XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company manages its operations using four operating segments, which are also its reportable segments: (1) Thryv U.S. Marketing Services, (2) Thryv U.S. SaaS, (3) Thryv International Marketing Services, and (4) Thryv International SaaS. The Company does not allocate assets to its segments and the chief operating decision maker does not evaluate performance or allocate resources based on segment asset data, and, therefore, such information is not presented. The following tables summarize the operating results of the Company's reportable segments:
| Three Months Ended June 30, 2023
| Thryv U.S. |  | Thryv International |  |
(in thousands) | Marketing Services |  | SaaS |  | Marketing Services |  | SaaS |  | Total
Revenue | $ | 137,684 |  |  | $ | 60,150 |  |  | $ | 51,279 |  |  | $ | 2,308 |  |  | $ | 251,421 |
Segment Gross Profit | 88,023 |  |  | 37,563 |  |  | 32,852 |  |  | 1,647 |  |  | 160,085 |
Segment Adjusted EBITDA | 38,233 |  |  | 7,123 |  |  | 24,976 |  |  | (893) |  |  | 69,439 |
| Three Months Ended June 30, 2022
| Thryv U.S. |  | Thryv International |  |
(in thousands) | Marketing Services |  | SaaS |  | Marketing Services |  | SaaS |  | Total
Revenue | $ | 222,570 |  |  | $ | 51,167 |  |  | $ | 59,218 |  |  | $ | 1,040 |  |  | $ | 333,995 |
Segment Gross Profit | 151,774 |  |  | 32,092 |  |  | 43,627 |  |  | 489 |  |  | 227,982 |
Segment Adjusted EBITDA | 83,674 |  |  | 197 |  |  | 34,545 |  |  | (2,416) |  |  | 116,000 |
| Six Months Ended June 30, 2023
| Thryv U.S. |  | Thryv International |  |
(in thousands) | Marketing Services |  | SaaS |  | Marketing Services |  | SaaS |  | Total
Revenue | $ | 284,984 |  |  | $ | 118,277 |  |  | $ | 89,605 |  |  | $ | 4,110 |  |  | $ | 496,976 |
Segment Gross Profit | 181,197 |  |  | 73,523 |  |  | 57,332 |  |  | 2,841 |  |  | 314,893 |
Segment Adjusted EBITDA | 79,497 |  |  | 8,245 |  |  | 42,385 |  |  | (2,219) |  |  | 127,908 |
| Six Months Ended June 30, 2022
| Thryv U.S. |  | Thryv International |  |
(in thousands) | Marketing Services |  | SaaS |  | Marketing Services |  | SaaS |  | Total
Revenue | $ | 435,103 |  |  | $ | 98,510 |  |  | $ | 106,882 |  |  | $ | 1,875 |  |  | $ | 642,370 |
Segment Gross Profit | 288,284 |  |  | 61,501 |  |  | 75,343 |  |  | 710 |  |  | 425,838 |
Segment Adjusted EBITDA | 150,069 |  |  | (4,167) |  |  | 58,642 |  |  | (4,827) |  |  | 199,717 |
A reconciliation of the Company’s Income before income tax expense to total Segment Adjusted EBITDA is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Income before income tax expense | $ | 12,550 |  |  | $ | 80,202 |  |  | $ | 26,360 |  |  | $ | 123,334 |
Interest expense | 16,292 |  |  | 14,652 |  |  | 32,780 |  |  | 29,519 |
Depreciation and amortization expense | 15,667 |  |  | 20,592 |  |  | 31,098 |  |  | 42,561 |
Stock-based compensation expense | 5,798 |  |  | 3,810 |  |  | 11,191 |  |  | 5,738 |
Restructuring and integration expenses | 3,921 |  |  | 4,822 |  |  | 9,261 |  |  | 10,649 |
Transaction costs (1) | — |  |  | 1,616 |  |  | 373 |  |  | 3,336 |
Other components of net periodic pension cost (benefit) | 1,865 |  |  | (9,153) |  |  | 1,986 |  |  | (9,223) |
Non-cash loss (gain) from remeasurement of indemnification asset | 11,490 |  |  | (487) |  |  | 10,734 |  |  | (887) |
Impairment charges | — |  |  | 222 |  |  | — |  |  | 222 |
Other | 1,856 |  |  | (276) |  |  | 4,125 |  |  | (5,532) |
Total Segment Adjusted EBITDA | $ | 69,439 |  |  | $ | 116,000 |  |  | $ | 127,908 |  |  | $ | 199,717 |
(1)Consists of Yellow Acquisition, Vivial Acquisition and other transaction cost s. The following table sets forth the Company's disaggregation of Revenue based on services for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Thryv U.S. |  |  |  |  |  |  |
Print | $ | 56,312 |  |  | $ | 104,264 |  |  | $ | 115,566 |  |  | $ | 202,170 |
Digital | 81,372 |  |  | 118,306 |  |  | 169,418 |  |  | 232,933 |
Total Marketing Services | 137,684 |  |  | 222,570 |  |  | 284,984 |  |  | 435,103 |
SaaS | 60,150 |  |  | 51,167 |  |  | 118,277 |  |  | 98,510 |
Total Thryv U.S. | $ | 197,834 |  |  | $ | 273,737 |  |  | $ | 403,261 |  |  | $ | 533,613 |
Thryv International |  |  |  |  |  |  |
Print | $ | 30,182 |  |  | $ | 34,907 |  |  | $ | 48,294 |  |  | $ | 56,407 |
Digital | 21,097 |  |  | 24,311 |  |  | 41,311 |  |  | 50,475 |
Total Marketing Services | 51,279 |  |  | 59,218 |  |  | 89,605 |  |  | 106,882 |
SaaS | 2,308 |  |  | 1,040 |  |  | 4,110 |  |  | 1,875 |
Total Thryv International | $ | 53,587 |  |  | $ | 60,258 |  |  | $ | 93,715 |  |  | $ | 108,757 |
Revenue | $ | 251,421 |  |  | $ | 333,995 |  |  | $ | 496,976 |  |  | $ | 642,370 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration