue to generate strong EBITDA margins from a consolidated standpoint," said Paul Rouse, Chief Financial Officer. "We have a strong track record of optimizing profits and we believe this trajectory will continue throughout 2022.”

“Finally, we look forward to sharing more of the long-term vision at our upcoming in-person investor and analyst day in New York City on April 5th,” concluded Walsh.

Fourth Quarter 2021 Financial Highlights:

  • US SaaS revenue was $47.1 million, a 35.0% increase year-over-year
  • US Marketing Services revenue was $153.6 million
  • Thryv International revenue was $43.8 million
  • Consolidated total revenue was $244.4 million, a decrease of 1.0% year-over-year
  • Consolidated net income was $5.1 million
  • Consolidated adjusted EBITDA was $46.5 million, representing an adjusted EBITDA margin of 19.0%
  • Consolidated gross profit was $151.3 million, an increase of 7.2% year-over-year
  • Consolidated adjusted gross profit was $161.6 million

Full Year 2021 Financial Highlights:

  • US SaaS revenue was $170.5 million, a 31.3% increase year-over-year
  • US Marketing Services revenue was $797.5 million
  • Thryv International revenue was $145.4 million
  • Consolidated total revenue was $1,113.4 million, an increase of 0.4% year-over-year
  • Consolidated net income was $101.6 million
  • Consolidated adjusted EBITDA was $350.5 million, representing an adjusted EBITDA margin of 31.5%
  • Consolidated gross profit was $705.3 million, an increase of 5.3% year-over-year
  • Consolidated adjusted gross profit was $759.0 million

SaaS Highlights

  • SaaS Average Revenue per Unit (“ARPU”)1 increased to $351 for the fourth quarter of 2021, compared to $293 in the fourth quarter of 2020
  • Total SaaS clients increased to 46 thousand for the fourth quarter of 2021
  • SaaS Monthly Churn2 was 2.1% for the fourth quarter of 2021, compared to 2.4% for the fourth quarter of 2020
  • SaaS Monthly Seasoned Churn3 improved to 1.5% for the fourth quarter of 2021
  • Net Dollar Retention4 improved 5 percentage points to 88% at end of the fourth quarter of 2021, when compared to the fourth quarter of 2020
  • Seasoned Net Dollar Retention5 improved 4 percentage points to 94% at end of the fourth quarter of 2021, when compared to the fourth quarter of 2020
  • SaaS monthly active users6 increased 7.1% year-over-year to 30 thousand active users. Daily and Weekly users increased 12.3% year-over-year.

2021 Product Innovation and Accolades

  • Google My Business Optimization service launched to help small businesses get found online and chosen over their competition
  • Free Online Tools launched, including invoice generator, Google review link generator, Online Experience Scan, as well as several calculators and quizzes to improve business practices
  • Google My Business Dashboard launched, to centralize all-things Google for small businesses
  • Gmail Email Service integration with Thryv launched
  • Fully-integrated Verticalized Platform with enhanced CRM launched
  • G2: Leader in 14 categories
  • Capterra Highest-Rated Marketing Software to Help Your Business Succeed in 2022
  • Top 10 CIO Applications Customer Service Solution Providers
  • MyTechMag Top 10 CRM Solution Provider
  • Appealie Overall SaaS Award – Customer Service
  • Appealie SaaS Customer Success Award
  • GetApp Category Leaders: Social Media Marketing, Lead Management, Reputation Management, Real Estate CRM and Review Management
  • Software Advice Front Runners: Social Media Marketing, Lead Management, Account Management

Outlook

Based on information available as of March 10, 2022, Thryv is issuing guidance7 for the first quarter and full year 2022 as indicated below:

For the first quarter 2022, the Company expects:

  • Total SaaS revenue range of $47.5 to $47.7 million
  • Total SaaS EBITDA loss of $12 to $13 million
  • Total Marketing Services revenue range of $238 to $240 million

