Thryv Reports Third Quarter 2026 Results, Focuses on Execution as a Pure-Play SaaS Business

__________________________

¹

All amounts are from continuing operations. See “Print Divestiture” below for additional information.

²

Excludes CRM products. Growth products include the Thryv Growth Platform and additional marketing value-added services.

³

Defined as Gross profit adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense.

⁴

Excludes customers and revenue attributed to the Keap acquisition.

⁵

Seasoned NRR is calculated by dividing the revenue of all clients that have had one or more SaaS offerings for at least two years as of the last month of the year or quarter, as applicable, by the same clients' revenue one year ago. For each reporting quarter, the weighted-average monthly NRR from all the months in the quarter are reported. Seasoned NRR excludes clients acquired in the Keap acquisition.

⁶

Defined as total client billings for a particular month divided by the number of clients that have one or more revenue-generating solutions in that same month. This is a weighted-average calculation and inclusive of the impact from the Keap acquisition.

3rd Quarter

2026

(in millions)

Low

High

Original SaaS Adjusted EBITDA⁷

$

8.5

$

9.5

Impact of cost allocation related to discontinued operations⁸

(5.6

)

(5.6

)

Updated SaaS Adjusted EBITDA⁹

$

2.9

$

3.9

4th Quarter

Full Year

(in millions)

2026

2026

SaaS Revenue

$110.0 - $111.0

$453.0 - $454.0

SaaS Adjusted EBITDA¹¹

($4.5) - ($5.5)

$16.5 - $17.5

4th Quarter

Full Year

(in millions)

2026

2026

Marketing Services Revenue

$2.0 to $3.0

$35.0 - $36.0

Marketing Services Adjusted EBITDA¹¹

($11.0) to ($12.0)

($21.0) - ($22.0)

⁷

Reflects our originally reported third quarter 2026 forward-looking non-GAAP guidance from August 4, 2026.

⁸

Reflects the cost allocation adjustment lowering the third quarter SaaS EBITDA guidance for the presentation of the Print Business as discontinued operations. Historically, Thryv's shared costs were allocated based on each segments' percentage of revenue. However, under GAAP, only costs directly related to the Print Business, such as printing, publishing, distribution and headcount costs, can be classified as discontinued operations.

⁹

Represents what the Q3 2026 SaaS Adjusted EBITDA guidance would have been on a continuing operations basis.

¹⁰

These statements are forward-looking and actual results may materially differ. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause our actual results to materially differ from these forward-looking statements.

¹¹

SaaS and Marketing Service Adjusted EBITDA are forward-looking non-GAAP financial measurers. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable effort.

Consolidated Statements of Operations and Comprehensive (loss) Income

Three Months Ended

Nine Months Ended

September 30,

September 30,

(in thousands, except share and per share data)

2026

2025

2026

2025

Revenue

$

118,937

$

137,427

$

376,274

$

421,240

Cost of services

45,245

51,714

144,911

153,494

Gross profit

73,692

85,713

231,363

267,746

Operating expenses:

Sales and marketing

44,942

55,870

136,874

168,182

Research and development

8,432

10,765

27,372

29,627

General and administrative

35,775

44,242

115,866

142,487

Impairment charges

94,800

—

94,800

—

Total operating expenses

183,949

110,877

374,912

340,296

Operating loss

(110,257

)

(25,164

)

(143,549

)

(72,550

)

Other income (expense):

Interest expense

(4,380

)

(4,841

)

(12,221

)

(15,193

)

Interest expense, related party

(2,459

)

(2,751

)

(7,408

)

(8,728

)

Net periodic pension cost

(328

)

(665

)

(1,030

)

(2,211

)

Other income

734

682

1,721

3,631

Loss from continuing operations before income tax benefit

(116,690

)

(32,739

)

(162,487

)

(95,051

)

Income tax benefit

710

7,847

9,024

20,505

Loss income from continuing operations

$

(115,980

)

$

(24,892

)

$

(153,463

)

$

(74,546

)

Discontinued Operations

Income from discontinued operations before income tax expense

15,657

44,210

50,528

116,406

Income expense on discontinued operations

(2,745

)

(13,664

)

(12,251

)

(31,893

)

Income from discontinued operations

12,912

30,546

38,277

84,513

Net (loss) income

$

(103,068

)

$

5,654

$

(115,186

)

$

9,967

Other comprehensive loss:

Foreign currency translation adjustment, net of tax

77

(272

)

(432

)

(531

)

Comprehensive (loss) income

$

(102,991

)

$

5,382

$

(115,618

)

