Q4 2025 Thryv Holdings Inc Earnings Call Transcript
Key Points
- SaaS revenues grew 34% year over year, with a strong adjusted EBITDA margin of 16.8%.
- Thryv Holdings Inc (THRY) is advancing on the AI front, enhancing its product roadmap and positioning itself as a leading SaaS platform for small businesses.
- The Marketing Center product is the fastest-growing offering, with revenue more than doubling in 2025 and growing over 50% year over year.
- The acquisition of Keep has accelerated Thryv's roadmap by multiple years, integrating valuable platform capabilities and engineering talent.
- The Thryv platform, set to launch later in 2026, represents a shift to a unified growth platform for small businesses, integrating marketing, sales, and growth functionalities.
- The transition from legacy print and marketing services to a SaaS model has reached a point where the upgrade pool is largely behind, potentially moderating near-term growth rates.
- There is a legacy tail of smaller customers spending under $200 a month, which creates noise in overall metrics and does not align with the current platform value proposition.
- The company is experiencing some cannibalization as customers move from Business Center to the new Market Sell Grow platform.
- Churn remains a concern, particularly among smaller businesses and solopreneurs who are more price-sensitive and likely to churn.
- The shift to a product-led growth model may require adjustments in the go-to-market strategy, potentially impacting sales dynamics and customer acquisition.
Ladies and gentlemen, thank you for joining us and welcome to the Thryv fourth-quarter 2025 earnings call. (Operator Instructions)
I will now hand the conference over to Cameron Lessard, Senior Vice President, Corporate Development and Investor Relations. Cameron, please go ahead.
Good morning and thank you for joining us for Thryv Holdings fourth-quarter 2025 earnings conference call. With me today are Joe Walsh, Chairman and Chief Executive Officer Sean Wector, Chief Technology 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 filings. Today's presentation will also include non-GAAP financial measures which should be considered in addition to, but not as a substitute for
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