For the full year 2022, the Company currently expects:

  • Total SaaS revenue range of $206 to $208 million
  • Total SaaS EBITDA loss of $21 to $25 million
  • Total Marketing Services revenue range of $870 to $890 million
  • Total Marketing Services EBITDA of $305 to $312 million

Earnings Conference Call Information

Thryv will host a conference call on Thursday, March 10, 2022 at 8:30 a.m. (Eastern Time) to discuss the Company's fourth quarter and full year 2021 results. The conference call will be available via the Internet at investor.thryv.com. There will be several slides accompanying the webcast. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary software. The recorded webcast will also be available on the Company's website.

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

_______________________

1

Defined as total client billings by month divided by the number of revenue-generating units during the month.

2

Calculated as the percentage decrease in billable clients in the current month compared to the prior month.

3

SaaS Monthly Seasoned Churn is defined as monthly churn excluding clients acquired over the previous 12 months.

4

Defined as the percentage of revenue from clients with monthly billed revenue in the current month compared to the same month in prior year.

5

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

6

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

7

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

 

Final Results

 

Thryv Holdings, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income

 

 

Three Months Ended December 31,

 

Years Ended December 31,

 

 

(in thousands, except share and per share data)

2021

 

2020

 

2021

 

2020

Revenue

$

244,439

 

 

$

246,928

 

 

$

1,113,382

 

 

$

1,109,435

 

Cost of services

 

93,109

 

 

 

105,717

 

 

 

408,043

 

 

 

439,742

 

Gross profit

 

151,330

 

 

 

141,211

 

 

 

705,339

 

 

 

669,693

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

99,536

 

 

 

73,492

 

 

 

357,813

 

 

 

315,195

 

General and administrative

 

46,540

 

 

 

44,816

 

 

 

153,902

 

 

 

177,574

 

Impairment charges

 

 

 

 

5,497

 

 

 

3,611

 

 

 

24,911

 

Total operating expenses

 

146,076

 

 

 

123,805

 

 

 

515,326

 

 

 

517,680

 

 

 

 

 

 

 

 

 

Operating income

 

5,254

 

 

 

17,406

 

 

 

190,013

 

 

 

152,013

 

Other income (expense):

 

 

 

 

 

 

 

Interest expense

 

(10,708

)

 

 

(11,889

)

 

 

(48,867

)

 

 

(51,537

)

Interest expense, related party

 

(4,278

)

 

 

(3,099

)

 

 

(17,507

)

 

 

(17,002

)

Other components of net periodic pension benefit (cost)

 

13,831

 

 

 

(10,924

)

 

 

14,829

 

 

 

(42,236

)

Other income (expense)

 

3

 

 

 

 

 

 

(4,154

)

 

 

 

Income (loss) before income tax benefit (expense)

 

4,102

 

 

 

(8,506

)

 

 

134,314

 

 

 

41,238

 

Income tax benefit (expense)

 

986

 

 

 

118,306

 

 

 

(32,737

)

 

 

107,983

 

Net income

$

5,088

 

 

$

109,800

 

 

$

101,577

 

 

$

149,221

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

498

 

 

 

 

 

 

(8,047

)

 

 

 

Comprehensive income

$

5,586

 

 

$

109,800

 

 

$

93,530

 

 

$

149,221

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

Basic

$

0.15

 

 

$

3.52

 

 

$

3.02

 

 

$

4.73

 

Diluted

$

0.13

 

 

$

3.31

 

 

$

2.78

 

 

$

4.42

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

 

34,006,358

 

 

 

31,230,392

 

 

 

33,607,446

 

 

 

31,522,845

 

Diluted

 

37,983,847

 

 

 

33,212,192

 

 

 

36,495,746

 

 

 

33,795,594

 

 

Thryv Holdings, Inc. and Subsidiaries

Consolidated Balance Sheets

 

(in thousands, except share data)

