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1. Company Snapshot

1.a. Company Description

Thryv Holdings, Inc.provides digital marketing solutions and cloud-based tools to the small-to-medium sized businesses (SMBs).It operates through three segments: SaaS (Software as a Service), Marketing Services, and Thryv International.


The company provides Thryv, an SMB end-to-end customer experience platform; Hub by Thryv, a solution for franchisors to offer real time oversight and day-to-day management of multiple locations; Thryv Leads, an integrated local marketing and lead generation solution, as well as related services; and ThryvPay, a payment solution that allows users to get paid through credit card and ACH.It also offers print and digital solutions, including the company's print yellow pages; internet yellow pages, such as yellowpages.com, superpages.com, dexknows.com, and extended search solutions; search engine marketing solutions; and other digital media solutions, including online display and social advertising, online presence and video, and search engine optimization tools.The company was formerly known as Dex Media Holdings, Inc.


and changed its name to Thryv Holdings, Inc.in July 2019.Thryv Holdings, Inc.


is based in DFW Airport, Texas.

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1.b. Last Insights on THRY

The recent 3 months performance of Thryv Holdings, Inc. was negatively impacted by the decline in marketing services revenue, which continues to sharply decline. This decline is a significant concern, as it has been a major contributor to the company's revenue in the past. However, the company's SaaS business has shown resilience, with a 41% year-over-year increase in Total SaaS revenue in the fourth quarter of 2024, exceeding guidance. This growth is a positive sign, but it may not be enough to offset the decline in marketing services revenue.

1.c. Company Highlights

2. Thryv Holdings' SaaS Revenue Growth Outpaces Expectations

Thryv Holdings, Inc. reported SaaS revenue of $119 million for the fourth quarter, representing a 14.1% increase year-over-year, and $461 million for the full year, a 34.2% increase. The company's SaaS ARPU reached $373, a 15% increase year-over-year. However, the actual EPS came out at -$0.12, relative to estimates of $0.4. The company's Marketing Services revenue was $72.6 million for the fourth quarter and $324 million for the full year. SaaS adjusted EBITDA margin was strong at 16.8% for the full year.

Publication Date: Mar -02

📋 Highlights
  • SaaS Revenue Growth:: 34.2% year-over-year increase to $461 million for 2025, driven by 34% growth in SaaS revenues and a 16.8% adjusted EBITDA margin.
  • Marketing Center Expansion:: 50%+ year-over-year growth in the differentiated Marketing Center, positioning it as a core offering for small business marketing.
  • Quality Customer Focus:: Growth of high-value customers spending $400+/month rose 18% YoY (3,000 additional clients), now representing >20% of the client base.
  • Thryv Platform & AI Integration:: Transition to a unified AI-powered platform with 3 tiers, embedding AI into CRM automation and customer journeys to accelerate time-to-value.

Business Transition and Growth Strategy

The company is transitioning from a legacy print and marketing services company to a leading SaaS company, with a focus on becoming the platform of choice for small businesses. Thryv Holdings is accelerating on the AI front, with its Thryv Platform powered by AI, representing a fundamental paradigm shift from selling individual products to delivering a unified growth platform for small businesses. As Joe Walsh stated, "We basically have struck oil" with the new Market Sell Grow platform, which is selling very quickly and working well.

Customer Acquisition and Retention

The company's growth will be fueled by organic customer acquisition, expansion, and retention. Thryv Holdings is focusing on quality customers spending $400 a month or more, who have significantly higher retention rates and are more likely to expand over time. The number of quality customers grew by 3,000 or 18% year-over-year, now representing more than 20% of the client base.

Valuation Metrics

With a P/S Ratio of 0.13 and EV/EBITDA of 1.44, the market appears to be pricing in moderate growth expectations. The company's ROE is 15.95%, indicating a relatively healthy return on equity. However, the negative revenue growth estimate of -7.5% for next year may be a concern. Analysts should continue to monitor the company's progress in executing its growth strategy and transitioning to a SaaS-based business model.

