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Segment Information | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Segment Information | Segment Information As a result of the Sensis Acquisition, we reviewed our segment reporting based on the information used by the Chief Executive Officer, who is also the chief operating decision maker (“CODM”), to assess performance and allocate resources subsequent to the Sensis Acquisition. As a result of this review, we determined that the Company manages operations using three operating segments which are also its reportable segments: (1) Marketing Services, (2) SaaS, and (3) Thryv International. During the six months ended June 30, 2021, the Company adjusted its methodology of classifying certain revenue between products of its SaaS segment. The three and six months ended June 30, 2021, and 2020 reflect the current methodology. The following tables summarize the operating results of our reportable segments (in thousands):
| Three Months Ended June 30, 2021
| Marketing Services |  | SaaS |  | Thryv International |  | Total
Revenue | $ | 202,795 |  |  | $ | 41,386 |  |  | $ | 46,866 |  |  | $ | 291,047 |
Segment EBITDA | 82,684 |  |  | (2,119) |  |  | 16,188 |  |  | 96,753 |
| Three Months Ended June 30, 2020
| Marketing Services |  | SaaS |  | Thryv International |  | Total
Revenue | $ | 272,327 |  |  | $ | 31,285 |  |  | $ | — |  |  | $ | 303,612 |
Segment EBITDA | 112,612 |  |  | 5,523 |  |  | — |  |  | 118,135 |
| Six Months Ended June 30, 2021
| Marketing Services |  | SaaS |  | Thryv International |  | Total
Revenue | $ | 430,728 |  |  | $ | 78,637 |  |  | $ | 62,288 |  |  | $ | 571,653 |
Segment EBITDA | 181,315 |  |  | (1,803) |  |  | 22,174 |  |  | 201,686 |
| Six Months Ended June 30, 2020
| Marketing Services |  | SaaS |  | Thryv International |  | Total
Revenue | $ | 559,049 |  |  | $ | 63,133 |  |  | $ | — |  |  | $ | 622,182 |
Segment EBITDA | 222,690 |  |  | 8,224 |  |  | — |  |  | 230,914 |
A reconciliation of total Segment EBITDA to the Company’s Income before benefit (provision) for income taxes is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Total Segment EBITDA | $ | 96,753 |  |  | $ | 118,135 |  |  | $ | 201,686 |  |  | $ | 230,914 |
Interest expense | (19,170) |  |  | (18,012) |  |  | (34,842) |  |  | (37,942) |
Depreciation and amortization | (29,908) |  |  | (37,606) |  |  | (49,626) |  |  | (75,429) |
Other components of net periodic pension benefit (cost) | 272 |  |  | (936) |  |  | 725 |  |  | (1,137) |
(Loss) on termination of leaseback obligations | (3,110) |  |  | — |  |  | (3,409) |  |  | — |
Impairment charges | (3,611) |  |  | (18,132) |  |  | (3,611) |  |  | (18,230) |
Restructuring and integration expenses (1) | (3,489) |  |  | (7,347) |  |  | (12,723) |  |  | (17,192) |
Transaction costs (2) | (5,440) |  |  | (3,232) |  |  | (15,986) |  |  | (9,766) |
Stock-based compensation (expense) benefit | (1,921) |  |  | (580) |  |  | (3,892) |  |  | 5,484 |
Gain (loss) from remeasurement of indemnification asset | 844 |  |  | (617) |  |  | 844 |  |  | (4,418) |
Other | 1,251 |  |  | 955 |  |  | 1,620 |  |  | 1,855 |
Income before (provision) for income taxes | $ | 32,471 |  |  | $ | 32,628 |  |  | $ | 80,786 |  |  | $ | 74,139 |
(1)During the three and six months ended June 30, 2021, the Company incurred $0.6 million and $1.2 million of severance expense, respectively, of which none was a result of the COVID-19 pandemic. During the three and six months ended June 30, 2020, the Company incurred a total of $4.0 million and $7.3 million of severance expense, respectively, of which $4.0 million and $5.0 million, respectively, was a result of the COVID-19 pandemic. In addition, the Company incurred losses on disposal of fixed assets and capitalized software and costs associated with abandoned facilities and system consolidation. (2)Consists of direct listing, Sensis Acquisition and other transaction cost s. The following table sets forth the Company's disaggregation of revenue based on services for the periods indicated (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Marketing Services |  |  |  |  |  |  |
PYP | $ | 93,753 |  |  | $ | 139,160 |  |  | $ | 206,664 |  |  | $ | 276,547 |
IYP | 61,004 |  |  | 69,321 |  |  | 125,099 |  |  | 144,267 |
SEM | 32,202 |  |  | 40,951 |  |  | 66,634 |  |  | 90,659 |
Other | 15,836 |  |  | 22,895 |  |  | 32,331 |  |  | 47,576 |
Total Marketing Services | 202,795 |  |  | 272,327 |  |  | 430,728 |  |  | 559,049 |
SaaS |  |  |  |  |  |  |
Thryv Platform | 26,798 |  |  | 24,263 |  |  | 52,698 |  |  | 49,531 |
Thryv Add-ons | 14,588 |  |  | 7,022 |  |  | 25,939 |  |  | 13,602 |
Total SaaS | 41,386 |  |  | 31,285 |  |  | 78,637 |  |  | 63,133 |
Thryv International |  |  |  |  |  |  |
PYP | 15,231 |  |  | — |  |  | 20,944 |  |  | — |
IYP | 18,361 |  |  | — |  |  | 24,931 |  |  | — |
SEM | 6,030 |  |  | — |  |  | 8,031 |  |  | — |
Other | 7,235 |  |  | — |  |  | 8,373 |  |  | — |
Thryv Platform | 6 |  |  | — |  |  | 6 |  |  | — |
Thryv Add-ons | 3 |  |  | — |  |  | 3 |  |  | — |
Total Thryv International | 46,866 |  |  | — |  |  | 62,288 |  |  | — |
Total Revenue | $ | 291,047 |  |  | $ | 303,612 |  |  | $ | 571,653 |  |  | $ | 622,182 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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