December 31, 2021

 

December 31, 2020

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

11,262

 

 

$

2,406

 

Accounts receivable, net of allowance of $17,387 in 2021 and $33,030 in 2020

 

279,053

 

 

 

296,570

 

Contract assets, net of allowance of $88 in 2021 and $338 in 2020

 

5,259

 

 

 

10,975

 

Taxes receivable

 

14,711

 

 

 

9,229

 

Prepaid expenses

 

22,418

 

 

 

13,411

 

Indemnification asset

 

24,346

 

 

 

24,346

 

Other current assets

 

13,596

 

 

 

12,761

 

Total current assets

 

370,645

 

 

 

369,698

 

Fixed assets and capitalized software, net

 

50,938

 

 

 

89,044

 

Goodwill

 

671,886

 

 

 

609,457

 

Intangible assets, net

 

82,577

 

 

 

31,777

 

Deferred tax assets

 

90,565

 

 

 

93,099

 

Other assets

 

33,891

 

 

 

21,902

 

Total assets

$

1,300,502

 

 

$

1,214,977

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

8,610

 

 

$

8,927

 

Accrued liabilities

 

131,813

 

 

 

139,613

 

Current portion of unrecognized tax benefits

 

29,771

 

 

 

30,022

 

Contract liabilities

 

51,726

 

 

 

18,942

 

Current portion of long-term debt

 

70,000

 

 

 

 

Other current liabilities

 

15,214

 

 

 

9,896

 

Total current liabilities

 

307,134

 

 

 

207,400

 

New Term Loan, net

 

309,672

 

 

 

 

New Term Loan, related party

 

142,875

 

 

 

 

Senior Term Loan, net

 

 

 

 

335,683

 

Senior Term Loan, related party

 

 

 

 

113,482

 

ABL Facility

 

39,929

 

 

 

79,238

 

Leaseback obligations

 

 

 

 

54,798

 

Pension obligations, net

 

140,167

 

 

 

190,827

 

Deferred tax liabilities

 

10,798

 

 

 

508

 

Other liabilities

 

35,212

 

 

 

36,266

 

Total long-term liabilities

 

678,653

 

 

 

810,802

 

Commitments and contingencies

 

 

 

Stockholders' equity

 

 

 

Common stock - $0.01 par value, 250,000,000 shares authorized; 60,830,853, shares issued and 34,145,311 shares outstanding at December 31, 2021; and 59,590,422 shares issued and 32,912,012 shares outstanding at December 31, 2020

 

608

 

 

 

596

 

Additional paid-in capital

 

1,084,288

 

 

 

1,059,624

 

Treasury stock - 26,685,542 shares at December 31, 2021 and 26,678,410 shares at December 31, 2020

 

(468,879

)

 

 

(468,613

)

Accumulated other comprehensive loss

 

(8,047

)

 

 

 

Accumulated deficit

 

(293,255

)

 

 

(394,832

)

Total stockholders' equity

 

314,715

 

 

 

196,775

 

Total liabilities and stockholders' equity

$

1,300,502

 

 

$

1,214,977

 

 

Thryv Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

 

 

Years Ended December 31,

(in thousands)

2021

 

2020

Cash Flows from Operating Activities

 

 

 

Net income

$

101,577

 

 

$

149,221

 

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

 

 

 

Depreciation and amortization

 

105,473

 

 

 

146,523

 

Amortization of debt issuance costs

 

4,919

 

 

 

1,068

 

Deferred income taxes

 

(20,438

)

 

 

(147,329

)

Provision for credit losses

 

8,031

 

 

 

32,077

 

Provision for service credits

 

11,363

 

 

 

32,550

 

Stock-based compensation expense (benefit)

 

8,094

 

 

 

(2,895

)

Other components of net periodic pension (benefit) cost

 

(14,829

)

 

 

42,236

 

Loss on termination of leaseback obligations

 

3,409

 

