Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 3, 2024

THRYV HOLDINGS, INC.

(Exact name of registrant as specified in its charter)


Delaware	001-35895	13-2740040
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
2200 West Airfield Drive, P.O. Box 619810 D/FW Airport, TX		75261
(Address of Principal Executive Offices)		(Zip Code)

(972) 453-7000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common Stock, $0.01 par value

THRY

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

The Company will host an Analyst Day on December 3, 2024. A copy of the press release with information that will be discussed at Analyst Day is being furnished as Exhibit 99.1 and a copy of the presentation that will be presented at Analyst Day is being furnished as Exhibit 99.2, both of which are incorporated herein by reference and available on the Company’s website.

The information in Item 7.01 of this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 7.01 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number			Description


99.1			Press release, dated December 3, 2024, issued by Thryv Holdings, Inc.
99.2			Analyst Day Presentation
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	THRYV HOLDINGS, INC.

Date: December 3, 2024	By:	/s/ Paul D. Rouse
	Name: Paul D. Rouse
	Title: Chief Financial Officer, Executive Vice President and Treasurer


						Exhibit 99.1

For Immediate Release

Thryv Hosts Analyst Day,

Announces SaaS Inflection Points and Key Strategic Priorities

Company highlights growth opportunities, strategy and medium-term financial outlook

NEW YORK and DALLAS, December 3, 2024 – Thryv® Chairman and CEO Joe Walsh will review the vision for expanding Thryv’s do-it-all small business software platform today at Thryv Holdings, Inc.’s (NASDAQ:THRY) Analyst Day starting at 9:00 a.m. EDT at the NASDAQ Marketsite in Midtown Manhattan. The presentation will include details of Thryv’s recent acquisition of marketing automation leader Infusion Software, Inc. (dba Keap®), business performance, key strategic priorities and financial outlook.

“We have continued to execute on our transformation strategy and improve our SaaS metrics as we help 100,000-plus small business clients communicate efficiently, run their business and grow their brand,” said Joe Walsh, Thryv Chairman and CEO. “Our recent acquisition of Keap expands our integrated set of marketing and sales solutions and adds a strong global partner channel. We have an expanding center approach, announcing the launch of two new centers, and are increasing paid centers per client, demonstrating the success of our land-and-expand strategy. Our 2025 outlook and a medium-term outlook shared today validates the strength of our product portfolio, business model and balance sheet.”

Key takeaways from Thryv’s Analyst Day conference:

SaaS Metrics:

oPositioned for long-term Rule of 40 performance, Thryv is on track to achieve majority SaaS Revenue in 2025.

oSaaS EBITDA will be the majority of Consolidated EBITDA in 2026.

oTotal Revenue and EBITDA will be growing in 2027 and beyond.

Keap Acquisition Update:

oRealizes cost savings and an enhanced competitive advantage with the addition of Keap’s in-demand automations product.

oAccelerates innovation roadmap with expansion of product development and engineering teams.

oBenefits from a mature partner channel and deeper market penetration in North American and key international markets, including Europe and Australia.

Announces Launch of Two New Centers:

oThryv Reporting Center™: this newly launched offering brings key performance metrics to business owners at the touch of a finger, enabling quick data-driven decisions. Out-of-the-box reports cover sales, appointments, SMS and email marketing, customer insights, and team activity.


						Exhibit 99.1

oThryv Workforce Center™: slated to launch in H2 of 2025, this Center streamlines both employee management and payroll, giving SMBs an all-in-one solution to easily onboard, track, and pay their workforce.

Exiting of Marketing Services by 2028

oThryv to lengthen the print directory cycle from 18 to 24 months.

oRationalizing costs while migrating digital clients to SaaS subscribers.

oPrint business to provide robust unlevered FCF of approximately $250-$300 million from 2025 to 2030.

Update on Long-Range SaaS Metrics

o2025 Outlook:

oOrganic SaaS Revenue: Growth of 18%-20%

oKeap Revenue: $75m-$78m

oSaaS Adjusted Gross Margin: 74%

oSaaS EBITDA: Mid-teens margin; $10m of Keap synergies

oMarketing Services Revenue: Decline of ~35%

oMarketing Services EBITDA: Margins in the mid-twenties

oMedium-term Outlook:

oOrganic SaaS Revenue: Growth of ~20%

oKeap Revenue: Return to Growth in 2026

oSaaS Adjusted Gross Margin: ~80%

oSaaS EBITDA: ~20% margin

oMarketing Services Revenue: Last publications in 2028; cash collected through 2030

oMarketing Services EBITDA: Margins in the mid-twenties

Those that would like to join the webcast, starting at 9:00 a.m. EDT, can access here.