$

9,436

Basic

Loss from continuing operations per share

$

(2.61

)

$

(0.57

)

$

(3.46

)

$

(1.71

)

Income from discontinued operations per share

0.29

0.70

0.86

1.94

Basic (loss) income per share

$

(2.32

)

$

0.13

$

(2.60

)

$

0.23

Diluted

Loss from continuing operations per share

$

(2.61

)

$

(0.57

)

$

(3.46

)

$

(1.71

)

Income from discontinued operations per share

0.29

0.70

0.86

1.94

Diluted (loss) income per share

$

(2.32

)

$

0.13

$

(2.60

)

$

0.23

Weighted-average shares used in computing basic and diluted net loss (income) per common share:

Basic

44,438,288

43,747,896

44,335,648

43,636,031

Diluted

44,438,288

43,747,896

44,335,648

43,636,031

Consolidated Balance Sheets

(in thousands, except share data)

September 30, 2026

December 31, 2025

Assets

Current assets

Cash and cash equivalents

$

8,752

$

10,752

Accounts receivable, net of allowance of $7,004 in 2026 and $8,299 in 2025

17,545

14,583

Contract assets, net of allowance of $3 in 2026 and $2 in 2025

611

411

Taxes receivable

697

8,134

Deferred costs

8,336

10,215

Prepaid expenses and other current assets

15,813

11,305

Current assets of discontinued operations

123,004

123,457

Total current assets

174,758

178,857

Fixed assets and capitalized software, net

45,893

50,870

Goodwill

159,009

253,809

Intangible assets, net

21,488

25,929

Deferred tax assets

141,030

133,221

Other assets

12,035

5,162

Non-current assets of discontinued operations

—

40,739

Total assets

$

554,213

$

688,587

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable

$

9,740

$

8,643

Accrued liabilities

109,225

89,776

Current portion of unrecognized tax benefits

1,892

28,303

Contract liabilities

24,789

21,065

Current portion of Term Loan

21,000

10,500

Current portion of Term Loan, related party

14,000

7,000

ABL Facility

17,600

—

Other current liabilities

1,890

3,905

Current liabilities of discontinued operations

7,846

10,401

Total current liabilities

207,982

179,593

Term Loan, net

111,112

125,419

Term Loan, net, related party

75,457

85,448

ABL Facility

—

25,120

Pension obligations, net

37,559

44,171

Other liabilities

9,489

10,697

Total long-term liabilities

233,617

290,855

Commitments and contingencies

Stockholders' equity

Common stock - $0.01 par value, 250,000,000 shares authorized; 73,015,921 shares issued and 44,447,599 shares outstanding at September 30, 2026; and 72,002,129 shares issued and 43,815,268 shares outstanding at December 31, 2025

730

720

Additional paid-in capital

1,314,942

1,303,144

Treasury stock - 28,568,322 shares at September 30, 2026 and 28,186,861 shares at December 31, 2025

(499,818

)

(498,103

)

Accumulated other comprehensive loss

(15,943

)

(15,511

)

Accumulated deficit

(687,297

)

(572,111

)

Total stockholders' equity

112,614

218,139

Total liabilities and stockholders' equity

$

554,213

$

688,587

Consolidated Statements of Cash Flows

Nine Months Ended September 30,

(in thousands)

2026

2025

Cash Flows from Operating Activities

Net (loss) income

$

(115,186

)

$

9,967

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities from continuing operations :

Income from discontinued operations

(38,277

)

(84,513

)

Depreciation and amortization

31,576

30,814

Amortization of deferred commissions

4,966

10,204

Amortization of debt issuance costs

2,189

2,454

Deferred income taxes

(7,526

)

7,667

Provision for credit losses and service credits

6,310

8,904

Stock-based compensation expense

11,292

19,192

Net periodic pension cost

1,030

2,211

Impairment charges

94,800

—

Gain on foreign currency exchange rates

(1,533

)

(3,126

)

Other

307

38

Changes in working capital items, excluding acquisitions:

Accounts receivable

(3,935

)

(6,861

)

Prepaid expenses and other assets

(11,248

)

(21,187

)

Accounts payable and accrued liabilities

(6,213

)

(16,993

)

Contract liabilities

3,709

2,397

Other liabilities

(10,128

)

(1,273

)

Net cash used in operating activities from continuing operations

(37,867

)

(40,105

)

Net cash provided by operating activities from discontinued operations

77,453

81,426

Net cash provided by operating activities

39,586

41,321

Cash Flows from Investing Activities

Additions to fixed assets and capitalized software

(23,613

)

