Thryv Raises SaaS Revenue Guidance, Releases ThryvPay Mobile App and Reports First Quarter 2021 Financial Results
Thryv Holdings, Inc. (NASDAQ:THRY) reported strong Q1 2021 results, with U.S. SaaS revenue increasing 17% year-over-year to $37.3 million. Total consolidated revenue reached $280.6 million, with net income at $36.5 million and adjusted EBITDA margin at 37.4%. The company raised its 2021 SaaS revenue guidance to $151-$153 million, up from $140-$145 million. The launch of the ThryvPay mobile app aims to enhance service for small businesses. Key metrics include a 2.5% SaaS monthly churn rate and a significant improvement in net dollar retention to 89%. The acquisition of Sensis Holdings strengthens Thryv's market presence.
- U.S. SaaS revenue rose 17% year-over-year to $37.3 million.
- Adjusted EBITDA margin improved to 37.4%.
- Raised U.S. SaaS revenue guidance to $151-$153 million for 2021.
- SaaS monthly churn rate decreased to 2.5%.
- Net dollar retention improved to 89%.
- None.
Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv® software, the end-to-end client experience platform for growing small businesses, announced financial results for the first quarter 2021. The Company has also raised its 2021 outlook for its SaaS segment.
“Our strong Q1 performance confirms we are offering the right solution for small businesses,” said Joe Walsh, CEO and president of Thryv. “As a result of our execution, we are raising our SaaS revenue guidance for 2021 and remain well-positioned to capitalize on the market opportunity.”
Today, we announced the release of our ThryvPaySM mobile app. This easy to use mobile payment app is ideally suited to the needs of service-based businesses and is now available at no monthly charge. It also offers added convenience for our Thryv platform subscribers. We are pleased to offer this app free of charge for small businesses and provide the option for frictionless upgrades to the full Thryv platform when the time is right.”
First Quarter 2021 Financial Highlights (1):
-
U.S. SaaS revenue was
$37.3 million , a17% increase year-over-year -
U.S. Marketing Services revenue was
$227.9 million -
Thryv International Marketing Services revenue was
$15.4 million -
Consolidated total revenue was
$280.6 million -
Consolidated net income was
$36.5 million -
Consolidated adjusted EBITDA was
$104.9 million , representing an adjusted EBITDA margin of37.4% -
Consolidated gross profit was
$182.4 million -
Consolidated adjusted gross profit was
$193.8 million
(1) Consolidated results include Sensis results subsequent to the March 1, 2021 acquisition date.
Additional US Business Highlights
-
SaaS ARPU increased to
$304 for the first quarter of 2021, compared to$240 in the first quarter of 2020 - Total SaaS clients increased sequentially to 44.5 thousand for the first quarter of 2021
-
SaaS monthly churn was
2.5% for the first quarter of 2021, compared to3.4% in the first quarter of 2020 -
Net Dollar Retention improved 16 percentage points to
89% at end of the first quarter of 2021, when compared to the first quarter of 2020 -
SaaS active users and usage frequency reached new all-time high as daily and weekly active users increased
44% year-over-year -
SaaS average time-in-app reaches new all-time high and increases
103% year-over-year - On March 1st, the Company acquired Sensis Holdings, the leading Australian marketing services company
Outlook:
The Company is updating guidance for fiscal year 2021 as indicated below.
-
U.S. SaaS revenue guidance range raised to
$151 –$153 million , up from the previously announced$140 -$145 million -
U.S. Marketing Services revenue range maintained at
$740 -$760 million -
Thryv International, which reflects the acquisition of Sensis Holdings, expects revenue in the range of AUD
$180 t o$200 million for the 10 months of 2021 ownership (Sensis Holdings acquired March 1, 2021)
Please note: All GAAP financials now include Sensis for the month of March 2021 only.
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.
Earnings Conference Call Information
Thryv will host a conference call on Thursday, May 13, 2021 at 8:30 a.m. (Eastern Time) to discuss the Company's first quarter 2021 results. The conference call will be available via the Internet at www.thryv.com. There will be several slides accompanying the webcast. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary software. The recorded webcast will also be available on the Company's website.
If you are unable to participate in the conference call, a replay will be available. To access the replay, please dial (800) 585-8367 or (416) 621-4642 and enter "7068595."
Final Results
Thryv Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2021 |
|
2020 |
||||
Revenue |
|
$ |
280,606 |
|
|
$ |
318,570 |
|
Cost of services |
|
98,160 |
|
|
117,976 |
|
||
Gross profit |
|
182,446 |
|
|
200,594 |
|
||
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
||||
Sales and marketing |
|
76,540 |
|
|
89,292 |
|
||
General and administrative |
|
41,279 |
|
|
49,562 |
|
||
Impairment charges |
|
— |
|
|
98 |
|
||
Total operating expenses |
|
117,819 |
|
|
138,952 |
|
||
|
|
|
|
|
||||
Operating income |
|
64,627 |
|
|
61,642 |
|
||
Other income (expense): |
|
|
|
|
||||
Interest expense |
|
(11,607 |
) |
|
(14,780 |
) |
||
Interest expense, related party |
|
(4,065 |
) |
|
(5,150 |
) |
||
Other components of net periodic pension cost |
|
453 |
|
|
(201 |
) |
||
Other expense |
|
(1,093 |
) |
|
— |
|
||
Income before (provision) for income taxes |
|
48,315 |
|
|
41,511 |
|
||
(Provision) for income taxes |
|
(11,809 |
) |
|
(13,409 |
) |
||
Net income |
|
$ |
36,506 |
|
|
$ |
28,102 |
|
|
|
|
|
|
||||
Net income per common share: |
|
|
|
|
||||
Basic |
|
$ |
1.10 |
|
|
$ |
0.86 |
|
Diluted |
|
$ |
1.07 |
|
|
$ |
0.80 |
|
|
|
|
|
|
||||
Weighted-average shares used in computing basic and diluted net income per common share: |
|
|
|
|
||||
Basic |
|
33,108,422 |
|
|
32,578,286 |
|
||
Diluted |
|
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