# EDGAR Filing Document

**Accession Number:** 0001556739
**File Stem:** 0001556739-26-000012
**Filing Date:** 2026-2
**Character Count:** 42839
**Document Hash:** 97ba52937c9dd17def4fde4222ab47c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001556739-26-000012.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001556739-26-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260226

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thryv Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001556739
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING [7310]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 132740040
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35895
- **FILM NUMBER:** 26681710

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 MUNICIPAL WAY
- **STREET 2:** SUITE 220
- **CITY:** GRAPEVINE
- **STATE:** TX
- **ZIP:** 76051
- **BUSINESS PHONE:** 972-453-7000

**MAIL ADDRESS:**
- **STREET 1:** 1301 MUNICIPAL WAY
- **STREET 2:** SUITE 220
- **CITY:** GRAPEVINE
- **STATE:** TX
- **ZIP:** 76051

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEX MEDIA, INC.
- **DATE OF NAME CHANGE:** 20130430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEWDEX, INC.
- **DATE OF NAME CHANGE:** 20120822

?xml version='1.0' encoding='ASCII'? thryv-20260226

**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): February 26, 2026

**THRYV HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-35895** | **13-2740040** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |
| **1301 Municipal Way, Suite 220**<br>**Grapevine, TX** | **1301 Municipal Way, Suite 220**<br>**Grapevine, TX** | **76051** |
| &nbsp;&nbsp;&nbsp;&nbsp; (Address of Principal Executive Offices) | &nbsp;&nbsp;&nbsp;&nbsp; (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<br>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 2.02. Results of Operations and Financial Condition.**

On February 26, 2026, Thryv Holdings, Inc. (the "Company") issued a press release announcing its earnings for the year ended December 31, 2025. This press release is attached as Exhibit 99.1 and is incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure.**

The Company will hold a conference call on February 26, 2026.

The information in Item 2.02 and 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 2.02 and 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*.

<u>Exhibit Number</u> <u>Description</u>

99.1 <u>[Press release, dated February 26, 2026, issued by Thryv Holdings, Inc.](exhibit991-pressreleaseq42.htm)</u> <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

------

**SIGNATURE**

&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| | <br>**THRYV HOLDINGS, INC.** | <br>**THRYV HOLDINGS, INC.** |
| Date: February 26, 2026 | By: | /s/ Paul D. Rouse |
|  | Name: Paul D. Rouse | Name: Paul D. Rouse |
|  | Title: Chief Financial Officer, Executive Vice President and Treasurer | Title: Chief Financial Officer, Executive Vice President and Treasurer |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![image_12.jpg](image_12.jpg) | **Exhibit 99.1** |

---

**Thryv Achieves SaaS Revenue Growth of 34% in Full Year 2025, Shifts Focus to AI-Enabled "Market, Sell, Grow" Platform to Empower SMBs**

**–Q4 SaaS Revenue Grows to over 62% of Total Revenue**

**–2025 SaaS Adjusted EBITDA Margin Expands 400 Basis Points Year-Over-Year**

**–Q4 SaaS Monthly ARPU Increases 15% Year-Over-Year to $373**

**–Q4 Marketing Center Revenue Growth of Over 50% Year-Over-Year** 

**DALLAS,** February 26, 2026 **–** Thryv Holdings, Inc. (NASDAQ:THRY) ("Thryv" or the "Company"), the provider of Thryv®, the leading small business marketing and sales software platform, reported an increase in SaaS revenue of 14% year-over-year in the fourth quarter of 2025 and grew 34% year-over-year for the full year 2025.

