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Thryv Holdings helps small and medium-sized businesses manage customer relationships, run marketing campaigns, communicate with customers and collect payments through the Thryv Platform. It combines Keap’s customer-management and automation software with Thryv’s other capabilities. Customers pay recurring subscriptions and can increase their spending by adding features or capacity. Software services now generate most of the company’s revenue.
Its legacy Marketing Services business still supplies a substantial share of revenue. Businesses pay to advertise in Print Yellow Pages directories and through online listings and digital campaigns; print advertisers are billed monthly over their contracts. Thryv plans to end Marketing Services by the end of 2028 and is moving clients to its software platform.
That transition depends on persuading clients to adopt the platform, keep subscribing and buy additional features as the advertising business shrinks. Google is the largest source of search traffic to its Internet Yellow Pages and clients’ websites, making those services dependent on search visibility. U.S. rules also restrict marketing calls and texts to mobile numbers without prior express consent and require proper records of that consent.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
YELP INC. both competes with Thryv for local businesses’ advertising budgets and supplies ads that Thryv resells to its small-business clients. Yelp’s revenue from ads sold through partners is worth watching because Thryv is one of those resale partners.
Angi Inc. competes with Thryv for local service providers’ spending on finding customers: Angi matches homeowners with home-service professionals, while Thryv sells directory advertising and services that bring businesses customer leads. Angi’s competition with word-of-mouth referrals is worth watching in this shared customer market.
Nextdoor Holdings, Inc. competes with Thryv for local small businesses’ advertising budgets, but also supplies audience traffic to the wider website network where Thryv sells search advertising. Nextdoor’s neighborhood-targeted ads and their performance are worth watching alongside the low-cost traffic Thryv offers its small-business clients through that network.
Google competes with Thryv for businesses’ advertising spending and is the most significant source of traffic to Thryv’s online directories and clients’ websites. Watch changes to Google’s search algorithms, including AI: making those pages harder to find could weaken the value of Thryv’s paid marketing services and hurt client retention and revenue.
Alphabet Inc. earningsGOOG
Alphabet’s report shows how its Google search-ad business is faring; Google competes for advertisers’ budgets and is an important source of traffic to Thryv’s directories and clients’ websites.
Look at how Google’s search-ad business performs. Resilient results would show that businesses are still paying for search ads, supporting the market in which Thryv sells marketing services; weaker results could mean tighter ad budgets and more pressure on Thryv to win local businesses’ spending. But Google’s ad revenue does not show whether Thryv’s pages are ranking well or getting traffic, so it cannot by itself establish an algorithm effect.
Fed Interest Rate Decision
Thryv’s decision on the cost of borrowing matters because its term loan and ABL carry rates tied to SOFR or the base rate, which can change its interest expense and cash available for operations and debt payments.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed sets a higher rate than expected, Thryv’s floating-rate borrowing costs may rise, leaving less cash for operations and scheduled debt payments.
If it comes in below expectations
If the Fed sets a lower rate than expected, Thryv’s floating-rate borrowing costs may fall, leaving more cash for operations and scheduled debt payments.
Thryv Holdings, Inc. earningsThis company
Thryv is using SaaS to replace its shrinking Marketing Services business, and this report will show whether the new business is growing fast enough to make up the gap.
Read SaaS revenue alongside Marketing Services revenue, then check whether profit holds up. SaaS growth with a smaller decline in Marketing Services and steady profitability would show the transition is filling the gap; continued sharp declines in Marketing Services, or SaaS growth that is too small or less profitable, would show it is not keeping pace. Also check how much SaaS growth comes from clients moved over from the old business: that revenue is not the same as new customers or stronger retention or spending.
YELP INC. earningsYELP
Yelp’s report shows how ads sold through partners are performing; Thryv competes with Yelp for local businesses’ ad budgets and also resells Yelp’s ads.
Look at Yelp’s revenue from ads sold through partners. If it holds up or grows, that suggests demand remains for partner-sold local ads and supports the supply available for Thryv to resell; if it falls, that channel may offer less support. The figure covers all partners, however, so it does not show how much Thryv sells or prove that Thryv’s own marketing-services sales moved the same way.
