Thryv Holdings Reports 6.1% Revenue Decline in Q2 2025, SaaS Segment Grows 47.8%

Thryv Holdings, Inc. reported a decline in revenue for the second quarter of 2025, with total revenue reaching $210.5 million, a decrease of 6.1% compared to $224.1 million in the same period last year. The company's SaaS segment, however, showed significant growth, generating $115.0 million in revenue, up 47.8% from $77.8 million in the prior year. This increase was largely attributed to the acquisition of Keap and the strategic conversion of clients from digital Marketing Services to the Thryv Platform. In contrast, the Marketing Services segment experienced a substantial decline, with revenue falling to $95.5 million from $146.3 million, reflecting ongoing challenges in the print media industry and a shift in client preferences.

For the first half of 2025, Thryv's total revenue was $391.8 million, down 14.4% from $457.7 million in the same period of 2024. The SaaS segment contributed $226.1 million, marking a 48.7% increase, while Marketing Services revenue plummeted by 45.8% to $165.7 million. The overall decrease in revenue was primarily driven by the decline in Marketing Services, which the company anticipates will continue as it phases out these offerings by 2028.

Operationally, Thryv's total client count decreased to approximately 261,000 as of June 30, 2025, down 15% from the previous year. The decline was mainly due to a 46% drop in Marketing Services clients, which was partially offset by a 25% increase in SaaS clients, driven by the conversion of existing Marketing Services clients to the Thryv Platform. The company reported a net income of $13.9 million for the second quarter, compared to $5.5 million in the same quarter of 2024, reflecting improved profitability despite lower overall revenue.

Thryv's balance sheet showed total assets of $687.7 million as of June 30, 2025, down from $712.2 million at the end of 2024. The company reported total liabilities of $472.8 million, with a notable reduction in current liabilities from $196.3 million to $157.9 million. The company’s cash and cash equivalents decreased to $10.8 million from $16.3 million, while stockholders' equity increased to $214.9 million, up from $196.9 million, primarily due to net income and stock-based compensation.

Looking ahead, Thryv Holdings remains focused on expanding its SaaS offerings and transitioning clients from Marketing Services to its Thryv Platform. The company anticipates that the ongoing shift in client preferences towards integrated technology solutions will drive future growth. However, it also acknowledges the challenges posed by macroeconomic factors and increased competition in the digital marketing space. The company expects to maintain compliance with its debt covenants and continue to monitor its capital requirements closely.