Thryv Holdings, Inc.THRY
Thryv Holdings, Inc. Segments Disclosure
Segment Information
The Company's chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM evaluates performance of the reportable segments based on Segment Adjusted EBITDA, which is the primary measure of segment profitability. The CODM monitors actual versus forecasted results for Segment Adjusted EBITDA on a monthly basis to assess the performance of each segment and make decisions about allocating resources to each segment.
During the first quarter of 2024, the Company realigned its operating and reportable segments as a result of changes to the internal reporting provided to the CODM, to reflect the way that the CODM assesses performance and allocates resources. Subsequently, the Company has two operating segments, which are also its reportable segments: (1) SaaS and (2) Marketing Services. Prior period information has been recast to conform to the current period presentation.
Asset information by segment is not regularly provided to the CODM and, therefore, such information is not presented.
The following tables summarize the operating results of the Company's reportable segments. Segment cost of services, Segment sales and marketing, Segment research and development, and Segment general and administrative expenses presented below exclude the allocation of depreciation and amortization expense, stock-based compensation expense, restructuring and integration expenses, transaction costs and other expenses.
| Year Ended December 31, 2025 | |||||||||||||||||
| (in thousands) | SaaS | Marketing Services | Segment Totals | ||||||||||||||
| Segment revenue | $ | 461,027 | $ | 323,988 | $ | 785,015 | |||||||||||
| Less: | |||||||||||||||||
| Segment cost of services | 126,066 | 110,719 | 236,785 | ||||||||||||||
| Segment sales and marketing | 134,290 | 73,412 | 207,702 | ||||||||||||||
| Segment research and development | 35,274 | — | 35,274 | ||||||||||||||
| Segment general and administrative | 91,556 | 61,853 | 153,409 | ||||||||||||||
| Segment Adjusted EBITDA | $ | 73,842 | $ | 78,004 | $ | 151,846 | |||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| (in thousands) | SaaS | Marketing Services | Segment Totals | ||||||||||||||
| Segment revenue | $ | 343,476 | $ | 480,680 | $ | 824,156 | |||||||||||
| Less: | |||||||||||||||||
| Segment cost of services | 96,319 | 168,932 | 265,251 | ||||||||||||||
| Segment sales and marketing | 131,257 | 97,119 | 228,376 | ||||||||||||||
| Segment research and development | 15,132 | — | 15,132 | ||||||||||||||
| Segment general and administrative | 59,578 | 93,388 | 152,966 | ||||||||||||||
| Segment Adjusted EBITDA | $ | 41,190 | $ | 121,241 | $ | 162,431 | |||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||
| (in thousands) | SaaS | Marketing Services | Segment Totals | ||||||||||||||
| Segment revenue | $ | 263,717 | $ | 653,244 | $ | 916,961 | |||||||||||
| Less: | |||||||||||||||||
| Segment cost of services | 88,135 | 222,977 | 311,112 | ||||||||||||||
| Segment sales and marketing | 106,498 | 149,982 | 256,480 | ||||||||||||||
| Segment research and development | 10,525 | — | 10,525 | ||||||||||||||
| Segment general and administrative | 46,534 | 104,795 | 151,329 | ||||||||||||||
| Segment Adjusted EBITDA | $ | 12,025 | $ | 175,490 | $ | 187,515 | |||||||||||
A reconciliation of the Company’s Income (loss) before income tax (expense) benefit to total Segment Adjusted EBITDA is as follows:
| Years Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
Income (loss) before income tax (expense) benefit | $ | 17,043 | $ | (65,998) | $ | (260,544) | |||||||||||
| Impairment charges | — | 83,094 | 268,846 | ||||||||||||||
| Depreciation and amortization expense | 39,459 | 52,789 | 63,251 | ||||||||||||||
| Interest expense | 34,758 | 46,771 | 61,728 | ||||||||||||||
| Stock-based compensation expense | 25,250 | 24,118 | 22,201 | ||||||||||||||
Restructuring and integration expenses (1) | 28,180 | 32,697 | 14,612 | ||||||||||||||
| Loss on early extinguishment of debt | — | 6,638 | — | ||||||||||||||
| Non-cash loss from remeasurement of indemnification asset | — | — | 10,734 | ||||||||||||||
| Transaction costs | — | 5,145 | 373 | ||||||||||||||
| Net periodic pension cost (benefit) | 8,817 | (24,806) | (2,719) | ||||||||||||||
| Other | (1,661) | 1,983 | 9,033 | ||||||||||||||
| Total Segment Adjusted EBITDA | $ | 151,846 | $ | 162,431 | $ | 187,515 | |||||||||||
(1) Restructuring and integration expenses includes abandoned facility costs, severance charges, post-acquisition and integration expenses, tax and accounting fees related to acquisitions, and legal fees related to cases inherited from acquisitions.
The following table summarizes the Company's Revenue based on type of service for the periods indicated:
| Years Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
SaaS | $ | 461,027 | $ | 343,476 | $ | 263,717 | |||||||||||
Marketing Services | |||||||||||||||||
| $ | 223,572 | $ | 253,998 | $ | 264,834 | ||||||||||||
| Digital | 100,416 | 226,682 | 388,410 | ||||||||||||||
Total Marketing Services | $ | 323,988 | $ | 480,680 | $ | 653,244 | |||||||||||
| Revenue | $ | 785,015 | $ | 824,156 | $ | 916,961 | |||||||||||
The following table summarizes the Company's Revenue by geographic region, based on the location of the customer, for the periods indicated:
| Years Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 659,367 | $ | 686,341 | $ | 764,112 | |||||||||||
| International | 125,648 | 137,815 | 152,849 | ||||||||||||||
| Revenue | $ | 785,015 | $ | 824,156 | $ | 916,961 | |||||||||||
Revenue from customers located in Australia was approximately 13.0%, 14.4%, and 15.3% of total revenue for the years ended December 31, 2025, 2024, and 2023, respectively. No other individual foreign country contributed more than 10% of total revenue for the years ended December 31, 2025, 2024, or 2023.
The following table summarizes the Company's long-lived assets by geographic region, which consist of operating lease right-of-use assets and fixed assets, net, excluding capitalized software:
| December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| United States | $ | 9,609 | $ | 9,008 | |||||||
| International | 58 | 226 | |||||||||
| Total long-lived assets | $ | 9,667 | $ | 9,234 | |||||||
Percentage of long-lived assets held outside of the United States | 0.6 | % | 2.4 | % | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2020 | Mar 25, 2021 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.