Thryv Holdings, Inc. reported a decline in revenue for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, revenue was $179.9 million, down 2.2% from $183.8 million in 2023. For the nine months ended September 30, 2024, revenue totaled $637.6 million, a decrease of 6.4% from $680.8 million in the prior year. The decline in revenue was primarily driven by a significant drop in the Thryv Marketing Services segment, which saw a 20.3% decrease in quarterly revenue to $92.8 million and an 18.9% decrease for the nine months to $398.4 million. In contrast, the Thryv SaaS segment experienced growth, with revenue increasing by 29.2% in Q3 to $87.1 million and by 26.0% for the nine months to $239.2 million.

Gross profit for the third quarter rose to $112.0 million, an increase of 8.0% year-over-year, resulting in a gross margin improvement to 62.3% from 56.4%. However, total operating expenses surged to $200.6 million in Q3 2024, up from $123.0 million in 2023, largely due to an $83.1 million impairment charge related to goodwill in the Marketing Services segment. This led to an operating loss of $88.6 million for the quarter, compared to a loss of $19.4 million in the same period last year. The net loss for Q3 2024 was $96.1 million, significantly higher than the $27.0 million loss reported in Q3 2023.

For the nine months ended September 30, 2024, the company recorded a net loss of $82.1 million, compared to a loss of $1.8 million in the same period in 2023. Adjusted EBITDA for the third quarter improved to $19.6 million, up from $7.3 million in 2023, driven by higher-margin SaaS sales, although overall Adjusted EBITDA for the nine months decreased slightly to $133.1 million from $135.2 million.

Thryv's strategic developments included the acquisition of Yellow Holdings Limited in April 2023 for $8.9 million and the recent acquisition of Infusion Software, Inc. (Keap) for $80 million in cash, financed through a public offering and a borrowing under its New ABL Facility. The company also reported a significant reduction in Marketing Services clients, attributed to the decline in print media and increased competition in digital services, while SaaS clients grew by 45%.

As of September 30, 2024, Thryv's total assets were $654.8 million, down from $783.2 million at the end of 2023, with total liabilities decreasing to $560.2 million from $630.5 million. The company maintained a cash position of $12.5 million, down from $18.2 million at the end of 2023.