Business
Thryv Grows SaaS Revenue 29% Year-Over-Year for First Quarter 2022
Raises Revenue Guidance for Full Year 2022 DALLAS--(BUSINESS WIRE)-- Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the small business
About this update from Thryv Holdings, Inc.
[{"type":"text","content":"\nRaises Revenue Guidance for Full Year 2022\n\n DALLAS--(BUSINESS WIRE)--\nThryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the small business platform for growing small and medium sized businesses (“SMBs”), announced that it grew SaaS revenue 29% year-over-year in Q1 of 2022 and is raising revenue guidance for full year 2022.\n\n“We are pleased to report a strong first quarter,” said Joe Walsh, Chairman and CEO. “We saw an increase in revenue overall and outstanding growth in our SaaS revenue, ahead of our SaaS revenue guidance targets. In addition, we continue to drive new subscribers and expect double-digit subscriber growth in 2022. These results demonstrate that SMBs are starting the move to the cloud and modernize the way they run their businesses.”\n\n“We are seeing this shift in the U.S. and also in our international operations, including our recent expansion to Canada. In support of our international expansion, we recently announced the hiring of Marie Caron as our President - International Markets. Marie's experience and her leadership will be critical in fueling our international expansion.”\n\n“We also recently held a successful investor and analyst day in New York City, where we shared a longer term vision for Thryv, targeting $1 billion in SaaS revenue by 2027 and our plan for achieving that goal,” said Walsh. “We view the next ten years as the decade of cloud adoption by SMBs and we are well positioned to lead the category.”\n\nFirst Quarter 2022 Financial Highlights:\n\nRevenue\n\n\nTotal SaaS1 revenue was $48.2 million, a 29.3% increase year-over-year\n\n\nTotal Marketing Services revenue was $260.2 million, a 6.9% increase year-over-year\n\n\nConsolidated total revenue was $308.4 million, an increase of 9.9% year-over-year\n\n\nProfitability\n\n\nConsolidated net income was $33.5 million\n\n\nConsolidated Adjusted EBITDA2 was $83.7 million, representing an Adjusted EBITDA margin of 27.1%\n\n\nTotal SaaS3 Adjusted EBITDA loss was $6.8 million\n\n\nTotal Marketing Services4 Adjusted EBITDA was $90.5 million, representing an Adjusted EBITDA margin of 34.8%\n\n\nConsolidated Gross Profit was $197.9 million, an increase of 8.4% year-over-year\n\n\nConsolidated Adjusted Gross Profit5 was $207.7 million\n\n\nSaaS Adjusted Gross Profit6 was $30.4 million, representing an Adjusted Gross Profit Margin of 6...