About Thryv

Thryv Holdings, Inc. (NASDAQ:THRY) is the provider of the leading do-it-all small business software platform that empowers small businesses to modernize how they work. It offers small business owners everything they need to communicate effectively, manage their day-to-day operations, and grow — all in one place — giving up to 20 hours back in their week1. Thryv’s customizable platform features four centers: Thryv® Command Center, a freemium central communications hub, Thryv Business Center™, Thryv Marketing Center™ and Thryv Reporting Center™. Approximately 300,000 businesses globally use Thryv software to connect with local customers and take care of everything they do, start to finish. For more information, visit www.thryv.com.

###

1 Based on Thryv survey sample of 181 clients. Calculations assume a 40-hour work week. Results may vary.


						Exhibit 99.1

Media Contact:
Julie Murphy
Thryv, Inc.
617.967.5426
julie.murphy@thryv.com

Investor Contact:
Cameron Lessard
Thryv, Inc.

214.773.7022
cameron.lessard@thryv.com

©2024 Thryv, Inc. All Rights Reserved. 2 Safe Harbor T H R Y V 2 0 2 4 A N A L Y S T D AY This Presentation may include certain forward-looking statements, including, without limitation, statements concerning the conditions of our industry and our operations, performance, and financial condition, including, in particular, statements relating to our business, growth strategies, product development efforts, and future expenses. Forward-looking statements can be identified by words such as ‘‘anticipates,’’ ‘‘intends,’’ ‘‘plans,’’ “may,” “will,” “should,” ‘‘seeks,’’ ‘‘believes,’’ ‘‘estimates,’’ ‘‘expects,’’ ‘forecasts,’’ “outlook,’’ “predict,’’ “project,’’ “potential,’’ “continue,’’ “targets,’’ and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties and risks (some of which are beyond our control) and changes in circumstances or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Except as required by law, we are under no obligation to, and expressly disclaim any obligation to, update or alter any forward-looking statements whether as a result of any such changes, new information, subsequent events or otherwise. Market data and industry information used throughout this Presentation are based on management’s knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management’s review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this Presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. While we believe the estimated market position, market opportunity and market size information included in this Presentation are generally reliable, such information, which is derived in part from management’s estimates and beliefs, is inherently uncertain and imprecise. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. You should not construe the contents of this Presentation as legal, tax, accounting or investment advice or a recommendation to take (or refrain from taking) any particular action. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein. In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this Presentation contains non-GAAP financial measures. We present non-GAAP financial measures including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin and Free Cash Flow. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please refer to the supplemental information presented in the tables for reconciliations of the non-GAAP financial measures used in this Presentation to the most comparable GAAP financial measures. We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in our industry. This Presentation also includes certain forward-looking non-GAAP financial measures, such as Adjusted EBITDA margin and Adjusted Gross Margin. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For this Presentation, Medium-Term denotes 3 to 5 years and Long-Term denotes over 5 years.

©2024 Thryv, Inc. All Rights Reserved. Agenda Welcome CAMERON LESSARD, AVP TREASURY, CORP DEV & IR Transformation Update – Return to Growth JOE WALSH, CHAIRMAN & CEO Essential Points GRANT FREEMAN, PRESIDENT TAMI CANNIZZARO, CHIEF MARKETING OFFICER Mid-point Q&A Nearing the Finish Line – Strategic Value Realization: Exit of Marketing Services JOE WALSH, CHAIRMAN & CEO Financial Update PAUL ROUSE, CHIEF FINANCIAL OFFICER CAMERON LESSARD, AVP TREASURY, CORP DEV & IR Overall Q&A 6

©2024 Thryv, Inc. All Rights Reserved. Top 5 Takeaways A N A L Y S T D A Y SaaS Metrics Improving Keap Acquisition a Positive Expanding Center Approach What’s Next for Marketing Services Update on Medium-Term Outlook 10

©2024 Thryv, Inc. All Rights Reserved. 14 is happening NOW The generational shift of Small Businesses ‘Millennials Are Banking On The Great Wealth Transfer, 4 Words Why You Shouldn’t Cash That Check Yet’, Joseph Coughlin, Forbes

©2024 Thryv, Inc. All Rights Reserved. 17 A meaningful amount of wealth will change hands in the coming decade. ‘Baby Boomers: Incredible Numbers Buying and Selling’, California Association of Business Brokers