(22,491

)

Other

307

(143

)

Net cash used in investing activities from continuing operations

(23,306

)

(22,634

)

Cash Flows from Financing Activities

Payments of Term Loan

(5,250

)

(21,000

)

Payments of Term Loan, related party

(3,500

)

(14,000

)

Proceeds from ABL Facility

237,753

303,528

Payments of ABL Facility

(245,273

)

(286,901

)

Principal payments on finance lease obligations

(661

)

(724

)

Repurchases of common stock

—

(4,999

)

Other

(1,536

)

166

Net cash used in financing activities from continuing operations

(18,467

)

(23,930

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash from continuing operations

416

(143

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash from discontinued operations

(303

)

734

Decrease in cash, cash equivalents and restricted cash

(2,074

)

(4,652

)

Cash, cash equivalents and restricted cash, beginning of period

10,869

17,760

Cash, cash equivalents and restricted cash, end of period

$

8,795

$

13,108

Supplemental Information

Cash paid for interest

$

20,274

$

24,152

Cash (received) paid for income taxes, net

$

(5,953

)

$

4,402

Three Months Ended September 30,

Change

(dollars in thousands)

2026

2025

Amount

%

Revenue

SaaS

$

112,024

$

115,903

$

(3,879

)

(3.3

)%

Marketing Services

6,913

21,524

(14,611

)

(67.9

)%

Total Revenue

$

118,937

$

137,427

$

(18,490

)

(13.5

)%

Adjusted EBITDA

SaaS

$

9,483

$

5,554

$

3,929

70.7

%

Marketing Services

(5,278

)

(10,146

)

4,868

48.0

%

Consolidated Adjusted EBITDA¹²

$

4,205

$

(4,592

)

$

8,797

191.6

%

Nine Months Ended September 30,

Change

(dollars in thousands)

2026

2025

Amount

%

Revenue

SaaS

$

343,242

$

342,037

$

1,205

0.4

%

Marketing Services

33,032

79,203

(46,171

)

(58.3

)%

Total Revenue

$

376,274

$

421,240

$

(44,966

)

(10.7

)%

Adjusted EBITDA

SaaS

$

22,098

$

16,726

$

5,372

32.1

%

Marketing Services

(10,164

)

(23,723

)

13,559

57.2

%

Consolidated Adjusted EBITDA¹²

$

11,934

$

(6,997

)

$

18,931

270.6

%

Consolidated Adjusted EBITDA is equal to SaaS Adjusted EBITDA and Marketing Services Adjusted EBITDA. See Non-GAAP Measures below for a reconciliation of Consolidated Adjusted EBITDA to Net income (loss).

Three Months Ended December 31,

Year Ended December 31,

(dollars in thousands)

2025

2025

Revenue

SaaS

$

118,990

$

461,027

Marketing Services

15,000

94,203

Total Revenue

$

133,990

$

555,230

Adjusted EBITDA

SaaS

$

6,594

$

23,320

Marketing Services

(7,906

)

(31,629

)

Consolidated Adjusted EBITDA

$

(1,312

)

$

(8,309

)

Three Months Ended September 30,

Nine Months Ended September 30,

(in thousands)

2026

2025

2026

2025

Reconciliation of Adjusted EBITDA

Loss from continuing operations

$

(115,980

)

$

(24,892

)

$

(153,463

)

$

(74,546

)

Interest expense

6,839

7,592

19,629

23,921

Depreciation and amortization expense

11,531

9,515

31,576

30,814

Stock-based compensation expense

3,980

5,685

11,292

19,192

Restructuring and integration expenses ⁽¹⁾

4,150

5,371

17,815

15,546

Income tax benefit

(710

)

(7,847

)

(9,024

)

(20,505

)

Net periodic pension cost ⁽²⁾

328

665

1,030

2,211

Impairment charges

94,800

—

94,800

—

Other ⁽³⁾

(733

)

(681

)

(1,721

)

(3,630

)

Adjusted EBITDA

$

4,205

$

(4,592

)

$

11,934

$

(6,997

)

⁽¹⁾

For the three and nine months ended September 30, 2026 and 2025, expenses relate to periodic efforts to enhance efficiencies and reduce costs, and include severance benefits, and costs associated with abandoned facilities and system consolidation. For more information on our restructuring and integration expenses, please see our Q3 2026 Quarterly Report on Form 10-Q.

⁽²⁾

Net periodic pension cost is primarily from our non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs.

⁽³⁾

Other primarily includes foreign exchange-related (income) expense.