Thryv Unveils Strong Preliminary Financial Results for Q3 2024
Thryv Holdings, Inc. Provides Preliminary Financial Highlights
Thryv Holdings, Inc. (NASDAQ: THRY), a leading provider of the Thryv platform, has released its preliminary financial results for the third quarter. As of a specified date, the results indicate exciting prospects as the company advances into a significant acquisition strategy, most notably the proposed Keap acquisition. Thryv plans to unveil complete financial details prior to market opening at the beginning of the upcoming month.
Key Financial Metrics Comparisons
The preliminary data reveals remarkable growth in various financial segments compared to the same period last year. The essential highlights include:
Revenue Growth
SaaS Revenue is significantly anticipated to fall between $86 million to $88 million, up from $67 million previously. This year-over-year increase evidences a steep climb in sales momentum.
Improved Gross Margins
SaaS Gross Margin also reflects improvements, projected between 69% to 70% compared to the prior year’s 64%. Additionally, the SaaS Adjusted Gross Margin is notable at ranges between 72% to 73%, climbing from the previous rate of 67%.
Net Income Insights
On a less favorable note, the Net Income (Loss) is projected to range from ($95) million to ($97) million, influenced by an $83 million non-recurring goodwill impairment related to its Marketing Services sector — a stark contrast to the ($27) million reported in the prior year.
Adjusted EBITDA Improvement
Excitingly, the SaaS Adjusted EBITDA is expected to be between $10 million to $11 million, which represents a marked improvement compared to the ($1) million loss experienced in previous quarters. The shift indicates a solid recovery trajectory in the performance metrics.
Client Retention Metrics
The company also maintains a steady Seasoned Net Dollar Retention rate expected to hover around 100%, a significant increase from last year’s 92%. This equates to a robust foundation for customer loyalty and ongoing business viability.
CEO Commentary on Third Quarter Outlook
Joe Walsh, the Chairman and CEO of Thryv, expressed optimism regarding the preliminary results, stating, "We are thrilled to share our preliminary results for the third quarter and anticipate discussing our outcomes in detail on November 7th." This statement reflects confidence in the company’s ongoing growth strategy and its potential to deliver on financial promises moving forward.
Final Remarks on Financial Projections
The company emphasizes that the results shared are preliminary and subject to change until the release of the official Form 10-Q, which will detail the finalized data for the quarter ending on September 30. The management looks forward to releasing more information and updates as the completion of third quarter results approaches.
Frequently Asked Questions
What is Thryv Holdings, Inc.?
Thryv Holdings, Inc. is recognized for providing a comprehensive software platform aimed at supporting small business operations and customer management.
What does the preliminary financial report indicate?
The preliminary financial report shows promising revenue growth and improved gross margins, signaling a positive trend for Thryv.
Why is there a significant net loss?
The net loss is primarily due to a non-cash goodwill impairment charge affecting the Marketing Services segment, reflecting a charge of around $83 million.
What does SaaS stand for?
SaaS stands for Software as a Service, a business model in which software is provided to users over the internet.
When will complete financial results be released?
Thryv plans to release complete financial results before the market opens on November 7.
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