3. NewsRoom

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Thryv Holdings, Inc. (NASDAQ:THRY) Receives Average Rating of “Hold” from Analysts

Apr -09

Source: defenseworld.net

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Thryv (NASDAQ:THRY) vs. Singlepoint (OTCMKTS:SING) Head-To-Head Survey

Mar -27

Source: defenseworld.net

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Thryv Holdings Shareholders Are Encouraged to Reach Out to Johnson Fistel for More Information About Potentially Recovering Their Losses

Mar -24

Source: newsfilecorp.com

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Thryv Launches AI Lead Flow, Unifying Marketing and Sales Automation for Small Businesses

Mar -24

Source: businesswire.com

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Thryv Q4 Earnings Call Highlights

Mar -02

Source: defenseworld.net

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Thryv Holdings, Inc. (THRY) Q4 2025 Earnings Call Transcript

Feb -26

Source: seekingalpha.com

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Thryv Holdings, Inc. (THRY) Reports Q4 Loss, Beats Revenue Estimates

Feb -26

Source: zacks.com

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First Eagle Small Cap Opportunity Fund Q4 2025 Portfolio Review

Feb -19

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.23%)

6. Segments

Thryv United States Marketing Services

Expected Growth: 11.67%

Thryv's 11.67% growth in United States Marketing Services is driven by increasing demand for digital marketing solutions, expansion of its customer base, and strategic acquisitions. The company's focus on providing a comprehensive platform for small businesses to manage their online presence, reputation, and customer engagement has also contributed to its growth.

Thryv United States Software as a Service

Expected Growth: 14.4%

Thryv's 14.4% growth in the US Software as a Service segment is driven by increasing adoption of cloud-based solutions, rising demand for customer relationship management tools, and the company's strategic expansion into new markets. Additionally, Thryv's focus on providing integrated payment processing and marketing services has contributed to its growth.

Thryv International Marketing Services

Expected Growth: 10.27%

Thryv International Marketing Services' 10.27% growth is driven by increasing demand for digital marketing solutions, expansion into new markets, and strategic partnerships. The company's focus on providing end-to-end marketing services, including website design, SEO, and social media management, has resonated with small and medium-sized businesses. Additionally, Thryv's proprietary technology and data analytics capabilities have enabled clients to make data-driven decisions, further fueling growth.

Thryv International Software as a Services

Expected Growth: 14.03%

Thryv International's 14.03% growth is driven by increasing adoption of its Software as a Service (SaaS) solutions, expansion into new markets, and strategic acquisitions. The company's focus on providing end-to-end customer experience management and marketing automation solutions resonates with businesses seeking digital transformation. Additionally, the growing demand for cloud-based services and the need for businesses to adapt to changing consumer behaviors also contribute to Thryv's growth momentum.

7. Detailed Products

Thryv

An all-in-one business management platform that helps small businesses manage their operations, including customer relationship management, marketing, and payment processing.

Hubworks

A suite of back-office software solutions for restaurants, including inventory management, scheduling, and labor management.

Workfolio

A website and online presence solution for small businesses, including website design, hosting, and search engine optimization.

Thryv Leads

A lead generation and management platform that helps small businesses generate and convert leads into customers.

8. Thryv Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Thryv Holdings, Inc. operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's diversified product offerings and strong brand recognition.

Bargaining Power Of Customers

Thryv Holdings, Inc. has a large customer base, but the bargaining power of customers is limited due to the company's strong brand recognition and diversified product offerings.

Bargaining Power Of Suppliers

Thryv Holdings, Inc. has a moderate level of dependence on its suppliers, but the company's diversified supply chain and strong relationships with suppliers mitigate the bargaining power of suppliers.

Threat Of New Entrants

Thryv Holdings, Inc. operates in a highly competitive industry, and the threat of new entrants is high due to low barriers to entry and the attractiveness of the market.

Intensity Of Rivalry

Thryv Holdings, Inc. operates in a highly competitive industry, and the intensity of rivalry is high due to the large number of competitors and the high stakes of competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 69.56%
Debt Cost 8.77%
Equity Weight 30.44%
Equity Cost 8.77%
WACC 8.77%
Leverage 228.49%

11. Quality Control: Thryv Holdings, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
EverQuote

A-Score: 5.5/10

Value: 4.5

Growth: 8.3

Quality: 8.4

Yield: 0.0

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

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Arena Group Holdings

A-Score: 4.6/10

Value: 6.4

Growth: 4.7

Quality: 5.8

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Angi

A-Score: 3.9/10

Value: 8.1

Growth: 4.9

Quality: 5.8

Yield: 0.0

Momentum: 1.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Thryv

A-Score: 3.4/10

Value: 8.8

Growth: 1.3

Quality: 7.0

Yield: 0.0

Momentum: 0.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
TechTarget

A-Score: 2.9/10

Value: 9.4

Growth: 2.1

Quality: 3.6

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Outbrain

A-Score: 2.9/10

Value: 8.0

Growth: 3.2

Quality: 2.1

Yield: 0.0

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.09$

Current Price

3.09$

Potential

-0.00%

Expected Cash-Flows