Thryv Holdings, Inc.THRY

Thryv Holdings, Inc. Leases Disclosure

10-KFiled Feb 26, 20263 min read
Leases
The Company has entered into lease agreements for certain facilities and IT data center equipment, with remaining terms of approximately one to five years and that may include options to extend. The Company does not have lease agreements with residual value guarantees or material restrictive covenants. Variable lease payments included in the lease agreements are immaterial.

During the years ended December 31, 2025, 2024, and 2023, the Company recorded no lease right-of-use asset impairment charges.

During the year ended December 31, 2024, the Company announced its intent to partially abandon the Keap headquarters office building in Chandler, Arizona, which has a lease end date of December 31, 2026, as of December 2024. As a result, the Company recorded $4.2 million of accelerated amortization costs related to this partial abandonment during the year ended December 31, 2024. During the fourth quarter of 2025, the Company announced its intent to fully abandon the remaining space at the Keap headquarters office building as of December 2025, resulting in $0.1 million of accelerated amortization costs during the year ended December 31, 2025.

The following table summarizes the components of the Company's lease cost:

Years Ended December 31,
(in thousands)202520242023
Operating lease cost (1)
$2,506 $7,204 $5,201 
Finance lease cost:
Amortization of right-of-use assets (2)
640 — — 
Interest on lease obligations (3)
136 — — 
Short-term lease cost144 105 154 
Sublease income— — (1,348)
Total lease cost$3,426 $7,309 $4,007 
(1)Included in General and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).
(2)Included in Cost of services, Sales and marketing, Research and development, and General and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss).
(3)Included in Interest expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Supplemental balance sheet information related to the Company's leases is as follows:
December 31,
(in thousands)20252024
Operating Leases
 
Operating lease right-of-use assets, net (1)
$709 $2,423 
Operating lease liabilities, current (2)
$2,770 $7,849 
Operating lease liabilities, non-current (3)
217 2,806 
Total operating lease liabilities
$2,987 $10,655 
Finance Leases
Finance lease asset
$5,798 $— 
Accumulated depreciation
640 — 
Finance lease asset, net (4)
$5,158 $— 
Finance lease liability, current (2)
$890 $— 
Finance lease liability, non-current (3)
3,973 — 
Total finance lease liability
$4,863 $— 
(1)Included in Other assets on the Consolidated Balance Sheets.
(2)Included in Other current liabilities on the Consolidated Balance Sheets.
(3)Included in Other liabilities on the Consolidated Balance Sheets.
(4)Included in Fixed assets and capitalized software, net, on the Consolidated Balance Sheets.

Supplemental cash flow information related to the Company's leases is as follows:
Years Ended December 31,
(in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,878 $9,301 $11,997 
Operating cash flows from finance leases
$136 $— $— 
Financing cash flows from finance leases
$934 $— $— 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$200 $5,904 $— 
Finance leases$5,798 $— $— 

Weighted-average remaining lease term and discount rate are as follows:

Years Ended December 31,
 202520242023
Weighted-average remaining lease term (in years)
Operating leases
1.21.51.7
Finance leases4.7— — 
Weighted-average discount rate
Operating leases
8.8 %8.9 %9.0 %
Finance leases8.3 %— %— %
Maturities of lease liabilities as of December 31, 2025 are as follows:
(in thousands)Operating Leases
Finance Leases
2026$2,901 $1,252 
2027140 1,252 
202857 1,252 
202935 1,252 
2030— 835 
Thereafter— — 
Total undiscounted lease payments$3,133 $5,843 
Less: imputed interest146 980 
Present value of lease liability$2,987 $4,863 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2020Mar 25, 2021

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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