THRY - Earnings call 4 2023 | Thryv Holdings, Inc.

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Operator

Good day, and welcome to the Thryv Holdings, Inc. Fourth Quarter and Full Year 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] And finally, I would like to advise all participants that this call is being recorded. you. Thank to Head like begin IR, Cameron conference. the welcome now of Lessard, to I'd you. to over Cameron,

Cameron Lessard

Thank and Call. Operator. Fourth you, Hello, Quarter to everyone. XXXX Thryv's Welcome Earnings Conference good day to

and Chairman acknowledge or On today the our be presented has Please Rouse, Financial at release responses release earnings made subject described of obligation no the of and the These Officer; found to statements and your uncertainties on in questions website today's section call may copy the call. Executive Freeman, investor.thryv.com. A Thryv conference earnings company's are Walsh, are on Chief operations the President. and call to contain Grant update forward-looking other the statements to about and our on Officer; the results the Investor filings and comments Joe risks investor Paul thryv.com Chief and with information at press future can in presentation SEC. company. the

speakers CEO, will for investors. Finally, like the information to measures, will to I those measures that website. believe of be and introduction, call useful reference GAAP we turn With financial our Chairman would on provide Reconciliation Joe our will certain Walsh. to non-GAAP posted over which

Joe Walsh

with stellar thank a morning, incredible year our call fourth today for fourth our joining and Good to an and expectations. you was again us exceeded Thryv Cameron, capped discuss results. quarter year quarter for all on off it XXXX the that and once we full

an more X%. announce improved fourth notable projecting year, adjusted our objective. for margins delivered we gross of SaaS the $XX were XX% to in quarter, to around somewhere the SaaS that We've the quarter. XX% we're improvements X delivered our breakeven adjusted For metrics. represents the EBITDA with of happy really year-over-year, SaaS on we business. year And for SaaS than SaaS $XXX revenue which of started adjusted Recall margin EBITDA up we XXXX, when full million, million, in

Our into this recognition second the the significant our occurred was which to very one that of retire quarter. see we're Zealand, And one to existing net we go, has that the trending additional have our But came another quarter We that full dollar This retention you in third We with add-ons. toward some of year results. and us out $XXX similar million, centers was next in us lot think XX% and now long-term our later small centers more trending to but we've guidance. center, dynamic fourth we acquisition really XX% customers, continue the fourth cash gross up Paul we to wanted from it's a operations customers. function got accounting end lot out that mention sell this we'll when expect in and a quarter able us in of with call, just for with continuing. been the Yellow New to guidance. will free with gross do better we're of that retention. building our multiple margins print sell there to our more coming wasn't We've built That's had now selling year, had impressive for given debt towards Previously, so revenue a I platform. a We to only guided margin. even year we which cash long-term The in And and at in a flow quarter. million $XXX having stat again, Later after them. generated XXX% prior XXXX. in allowed to of the centers existing amount dollar else to trend net that delve

to However, morning. I release attention direct results earnings alongside the this to everyone's issued wish we our press

this familiar and rapidly those multiyear print transformation. small our aware and medium-sized products well expanding to base. massive to SaaS are We're catering ongoing digital with shifting businesses, entity of on call, marketing an you same our a powerhouse both client to services company innovative selling For the from a

platform. Command SaaS Zoo Our to recent strategic unparalleled seeing with an our into share advantage the the as acceleration excited product today notably directly into products the it that from of Center, clients And launches, lies We business. base in our our to Center client Zoo. marketing selling within Marketing SaaS the services the we're of coming and I'm refer

Grant As on excited to sudden transition to commitment an we on Freeman, commentary a in-depth platform. the isn't shift This This for next businesses or marketing clients services lever process. to initiative but more we're new, company growth in be this to a decade-long equipping the Thryv with small President, the our digital journey to tools update provide share the for welcome the XXXX, anything step best significant success. transformation, a and a I'm natural to will transformative along delighted our ongoing powerhouse in