**Fourth Quarter Financial 2025 Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS revenue was $119.0 million, a 14.1% increase year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS revenue excluding Keap was $102.8 million, a 13.1% increase year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing Services revenue was $72.6 million, an 11.7% decrease year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated total revenue was $191.6 million, an increase of 2.7% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated net loss was $9.7 million, or $(0.22) per diluted share; compared to net income of $7.9 million, or $0.19 per diluted share, for the fourth quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA was $38.9 million, representing an Adjusted EBITDA margin of 20.3%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS Adjusted EBITDA was $20.0 million, representing an Adjusted EBITDA margin of 16.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing Services Adjusted EBITDA was $18.8 million, representing an Adjusted EBITDA margin of 25.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Gross Profit was $130.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted Gross Profit<sup>1</sup> was $133.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS Gross Profit was $81.7 million, representing a Gross Margin of 68.7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS Adjusted Gross Profit<sup>1</sup> was $83.8 million, representing an Adjusted Gross Margin of 70.4%

**Full-Year 2025 Financial Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS revenue was $461.0 million, a 34.2% increase year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS revenue excluding Keap was $391.4 million, an 18.6% increase year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing Services revenue was $324.0 million, a 32.6% decrease year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated total revenue was $785.0 million, a decrease of 4.7% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated net income was $0.3 million, or $0.01 per diluted share, compared to net loss of $74.2 million, or $(2.00) per diluted share, for last year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA was $151.8 million, representing an Adjusted EBITDA margin of 19.3%

<sup>1</sup> Defined as Gross profit adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense.

------

![image_12.jpg](image_12.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS Adjusted EBITDA was $73.8 million, representing an Adjusted EBITDA margin of 16.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing Services Adjusted EBITDA was $78.0 million, representing an Adjusted EBITDA margin of 24.1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Gross Profit was $532.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted Gross Profit<sup>1</sup> was $548.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS Gross Profit was $325.8 million, representing a Gross Margin of 70.7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS Adjusted Gross Profit<sup>1</sup> was $335.0 million, representing an Adjusted Gross Margin of 72.7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow was $63.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow<sup>2</sup> was $31.1 million

**Recent Business Highlights and Metrics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quality customers<sup>3</sup> (defined as those contributing more than $400 in monthly recurring revenue) accounted for 69% of SaaS revenue<sup>3</sup> in the fourth quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS clients were 100 thousand at the end of the fourth quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seasoned Net Revenue Retention<sup>4</sup> was 94% as of December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SaaS monthly Average Revenue per Unit ("ARPU")<sup>5</sup> was $373 for the fourth quarter of 2025, an increase of 15% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the fourth quarter of 2025, Marketing Center revenue increased 56% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For 2025, Marketing Center revenue increased over 100% year-over-year

"We delivered solid full-year 2025 results, with SaaS revenue growth of 34% year-over-year and SaaS Adjusted EBITDA margin of 16.0%," said Joe Walsh, Thryv Chairman and CEO. "During the year, we have successfully transitioned from legacy print and marketing services into a leading SMB software company, with SaaS revenue now contributing over 62% of total revenue. Looking ahead, we are shifting to a unified growth offering enabled by AI—the Thryv Platform—designed to help small businesses market, sell, and grow."

**Earnings Conference Call Information** 

Thryv will host a conference call on Thursday, February 26, 2026 at 8:30 a.m. (Eastern Time) to discuss the Company's fourth quarter 2025 results and outlook.

To listen to this conference call, please use this link. After registering, a confirmation email will be sent, including access details. We recommend registering a day in advance or at a minimum thirty minutes prior to the start of the call. A live webcast will also be available on the Investor Relations section of the Company's website at investor.thryv.com.

<sup>2</sup> Defined as net cash provided by operating activities minus additions to fixed assets and capitalized software.

<sup>3</sup> Excludes customers and revenue attributed to the Keap acquisition.

<sup>4</sup> Seasoned NRR is calculated by dividing the revenue of all clients that have had one or more SaaS offerings for at least two years as of the last month of the year or quarter, as applicable, by the same clients' revenue one year ago. Seasoned NRR excludes clients acquired in the Keap acquisition.

<sup>5</sup> Defined as total client billings for a particular month divided by the number of clients that have one or more revenue-generating solutions in that same month. This is a weighted-average calculation and inclusive of the impact from the Keap acquisition.

