Thryv Holdings, Inc.

What they do

Thryv serves approximately 230,000 SMB clients through two segments: SaaS and Marketing Services. The SaaS segment offers a unified platform combining CRM, marketing execution, automation, communications, payments, and reporting, built around Thryv Marketing Center and Keap. Marketing Services is the legacy print and digital solutions business, which the company plans to exit by the end of 2028.

Revenue drivers

• SaaS — Subscription plans, platform extensions, payment solutions, and professional services; generated $114.5 million in Q2 2026, or 76% of total revenue.
• Marketing Services — Legacy print and digital solutions being managed toward exit by end of 2028; contributed $36.2 million in Q2 2026.
• Market, Sell, Grow initiatives — Marketing Center and additional marketing value-added services, excluding Keap; grew 21% year-over-year in Q2 2026.

Recent performance

Q2 2026 consolidated revenue was $150.7 million, with SaaS revenue of $114.5 million (down 0.5% year-over-year) and Marketing Services revenue of $36.2 million. The company reported a consolidated net loss of $16.7 million, or $(0.38) per diluted share, compared with net income of $13.9 million, or $0.31 per diluted share, in Q2 2025. Consolidated Adjusted EBITDA was $20.8 million, a 13.8% margin. SaaS monthly ARPU rose 11.9% year-over-year to $394, and seasoned net revenue retention was 90%. SaaS clients totaled 95 thousand at quarter-end.

Strategy

Thryv is transitioning to a pure SaaS model, with Marketing Services being exited by the end of 2028. It has launched the Thryv Growth Platform, described as an AI-native growth offering, and is partnering with Ooma and planning a partnership with Wix. A restructuring plan is expected to incur $20 million to $25 million in charges, with cost savings beginning in 2027 and building to $55 million to $60 million in gross annualized savings. Management states these actions are expected to be accretive to Adjusted EBITDA margins and strengthen free cash flow.

Risks

• Marketing Services transition and exit — The company must transition Marketing Services clients to the Thryv Platform and manage the segment's decline while exiting by end of 2028.
• SaaS growth reacceleration — SaaS revenue declined 0.5% year-over-year in Q2 2026, with headwinds in legacy CRM products offsetting 21% growth in Market, Sell, Grow initiatives.
• Competition and third-party reliance — Thryv faces significant competition and relies on third-party service providers, including for AI solutions, which could disrupt its offerings.
• Renewals and client spend — Clients may opt not to renew agreements or renew at lower spend, as reflected in seasoned net revenue retention of 90%.

Outlook

Management guides full-year 2026 SaaS revenue of $453 million to $457 million and SaaS Adjusted EBITDA of $42 million to $44 million. Marketing Services full-year 2026 revenue is guided to $161 million to $163 million, with Adjusted EBITDA of $31 million to $33 million. For Q3 2026, SaaS revenue is guided to $111 million to $112 million and Marketing Services revenue to $34 million to $35 million. The company expects restructuring cost savings to begin in 2027.