Business
Thryv Grows SaaS Revenue 25% in Second Quarter 2024, Raises Full Year 2024 SaaS Adjusted EBITDA Guidance
– Grows SaaS subscribers over 50% year-over-year – Q2 2024 SaaS Adjusted EBITDA exceeds guidance range by $2 million DALLAS--(BUSINESS WIRE)-- Thryv
About this update from Thryv Holdings, Inc.
[{"type":"text","content":"\n– Grows SaaS subscribers over 50% year-over-year\n– Q2 2024 SaaS Adjusted EBITDA exceeds guidance range by $2 million\n\n\n DALLAS--(BUSINESS WIRE)--\nThryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv®, the leading small business software platform, reported SaaS revenue growth of 25% year-over-year in the second quarter of 2024.\n\n\n“We had a strong second quarter driven by 52% subscriber growth year-over-year, ending at 85,000 clients,” said Joe Walsh, Thryv Chairman and CEO. “We have been successfully upgrading our marketing service clients to our SaaS platform and our center strategy is gaining traction, with more than 10% of current clients having two or more paid centers, up from 2% this time last year. In addition, we are actively enhancing our AI capabilities so our clients can more efficiently grow and operate their business. We are pleased with the progress of our product initiatives.\"\n\n\n“We reported solid second quarter results and are raising our full year Adjusted EBITDA guidance for SaaS,” stated Paul Rouse, Chief Financial Officer. “In the second quarter, we reported SaaS revenue growth of 25% and exceeded our SaaS Adjusted EBITDA guidance, delivering our highest SaaS Adjusted EBITDA margin since becoming a public company.”\n\n\nSecond Quarter 2024 Highlights:\n\n\n\nTotal SaaS revenue was $77.8 million, a 25% increase year-over-year\n\n\n\nTotal Marketing Services revenue was $146.3 million, a 23% decrease year-over-year\n\n\n\nConsolidated total revenue was $224.1 million, a decrease of 11% year-over-year\n\n\n\nConsolidated net income was $5.5 million, or $0.15 per diluted share; compared to net income of $16.0 million, or $0.43 per diluted share, for the second quarter of 2023\n\n\n\nConsolidated Adjusted EBITDA was $59.3 million, representing an Adjusted EBITDA margin of 26.5%\n\n\n\nTotal SaaS Adjusted EBITDA was $10.2 million, representing an Adjusted EBITDA margin of 13.1%\n\n\n\nTotal Marketing Services Adjusted EBITDA was $49.1 million, representing an Adjusted EBITDA margin of 33.6%\n\n\n\nConsolidated Gross Profit was $148.6 million\n\n\n\nConsolidated Adjusted Gross Profit1 was $154.6 million\n\n\n\nSaaS Gross Profit was $52.3 million\n\n\n\nSaaS Adjusted Gross Profit was $54.2 million, representing an Adjusted Gross Profit Margin of 69.7%\n\n\n\nSaaS Metrics\n...