------

![image_12.jpg](image_12.jpg)<br>

**Thryv Holdings, Inc. and Subsidiaries**

**Consolidated Statements of Operations and Comprehensive (Loss) Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| *(in thousands, except share and per share data)* | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | $191619 | $186596 | $785015 | $824156 |
| Cost of services | 61282 | 63569 | 252305 | 286919 |
| **Gross profit** | 130337 | 123027 | 532710 | 537237 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 52146 | 61534 | 225692 | 254433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 9473 | 6628 | 39111 | 15713 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 58554 | 62067 | 211198 | 217296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  |  | 83094 |
| **Total operating expenses** | 120173 | 130229 | 476001 | 570536 |
| **Operating income (loss)** | 10164 | (7202) | 56709 | (33299) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (5548) | (4940) | (23430) | (36494) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, related party | (2600) | (4783) | (11328) | (10277) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic pension (cost) benefit | (6606) | 29549 | (8817) | 24806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 278 | (3163) | 3909 | (10734) |
| **(Loss) income before income tax expense** | (4312) | 9461 | 17043 | (65998) |
| Income tax expense | (5348) | (1578) | (16736) | (8218) |
| **Net (loss) income** | $(9660) | $7883 | $307 | $(74216) |
| Other comprehensive (loss) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment, net of tax | (39) | (882) | (570) | 250 |
| **Comprehensive (loss) income** | $(9699) | $7001 | $(263) | $(73966) |
| **Net (loss) income per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.22) | $0.19 | $0.01 | $(2.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.22) | $0.19 | $0.01 | $(2.00) |
| **Weighted-average shares used in computing basic and diluted net (loss) income per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 43579557 | 40579831 | 43621796 | 37142271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 43579557 | 41901138 | 44476869 | 37142271 |

---

------

![image_12.jpg](image_12.jpg)<br>

 **Thryv Holdings, Inc. and Subsidiaries**

 **Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| *(in thousands, except share data)* | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $10752 | $16311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $13,830 in 2025 and $13,051 in 2024 | 136394 | 161620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets, net of allowance of $2 in 2025 and $29 in 2024 | 411 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes receivable | 8134 | 6218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 10939 | 13923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred costs | 11548 | 8402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 679 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 178857 | 210720 |
| Fixed assets and capitalized software, net | 50885 | 44478 |
| Goodwill | 253809 | 253318 |
| Intangible assets, net | 25929 | 34259 |
| Deferred tax assets | 133221 | 143495 |
| Other assets | 45886 | 25895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $688587 | $712165 |
| **Liabilities and Stockholders' Equity** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $9764 | $13011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 91246 | 95462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of unrecognized tax benefits | 28303 | 26196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 28875 | 40315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of Term Loan | 10500 | 7875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of Term Loan, related party | 7000 | 5250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 3905 | 8151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 179593 | 196260 |
| Term Loan, net | 125419 | 146885 |
| Term Loan, net, related party | 85448 | 100436 |
| ABL Facility | 25120 | 23891 |
| Pension obligations, net | 44171 | 38014 |
| Other liabilities | 10697 | 9759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total long-term liabilities** | 290855 | 318985 |
| Commitments and contingencies |  |  |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock - $0.01 par value, 250,000,000 shares authorized; 72,002,129 shares issued and 43,815,268 shares outstanding at December 31, 2025; and 70,556,740 shares issued and 43,033,960 shares outstanding at December 31, 2024 | 720 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1303144 | 1272476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock - 28,186,861 shares at December 31, 2025 and 27,522,780 shares at December 31, 2024 | (498103) | (488903) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (15511) | (14941) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (572111) | (572418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 218139 | 196920 |
| **Total liabilities and stockholders' equity** | $688587 | $712165 |