©2024 Thryv, Inc. All Rights Reserved. Small Business owner demographics will increasingly change in the future. 18 2 0 2 4 A N A L Y S T D A Y ‘Boomer Small Business Owners Retiring Could Mean Golden Opportunity for Younger Americans’, Brek Dumas, Fox Business

©2024 Thryv, Inc. All Rights Reserved. 19 The next generation taking over these businesses are more Tech-Savvy. 2 0 2 4 A N A L Y S T D A Y ‘Small Business Growth In The Digital Age’, Tony Bradley, Forbes

©2024 Thryv, Inc. All Rights Reserved. 21 $20 billion US SAM $40 billion Global SAM ~ 10 million SMBs ~ 5 million SMBs 1. SAM defined as Serviceable Addressable Market Source: Projections based on average ARPU spend for businesses with 2-99 employees in service-driven industries in the U.S., using data from the U.S. Census Bureau and Small Business Administration. For global estimates, projections are based on mature or English-speaking markets, translating to approximately 5 million businesses. Giant Addressable Market 2 0 2 4 A N A L Y S T D A Y 1 1

©2024 Thryv, Inc. All Rights Reserved. 22 How The Market Is Organized 2 0 2 4 A N A L Y S T D A Y <$2k >$8k >$10k $100k+ >$4k Annual Spend Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise.

©2024 Thryv, Inc. All Rights Reserved. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Construction Services Professional Services Accommodation & Food Other Transportation Retail & Wholesale Trade Manufacturing IT & Comms Value Added Employment 23 SMBs help fuel the U.S. economic engine 2 0 2 4 A N A L Y S T D A Y Small Businesses play a sizable role in Home Services and Professional Services. McKinsey Analysis

©2024 Thryv, Inc. All Rights Reserved. 24 Productivity gap widens as the company size gets smaller. S M A L L B U S I N E S S E S S T R U G G L E W I T H P R O D U C T I V I T Y McKinsey Analysis PRODUCTIVITY50+ Employees 1-49 Employees

©2024 Thryv, Inc. All Rights Reserved. 32 Strategic Rationale W H Y K E A P ? Acquired: October 31, 2024 Cost: $80M Automations Development Team Software Clients NOL Carryforwards Cost Synergies Partner Channel

©2024 Thryv, Inc. All Rights Reserved. 36 We can sell into both bases. $50m 1. Estimates Revenue post integration for 2025 to 2027. Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise. Revenue1

©2024 Thryv, Inc. All Rights Reserved. 40 Expect to achieve $10m EBITDA synergies next year. 2025 Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise.

©2024 Thryv, Inc. All Rights Reserved. Upcoming Inflection Points 2 0 2 4 A N A L Y S T D A Y SaaS Revenue >50% SaaS EBITDA >50% Combined Overall Top-line & Bottom-line Growth 202720262024INFLECTION POINT Inflection point evidences SaaS Revenue and Adjusted EBITDA eclipsing Marketing Services. Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise. 45

©2024 Thryv, Inc. All Rights Reserved. 69 SaaS Metrics That Matter E S S E N T I A L P O I N T S Drive to Net Revenue Retention ~100% Accelerate to SaaS Revenue > Marketing Services Revenue Drive to Becoming Rule of 40 Company Drive Gross Margins to >70% 1. Seasoned net revenue retention is calculated by dividing the recurring revenue of all SaaS clients as of the last month of the quarter (net of expansions, downsell, and churns) by the same customer cohort’s recurring revenue one year ago, removing clients acquired over the last 12 months. 2. Rule of 40 is defined as year-over-year revenue growth plus Adjusted EBITDA Margin. 3. Denotes Adjusted Gross Margins 1 2 3

©2024 Thryv, Inc. All Rights Reserved. Drive Net Revenue Retention ~100% E S S E N T I A L P O I N T S 70 Q4 2023 Q3 2024 96% 101% Seasoned net revenue retention is calculated by dividing the recurring revenue of all SaaS clients as of the last month of the quarter (net of expansions, downsell, and churns) by the same customer cohort’s recurring revenue one year ago, removing clients acquired over the last 12 months.

©2024 Thryv, Inc. All Rights Reserved. Drive to Becoming Rule of 40 SaaS Company 71 2023 Q3 2024 26% 41% E S S E N T I A L P O I N T S Rule of 40 is defined as year-over-year revenue growth plus Adjusted EBITDA Margin.

