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Warning Sign:
Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Thryv Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Thryv Holdings's Piotroski F-Score or its related term are showing as below:
During the past 11 years, the highest Piotroski F-Score of Thryv Holdings was 9. The lowest was 3. And the median was 5.
The historical data trend for Thryv Holdings's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Thryv Holdings Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 7.00 | 6.00 | 8.00 | 4.00 |
Thryv Holdings Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 8.00 | 3.00 | 4.00 | 4.00 | 3.00 |
For the Internet Content & Information subindustry, Thryv Holdings's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Interactive Media industry and Communication Services sector, Thryv Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Thryv Holdings's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Net Income was 15.978 + -27.046 + -257.541 + 8.424 = $-260.2 Mil. Cash Flow from Operations was 25.425 + 45.912 + 44.578 + 5.438 = $121.4 Mil. Revenue was 251.421 + 183.822 + 236.163 + 233.624 = $905.0 Mil. Gross Profit was 160.085 + 103.644 + 159.71 + 153.641 = $577.1 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (1172.267 + 1101.227 + 1040.382 + 783.17 + 786.835) / 5 = $976.7762 Mil. Total Assets at the begining of this year (Mar23) was $1,172.3 Mil. Long-Term Debt & Capital Lease Obligation was $295.1 Mil. Total Current Assets was $275.0 Mil. Total Current Liabilities was $239.7 Mil. |
Net Income was 58.002 + 13.28 + -50.445 + 9.314 = $30.2 Mil. Revenue was 333.995 + 280.65 + 279.368 + 245.555 = $1,139.6 Mil. Gross Profit was 227.982 + 175.639 + 178.905 + 154.808 = $737.3 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (1369.715 + 1320.334 + 1289.881 + 1177.877 + 1172.267) / 5 = $1266.0148 Mil. Total Assets at the begining of last year (Mar22) was $1,369.7 Mil. Long-Term Debt & Capital Lease Obligation was $383.7 Mil. Total Current Assets was $388.6 Mil. Total Current Liabilities was $296.8 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Thryv Holdings's current Net Income (TTM) was -260.2.
==> Negative ==> Score 0.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Thryv Holdings's current Cash Flow from Operations (TTM) was 121.4.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Mar23) |
= | -260.185 | / | 1172.267 | |
= | -0.22195029 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | 30.151 | / | 1369.715 | |
= | 0.02201261 |
Thryv Holdings's return on assets of this year was -0.22195029. Thryv Holdings's return on assets of last year was 0.02201261.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Thryv Holdings's current Net Income (TTM) was -260.2. Thryv Holdings's current Cash Flow from Operations (TTM) was 121.4.
==> 121.4 > -260.2 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 295.068 | / | 976.7762 | |
= | 0.30208353 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 383.714 | / | 1266.0148 | |
= | 0.30308808 |
Thryv Holdings's gearing of this year was 0.30208353. Thryv Holdings's gearing of last year was 0.30308808.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Mar24) | = | Total Current Assets | / | Total Current Liabilities |
= | 275.017 | / | 239.699 | |
= | 1.14734313 |
Current Ratio (Last Year: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 388.631 | / | 296.83 | |
= | 1.3092713 |
Thryv Holdings's current ratio of this year was 1.14734313. Thryv Holdings's current ratio of last year was 1.3092713.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Thryv Holdings's number of shares in issue this year was 37.986. Thryv Holdings's number of shares in issue last year was 36.982.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 577.08 | / | 905.03 | |
= | 0.63763632 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 737.334 | / | 1139.568 | |
= | 0.6470294 |
Thryv Holdings's gross margin of this year was 0.63763632. Thryv Holdings's gross margin of last year was 0.6470294.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Mar23) |
= | 905.03 | / | 1172.267 | |
= | 0.77203402 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 1139.568 | / | 1369.715 | |
= | 0.83197453 |
Thryv Holdings's asset turnover of this year was 0.77203402. Thryv Holdings's asset turnover of last year was 0.83197453.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 0 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Thryv Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Thryv Holdings (NAS:THRY) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Thryv Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Joe Walsh | director, officer: CEO and President | C/O CAMBIUM LEARNING GROUP, INC., 17855 N. DALLAS PARKWAY SUITE 400, DALLAS TX 75287 |
Grant Freeman | officer: President | 2200 WEST AIRFIELD DRIVE PO BOX 619810, DFW AIRPORT TX 75261 |
Mudrick Capital Management, L.p. | 10 percent owner | 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022 |
Amer Akhtar | director | C/O THRYV HOLDINGS, INC., 2200 WEST AIRFIELD DRIVE P.O. BOX 619810, DALLAS TX 75261 |
Ryan Ohara | director | 6922 HOLLYWOOD BLVD., 12TH FL, LOS ANGELES CA 90028 |
Bonnie Kintzer | director | C/O THRYV HOLDINGS, INC., 2200 WEST AIRFIELD DRIVE P.O. BOX 619810, DALLAS TX 75261 |
Heather Zynczak | director | C/O THRYV HOLDINGS, INC., 2200 WEST AIRFIELD DRIVE P.O. BOX 619810, DALLAS TX 75261 |
Goldentree Asset Management Lp | 10 percent owner | 300 PARK AVENUE, 21ST FLOOR, NEW YORK NY 10022 |
Paulson & Co. Inc. | 10 percent owner | 1133 AVENUE OF THE AMERICAS, 33RD FLOOR, NEW YORK NY 10036 |
Jason Mudrick | director, 10 percent owner | C/O MUDRICK CAPITAL MANAGEMENT, L.P., 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022 |
Goldentree Asset Management Llc | 10 percent owner | 300 PARK AVENUE, 21ST FLOOR, NEW YORK NY 10022 |
Steven A. Tananbaum | 10 percent owner | 300 PARK AVENUE, 21ST FLOOR, NEW YORK NY 10022 |
Lauren Vaccarello | director | 2200 WEST AIRFIELD DRIVE, P.O. BOX 619810, DALLAS TX 75261 |
Verto Direct Opportunity Ii, Lp | 10 percent owner | C/O MUDRICK CAPITAL MANAGEMENT, L.P., 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022 |
Mudrick Distressed Opportunity Fund Global, Lp | 10 percent owner | 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022 |
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