Q1 2024 Thryv Holdings Inc Earnings Call Transcript
Key Points
- Thryv Holdings Inc (THRY) reported strong subscriber growth, ending the quarter with 70,000 clients, indicating a robust start to the year.
- The company successfully completed a refinancing, which significantly extends debt maturity, providing financial flexibility and the ability to invest in growth.
- Thryv Holdings Inc (THRY) announced a share repurchase authorization, demonstrating confidence in the company's future and a commitment to enhancing shareholder value.
- SaaS revenue increased by 24% year-over-year to $74.3 million, within the guidance range, showing strong performance in this segment.
- The company is seeing significant traction with over 8% of clients now having two or more centers, up from nearly zero last year, reflecting the effectiveness of their center strategy.
- First quarter SaaS adjusted EBITDA was only $3.4 million, resulting in a SaaS adjusted EBITDA margin of 4.6%, indicating potential challenges in profitability.
- Marketing services billings declined by 24% year-over-year to $136.8 million, suggesting a decrease in this segment's performance.
- The adjusted gross margin for SaaS decreased 130 basis points quarter over quarter due to promotional pricing strategies, although it rebounded in March.
- There were elevated G&A costs in the first quarter, which negatively impacted SaaS EBITDA margins by just under $1 million.
- The company is undergoing a transition from marketing services to SaaS, which involves managing declines in the marketing services segment while trying to grow the SaaS segment.
Good morning. My name is Jody, and I will be your conference operator today. At this time, I would like to welcome everyone to the Thryv Holdings first quarter 2024 earnings call. (Operator Instructions) I would now like to turn the call over to Cameron Lessard. Please go ahead.
Thank you, operator. Hello and good day to everyone. Welcome. This drives First Quarter 2024 earnings conference call. On the call today are Joe Walsh, Chairman and Chief Executive Officer; and Paul Rouse, Chief Financial Officer. A copy of our earnings press release and investor presentation can be found on our website at DR.com on the Investors section at investor dot Thrive.com.
Please acknowledge comments made on today's call and responses to your questions may contain forward-looking statements about the operations and future results of the Company. These statements are subject to the risks and uncertainties described in the Company's earnings release and other filings with the SEC THRIVE has no obligation to update the
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