Monitor whether SaaS growth can eventually offset declining legacy business revenue. The significant impairment charges suggest asset write-downs that could indicate overpayment in acquisitions or declining asset values. Watch future quarters to see if the company can achieve overall revenue growth as the transition completes.
Price Chart
Executive Summary
Thryv reported strong SaaS revenue growth of 34.2% year-over-year for full-year 2025, driven by its transition from legacy marketing services to a software-focused business. However, this growth came alongside a 4.7% decline in total revenue and a shift from a $74.2M net loss to only $0.3M net income, indicating margin compression as the company restructures. The filing is mixed due to strong SaaS metrics offset by overall revenue decline and significant impairment charges.
Key Financial Metrics
Key Facts
- SaaS revenue grew 34.2% YoY to $461.0M in 2025, now representing over 62% of total revenue
- Total revenue declined 4.7% YoY to $785.0M despite SaaS growth, due to a 32.6% drop in Marketing Services revenue
- Net income improved to $0.3M from a $74.2M net loss in 2024, but includes an $83.1M impairment charge
- SaaS Adjusted EBITDA margin expanded 400 basis points to 16.0%
- Company incurred $83.1M in impairment charges and $28.2M in restructuring expenses in 2025
Financial Impact
SaaS revenue increased by $117.6M while Marketing Services revenue decreased by $156.7M, resulting in a net $39.1M decline in total revenue. The $83.1M impairment charge significantly impacted net income.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| SaaS | $461.0M | +34.2% |
| Marketing Services | $324.0M | -32.6% |
Risk Factors
- Continued decline in Marketing Services revenue may outweigh SaaS growth
- High impairment charges suggest potential issues with past acquisitions or asset valuations
- The company may face challenges in fully transitioning legacy clients to the SaaS platform
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001556739-26-000012 |
| Document: thryv-20260226.htm | 0001556739-26-000012 |
| Document: 0001556739-26-000012-index-headers.html | 0001556739-26-000012 |
| Document: 0001556739-26-000012-index.html | 0001556739-26-000012 |
| Document: 0001556739-26-000012.txt | 0001556739-26-000012 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $1.99 $2.00 | ▲ +0.50% | ▲ +0.40% | $1.52 (−23.62%) |
Aug 11, 2026 7w ago | 8-K | $2.07 $2.09 | ▲ +0.97% | ▲ +1.41% | $1.52 (−26.57%) |
Aug 4, 2026 8w ago | 8-K | $2.97 $2.14 | ▲ +27.95% | ▲ +27.85% | $1.52 (+48.82%) |
Mar 13, 2026 29w ago | Insider Cluster | $2.94 $2.78 | ▼ −5.44% | ▼ −3.32% | $1.52 (−48.30%) |
Mar 3, 2026 30w ago | Insider Cluster | $2.94 $3.19 | ▲ +8.50% | ▲ +8.98% | $1.52 (−48.30%) |
Mar 3, 2026 30w ago | Insider Cluster | $2.94 $3.19 | ▲ +8.50% | ▲ +8.98% | $1.52 (−48.30%) |
Mar 3, 2026 30w ago | Insider Cluster | $2.94 $3.19 | ▲ +8.50% | ▲ +8.98% | $1.52 (−48.30%) |
Feb 26, 2026 31w ago | 8-K | $2.10 $3.32 | ▲ +58.10% | ▲ +59.22% | $1.52 (−27.62%) |
Feb 26, 2026 31w ago | 8-K | $2.10 $3.32 | ▲ +58.10% | ▲ +59.22% | $1.52 (−27.62%) |
US Market Status
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