---

------

![image_12.jpg](image_12.jpg)<br>

**Thryv Holdings, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| *(in thousands)* | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net income (loss) | $307 | $(74216) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 39459 | 52789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred commissions | 14634 | 18283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 3236 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 10625 | (5270) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses and service credits | 17703 | 22508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 25250 | 24118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic pension cost (benefit) | 8817 | (24806) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  | 83094 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on foreign currency exchange rates | (3509) | 4096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt |  | 6638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 416 | (3166) |
| Changes in working capital items, excluding acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (9848) | 23167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 1716 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (14524) | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (12731) | (26526) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | (12433) | (8625) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (5590) | (8244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 63528 | 89783 |
| **Cash Flows from Investing Activities** |  |  |
| Additions to fixed assets and capitalized software | (32390) | (33537) |
| Acquisition of a business, net of cash acquired | (143) | (76887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (32533) | (110424) |
| **Cash Flows from Financing Activities** |  |  |
| Proceeds from Term Loan |  | 206220 |
| Proceeds from Term Loan, related party |  | 137480 |
| Payments of Term Loan | (21000) | (356618) |
| Payments from Term Loan, related party | (14000) | (31500) |
| Proceeds from ABL Facility | 375519 | 329004 |
| Payments of ABL Facility | (374291) | (353957) |
| Principal payments on finance lease obligations | (934) |  |
| Debt issuance costs |  | (5480) |
| Repurchases of common stock | (4999) | (499) |
| Proceeds from common stock offering, net of offering expenses |  | 87402 |
| Other | 1231 | 7164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (38474) | 19216 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 587 | (1344) |
| Decrease in cash, cash equivalents and restricted cash | (6892) | (2769) |
| Cash, cash equivalents and restricted cash, beginning of period | 17761 | 20530 |
| Cash, cash equivalents and restricted cash, end of period | $10869 | $17761 |
| **Supplemental Information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $31581 | $44018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | $5202 | $15413 |

---

------

![image_12.jpg](image_12.jpg)<br>

**Segment Information**

The following tables summarize the operating results of the Company's reportable segments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *(in thousands)* | **2025**  | **2024**  | **Amount** | **%** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SaaS | $118990 | $104305 | $14685 | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing Services | 72629 | 82291 | (9662) | (11.7)% |
| **Total Revenue** | $191619 | $186596 | $5023 | 2.7% |
| **Adjusted EBITDA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SaaS | $20043 | $17276 | $2767 | 16.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing Services | 18837 | 12104 | 6733 | 55.6% |
| **Consolidated Adjusted EBITDA** | $38880 | $29380 | $9500 | 32.3% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Change** | **Change** |
| *(in thousands)* | **2025**  | **2024**  | **Amount** | **%** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SaaS | $461027 | $343476 | $117551 | 34.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing Services | 323988 | 480680 | (156692) | (32.6)% |
| **Total Revenue** | $785015 | $824156 | $(39141) | (4.7)% |
| **Adjusted EBITDA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SaaS | $73842 | $41190 | $32652 | 79.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing Services | 78004 | 121241 | (43237) | (35.7)% |
| **Consolidated Adjusted EBITDA** | $151846 | $162431 | $(10585) | (6.5)% |

---

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![image_12.jpg](image_12.jpg)<br>

The following tables present reconciliations of SaaS revenue for the Company to SaaS revenue excluding Keap and Keap SaaS revenue:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| *(in thousands)* | **2025** | **2024** |
| **Reconciliation of SaaS Revenue** |  |  |
| SaaS Revenue | $118990 | $104305 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Keap SaaS Revenue | 16219 | 13419 |
| **SaaS Revenue (*excluding Keap)*** | $102771 | $90886 |

---

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| *(in thousands)* | **2025**  | **2024**  |
| **Reconciliation of SaaS Revenue** |  |  |
| SaaS Revenue | $461027 | $343476 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Keap SaaS Revenue | 69596 | 13419 |
| **SaaS Revenue (*excluding Keap)*** | $391431 | $330057 |

---

**Non-GAAP Measures**

Our results included in this press release include Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow, which are not presented in accordance with U.S. generally accepted accounting principles ("GAAP").