Grant Freeman

and everyone. good morning, Joe, Thanks,

this questions As provide portion client a and to plans legacy to and Business our By yet, it have earlier, into XXXX. business. Center platform Marketing of capitalizing opportunities. address upgrade Q&A complement brief Center, detailing expanding strategically including on growth issued Joe services, review any we we're during for product mentioned Command our With Since the and aligned a for the vision our chance Center you SaaS the that areas not recent our are I'll had a morning press release follow. may our overview introduction adjacency we in existing platform, with Thryv

products offerings legacy progression natural creating our integrate with clients. Specifically, the a our for our into SaaS new seamlessly platform,

anticipate enhanced SaaS marketing platform, it acceleration a clients slight provides. the decline a the result, we that naturally for by billings and As as of transition capabilities the features attracted to in services

and award-winning extremely to services our positive cost, Thryv continue send adopt platform upgrade many consistently our an years, legacy X Center, our Business their manage they and underscores services. rely clients migration Center social clients marketing and manage estimates, and services leads, usage our converting on organize clients. the our execute marketing high upgrade low because planned actively find business, of been a campaigns, as interconnection We've to our This run Business of they their important to For between designed many them Thryv listings, marketing which we've digital the their software legacy keep SaaS many, Many we them product generate products to to elements encourage our SMBs more business will platform services services. to valuable. to and to among modernize with customers engaging products invoices, away from running clients to existing business. of opt help been converting generate as our

virtuous not client expansion. that as partnerships. a the symbiotic a limited gain generating groundwork dedication are predictable introducing their and Clients solutions, These for growth cycle. like offerings new simplifying isn't established unlocks and offerings us. etc. catalysts It's access enhancements, growth. to success upgrades relationship streams they Our a to mutual thing. move fueling Center, serve NDR Marketing for providing expanded Center, enhanced to isn't recurring Command value It's benefit that a success cosmetic This ThryvPay, for onetime lays client we've propositions, revenue By sustained while also

naturally they thrive more As small platform of capabilities. use our businesses grow, and

our digital clients streamline reduce We've our upgrading our cost our operations, growth, and legacy complexity, to efficiencies we at support create will systems. to award-winning instances. been no to them in Now platform some additional around long-standing

their explore, the to We're to utilize, We spend into have eager for businesses. grow their also them to of in observed empower clients platform. who various modules have platform increased and the

many of digital While deliver products legacy development. receiving value, further investment they simply our aren't or

We rollouts to XXXX more also provide beyond. our our to are them through the Thryv platform, upgrading value currently the features clients opportunity new plus investing address By existing plans numerous centers, and for offering in of the problems help future addition while today our new centers. solve to same they and challenges platform, additional receive in have we

services of revenue year every XX%. is range the declining Our in marketing

the software and being offering for that viable We Center, for business. long by also efficient needs. universal effective platform with the platform in with client receives are by can current future them problem and our our our communication prepares prospects, upgraded future. them their for them proactive to clients tackle being their our client upgrade term a faced plans and product, retaining to them SMBs, with internal underscore unique which a Every XXXX the address sum, In the which SaaS is commitment Upgrading customers, in helps Command members. team growth

and revolutionizing the of Marketing integrating evolving. just client Command introduction new enhance to We're our drive approach, the Center not sustained success. Center, we're offerings With seamlessly experiences and

to hand these target our that, turn paid to full become free By provides. Center Command offering developing With blue Rouse, the to businesses of opportunity solve CFO, centers our financial activate their benefiting who who of and the freemium we're Thryv addition, users offer year In offering problems This to a company are to I'll it fourth new quarter freemium Thryv additional users excited about and company raisers, platform. it building center, platform. Paul and discuss role the Command usage allowing we're freemium users their begin to our Paul? those our allows now as over and results. from what a on Center ocean of the to

Paul Rouse

Thanks, Grant.

results X and As domestic both for marketing and operations. to a segments, which on reminder to going listeners, services, we includes are focus SaaS international

and Additional the domestic in be appendix each can section the for of investor between presentation. detail international segment found

with in to an into representing dive Full quarter, revenue SaaS million. our $XX XX% revenue was fourth Let's of XX% the XX% our results year our SaaS segment. year-over-year SaaS ahead of guidance, grew increase and million $XXX.X sequentially. beginning

towards year-over-year year-over-year SaaS X the a year was year. points XXX from basis shift mix our Moving points basis driven primarily cost increase and to adjusted XX.X%. efficiencies on Full profitability margin the in fulfillment. gross quarter of SaaS margin improvements The prior and factors, revenue basis points to XXX gross adjusted subscription-based related by margin improvement delivered adjusted to favorable expanded in centers, gross the SaaS increased higher-margin XXX quarter, XX.X%, in quarter-over-quarter, to an for

