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Investor Relations14 Oct 2025
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Thryv (THRY) investor relations material
Thryv Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
SaaS revenue grew 48% year-over-year to $115M in Q2 2025, now the majority of total revenue, with record SaaS Adjusted EBITDA margin and strong ARPU growth, aided by the Keap acquisition.
Marketing Services revenue declined 35% year-over-year to $95.5M as the business transitions to SaaS, with a managed wind-down planned by 2028.
Net income rose to $13.9M (6.6% margin), more than doubling year-over-year, while consolidated Adjusted EBITDA was $51.2M (24.3% margin).
SaaS clients increased 25% year-over-year to 106,000, with ARPU at $352 and ThryvPay volume up 13% to $90M.
Strategic focus is on ARPU expansion, verticalization (notably HVAC), and new product launches like Workforce Center.
Financial highlights
Q2 2025 consolidated revenue was $210.5M, down 6% year-over-year; SaaS revenue was $115M (+48%), Marketing Services $95.5M (–35%).
SaaS Adjusted EBITDA reached $23.4M (20.3% margin), exceeding guidance; Marketing Services Adjusted EBITDA was $27.8M (29.2% margin).
SaaS Adjusted Gross Margin rose to 74% year-over-year; Marketing Services Adjusted Gross Margin was 68.6%.
Free cash flow for Q2 2025 was $21.8M, up from $13.3M in Q2 2024.
Net debt reduced by $24M to $274M, leverage ratio at 2.2x, ahead of expectations.
Outlook and guidance
Q3 2025 SaaS revenue expected at $116M–$117M; full-year SaaS revenue raised to $460M–$465M.
Q3 SaaS Adjusted EBITDA guided at $18.5M–$19.5M; full-year raised to $70.5M–$73.5M.
Full-year Marketing Services revenue and EBITDA guidance both raised; free cash flow expected to ramp in H2 2025.
Explain the expected ramp in free cash flow.
Assess the impact of AI on Thryv's business.
How does Thryv plan to further penetrate markets?
How will HVAC verticalization impact new customer acquisition?
Assess the realism of back half organic deceleration.
How will GICS misclassification be rectified?
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Next Thryv earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Thryv Holdings, Inc. provides software services, applications and tools to enable small-to-medium sized businesses (SMBs) to manage their daily marketing tasks efficiently. Thryv offers a flexible platform – tailored to meet specific needs of different businesses by integrating with existing business applications and tools – that includes automated email marketing solution for better customer engagement, real-time social engagement monitoring & dashboards for better customer care delivery, along with other SMB marketing needs.
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