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Thryv Holdings (THRY)
NASDAQ:THRY
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Thryv Holdings
(NASDAQ:THRY)
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Rating:52Neutral
Price Target:
$11.00
▼(-0.72% Downside)
Thryv Holdings' overall stock score is primarily influenced by its financial performance and earnings call. The company shows strong SaaS revenue growth and positive cash flow generation, but faces challenges with declining revenues and negative profitability margins. Technical analysis indicates bearish momentum, and valuation metrics are unattractive due to a negative P/E ratio and lack of dividend yield.
Positive Factors
SaaS Revenue Growth
Strong SaaS revenue growth indicates robust demand for Thryv's software solutions, enhancing its market position and supporting long-term business expansion.
Cash Flow Generation
Positive cash flow generation provides financial stability and flexibility, allowing Thryv to invest in growth opportunities and manage debt effectively.
Leverage Improvement
Reduction in leverage enhances financial health, decreasing risk and improving the company's ability to navigate economic fluctuations.
Negative Factors
Declining Revenue
Declining revenue poses a risk to long-term growth and profitability, potentially limiting the company's ability to invest in new initiatives and maintain competitive advantage.
Profitability Challenges
Ongoing profitability challenges may hinder Thryv's ability to reinvest in its business, affecting its capacity to sustain competitive positioning and growth.
Marketing Services Decline
A decline in marketing services revenue indicates a shift away from legacy services, which could impact overall revenue diversification and stability.
Thryv Holdings (THRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$489.01M
Dividend YieldN/A
Average Volume (3M)451.66K
Price to Earnings (P/E)―
Beta (1Y)1.41
Revenue Growth-13.60%
EPS Growth69.70%
CountryUS
Employees2,986
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)0.31
Shares Outstanding43,936,290
10 Day Avg. Volume424,204
30 Day Avg. Volume451,662
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)2.79
Price to Sales (P/S)0.67
P/FCF Ratio9.77
Enterprise Value/Market Cap1.64
Enterprise Value/Revenue1.06
Enterprise Value/Gross Profit1.60
Enterprise Value/Ebitda-98.91
Forecast
1Y Price Target
$15.67Price Target Upside41.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
Thryv Holdings Business Overview & Revenue Model
Company DescriptionThryv Holdings, Inc. provides digital marketing solutions and cloud-based tools to the small-to-medium sized businesses (SMBs). It operates through three segments: SaaS (Software as a Service), Marketing Services, and Thryv International. The company provides Thryv, an SMB end-to-end customer experience platform; Hub by Thryv, a solution for franchisors to offer real time oversight and day-to-day management of multiple locations; Thryv Leads, an integrated local marketing and lead generation solution, as well as related services; and ThryvPay, a payment solution that allows users to get paid through credit card and ACH. It also offers print and digital solutions, including the company's print yellow pages; internet yellow pages, such as yellowpages.com, superpages.com, dexknows.com, and extended search solutions; search engine marketing solutions; and other digital media solutions, including online display and social advertising, online presence and video, and search engine optimization tools. The company was formerly known as Dex Media Holdings, Inc. and changed its name to Thryv Holdings, Inc. in July 2019. Thryv Holdings, Inc. is based in DFW Airport, Texas.
How the Company Makes MoneyThryv Holdings generates revenue primarily through the sale of its software-as-a-service (SaaS) solutions, which are offered on a subscription basis. This includes recurring revenue from its CRM and marketing automation tools, which businesses pay for monthly or annually. Additionally, Thryv earns money through its digital marketing services, which help businesses improve their online visibility and customer outreach. Key revenue streams include subscription fees, service fees for marketing solutions, and additional charges for premium features or custom services. Strategic partnerships with other technology providers and digital platforms also play a role in enhancing Thryv's service offerings and expanding its market reach, contributing to its overall revenue.
Thryv Holdings Earnings Call Summary
Earnings Call Date:Jul 30, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Oct 30, 2025
Earnings Call Sentiment Positive
The earnings call presented a largely positive sentiment with significant achievements such as surpassing the 'pinch point,' strong SaaS revenue growth, and successful product innovations like vertical solutions. However, challenges in the Keep business and a strategic decline in marketing services were noted.Q2-2025 Updates
Positive Updates
Successful Navigation of Financial 'Pinch Point'
Thryv Holdings successfully navigated a challenging financial period, reducing leverage significantly with net debt down by $24 million to $274 million, and achieving a lower required amortization of $35 million per year moving forward.
Strong SaaS Revenue and Growth
SaaS revenue reached $115 million in Q2, marking a 48% increase year-over-year, with Thryv's SaaS business (excluding Keep) growing 25% year-over-year.
Record SaaS Adjusted EBITDA Margin
SaaS adjusted EBITDA increased to $23.4 million, resulting in a record adjusted EBITDA margin of 20%, exceeding guidance.
Rising Average Revenue Per User (ARPU)
Thryv's ARPU is currently $4,200 annually and is expected to grow to $8,000 in the coming years. Seasoned clients spend $5,400 annually, and U.S. direct channel clients spend about $6,000 annually.
Introduction of Vertical Solutions
Thryv introduced a vertical solution for HVAC, leveraging Keep's automation tools, and has seen early success, indicating potential for similar vertical strategies.
Negative Updates
Decline in Marketing Services Billings
Marketing services billings totaled $78.4 million, a 38% decrease year-over-year, as Thryv shifts from legacy digital marketing services to its SaaS platform.
Challenges in Keep Business
The Keep segment experienced softness, particularly in the demand generation side, affecting overall SaaS guidance.