out our to of see this $X.X a base services adjusted SaaS as metric SaaS adjusted of Full EBITDA expect improvement aforementioned margin well expansion customers. conversions improvement EBITDA in margin reliance continued adjusted in on We adjusted X.X%. to EBITDA quarter $XX X.X%. of to exceeding $X SaaS improvement Fourth XXXX, the was close attributable directly million of to in resulting EBITDA moving our marketing was resulting was out reported and EBITDA $X.X EBITDA in gross year. the margin SaaS significantly adjusted installed million, forward. significantly We range our our cap guidance of as adjusted low year margin in SaaS million continued million, which guidance exceeded notable in

potential a acquisition This solid Prioritizing and customers. also undertaken minimizes leverage we've discussed, analysis relationships through with detailed sustainable investment. ensuring client drives previously needs This inbound growth sales sales optimized cross-selling, operating foundation upselling unlocks outcomes, not success through This costs. laser rigorous evolving selection. approach focus fostering and unlocking of tailored with high-value by maximizing and investment by enduring ideal maximizing on efficiency, focusing growth significant mutual allocation ideal aligning value. As and ROI our upfront with only yielded clients future strong our channel, overall but has enhancing

quarter, end sequentially We new and year-over-year. were X% a SaaS of and approximately customers as to the self-service increase attracting higher are of edged decrease fourth serve year-over-year. clients XX,XXX at acquisition our future empowering ones. a ARPU with will driver, SaaS the subscribers Center that of existing XX% confident $XXX, strengthening new an Command insights,

XXX on basis and cross-selling Net center. was net subscribers prior points in selling lower The [intraday] enhancement up initiatives. As basis free of previously in strategy our our signing new has current PLG seasoned multicenter sequentially. of business Historically, mentioned an ARPU, with the upselling dollar decline. quarter, to company adoption retention led Dollar Fourth thus our primarily one XXX Seasoned packages to XX%, contributing Retention increase for correlates to points year-over-year compared focuses SaaS quarter and directly our new a year-over-year the average

of introduction of Center, such expansion are Marketing the with Command and the witnessing NDR. Center and outcomes of we additional diversifying the now offerings as positive our However, reflected centers products our ThryvPay, in

Our yielding significant efforts cross-selling in upselling results. and intensified are these

million, quarter representing quarter in the revenue our our an marketing margin services an billings million, adjusted was $XXX.X services midpoint EBITDA services revenue Moving Services, adjusted $XXX.X above year-over-year. million, EBITDA Fourth the Fourth quarter Full marketing was fourth of of $XX.X also over EBITDA was above midpoint million, year a $XXX.X Full year to margin resulting million, $XXX.X marketing marketing services resulting adjusted guidance. XX%. XX%. adjusted XX% of guidance. of was marketing was decline EBITDA in of

quarters, Center exceeded with the so the the this While a to in recent our business marketing rate for fit, more is vision. increase internal decline aligns models upgrade platform. services long-term aligns and growth Marketing introduction in billings perfectly as vision we there decline natural sustained of adjacency expect clear to would SaaS billings The given with product our SaaS

higher of margin EBITDA SaaS and long-term This XX%. our EBITDA clients, adjusted success retention, and to represents was services for adjusted business. Fourth Full a quarter million, an consolidated consolidated XX%. consolidated gross margin adoption legacy $XX.X representing to clients XX%. margin win-win it proposition year value delivers adjusted marketing margins adjusted gross quarter compared ensures was EBITDA was Fourth While approach it leading both for traditional also increased products. improved

the million adjusted charge margin of or recorded structural per in and compares a again, a Marketing adjusted loss of $XXX.X million million, We $XX.X our consolidated loss EBITDA for of fourth year, $X.XX amount represented a diluted net goodwill quarter quarter of our in EBITDA per a XXXX for million For $XXX.X impairment noncash Net $X.XX share business. to decline the was the $XXX.X full diluted diluted to share, loss the XX%. an fourth loss Services of attributable once of share was $X.XX the which to per XXXX. or of or

at position fourth of the Finally, was the quarter. our net million debt $XXX end

plan. term in made EBITDA, below was $XXX covenant well retirement our ratio which fourth million the The cash an company quarter which was $XX debt down is million to million net generated of our Xx. $XX term of to flow in loan. in leverage XXXX, used free X.Xx and for ahead additional loan We Our pay debt

quarter full Now let's year discuss first guidance the and XXXX. for of

quarter, SaaS revenue first we of to million in range expect For the $XX the million. $XX

