Q2 2025 Thryv Holdings Inc Earnings Call Transcript
Key Points
- Thryv Holdings Inc (THRY) successfully navigated through a financial 'pinch point', reducing leverage and improving cash flow.
- The company reported a 48% year-over-year increase in SaaS revenue, reaching $115 million, with a strong contribution from Keap.
- SaaS adjusted gross margin increased by 430 basis points year-over-year, reaching 74%, indicating improved profitability.
- Thryv Holdings Inc (THRY) achieved a net revenue retention rate of 103%, showing strong customer retention and upsell success.
- The company launched new vertical-specific products, such as Thrive for HVAC, which are expected to enhance customer engagement and ARPU.
- The Keap business segment faced challenges, with a slowdown in demand generation and a decision to not invest in unprofitable sales.
- Marketing services revenue declined by 38% year-over-year as the company transitions away from legacy digital marketing services.
- The customer count in the SaaS segment contracted by 4,000 quarter-over-quarter, indicating potential churn issues.
- The company is still classified under advertising in the GICS, which may affect its visibility as a software company.
- Despite the positive outlook, the guidance for the second half of the year implies a potential slowdown in organic growth.
(Operator Instructions)s
Good morning.
Thank you for attending today's Thryv Holdings second quarter 2025 earnings conference call.
(Operator Instructions)
I would now like to turn a call over to Cameron Lessard with Thryv Holdings. Please go ahead.
Good morning and thank you for joining us for Thryv Holdings 2nd quarter 2025 earnings conference call. With me today are Joe Walsh, Chairman and Chief Executive Officer, and Paul Rouse, Chief Financial Officer. During this call, we will make forward-looking statements that are subject to various risks and uncertainties.
Actual results may differ materially from these statements. A discussion of these risks and uncertainties is included in our earnings release and SEC filing.
Today's presentation will also include non-GAAP financial measures which should be considered in addition to, but not a substitute for our GAAP results. Reconciliations of these measures can be
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