Customer Count Contraction
Thryv's SaaS customer count contracted by 4,000 quarter-over-quarter due to a strategic focus on increasing ARPU rather than expanding customer base.
Company Guidance
During Thryv Holdings' Second Quarter 2025 Earnings Conference Call, the company provided robust guidance and highlighted significant metrics. Thryv reported SaaS revenue of $115 million, reaching the top end of their guidance range and indicating a 48% year-over-year increase, with Keep contributing $17.7 million. Excluding Keep, Thryv's SaaS business grew by 25% year-over-year. The SaaS adjusted gross margin increased by 430 basis points to 74%, with adjusted EBITDA reaching $23.4 million, resulting in a record adjusted EBITDA margin of 20%. The company ended the quarter with 106,000 SaaS subscribers, including 14,000 from Keep, marking a 25% increase year-over-year. Thryv's ARPU rose to $352, with Thryv at $340 and Keep's ARPU at $431. The net revenue retention remained strong at 103%, with clients using multiple products increasing to 19%. Thryv's leverage ratio improved to 2.2x, with net debt reduced by $24 million to $274 million. The company expects third-quarter SaaS revenue between $116 million and $117 million, and full-year SaaS revenue between $460 million and $465 million. Full-year SaaS adjusted EBITDA guidance was raised to a range of $70.5 million to $73.5 million, while Marketing Services revenue guidance was adjusted to between $323 million and $325 million, with an adjusted EBITDA range of $78.5 million to $80.5 million.Thryv Holdings Financial Statement Overview
Summary
Thryv Holdings faces challenges with declining revenues and consistent losses impacting profitability. The balance sheet shows moderate risk with manageable debt levels, but reliance on liabilities and declining equity are concerning. Cash flow generation remains relatively strong, providing some operational stability.Income Statement
Thryv Holdings has seen a significant decline in revenue over recent years, with a negative trend in revenue growth. The gross profit margin has been relatively stable, but the company struggles with negative EBIT and EBITDA margins, indicating operational inefficiencies. The consistent net losses further highlight profitability issues, reflecting challenges in cost management and revenue generation.45
Neutral
Balance Sheet
The company's balance sheet shows a moderate debt-to-equity ratio, suggesting a balanced approach to leveraging. However, the declining stockholders' equity and total assets over the years raise concerns about asset utilization and shareholder value. The equity ratio has decreased, indicating a reliance on liabilities for funding, which may pose risks if revenue does not stabilize.50
Neutral
Cash Flow
The cash flow statement reveals a stable operating cash flow, though free cash flow has fluctuated. The operating cash flow to net income ratio is strong, indicating good cash flow generation despite net losses. However, the free cash flow growth rate is inconsistent, which could affect future investment and debt servicing capabilities.60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 758.29M | 824.16M | 916.96M | 1.20B | 1.11B | 1.11B |
| Gross Profit | 500.92M | 537.24M | 578.25M | 780.38M | 705.34M | 742.74M |
| EBITDA | -8.11M | 33.56M | -135.56M | 247.77M | 306.16M | 256.30M |
| Net Income | -94.63M | -74.22M | -259.30M | 54.35M | 101.58M | 149.22M |
Balance Sheet | ||||||
| Total Assets | 687.70M | 712.16M | 783.17M | 1.18B | 1.30B | 1.21B |
| Cash, Cash Equivalents and Short-Term Investments | 10.84M | 16.31M | 18.22M | 16.03M | 11.26M | 2.41M |
| Total Debt | 275.60M | 294.99M | 348.90M | 469.81M | 562.48M | 583.20M |
| Total Liabilities | 472.82M | 515.25M | 630.47M | 795.61M | 985.79M | 1.02B |
| Stockholders Equity | 214.88M | 196.92M | 152.70M | 382.27M | 314.71M | 196.78M |
Cash Flow | ||||||
| Free Cash Flow | 81.54M | 56.25M | 114.83M | 119.34M | 143.72M | 205.01M |
| Operating Cash Flow | 81.20M | 89.78M | 148.23M | 148.57M | 170.57M | 232.77M |
| Investing Cash Flow | -109.19M | -110.42M | -42.52M | -52.03M | -196.57M | -26.21M |
| Financing Cash Flow | 19.67M | 19.22M | -103.49M | -91.10M | 39.09M | -206.07M |
Thryv Holdings Technical Analysis
Negative
11.08
Price Trends
12.37
Negative
12.56
Negative
13.83
Negative
Market Momentum
-0.37
Positive
39.50
Neutral
35.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For THRY, the sentiment is Negative. The current price of 11.08 is below the 20-day moving average (MA) of 11.62, below the 50-day MA of 12.37, and below the 200-day MA of 13.83, indicating a bearish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 39.50 is Neutral, neither overbought nor oversold. The STOCH value of 35.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for THRY.
Thryv Holdings Risk Analysis
Thryv Holdings disclosed 74 risk factors in its most recent earnings report. Thryv Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Thryv Holdings Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $888.27M | 13.88 | 11.62% | 5.03% | 14.20% | 38.92% | |
79 Outperform | $518.22M | 2.32 | 48.16% | 8.14% | 8.27% | 33.89% | |
74 Outperform | $709.44M | 15.67 | 34.34% | ― | 92.91% | ― | |
67 Neutral | $599.95M | 11.17 | 5.86% | ― | -15.79% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $387.47M | ― | -5.28% | ― | ― | ― | |
52 Neutral | $489.01M | ― | -42.15% | ― | -13.60% | 69.70% |
* Communication Services Sector Average
THRY
Thryv Holdings
11.08
-5.98
-35.05%
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-46.05%
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2.42%
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5.33
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.