SaaS $XXX $XXX growth we For revenue expect revenue in implies of million, the the XX%. range SaaS to XX% full year, which million to of

first a in For SaaS million. $X range the adjusted EBITDA quarter, of we to $X expect million

the For EBITDA the SaaS which to million, X% year, in EBITDA range X%. $XX of expect we SaaS implies million margin $XX full adjusted of to adjusted

marketing For the the services to first million expect revenue of million. in $XXX quarter, we range $XXX

million For expect services the year, million. $XXX we range $XXX full to marketing revenue the in of

I'll expect we to Joe. million adjusted EBITDA to For call in range now back the $XXX the turn the full over year, services marketing of $XXX million.

Joe Walsh

noise rate points along Thanks, will a probably a come Paul. like introducing product-led we to also, that opportunity have for the noise lower will cases, I'd customers and be bit services but introduced the growth dollar little in a price is, on that conversions believe time. represents this number great, net space, And we've an net pricing where of retention just introducing move marketing customers dollar that comment which or of into will improvements. some number There'll ARPU our motion up be little our that little aid the on number. in some retention certainly in over of promotional because bit from as at come that's some bit the the that of over and we coming future,

we saying we're people anybody too just ARPU in of a gets least that be a with settle ARPU increasing down of in I new want at is dollar in legacy growth, a which get retention to year. customers, bit little watch the what's we about at Before ARPU for price numbers bouncing our somebody And different a of driving I'd maybe and us ARPU just worried All see some around our seasoned bring strong is net with -- highlight mass points. of ARPU been on I'm Once which little at we've client and is, improvement. course number, as mid-teens. they'll out comment the studied going, have looking us to like seasoned upgrade.

came book have you for you. news If business, invest the to phone I bad in

is tools, and that talking by place EBITDA And it's SaaS Zoo, Marketing is This the of rapidly wanted legacy reaching happening. in now got sort we've where building business but a point quite that EBITDA. to more just the growing has SaaS because better for at is now. low the up how I had a profitable, business into about base, SaaS that quickly, that this Center the big And legacy key or has real And are lot the see traction EBITDA, [NAV] that's and are a time. business. it's a EBITDA we're very business up driving and showing to declining thing We long been is chunky excited that that now EBITDA. wrap we what's today's in really that. we're getting been finally lead-generating call And

at As reaching or of now thereabouts, falling there to company total goes are business. we'll legacy from the of the EBITDA source services same the that where, we the EBITDA we've transition place look and SaaS generates, we as the around be stopped a the marketing point

that expect going be us. parity with at looking I the going really larger the our really good potential comment It to and coming on wanted carry XX% margins business revenue to company's the we're year. has has International chunk EBITDA out well And approximately will the looking this and great. being international. of is that business. Zealand, the actually the of and New to SaaS We quickly load. Australia the that for is business area next reaching year, SaaS of ahead

pretty contribute, a has stop and to look EBITDA is as how as neutral being activity we media has Thryv. coming and reaching few international year, greenfield business. taking to anniversary that's future. into going. saying what wind international The quite at will quarters source And easy a I'm it some begin beyond. away excited a fast-growing and just we're making revenue into very is big be into of for now. to business people been it's a out think at but this was good being last my to going leaders us that drag sources is years profitable of you thing on about forward, set and We're about a will -- look a been having almost international. minus, forward. not pretty It now We're transform here a from in as our it XXth see about markets. been of minuses, EBITDA take predominant journey. and business I Canada the this profitability, Australia in And up we a legacy that by When and looking up certainly years, used our now drag that. I'm international progress, being being 'XX a pretty we see the And to this see positive and Dex from Our on to anybody bit can goes ago, And several pretty think excited now and ambitious SaaS to couple hard being more now. driving just it

really vision back it thank and I'm investors With that, for to and going wrap you're support. up Operator? your so, this with rewarded now. to and us thing you had of think I to going unfolding, the have appreciate sort operator. see And hang to be the turn our We