 

 

 

(Gain) loss on disposal/write-off of fixed assets and capitalized software

 

(5,536

)

 

 

3,544

 

Impairment charges

 

3,611

 

 

 

24,911

 

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

 

(1

)

 

 

5,443

 

Other, net

 

304

 

 

 

 

Changes in working capital items, excluding acquisitions:

 

 

 

Accounts receivable

 

74,368

 

 

 

41,382

 

Contract assets

 

5,628

 

 

 

369

 

Prepaid expenses and other current assets

 

6,084

 

 

 

472

 

Accounts payable and accrued liabilities

 

(125,883

)

 

 

(86,161

)

Operating lease liability

 

(3,370

)

 

 

(4,006

)

Contract liabilities

 

7,767

 

 

 

(5,737

)

Settlement of stock option liability

 

 

 

 

(896

)

Net cash provided by operating activities

 

170,571

 

 

 

232,772

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

Additions to fixed assets and capitalized software

 

(26,849

)

 

 

(27,757

)

Proceeds from the sale of assets

 

6,836

 

 

 

1,546

 

Acquisition of a business, net of cash acquired

 

(175,370

)

 

 

 

Other

 

(1,192

)

 

 

 

Net cash (used in) investing activities

 

(196,575

)

 

 

(26,211

)

 

 

 

 

Cash Flows from Financing Activities

 

 

 

Proceeds from New Term Loan

 

418,070

 

 

 

 

Proceeds from New Term Loan, related party

 

260,930

 

 

 

 

Payments of New Tern Loan

 

(110,215

)

 

 

 

Payments of New Term Loan, related party

 

(47,785

)

 

 

 

Payments of Senior Term Loan

 

(335,821

)

 

 

(113,747

)

Payments of Senior Term Loan, related party

 

(113,789

)

 

 

(46,643

)

Proceeds from ABL Facility

 

1,046,249

 

 

 

1,143,700

 

Payments of ABL Facility

 

(1,085,558

)

 

 

(1,169,446

)

Purchase of treasury stock

 

 

 

 

(30,626

)

Proceeds from exercise of stock options

 

7,047

 

 

 

11,241

 

Proceeds from exercise of stock warrants

 

13,920

 

 

 

 

Proceeds from private placement

 

 

 

 

445

 

Payments of lease obligations

 

(10,532

)

 

 

(411

)

Other

 

(3,428

)

 

 

(580

)

Net cash provided by (used in) financing activities

 

39,088

 

 

 

(206,067

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(1,933

)

 

 

 

Increase in cash and cash equivalents and restricted cash

 

11,151

 

 

 

494

 

Cash and cash equivalents and restricted cash, beginning of period

 

2,406

 

 

 

1,912

 

Cash and cash equivalents and restricted cash, end of period

$

13,557

 

 

$

2,406

 

 

 

 

 

Supplemental Information

 

 

 

Cash paid for interest

$

66,737

 

 

$

72,931

 

Cash paid for income taxes, net

$

63,893

 

 

$

24,799

 

 

Three Months Ended December 31,

 

Change

 

2021

 

2020

 

Amount

 

%

(in thousands of $)

 

Revenue

 

 

 

 

 

 

 

 

Marketing Services

$

153,555

 

 

$

212,058

 

 

$

(58,503

)

 

(27.6

)%

SaaS

 

47,061

 

 

 

34,870

 

 

 

12,191

 

 

35.0

%

Thryv International (1)

 

43,823

 

 

 

 

 

 

43,823

 

 

NM

 

Consolidated Revenue

$

244,439

 

 

$

246,928

 

 

$

(2,489

)

 

(1.0

)%

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

 

 

 

 

 

 

Marketing Services

$

40,684

 

 

$

69,381

 

 

$

(28,697

)

 

(41.4

)%

SaaS

 

(6,693

)

 

 

2,250

 

 

 

(8,943

)

 

