Thryv Holdings, Inc. · NASDAQ:THRY
Thryv — Q1 2025 Earnings Presentation
33 slides from Thryv's earnings presentation, May 1, 2025
Slide 1: 1st Quarter 2025
Exhibit 99.2 1ST QUARTER 2025
Slide 2: Safe Harbor
Safe Harbor thryv This Presentation may include certain forward-looking statements, that reflect our current views with respect to future events and financial performance. Such statements are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995 and incl
Slide 3: Key Investment Highlights
thryv Key Investment Highlights Best-in-class SaaS Platform Powerful All-in-one Software Platform tailored to the growing needs of the SMB. Massive Market Opportunity Established and resilient service-based SMBs with 2-99 employees. Global SAM ~10M Businesses ($40B Annual Spend). Mega-trend Thry to
Slide 4: Small Business Growth Starts Here
Listings SEO + Leads M ARKET Website Online Reviews Social Media Marketing Get Found Online Management Automation thryv s = Small Business SELL redevinee: (e e Growth Starts Here Thryv provides all you need for efficient growth.
Slide 5: Acquiring a new customer costs 5-7x more than selling to existing
thryv The are with your Acquiring a new customer costs 5-7x more in financial and time investment than selling to an existing customer.
Slide 6: Proven results for over 100,000+ small businesses
thryv Proven results for over 100,000+ small businesses pea fe) +25% +61% $1.3B 20+ INCREASE IN NEW MORE APPOINTMENTS DIGITAL PAYMENTS HOURS A CUSTOMERS BOOKED COLLECTED IN 2024 WEEK SAVED
Slide 7: Giant Global Addressable Market
thryv . $40 billion Giant Global SAM’ Addressable Market ~5 million SMBs $20 billion US SAM’ 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 B
Slide 8: Thryv's Target Market
thryv Thryv’'s Target Market <$2k Forward-looking targets reflect our current outlook and are subject to change as future events and opportunities arise, 8
Slide 9: Upcoming Inflection Points
thryv Upcoming Inflection Points INFLECTION POINT SaaS Saas Combined Overall Revenue EBITDA Top-line & >50% >50% Bottom-line Growth Inflection point evidences SaaS Revenue and Adjusted EBITDA eclipsing Marketing Service. Forward-looking targets reflect our current outlook and are subject to change a
Slide 10: Unlevered FCF and SaaS ARR Targets
10 thryv Print Unlevered FCF” ~$1 Billion in (2025-2030) SaaS ARR” $250-$300 By the End of or thryv lion the Decade u 1. Estimates include global tax assumptions but excludes cash interest payments. 2. ARRis defined as Annual Recurring Revenue 3. Forward-looking targets reflect our current outlook a
Slide 11: Product Innovation Evolving & Expanding
thryv Product Innovation Evolving & Expanding thryv thryy thryV keap = thryV_—thryv Business Marketing Command : Reporting Workforce Center. Center. Center Automations Center. Center. 2021 2022 2023 2024 2025
Slide 12: Reporting Center
12 REPORTING CENTER Customized Reporting 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. Marketing Center *Acrve Category
Slide 13: Thryv Workforce Center - Coming Soon
13 *Thryv Workforce Center - Coming Soon. *
Slide 14: Leveraging AI to Power Client Solutions
Leveraging Al to Power Client Solutions CaptionAl for Social Al Review Response Respond to customer reviews in less Done-for-you social media captions perfectly time and with far less effort. formatted for each platform within seconds. SOV eee captional = thryv 14
Slide 15: Keap's Partner Channel
Keap’s Partner Channel amplifies Thryv's Direct sales motion. = We can cross-sell = _ into both bases. PARTNER thryv
Slide 16: Accolades & Awards
16 +*% GLOB MOST LOVED \ 2024 Named on Newsweek's list of Top 100 Global Most Loved Workplaces for 2024 Martech Breakthrough Award 2023 Accolades & Awards thryy Thryv’s G2 Leader Awards for Small Business G mae Easiest o pe rat itseder Sap bes eo — =e SE, eS ee E me ee " wtimeviener eeuimeviner 2m T
Slide 17: Financial Review Q1 2025
Financial Review Q1 2025 thryv
Slide 18: 1st Quarter Highlights
18 1st Quarter Highlights 1Consolidated Adjusted EBITDA is equal to SaaS Adjusted EBITDA and Marketing Services Adjusted EBITDA. See the Appendix for a reconciliation to Net income (loss). 2 Equal to adjusted EBITDA divided by revenue. 1st Quarter $ in thousands 2025 2024 YoY% SaaS Revenue $111,129
Slide 19: Q1 SaaS Highlights
19 FINANCIAL REVIEW Q1 SaaS Highlights +50% YoY +59% YoY $335 $71M +13% YoY Revenue Subscribers ARPU ThryvPay TPVSeasoned Net Revenue Retention (NRR) 73% +490 bps YoY 103% +900 bps YoY Adjusted Gross Margin(1) Results are inclusive of the Keap acquisition made on October 31, 2024, with the exception
Slide 20: SaaS Highlights
20 SaaS Highlights F I N A N C I A L R E V I E W Revenue $74.3 $111.1 Q1-24 Q1-25 Adjusted EBITDA $3.4 $10.8 Q1-24 Q1-25 Adjusted Gross Margin 68.4% 73.3% Q1-24 Q1-25 ($ in millions) Results are inclusive of the Keap acquisition made on October 31, 2024. (1) See Appendix for a reconciliation of Gros
Slide 21: (1) (1) Denotes customer demand for paid products. Excludes 15,000 clients from the Keap
21 (1) (1) Denotes customer demand for paid products. Excludes 15,000 clients from the Keap acquisition made on October 31, 2024.