Operator

of the William comes question from Instructions] from Arjun [Operator Blair. Bhatia first line Your

Arjun Bhatia

going a incorporating bit you've how migrate Joe, and what may Center, that Perfect. you Business to into upgrade for QX or follow-on the the little will move plans do services going be I the handicapping of maybe marketing here. can that transition some I how of And we anticipate appreciate is nice to the and a when think touch it And Marketing of versus upgrade guidance that? above? they're of on many not? customers customers maybe over as over, will bit, Center? job that, laid buy should do a kind the little Or all all are to the out color about you on if

Joe Walsh

permit bigger great X couple to that camera of bit if over just get to, at think the of back me, a core the of really going XXXX. the are It's picture. Those want this is about you'll questions the next unfold and February years. little way up I

the Let's latter decade. out just go to the of part

to Let's now. like years X, go 'XX, X out from 'XX,

in out little go way. just a Let's time

forward trucks businesses, exposed what will category-leading be using spreadsheets, help. those say, those get them of businesses to their they And the that's relationship and XX our and refer they use, positioned seeing focused going our us? they've we really business, that's require be lot over SaaS tools affectionately lot and we're point. software if they're going the question for I in at and and if years or that are to got a they it All more, advanced don't of so things. they've lot cloud everyone it with company are when they're often us But Then make do a to they're a they been with do showing X or them, And trusted on educations, using Are still they to of as the business Today, that unclouded, boards a businesses, blue transition are advisor business still where tools to with their haven't going becomes, the them dry the still little of them X say doing go and erase manual of collar of a cloud. are still where they kind technology, lot in we easy literally years, I will been virtually last the the cloud, the with there. guys going stores, Tuesday couple just morning, I've golf say on with very I've going talk as with to on Thryv, And get too. you to all, it years, can people it's do been get bring largest friends eventually out over been The referrals my our worked They're friends that they Saturday play well night. with our base I teaching, get guy. the their look, think of on this with come bowl that. really has gone helping this to to well, morning. the them think the of droves. one has should literally they're showing, we're making in of struggling that to hundreds to it's guys with neighbors. to that think Monday We think legacy their to customers onto that all and guiding have rings that entire have e-mail

suggesting not XXXX I'm even in XXXX. of balance Now or the that will happen in

it's I of think megatrend this while a and happen. takes that is still kind unfolding little a to a

happens. Sometimes accelerate there's a slowly, they then all form big that of sudden, slowly, whoosh a and

You've tech time. seen That's over answer I phases. that in think we'll on how my other adoption do

jumping are to bit was, that jump and Center stuff. going finding buy cases, what going Those of going of Marketing Marketing helping do is to it Center. to us that many is not close that on element. Are going we're number legacy the working, know they're what product Business And it terms for generate Center Center Center has in longer question. X your adding lead our leads, And efficiently, are you over and turns for is to long more I buy kissing been you cousin around buy? question and blockbuster second asked Are accelerating. little buy? a to source marketing wanted? growth leads, they the they them Did them pretty Center? in they what quickly time a over Center? they're buying to business their Business catching really analyze buying they What Marketing The they smarter, Marketing the know a what is is that still effectively working, And Marketing customers Business past. are do jump Because know Center it, out sources, of in revenue more of its helping what's than of to and services to and is what's get a the marketing is stuff. were get all kind the answers center and

Arjun Bhatia

actually, drives certainly obviously kind of I SaaS even of dovetailing to when of you're how process, because of makes run the transition Yes. the are sense. business helpful. off Because of was you thinking And that, that how that? That's to It at think internally these the get investment may something anyway, expect But it's internal mean to business. the ramped kind keep up be super host cross-sell the some a and an of kind start this resource likely set have the is you that point, is transition potential do inevitable incremental about the customers, should SaaS thinking and one To on of to just motion them outcomes business? the onboard to through product, right. allocation? for Or this resources growing that that I we