(397.5

)%

Thryv International (1)

 

12,487

 

 

 

 

 

 

12,487

 

 

NM

 

Consolidated Adjusted EBITDA

$

46,478

 

 

$

71,631

 

 

$

(25,153

)

 

(35.1

)%

 

Years Ended December 31,

 

Change

 

2021

 

2020

 

Amount

 

%

(in thousands of $)

 

Revenue

 

 

 

 

 

 

 

 

Marketing Services

$

797,493

 

 

$

979,611

 

 

$

(182,118

)

 

(18.6

)%

SaaS

 

170,498

 

 

 

129,824

 

 

 

40,674

 

 

31.3

%

Thryv International(1)

 

145,391

 

 

 

 

 

 

145,391

 

 

NM

 

Consolidated Revenue

$

1,113,382

 

 

$

1,109,435

 

 

$

3,947

 

 

0.4

%

 

 

 

 

 

 

 

 

 

Segment EBITDA

 

 

 

 

 

 

 

 

Marketing Services

$

318,230

 

 

$

358,804

 

 

$

(40,574

)

 

(11.3

)%

SaaS

 

(14,004

)

 

 

13,035

 

 

 

(27,039

)

 

(207.4

)%

Thryv International (1)

 

46,297

 

 

 

 

 

 

46,297

 

 

NM

 

Consolidated Adjusted EBITDA

$

350,523

 

 

$

371,839

 

 

$

(21,316

)

 

(5.7

)%

(1)

Thryv International includes Thryv Australia revenue subsequent to the March 1, 2021 acquisition date.

Non-GAAP Measures

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

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

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

 

Three Months Ended December 31,

 

Years Ended December 31,

(in thousands)

2021

 

2020

 

2021

 

2020

Reconciliation of Adjusted EBITDA

 

 

 

 

 

 

 

Net income

$

5,088

 

 

$

109,800

 

 

$

101,577

 

 

$

149,221

 

Interest expense

 

14,986

 

 

 

14,988

 

 

 

66,374

 

 

 

68,539

 

Income tax (benefit) expense

 

(986

)

 

 

(118,306

)

 

 

32,737

 

 

 

(107,983

)

Depreciation and amortization expense

 

24,798

 

 

 

35,640

 

 

 

105,473

 

 

 

146,523

 

Restructuring and integration expenses (1)

 

3,109

 

 

 

4,557

 

 

 

18,145

 

 

 

28,459

 

Transaction costs (2)

 

5,086

 

 

 

6,320

 

 

 

25,059

 

 

 

20,999

 

Stock-based compensation expense (benefit) (3)

 

1,862

 

 

 

1,300

 

 

 

8,094

 

 

 

(2,895

)

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

 

(13,831

)

 

 

10,924

 

 

 

(14,829

)

 

 

42,236

 

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

 

1,247

 

 

 

1,565

 

 

 

(1

)

 

 

5,443

 

Impairment charges

 

 

 

 

5,497

 

 

 

3,611

 

 

 

24,911

 

Other (6)

 

5,119

 

 

 

(654

)

 

 

4,283

 

 

 

(3,614

)

Adjusted EBITDA

$

46,478

 

 

$

71,631

 

 

$

350,523

 

 

$

371,839

 

(1)

For the year ended December 31, 2021 and 2020, expenses relate to periodic efforts to enhance efficiencies and reduce costs, and include severance benefits, loss on disposal of fixed assets and capitalized software, and costs associated with abandoned facilities and system consolidation.

 

 

(2)

Expenses related to our direct listing, Thryv Australia acquisition and other transaction costs.

 

 

(3)

We record stock-based compensation expense related to the amortization of grant date fair value of the Company’s stock-based compensation awards. Additionally, stock-based compensation expense includes the remeasurement of these awards at each period end, prior to October 1, 2020.

 

 

(4)

Other components of net periodic pension cost is from our non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs. The most significant component of other components of net periodic pension cost relates to the mark to market pension remeasurement.