©2024 Thryv, Inc. All Rights Reserved. Product Evolution Transformed platform with enhanced Reporting Center, Workforce Center and AI-powered Marketing Center enabling frictionless customer experience. E S S E N T I A L P O I N T S 74

©2024 Thryv, Inc. All Rights Reserved. Get quick access to your business' key metrics, including sales, payments, customer trends, team activity, and marketing performance — all in one place. Make smarter business decisions with Thryv R E P O R T I N G C E N T E R 82

©2024 Thryv, Inc. All Rights Reserved. Customized Reporting R E P O R T I N G C E N T E R Access Your Data on the Go: Designed with a small business owner in mind. With Thryv Reporting Center gain the insights you need to grow your business with confidence. 83

©2024 Thryv, Inc. All Rights Reserved. Go-To-Market Evolution Adding product led growth, partner channel and influencer acquisition model to our successful sales led motion. E S S E N T I A L P O I N T S 93

©2024 Thryv, Inc. All Rights Reserved. 97 LAMAR TYLER Tyler New Media JENNA KUTCHER Author, Educator, Host Influencer Channel E S S E N T I A L P O I N T S ROBIN ROBINS Technology Marketing Toolkit DONALD MILLER StoryBrand, Business Made Simple

©2024 Thryv, Inc. All Rights Reserved. Target Distribution, Extend Print Cycle Rationalized Costs Migrate Remaining Digital Clients How We Will Manage Through It… N E A R I N G T H E F I N I S H L I N E 111

©2024 Thryv, Inc. All Rights Reserved. 118 Robust Cash Flow Ensures Debt Servicing N E A R I N G T H E F I N I S H L I N E 1. Consolidated Net Debt is defined as debt outstanding, excluding any unamortized original issue discount and debt issuance costs, less cash balance as of the end of the period. 2. Estimates include global tax assumptions but excludes cash interest payments. 3. Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise. Consolidated Net Debt FY ’24E ~$290 Million 1,3 Print Unlevered FCF (2025-2030) $250-$300 Million 2,3 Consolidated Unlevered FCF (2025-2030) ~$600 Million 2,3

©2024 Thryv, Inc. All Rights Reserved. Cash Flow Continues N E A R I N G T H E F I N I S H L I N E Marketing Services Runoff Cash flow 20302028 Final Directories Published Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise. 119

©2024 Thryv, Inc. All Rights Reserved. 123 See How Thryv Compares F I N A N C I A L R E V I E W 1. Data for the third quarter 2024 and sourced from respective company’s Q3 2024 public filings. 2. Data sourced from ServiceTitan, Inc.'s Form S-1 Registration Statement filed with the Securities and Exchange Commission on November 18, 2024. Active customer growth metrics as disclosed in the filing. Data for the six months ended July 31, 2024. 3. Data for the first quarter 2025 and sourced from Bill.com’s Q1 2025 public filings. 4. EverCommerce (EVCM) Revenue Growth Pro Forma for fitness sale and reports Net Revenue Retention (NRR) on a last twelve months (LTM) basis. Thryv Software1 HubSpot1 ServiceTitan2 Bill.com3 EverCommerce1,4 Total Revenue Growth 29% 20% 24% 18% 4% GAAP Gross Margins 70% 85% 64% 82% 63% Non-GAAP Gross Margins 72% 87% 70% 86% 66% GAAP Profit Margin5 NA (1%) (24%) 2% (5%) Non-GAAP Profit Margin6 12% 19% 5% 19% 25% Rule of 407 41% 39% 29% 37% 30% Client Growth 45% 23% 18% (100%) NM Net Revenue Retention8 101% 102% 110% 92% 96% 5. Thryv does not disclose GAAP Profit Margin on a segment basis. GAAP Profit Margin represents the applicable GAAP Operating Margin as defined in the respective company's public disclosures. 6. Non-GAAP Profit Margin represents the applicable Non-GAAP Operating Margin or Adjusted EBITDA Margin as defined in the respective company's public disclosures. 7. Rule of 40 is defined as year-over-year revenue growth plus Adjusted EBITDA Margin. 8. Seasoned net revenue retention is calculated by dividing the recurring revenue of all SaaS clients as of the last month of the quarter (net of expansions, downsell, and churns) by the same customer cohort’s recurring revenue one year ago, removing clients acquired over the last 12 months.

