THRY · Thryv Holdings, Inc.

Thryv Holdings demonstrated a continued strategic pivot toward its SaaS platform in the first quarter of 2026, with SaaS revenue growing 5.0% year-over-year to $116.7 million and now comprising 70% of total revenue. This shift is driven by an upmarket strategy, evidenced by a 13% year-over-year increase in SaaS monthly ARPU to $378 and 'Quality Customers' (those contributing over $400 monthly) accounting for 70% of SaaS revenue. The company successfully expanded SaaS Adjusted Gross Margin to 67.0%. Conversely, Marketing Services revenue declined 27.5% to $50.9 million, consistent with the deliberate run-off of legacy print operations, though this segment still contributed $13.2 million in Adjusted EBITDA (26.0% margin). Profitability improved significantly, with consolidated net income swinging to a gain of $4.5 million ($0.10 per share) from a loss of $9.6 million in the prior year. Consolidated Adjusted EBITDA increased 15.1% to $24.1 million. Operationally, the company utilized $5.5 million in free cash flow and ended the quarter with $8.0 million in cash and equivalents. Management signaled confidence by issuing Q2 2026 SaaS revenue guidance of $114–$115 million and full-year 2026 SaaS revenue guidance of $463–$471 million, anticipating continued growth in the core platform.