Thryv Holdings, Inc. · NASDAQ:THRY
Thryv — Q2 2025 Earnings Presentation
38 slides from Thryv's earnings presentation, Jul 30, 2025
Slide 1: 2nd Quarter 2025
Exhibit 99.2 2ND 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: The customers are with your business
thryv The are with your Acquiring a new customer costs 5-7x more in financial and time investment as compared 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: Amortization Scorecard
10 FINANCIAL REVIEW Amortization Scorecard Payments Made In 2024-2025 Q2-24 = Q3-24 Q4-24 0 Q1-25 Q2-25 Q3-25 Q425—Q1-26 | Q2-26 863-26 © Q426 = Q1-27 oO Paid Required Amortization (3) Required Amortization Payments Q227 Q3-27 thryv Q4-27
Slide 11: All Clear
All Clear Cleared Pinch Point 1H 2025 PINCH POINT Configured Marketing Decommissioned Paid-off High 2025 Services Exit Systems Amortization Debt
Slide 12: Unlevered FCF and SaaS ARR Targets
12 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 13: Product Innovation Evolving & Expanding
thryv Product Innovation Evolving & Expanding — % is a thryv thryv keap thryv thryv i Marketin 5 Reportit Workforce Business eres Automations Cone Center. 2021 2022 2024 2025
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: Your HVAC Business
15 Your HVAC Business Whether you're just starting out or scaling up, our HVAC software for small businesses is designed to help you attract more customers, close more jobs, and build lasting relationships. Automated Payments & Upsells Enhanced Website Review Management Prebuilt Email, SMS, & Sales
Slide 16: Workforce Center
16 thryv Workforce Center. thryv
Slide 17: Why Thryv Workforce Center?
7 thryv Why Thryv Workforce Center? “vv We built Thryv Workforce Center to meet the growing demand from customers looking for easier ways to manage payroll and teams from one platform. N as : « Save Manage Support Time Smarter Compliance Efforts Simplify Payroll And Stay In Control As Your Avoid Cos
Slide 18: Keap's Partner Channel
Keap’s Partner Channel amplifies Thryv's Direct sales motion. = We can cross-sell = _ into both bases. PARTNER thryv
Slide 19: Accolades & Awards
19 +*% 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 20: Financial Review Q2 2025
Financial Review Q2 2025 thryv
Slide 21: 2nd Quarter Highlights
21 2nd 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. 2nd Quarter $ in thousands 2025 2024 YoY% SaaS Revenue $115,005
Slide 22: Q2 SaaS Highlights
22 FINANCIAL REVIEW Q2 SaaS Highlights +48% YoY +25% YoY $352 $90M +13% YoY Revenue Subscribers ARPU ThryvPay TPVSeasoned Net Revenue Retention (NRR) 74.0% +430 bps YoY 103% +900 bps YoY Adjusted Gross Margin(1) Results are inclusive of the Keap acquisition made on October 31, 2024, with the excepti
Slide 23: SaaS Highlights
23 SaaS Highlights F I N A N C I A L R E V I E W Revenue $77.8 $115.0 Q2-24 Q2-25 Adjusted EBITDA $10.2 $23.4 Q2-24 Q2-25 Adjusted Gross Margin 69.7% 74.0% Q2-24 Q2-25 ($ in millions) Results are inclusive of the Keap acquisition made on October 31, 2024. (1) See Appendix for a reconciliation of Gro
Slide 24: (1) (1) Denotes customers with paid products. Excludes ,000 clients from the Keap acquisition
24 (1) (1) Denotes customers with paid products. Excludes 14,000 clients from the Keap acquisition made on October 31, 2024.