We have included Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow because management believes they provide useful information to investors in gaining an overall understanding of our current financial performance and provide consistency and comparability with past financial performance. Specifically, we believe Adjusted EBITDA provides useful information to management and investors by excluding certain non-operating items that we believe are not indicative of our core operating results. In addition, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow are used by management for budgeting and forecasting as well as measuring the Company's performance. We believe Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow provide investors with the financial measures that closely align with our internal processes.

We define Adjusted EBITDA ("Adjusted EBITDA") as Net income (loss) plus Interest expense, Income tax expense (benefit), Depreciation and amortization expense, Restructuring and integration expenses, Loss on early extinguishment of debt, Stock-based compensation expense, Impairment charges, and other non-operating expenses, such as Net periodic pension cost (benefit), and certain unusual and non-recurring charges that might have been incurred. Adjusted EBITDA should not be considered as an alternative to Net income (loss) as a performance measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We define Adjusted Gross Profit ("Adjusted Gross Profit") as Gross profit adjusted to exclude the impact of Depreciation and amortization expense and Stock-based compensation expense. We define Free Cash Flow as net cash provided by operating activities minus additions to fixed assets and capitalized software.

Non-GAAP financial information has limitations as an analytical tool and is presented for supplemental informational purposes only. Such information should not be considered a substitute for financial information

------

![image_12.jpg](image_12.jpg)<br>

presented in accordance with U.S. GAAP and may be different from similarly-titled non-GAAP measures used by other companies.

The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, Net income (loss):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of Adjusted EBITDA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(9660) | $7883 | $307 | $(74216) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 8148 | 9723 | 34758 | 46771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 8137 | 11645 | 39459 | 52789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 5698 | 6465 | 25250 | 24118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and integration expenses <sup>(1)</sup> | 12634 | 15018 | 28180 | 32697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 5348 | 1578 | 16736 | 8218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs <sup>(2)</sup> |  | 3439 |  | 5145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic pension cost (benefit) <sup>(3)</sup> | 6606 | (29549) | 8817 | (24806) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt <sup>(4)</sup> |  |  |  | 6638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  |  |  | 83094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(5)</sup> | 1969 | 3178 | (1661) | 1983 |
| **Adjusted EBITDA** | $38880 | $29380 | $151846 | $162431 |

---

(1)For the years ended December 31, 2025 and 2024, expenses relate to periodic efforts to enhance efficiencies and reduce costs, and include severance benefits, costs associated with abandoned facilities, and system consolidation costs. For more information on our restructuring and integration expenses, please see our 2025 Annual Report on Form 10-K.

(2)Expenses related to the Keap Acquisition.

(3)Net periodic pension cost (benefit) is primarily from our non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs.

(4)In connection with the debt refinancing completed on May 1, 2024, the Company recorded a Loss on early extinguishment of debt related to the write-off of certain unamortized debt issuance costs on the Company's Prior Term Loan and Prior ABL Facility. See Note 10, Debt Obligations, to our consolidated financial statements included in Part I, Item 1 in our 2025 Annual Report on Form 10-K for more information.

(5)Other primarily includes foreign exchange-related (income) expense.

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![image_12.jpg](image_12.jpg)<br>

