In This Story
Thryv Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $179.9 million from $183.8 million in the same quarter the previous year. This decrease is attributed to a decline in Marketing Services revenue, partially offset by an increase in SaaS revenue.
Cost of services for the quarter was $67.9 million, representing 37.7% of revenue, compared to 43.6% in the same quarter of the previous year. This decrease in cost ratio is due to strategic cost-saving initiatives.
The company reported a gross profit of $112.0 million for the quarter, compared to $103.6 million in the previous year, with the increase attributed to higher margin SaaS solutions.
Impairment charges of $83.1 million were recorded during the quarter, resulting from a goodwill impairment in the Thryv Marketing Services segment.
Sales and marketing expenses decreased to $66.5 million from $74.8 million, primarily due to strategic cost-saving initiatives.
Net loss for the quarter was $96.1 million, compared to a net loss of $27.0 million in the previous year. The increase in net loss is largely due to the impairment charges.
Cash provided by operating activities was $63.6 million, while cash used in investing and financing activities was $24.7 million and $45.4 million, respectively.
Thryv had a working capital of $9.0 million as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details the acquisition of Infusion Software, Inc. d/b/a Keap (THRY+0.55%) for $80.0 million, financed through an equity offering and borrowings under the company's ABL Facility.
Thryv does not anticipate cash dividend payments to common stockholders in the near future.
The company identified risks related to litigation and regulatory investigations, including a subpoena from the SEC related to its strategic conversion of clients from digital marketing services to SaaS solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Thryv Holdings Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.