©2024 Thryv, Inc. All Rights Reserved. SaaS Aiming Points F I N A N C I A L R E V I E W Gross Margins Client Spend Net Revenue Retention Rule of 40 Deleveraging 1. Denotes Adjusted Gross Margins 2. Seasoned net revenue retention is calculated by dividing the recurring revenue of all SaaS clients as of the last month of the quarter (net of expansions, downsell, and churns) by the same customer cohort’s recurring revenue one year ago, removing clients acquired over the last 12 months. 3. Rule of 40 is defined as year-over-year revenue growth plus Adjusted EBITDA Margin. 1 2 3 124

©2024 Thryv, Inc. All Rights Reserved. 2021 2022 2023 2024E 2025E 2027E 2029E 63.5% 63.6% 66.6% 70.0% 74.0% 76.0% 80.0% Adjusted Gross Margin F I N A N C I A L R E V I E W Product mix driving higher Adjusted Gross Margins. Company aiming towards ~80%. Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise. 125

©2024 Thryv, Inc. All Rights Reserved. Net Revenue Retention F I N A N C I A L R E V I E W 101% 2022 2023 Q3 2024 91% 96% ~100% Seasoned net revenue retention is calculated by dividing the recurring revenue of all SaaS clients as of the last month of the quarter (net of expansions, downsell, and churns) by the same customer cohort’s recurring revenue one year ago, removing clients acquired over the last 12 months. 127

©2024 Thryv, Inc. All Rights Reserved. C H A R T I N G O U R F U T U R E Acceleration In Paid Centers Per Client 128 2% 5% 6% 8% 10% 12% 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 Medium-Term Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise.

©2024 Thryv, Inc. All Rights Reserved. Targeting The Rule of 40 F I N A N C I A L R E V I E W FY 2023 FY 2024E Long-Term Adjusted EBITDA Margin Revenue Growth Rule of 40 26% >35% 20% FY 2022 ~40% 1. Rule of 40 is defined as year-over-year revenue growth plus Adjusted EBITDA Margin. FY 2024E is estimated based on the organic SaaS business. 2. Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise. 1 2 2 129

©2024 Thryv, Inc. All Rights Reserved. Required amortization payments ahead of schedule. Peak leverage in Q2-25, Significant deleveraging expected thereafter. Amortization & Leverage Scorecard F I N A N C I A L R E V I E W 131

©2024 Thryv, Inc. All Rights Reserved. 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 Q4-27 Amortization & Leverage Scorecard F I N A N C I A L R E V I E W Based on assumptions regarding the timing and impact of Marketing Services print cycle. Net Leverage Ratio is calculated based on LTM EBITDA per credit agreement to Net Debt. Company made two amortization payments totaling $26.3 million in November 2024. Paid Required Amortization Net Leverage RatioRequired Amortization Payments 2025 132

©2024 Thryv, Inc. All Rights Reserved. 133 2025 & Medium-Term Targets F I N A N C I A L R E V I E W 2025 OUTLOOK MEDIUM-TERM Organic SaaS Revenue Growth of 18%-20% Growth of ~20% Keap Revenue $75m-$78m Return to Growth in 2026 SaaS Adjusted Gross Margin ~74% ~80% SaaS EBITDA Mid-teens Margin; $10m of projected Keap Synergies ~20% Margin Marketing Services Revenue Decline of ~35% Last Publications in 2028 Marketing Services EBITDA Margins in the Mid-twenties Margins in the Mid-twenties EPS Turns Positive H2 Positive Growth Cash Flow Through 2030 Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise.

©2024 Thryv, Inc. All Rights Reserved. 136 By the End of the Decade T H R Y V A N A L Y S T D A Y 2 0 2 4 1. Estimates include global tax assumptions but excludes cash interest payments. 2. ARR is defined as Annual Recurring Revenue 3. Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise. $250-$300 Million Print Unlevered FCF (2025-2030) 1,3 ~$1 Billion in SaaS ARR 2,3

©2024 Thryv, Inc. All Rights Reserved. 140 Non-GAAP Financial Reconciliation A P P E N D I X Reconciliation of Adjusted Gross Profit to Gross Profit FOR THE YEARS ENDED (in thousands) 2021 2022 2023 Reconciliation of Adjusted Gross Profit Gross Profit $104,712 $132,343 $169,190 Plus: Depreciation and amortization expense $3,792 $5,162 $6,178 Stock-based compensation expense $71 $89 $214 Adjusted Gross Profit $108,575 $137,594 $175,582 Gross Margin 61.2% 61.2% 64.2% Adjusted Gross Margin 63.5% 63.6% 66.6%

Cover Page	Dec. 03, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Dec. 03, 2024
Entity Registrant Name	THRYV HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35895
Entity Tax Identification Number	13-2740040
Entity Address, Address Line One	2200 West Airfield Drive, P.O. Box 619810
Entity Address, City or Town	D/FW Airport
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75261
City Area Code	972
Local Phone Number	453-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	THRY
Entity Emerging Growth Company	false
Entity Central Index Key	0001556739
Amendment Flag	false
Security Exchange Name	NASDAQ

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