The following tables set forth reconciliations of Adjusted Gross Profit and Adjusted Gross Margin, to their most directly comparable GAAP measures, Gross Profit and Gross Margin:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| *(in thousands)* | **SaaS** | **Marketing Services** | **Total** |
| **Reconciliation of Adjusted Gross Profit** |  |  |  |
| Gross Profit | $81736 | $48601 | $130337 |
| Plus: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 1949 | 1183 | 3132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 90 | 47 | 137 |
| **Adjusted Gross Profit** | $83775 | $49831 | $133606 |
| Gross Margin | 68.7% | 66.9% | 68.0% |
| Adjusted Gross Margin | 70.4% | 68.6% | 69.7% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| *(in thousands)* | **SaaS** | **Marketing Services** | **Total** |
| **Reconciliation of Adjusted Gross Profit** |  |  |  |
| Gross Profit | $76231 | $46796 | $123027 |
| Plus: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 2830 | 1837 | 4667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 108 | 47 | 155 |
| **Adjusted Gross Profit** | $79169 | $48680 | $127849 |
| Gross Margin | 73.1% | 56.9% | 65.9% |
| Adjusted Gross Margin | 75.9% | 59.2% | 68.5% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| *(in thousands)* | **SaaS** | **Marketing Services** | **Total** |
| **Reconciliation of Adjusted Gross Profit** |  |  |  |
| Gross Profit | $325824 | $206886 | $532710 |
| Plus: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 8785 | 6133 | 14918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 352 | 251 | 603 |
| **Adjusted Gross Profit** | $334961 | $213270 | $548231 |
| Gross Margin | 70.7% | 63.9% | 67.9% |
| Adjusted Gross Margin | 72.7% | 65.8% | 69.8% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| *(in thousands)* | **SaaS** | **Marketing Services** | **Total** |
| **Reconciliation of Adjusted Gross Profit** |  |  |  |
| Gross Profit | $238222 | $299015 | $537237 |
| Plus: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 8600 | 12406 | 21006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 336 | 327 | 663 |
| **Adjusted Gross Profit** | $247158 | $311748 | $558906 |
| Gross Margin | 69.4% | 62.2% | 65.2% |
| Adjusted Gross Margin | 72.0% | 64.9% | 67.8% |

---

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![image_12.jpg](image_12.jpg)<br>

The following tables set forth reconciliations of Free Cash Flow to its most directly comparable GAAP measure, Net cash provided by operating activities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| *(in thousands)* | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of Free Cash Flow** |  |  |  |  |
| Net cash provided by operating activities | $22207 | $26143 | $63528 | $89783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to fixed assets and capitalized software | (9899) | (8807) | (32390) | (33537) |
| **Free Cash Flow** | $12308 | $17336 | $31138 | $56246 |

---

**Supplemental Financial Information** 

The following supplemental financial information provides Revenue, Net Income (Loss), Net Income (Loss) Margin, Adjusted EBITDA and Adjusted EBITDA Margin by our (i) SaaS business and (ii) Marketing Services business. Total SaaS Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Total Marketing Services Adjusted EBITDA and Adjusted EBITDA margin are also non-GAAP financial measures. These non-GAAP financial measures are presented for supplemental informational purposes only and are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our global SaaS and Marketing Services financial performance, enhance the overall understanding of our global SaaS and Marketing Services past financial performance 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 additional tools for investors to use in comparing our core financial performance over multiple periods.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| *(in thousands)* | **SaaS** | **Marketing Services** | **Total** |
| Revenue | $118990 | $72629 | $191619 |
| Net Loss |  |  | (9660) |
| Net Loss Margin |  |  | (5.0)% |
| Adjusted EBITDA | 20043 | 18837 | 38880 |
| Adjusted EBITDA Margin | 16.8% | 25.9% | 20.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| *(in thousands)* | **SaaS** | **Marketing Services** | **Total** |
| Revenue | $104305 | $82291 | $186596 |
| Net Income |  |  | 7883 |
| Net Income Margin |  |  | 4.2% |
| Adjusted EBITDA | 17276 | 12104 | 29380 |
| Adjusted EBITDA Margin | 16.6% | 14.7% | 15.7% |

---

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![image_12.jpg](image_12.jpg)<br>

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| *(in thousands)* | **SaaS** | **Marketing Services** | **Total** |
| Revenue | $461027 | $323988 | $785015 |
| Net Income |  |  | 307 |
| Net Income Margin |  |  | —% |
| Adjusted EBITDA | 73842 | 78004 | 151846 |
| Adjusted EBITDA Margin | 16.0% | 24.1% | 19.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| *(in thousands)* | **SaaS** | **Marketing Services** | **Total** |
| Revenue | $343476 | $480680 | $824156 |
| Net Loss |  |  | (74216) |
| Net Loss Margin |  |  | (9.0)% |
| Adjusted EBITDA | 41190 | 121241 | 162431 |
| Adjusted EBITDA Margin | 12.0% | 25.2% | 19.7% |

