Thryv (THRY) Reports Decline in Revenues, Shares Drop 8.3%

By Tamara Parker • Thursday, February 22 10:57 • Permanent Link

Thryv Holdings, Inc. has recently released its 10-K report, providing insights into its financial performance and operations. Thryv is dedicated to supporting local, independent businesses and franchises by offering innovative marketing solutions and cloud-based tools to small-to-medium sized businesses (SMBs). The company operates through four business segments: Thryv U.S. Marketing Services, Thryv U.S. SaaS, Thryv International Marketing Services, and Thryv International SaaS. Thryv serves approximately 350,000 SMB clients globally and provides a range of solutions, including print and digital marketing, customer relationship management, and payment services.

In the financial year ended December 31, 2023, Thryv U.S. Marketing Services generated $510.5 million in consolidated revenues, compared to $820.0 million in 2022 and $797.5 million in 2021. The Thryv U.S. SaaS segment generated $253.6 million in consolidated revenues in 2023, compared to $211.8 million in 2022 and $170.5 million in 2021. The Thryv International Marketing Services segment generated $142.7 million in consolidated revenues in 2023, compared to $166.0 million in 2022 and $144.8 million in the ten months ended December 31, 2021. The Thryv International SaaS segment generated $10.1 million in consolidated revenues in 2023, compared to $4.5 million in 2022 and $0.6 million in the ten months ended December 31, 2021.

Thryv's 10-K report also highlighted impairment charges, with non-cash impairments of goodwill amounting to $268.8 million in 2023 and $102.0 million in 2022. These impairments were attributed to the historical secular decline in industry demand for print services and the trending decline in the Marketing Services client base, along with competition in the consumer search and display space.

The report also discussed key business metrics, including the total number of clients and the monthly average revenue per unit (ARPU). As of December 31, 2023, Thryv had 346,000 total clients, with Marketing Services clients decreasing by 48,000 and SaaS clients increasing by 14,000 compared to the previous year. The monthly ARPU for Marketing Services decreased by 11% in 2023 compared to 2022, while the monthly ARPU for SaaS increased by 1%.

Thryv's 10-K report provides a comprehensive overview of its financial performance and operations, shedding light on the company's revenue generation, impairment charges, and key business metrics. Following these announcements, the company's shares moved -8.3%, and are now trading at a price of $19.39. For more information, read the company's full 10-K submission here.

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