Slide 22: Total SaaS and Local Sales Generated
22 Total SaaS and Local Sales Generated inclusive of results from the Keap acquisition. Q1 SaaS ARPU: Total $335, Thryv $320, Keap $428. (1) Thryv Initiated Upgrades refers to upgrades to the SaaS platform initiated by Thryv for selected Marketing Services customers at no additional base cost to the
Slide 23: SaaS Adjusted Gross Profit and Margin
23 $30.6 $33.7 $35.9 $37.3 $38.5 $40.7 $44.9 $51.6 $50.9 $54.2 $62.9 $79.2 $81.5 $48.2 $52.2 $56.6 $59.3 $59.9 $62.5 $67.4 $74.0 $74.3 $77.8 $87.1 $104.3 $111.163.4% 64.5% 63.5% 62.8% 64.2% 65.1% 66.6% 69.7% 68.4% 69.7% 72.2% 75.9% 73.3% SaaS Adjusted Gross Profit SaaS Revenue SaaS Adj. Gross Margin
Slide 24: Results are inclusive of the Keap acquisition made on October 31, 2024.
24 Results are inclusive of the Keap acquisition made on October 31, 2024.
Slide 25: Billings
25 Q1-25 Q1-24 Marketing Services Billings (millions)(1)(3) $81.4 $140.5 YoY % (42)% (24)% BILLINGS (YoY%) (19)% (17)% (20)% (17)% (19)% (22)% (19)% (23)% (24)% (28)% (35)% (40)% (42)% 21% 20% 24% 25% 24% 20% 13% 22% 22% 24% 32% 43% 51% (14)% (12)% (13)% (9)% (12)% (14)% (12)% (12)% (12)% (14)% (16)
Slide 26: Q2 and FY 2025 Outlook
26 Q2 and FY 2025 Outlook (in millions, USD) Q2 2025 Q3 2025 Q4 2025 FY 2025 MANAGEMENT COMMENTARY MARKETING SERVICES REVENUE $90.0 to $91.0 $83.0 to $84.0 $72.0 to $73.0 $310.0 to $314.0 • Company expects FY-25 MS revenue decline of ~35% Adjusted EBITDA $24.0 to $26.0 $77.5 to $78.5 • Company expec
Slide 27: Appendix
thryv Appendix
Slide 28: Non-GAAP Financial Reconciliation
28 APPENDIX Non-GAAP Financial Reconciliation *Figures may not foot due to rounding. (in thousands) Q1-24 Q2-24 Q3-24 Q4-24 FY24 Q1-25 Net Income (Loss) $ 8,424 $ 5,548 $ (96,071) $ 7,883 $ (74,216) $ (9,618) Interest expense 13,359 12,175 11,514 9,723 46,771 9,073 Depreciation and amortization expe
Slide 29: SaaS Segment Adjusted EBITDA Calculation
29 APPENDIX Quarter Ended (in thousands) Q1-24 Q1-25 Segment Revenue $ 74,322 $ 111,129 Less: Segment cost of services 23,463 29,676 Segment sales and marketing 35,031 45,800 Segment general and administrative 12,393 24,838 Segment Adjusted EBITDA $ 3,435 $ 10,815 SaaS Segment Adjusted EBITDA Calcul
Slide 30: Reconciliation of Adjusted Gross Profit to Gross Profit
30 Reconciliation of Adjusted Gross Profit to Gross Profit APPENDIX Three Months Ended March 31, 2025 (in thousands) SaaS Marketing Services Consolidated Reconciliation of Adjusted Gross Profit Gross profit $ 78,770 $ 40,518 $ 119,288 Plus: Depreciation and amortization expense 2,598 1,627 4,225 Sto
Slide 31: Supplemental Financial Information
31 APPENDIX Supplemental Financial Information The supplemental financial information provides Revenue, Adjusted EBITDA and Adjusted EBITDA Margin for our (i) Marketing Services business and (ii) SaaS business. SaaS Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Marketin
Slide 32: Domestic Print Publishing Schedule
32 Domestic Print Publishing Schedule PUBLICATIONS 600 400 200 Q1-23 Q2-23 Q3-23 Q423 QI-24 Q224 Q3-24 Q424 QI2S QZ2SE QI-2SE Q425E QI-26E Q2-2GE Q3-26E Q4-26E Per ASC 606 accounting policy, print revenue is recognized upfront at the time of shipment. The company began extending its publication cycl
Slide 33: Definitions
33 APPENDIX Definitions Definitions of key terms used in this presentation are as follows: • SaaS revenue consists of SaaS revenue recognized by our domestic and foreign operations. • Marketing Services revenue consists of SaaS revenue recognized by our domestic and foreign operations. • SaaS Adjust