---

**Forward-Looking Statements** 

Certain statements contained herein are not historical facts, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. Statements that include the words "may", "will", "could", "should", "would", "believe", "anticipate", "forecast", "estimate", "expect", "preliminary", "intend", "plan", "target", "project", "outlook", "future", "forward", "guidance" and similar statements of a future or forward-looking nature identify forward-looking statements. These statements are not guarantees of future performance. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following: significant competition for our Marketing Services solutions and SaaS offerings, including from companies that use components of our SaaS offerings provided by third parties; our ability to maintain profitability; our ability to manage our growth effectively; our ability to transition our Marketing Services clients to our Thryv platform, maintain transitioned clients on that platform and sell them additional or upgraded products; sell our platform into new markets or further penetrate existing markets; our ability to maintain our strategic relationships with third-party service providers; internet search engines and portals potentially terminating or materially altering their agreements with us; our ability to keep pace with rapid technological changes and evolving industry standards; our SMBs clients potentially opting not to renew their agreements with us or renewing at lower spend; potential system interruptions or failures, including cybersecurity breaches, identity theft, data loss, unauthorized access to data or other disruptions that could compromise our information; our potential failure to identify suitable acquisition candidates and consummate such acquisitions; our ability to complete acquisitions and the successful integration of such acquisitions, including our October 2024 acquisition of Keap, and any failure of an acquired business to achieve its plans and objectives or realize any expected benefit from any such acquisition; the potential loss of one or more key employees or our inability to attract and to retain highly skilled employees; our ability to maintain the compatibility of our Thryv platform with third-party applications;

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![image_12.jpg](image_12.jpg)<br>

our ability to successfully expand our operations and current offerings into new markets, including internationally, or further penetrate existing markets; our potential failure to provide new or enhanced functionality and features; our potential failure to comply with applicable privacy, security and data laws, regulations and standards; potential changes in regulations governing privacy concerns and laws or other domestic or foreign data protection regulations; our potential failure to meet service level commitments under our client contracts; our potential failure to offer high-quality or technical support services; our Thryv platform and add-ons potentially failing to perform properly; our use of artificial intelligence in our business, and challenges with properly managing its use, could result in reputational harm, competitive harm, and legal liability; the potential impact of future labor negotiations; our ability to protect our intellectual property rights, proprietary technology, information, processes, and know-how; rising inflation and our ability to control costs, including operating expenses; general macro-economic conditions, including a recession or an economic slowdown in the U.S. or internationally; adverse tax laws, regulations or audit outcomes or potential changes to existing tax laws or regulations; costs, liabilities and reputational harm resulting from regulatory investigations, including the subpoena from the Division of Enforcement of the Securities and Exchange Commission (the "SEC"); volatility and weakness in bank and capital markets; and costs, obligations and liabilities incurred as a result of and in connection with being a public company as well as the risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K filed with the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. For these reasons, we caution you against relying on forward-looking statements. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements speak only as of the date hereof and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

**About Thryv**

Thryv (NASDAQ: THRY) is an AI-enabled global marketing platform that helps small businesses (SMBs) get found online faster, win more customers, and drive repeat business. Thryv software offers SMBs AI-driven lead insights, automated customer follow-up and payment processing, an AI-enabled CRM and a suite of additional solutions. Thryv is making growth-focused AI tools accessible to the plumber, salon owner, contractor, lawyer, accountant and more. Over 200K+ businesses globally use Thryv to market, sell, and grow. For more information, visit www.thryv.com.

**Media Contact:** 

Julie Murphy

Thryv, Inc.

617.967.5426 julie.murphy@thryv.com

**Investor Contact:** 

Cameron Lessard

Thryv, Inc.

cameron.lessard@thryv.com

&nbsp;&nbsp;&nbsp;&nbsp;###

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