Slide 25: SaaS and Local Sales Generated
25 Total SaaS and Local Sales Generated inclusive of results from the Keap acquisition. Q2 SaaS ARPU: Total $352, Thryv $340, Keap $431. (1) Thryv Initiated Upgrades refers to upgrades to the SaaS platform initiated by Thryv for selected Marketing Services products at no additional base cost to the
Slide 26: SaaS Adjusted Gross Margin Trend
26 $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 $85.1 $48.2 $52.2 $56.6 $59.3 $59.9 $62.5 $67.4 $74.0 $74.3 $77.8 $87.1 $104.3 $111.1 $115.0 63.4% 64.5% 63.5% 62.8% 64.2% 65.1% 66.6% 69.7% 68.4% 69.7% 72.2% 75.9% 73.3% 74.0% SaaS Adjusted Gross Profit SaaS Revenue Sa
Slide 27: SaaS Percentage of Revenue
27 Results are inclusive of the Keap acquisition made on October 31, 2024. The SaaS percentage of revenue may fluctuate due to the timing of revenue recognized from Marketing Services print publications, which are recognized upfront for the full 24-month contract in accordance with ASC 606. However,
Slide 28: Billings
28 Q2-25 Q2-24 Marketing Services Billings (millions)(1)(3) $78.4 $125.5 YoY % (38)% (28)% BILLINGS (YoY%) (19)% (17)% (20)% (17)% (19)% (22)% (19)% (23)% (24)% (28)% (35)% (40)% (42)% (38)% 21% 20% 24% 25% 24% 20% 13% 22% 22% 24% 32% 43% 51% 46% (14)% (12)% (13)% (9)% (12)% (14)% (12)% (12)% (12)%
Slide 29: Q3-Q4 and FY 2025 Outlook
29 Q3-Q4 and FY 2025 Outlook (in millions, USD) Q3 2025 Q4 2025 FY 2025 MANAGEMENT COMMENTARY MARKETING SERVICES REVENUE $84.0 to $85.0 $73.0 to $74.0 $323.0 to $325.0 • Company expects FY-25 MS revenue decline of ~32% to ~33% Adjusted EBITDA $22.0 to $23.0 $18.5 to $19.5 $78.5 to $80.5 • Company ex
Slide 30: Appendix
thryv Appendix
Slide 31: Non-GAAP Financial Reconciliation
31 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 Q2-25 YTD25 Net Income (Loss) $ 8,424 $ 5,548 $ (96,071) $ 7,883 $ (74,216) $ (9,618) $ 13,931 $ 4,313 Interest expense 13,359 12,175 11,514 9,723 46,771 9,073 8,952
Slide 32: SaaS Segment Adjusted EBITDA Calculation
32 APPENDIX Three Months Ended June 30, (in thousands) 2025 2024 Segment Revenue $ 115,005 $ 77,794 Less: Segment cost of services 29,884 23,552 Segment sales and marketing 39,581 32,021 Segment general and administrative 22,147 12,056 Segment Adjusted EBITDA $ 23,393 $ 10,165 SaaS Segment Adjusted
Slide 33: Reconciliation of Adjusted Gross Profit to Gross Profit
33 Reconciliation of Adjusted Gross Profit to Gross Profit APPENDIX Three Months Ended June 30, 2025 (in thousands) SaaS Marketing Services Consolidated Reconciliation of Adjusted Gross Profit Gross profit $ 82,911 $ 63,709 $ 146,620 Plus: Depreciation and amortization expense 2,118 1,754 3,872 Stoc
Slide 34: Reconciliation of Adjusted Gross Profit to Gross Profit (Six Months)
34 Reconciliation of Adjusted Gross Profit to Gross Profit APPENDIX Non-GAAP Financial Reconciliation Six Months Ended June 30, 2025 (in thousands) SaaS Marketing Services Consolidated Reconciliation of Adjusted Gross Profit Gross profit $ 161,681 $ 104,227 $ 265,908 Plus: Depreciation and amortizat
Slide 35: Supplemental Financial Information
35 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 36: Supplemental Financial Information: Free Cash Flow
36 APPENDIX Six Months Ended June 30, (in thousands) 2025 2024 Net cash provided by operating activities $ 19,075 $ 27,660 Additions to fixed assets and capitalized software (14,855) (16,230) Free cash flow $ 4,220 $ 11,430 Supplemental Financial Information Six Months Ended June 30, 2025 (in thousa
Slide 37: 1Unbilled receivables represent print revenue earned but not yet invoiced and are expected to
37 1Unbilled receivables represent print revenue earned but not yet invoiced and are expected to result in future cash collections as clients are billed under contract terms. Per ASC 606 accounting policy, print revenue is recognized upfront at the time of shipment.
Slide 38: Definitions
38 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