Thryv Holdings, Inc. Q2 2025 Earnings Recap

Thryv Holdings reported strong Q2 2025 results, achieving 48% year-over-year SaaS revenue growth and demonstrating improved financial health as it transitions towards a more profitable software-focused business model.

Key Takeaways

• SaaS revenue reached $115 million, exceeding guidance, driven by a 25% increase in Thryv's core business excluding Keep's contribution of $17.7 million.
• Adjusted EBITDA margins for SaaS expanded to a record 20%, highlighting operational efficiency improvements while maintaining over 100% net revenue retention at 103%.
• ARPU increased across all segments, with overall SaaS ARPU rising to $352 and a focus on boosting spend among existing high-value clients.
• The company effectively reduced net debt by $24 million to $274 million, successfully decreasing its leverage ratio to 2.2x, setting the stage for future free cash flow and strategic flexibility.
• Marketing Services revenue was $95.5 million, with an adjusted EBITDA margin of 29%, as the company progresses towards exiting legacy services by 2028.