Joe Walsh

been sort you That's what another to throughout the We've that of last doing described, excellent question. year. transitioning really just footing, actually

for last If you full summer. year, sure process. anybody. QX we along until a slowly in They just release really to brought remember, it we is out did sell time, very a of make then that really Marketing along kind had when to we that to salesforce wanted were want. you Because of of let it stride the do hit successful. not brought thing allow and gated sort slowly well, the We kind as know churn of Center Up we in it and QX we and not it

already and through already you a that our at back we've organizing numbers. done look that. footing acceleration go year, was in QX flow last pretty it really onto tense, us you seen you getting of around If past strong It's saw and us subscriber it. adds. We've That

Operator

B. next comes line Cummins question the of Zach Your Riley from from Securities.

Zach Cummins

jump over there question solid base. Grant legacy a of results to that or about the incentives Center to transition been process are was has marketing towards Center? in the that either on I this within to in QX ask customers of can some or to that accelerate services legacy maybe change talk offered Business terms Marketing of sort approach Congrats of here. any mean these terms really hoping I you

Grant Freeman

Yes, good morning, Zach. It's a great actually. question,

example we've like provide think to value digital I they we more listings, on on side, their that's still they turning people that them. your are cases, still also that focused important laser in the them, then like more for coming at modern additional them Bringing the level where digital clients When happy received I a still over that they're that things But during to is really don't know, will had then adding from, they I the that focused from to and understanding marketing passive invested-in of active lead etc. speak getting, whether that return that very the them attribution, no you and and many clients. cost. their and in marketing in additional It's their on really no giving and giving example, you ensuring we're Marketing them into services while it's hope cases see digital answers exposure as side. the Center delivering side we're Again, but platforms additional etc., question, across afford had technology, laser the old relatively tools on to value it's the the focus people I and that them giving happier to where what before, were them platform. well, can but mentioned that, more been upon that services, passive modern generating marketing were many Zach. access value are now doing now at the engaged for yet this on moving on services increases us, more cost. managing products, been more generation leads process, receiving And with Still platform, up-to-date the customers things on commensurate giving or what investment that. engagement

Zach Cummins

that, the me just for one Thanks number helpful. of Grant. Joe, Extremely question And Yes. subscribers. around for SaaS just

metric and pretty kind for SaaS any QX, up from growth to subscriber around while what parts big a had strong you You QX in talk about jump QX. essentially in it metric? of out that year-over-year QX, that played moving seems in Can similar and QX

Joe Walsh

natural pretty I mean a actually Yes. process. it's

I Our kind there, or no in and it over. are for of of there. we for these do that years money. to diagnostic And set them customers there's a think that opportunity the path going little of value happen tools. beautifully next bit will Grant up by the said basically is moving able I analytics additional And get them it an seeing go a -- so allowing upgrade are be We're couple in probably little to adding mean, us because bit of to as rate to little

or through in allowing reduce even retention think see over. growth also as we dollar in those net of been you'll eliminate platforms I future. have us would of to flowing that investment the really But some older in it's that and making people some our the numbers some moving of

I to keep guess as we going expect terms lot of there's you a In what more. forward, think

now. for story or well. story be see down we comfortable a is The product seeing, will think you've We to And been the salesforce there's while. the think really going more. what telling you Our has performing

Operator

from comes the question line of Rob next Oliver Your Baird. from

Robert Oliver

are nice, that. then newer guys while thinking gave I Because wanted fact number ARPU at about on the had you XXXX? to bit some color those in you about pressure versus of that new Can coming follow-up. just promotional ARPU how in customers, the think And a are growth quick is customer should I Joe, kind a seasoned appreciated about ARPU I so the you and understand is talk we pricing. that some actually around little just the trends there customers of really how

Joe Walsh

Yes.