 

 

(5)

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

 

 

(6)

Other primarily includes expenses related to potential non income-based tax liabilities. Additionally, during the year ended December 31, 2021, other includes expenses related to the valuation of certain assets as a result of the acquisition of Thryv Australia and foreign exchange-related expense.

The following is a reconciliation of Adjusted Gross Profit, to its most directly comparable GAAP measure, Gross profit:

 

Three Months Ended December 31,

(in thousands)

2021

 

2020

Reconciliation of Adjusted Gross Profit

 

 

 

Gross profit

$

151,330

 

 

$

141,211

 

Plus:

 

 

 

Depreciation and amortization expense

 

10,242

 

 

 

17,962

 

Stock-based compensation expense

 

60

 

 

 

104

 

Adjusted Gross Profit

$

161,632

 

 

$

159,277

 

Gross Margin

 

61.9

%

 

 

57.2

%

Adjusted Gross Margin

 

66.1

%

 

 

64.5

%

 

Years Ended December 31,

(in thousands)

2021

 

2020

Reconciliation of Adjusted Gross Profit

 

 

 

Gross profit

$

705,339

 

 

$

669,693

 

Plus:

 

 

 

Depreciation and amortization expense

 

53,233

 

 

 

73,046

 

Stock-based compensation expense (benefit)

 

380

 

 

 

(72

)

Adjusted Gross Profit

$

758,952

 

 

$

742,667

 

Gross Margin

 

63.4

%

 

 

60.4

%

Adjusted Gross Margin

 

68.2

%

 

 

66.9

%

Forward-Looking Statements

Some statements included in this release constitute forward-looking statements. Statements that include the words “may”, “will”, “could”, “should”, “would”, “believe”, “anticipate”, “forecast”, “estimate”, “expect”, “preliminary”, “intend”, “plan”, “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. Forward-looking statements provide current expectations with respect to our financial performance and future events with respect to our business and industry in general. Forward-looking statements are based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following: risks related to the ongoing COVID-19 pandemic, the Company’s ability to maintain adequate liquidity to fund operations; the Company’s future operating and financial performance; the Company’s ability to consummate acquisitions, or, if consummated, to successfully integrate acquired businesses into the Company’s operations, the Company’s ability to recognize the benefits of acquisitions, or the failure of an acquired company to achieve its plans and objectives; limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our credit facilities; our ability to retain existing business and obtain and retain new business; general economic or business conditions affecting the markets we serve; declining use of print yellow page directories by consumers; our ability to collect trade receivables from clients to whom we extend credit; credit risk associated with our reliance on small and medium sized businesses as clients; our ability to attract and retain key managers; increased competition in our markets; our ability to obtain future financing due to changes in the lending markets or our financial position; our ability to maintain agreements with major Internet search and local media companies; reduced advertising spending and increased contract cancellations by our clients, which causes reduced revenue; and our ability to anticipate or respond effectively to changes in technology and consumer preferences. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.

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

About Thryv Holdings, Inc.

Thryv Holdings, Inc. (NASDAQ: THRY) is a global software and marketing services company that empowers small- to medium-sized businesses (SMBs), franchises and agencies to grow and modernize their operations so they can compete and win in today's economy. Over 45,000 businesses use our award-winning SaaS platform, Thryv®, to manage their end-to-end customer experience, which has helped businesses across the U.S. and overseas grow their bottom line. Thryv also manages digital and print presence for over 400,000 businesses, connecting these SMBs to local consumers via proprietary local search portals and print directories. For more information about Thryv Holdings, Inc, visit thryv.com.

Media Contact:
Morisa Young
Gregory FCA
347.428.4325
thryv@gregoryfca.com

Investor Contact:
Cameron Lessard
Thryv, Inc.
214.773.7022
cameron.lessard@thryv.com

Source: Thryv

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