The following is a summary of the Thryv Holdings, Inc. (THRY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Thryv Holdings reported Q1 SaaS revenue of $74.3 million, a 24% increase year over year.

• The SaaS adjusted EBITDA for the quarter was $3.4 million with a margin of 4.6%.

• The adjusted gross margin for SaaS was 68.4%, up 420 basis points year over year, although it decreased by 130 basis points from the previous quarter.

• Marketing Services reported a revenue of $159.3 million and an adjusted EBITDA of $50.7 million.

• Thryv's net debt position was $341 million at the end of Q1, with a leverage ratio of 1.9 times net debt to EBITDA.

Business Progress:

• Thryv has started seeing significant traction in their center strategy, with over 8% of their clients now having two or more paid centres, up from practically zero a year ago.

• The company has expanded its SaaS subscriber base to approximately 70,000, a 30% increase year over year and 6% sequentially.

• Thryv recently completed a refinancing which provides them financial flexibility to invest in growing their client base, new centers, and increasing spending with existing customers.

• A strategic shift in their sales commission structure is proving effective in increasing multi-center sales and boosting software sales over legacy products.

• The company is steadily increasing its SaaS business, with projections to pass 50% next year.

• The new technology leadership with Rees Johnson is expected to help progress Thryv's software developments.

More details: Thryv Holdings IR

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