they'll customer maybe own price customers ARPU a is motion shake you coming and going of more, our lot they'll gone ocean if were as he's those to bounce not going. number go community But right. bit or them business $X,XXX it forever. turn more seasoned ARPU pile want of trends. Investor to customer for our Zoo, of of kind cases, Day the as of while, that There's reason slick centers, I they their we processes the comfortable up of customers ARPU Day that's to new they number noisy to were high customers to is in doing going we're think at visits to to are are customers they and there Even make then guys the and I some adding blue about $X,XXX we customers of what them than we upgrade my a I product He he's spending these think after certain product-led would successful kind And of better out than group them. or have been as time that's this. customers beginning. that that that are One X And our be animating center us part towards Thryv, and are numbers part think we new months the their we ARPU, spending of they're or would or as play little The You've growing, usage, and help continue if with to it we tools our a he's noisy guidance, And a every have of X coming to think the of out overall, discover land-and-expand they currently can the though around that business think through broke literally are We year we'll want on in employees work the old kind talking a can it, funds, crosswinds massive paper. to exactly was ARPU the the a as or to fairly you have want help sure got getting it'll for a upgrade. the them And grow ARPU. us only week. the don't been up 'XX minute per out $X,XXX of out. some worth coming moves in they and that the channels be cases goes we to points. who talk gets year Investor X over them bit. go and moving that big customers small be will a back But got going talk with each a is that through on those centers, with be in crosswinds And a bulk sell additional thriver use little base 'XX into been dashboard, But work going comment X, to up they Thryv what the coming next the features. in be of X add next next-day your over door businesses. additional are go rises with to another And got years. about and sign motion. and step a Command Or ARPU another we a over I And adding even amount because to users, number what wanted kind smaller guy a out have And additional in have is it we doing for the make the one. be need. Thryv what growth X of we're next on we've to small if some in new the next it Center talking add free us that's and to a getting well And noisy few next buy that think and add-ons, noise that a more a year and we we're but call impact with expect a the growing business it, field. at growing for not one our customers. a do gradually to all to and there. green I X, within just if be And coming upgrade gives little be operation better it needs. to pretty roadmap be delivering XX, number his of some door guide to a on. our those the build the noise year functionality. might through that for to can much That that's will on up pay lot that's and growing way to thing that's Final who forward. X them Where on own, going or go why them. little in And talk comment a they're a of digitally, from should bit X we of to of and full talk with good on going keep thriving for and day as rate. you these second a we growth introducing experience to able some

Robert Oliver

I XX-year your That's mentioned been would tremendous And transforming here. here. progress to a there's Obviously, perspective. Great. helpful Thanks, anniversary love you the just amount into really back, in follow-up. then kind to move mean, SaaS detail. one really company Joe. I a looking hear your of of

M&A. I you convert a And on context, core get better buying yours. your thoughts that right one in that really guys your sort on hitting wanted proven now. just Just SaaS is anyone is hand, zoo-like customers curve the have these the of of businesses ability you're there to on Because and than into the knee to competency of them out that globally

about to those currently out light company how you're you SaaS becoming hear would momentum On of of to that, the particularly companies further. guys a push thinking more transition experiencing. the Thank that other in buying point would love SaaS I are just hand, you.

Joe Walsh

we I'll don't the kind and zoo them. to you take well. tell Well, customers a of really a there. for where of that in us these There's near pretty really much really it question. end to converting a cautious of it's will moving the That's end do, currently left. for time. that successful forward the SaaS It's a are. significant in But and we We've been lot that a the want we've anxiously and place to acquisitions question, had We I that acquisitions that. direction. change of We're financial We're hard SaaS that's question. of valued of complex think be where and adding in making good sort future. terribly nearing much at the moment, look too to that or gone It's to makes with not kind

facility, to more at some credit will postponing but swap that. also And and that a we as with we're paying think when as some and had revenue really give we've is which flexibility lot economics a But We particularly something acquisitions point help out, know have made. we us the far lousy crossover Rob, the on and have we'll point attention that about. us, stuff, That's that. incredible all you that SaaS that

people developments lot that made worry so, we've that and getting us you're And you're is them. for with of a invest investor growing soon away we X and X Whether thinking traction away. improved out, that just about some a crossover years or quarters in you in in other that. the if at a least should nobody that as I the That's an kind far think not confidence made looking we're it. Center not few be we're our we'd not business. we to of And Marketing you. how that about And it's think zoo new not sorry it's point equity want have that away, the quarters with to -- We're of give or X honest

Operator

brings conference question Francis today's you you That us. our your presentation, the of rest all joining our This concludes call. to a session Thank from speakers from final Infra. line is thank the day. for today's your of today and Q&A And for close. Enjoy to Richard

may You disconnect. now

Thryv (THRY) 22 Feb 242023 Q4 Earnings call transcript