<SEC-DOCUMENT>0001140361-24-037832.txt : 20240923
<SEC-HEADER>0001140361-24-037832.hdr.sgml : 20240923
<ACCEPTANCE-DATETIME>20240819172212
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-24-037832
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Thryv Holdings, Inc.
		CENTRAL INDEX KEY:			0001556739
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				132740040
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2200 WEST AIRFIELD DRIVE
		STREET 2:		P.O. BOX 619810
		CITY:			D/FW AIRPORT
		STATE:			TX
		ZIP:			75261
		BUSINESS PHONE:		972-453-7000

	MAIL ADDRESS:	
		STREET 1:		2200 WEST AIRFIELD DRIVE
		STREET 2:		P.O. BOX 619810
		CITY:			D/FW AIRPORT
		STATE:			TX
		ZIP:			75261

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEX MEDIA, INC.
		DATE OF NAME CHANGE:	20130430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEWDEX, INC.
		DATE OF NAME CHANGE:	20120822
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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  <div>
    <div style="text-align: right;">August 19, 2024</div>
    <div><br>
    </div>
    <div>Division of Corporation Finance</div>
    <div>Securities and Exchange Commission</div>
    <div>100 F Street, NE</div>
    <div>Washington, DC&#160; 20549</div>
    <div><br>
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          <td style="width: 27pt; vertical-align: top; font-weight: bold;">Re:</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Thryv Holdings, Inc.</div>
          </td>
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    <div style="font-weight: bold; margin-left: 63pt;">Form 10-K for the Fiscal Year Ended December 31, 2023</div>
    <div style="font-weight: bold; margin-left: 63pt;">Form 8-K filed August 1, 2024</div>
    <div style="font-weight: bold; margin-left: 63pt;">File No. 001-35895</div>
    <div><br>
    </div>
    <div>Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">We are in receipt of the letter from the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;Commission&#8221;) dated August 7, 2024 to Mr. Paul Rouse of Thryv Holdings, Inc. (the &#8220;Company&#8221; or &#8220;we&#8221;).&#160; For your
      convenience, we have included the Staff&#8217;s comment herein and included our response accordingly.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The Company&#8217;s response to the Staff&#8217;s comment is set forth below.</div>
    <div><br>
    </div>
    <div style="margin-right: 50.4pt; color: rgb(0, 0, 0);"><u>Form 10-K for the Fiscal Year Ended December 31, 2023</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"><u>Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Non-GAAP Financial Measures, page 51</u></div>
    <div><br>
    </div>
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          <td style="width: 39.6pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-style: italic;">Reference is made to the "Restructuring and integration expenses" line item which you describe as, "expenses related to periodic efforts to enhance efficiencies and reduce costs...." Please
              explain to us the nature of these costs, why you believe they do not represent normal, recurring operating expenses and your consideration of Question 100.01 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations in
              determining the appropriateness of this adjustment. In doing so, please quantify for us the amounts that represent process improvement and/or strategic initiatives from the amounts that represent costs related to a formal restructuring plan
              and integration costs from actions such as the merger of software platforms.</div>
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    <div style="font-size: 12pt;"><font style="font-size: 10pt;"><u>Response</u>:</font></div>
    <div><br>
    </div>
    <div style="text-indent: 18pt;">We respectfully advise the Staff that adjustments for Restructuring and integration expenses relate to the following: (i) abandoned facility costs resulting from our one-time Remote First strategic decision during the
      COVID-19 pandemic, (ii) severance charges resulting from reductions in force and acquisitions, (iii) post-acquisition integration expenses, including those related to software platform alignment, and (iv) tax and legal fees resulting from
      acquisitions.&#160; We considered Question 100.01 of the Commission&#8217;s Non-GAAP Measures Compliance and Disclosure Interpretations in evaluating appropriateness of each of these costs as an adjustment in our Adjusted EBITDA calculation.&#160; None of these
      expenses are normal, recurring expenses necessary to directly or indirectly generate revenue or operate our business.</div>
    <div><br>
    </div>
    <div style="text-indent: 18pt;">The table below summarizes these costs for each period presented in our Form 10-K for the fiscal year ended December 31, 2023 in thousands.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z227167b200024ae7853e4b12df814e7f">

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          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Description of cost</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">FY 2023</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">FY 2022</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 19%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">FY 2021</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Abandoned facility costs</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);">
            <div>3,996</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>7,461</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 19%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>6,744</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Severance charges</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>5,834</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>3,491</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 19%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>4,684</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Post-acquisition integration expenses</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);">
            <div>3,995</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>5,567</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 19%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>4,857</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 29%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Tax and legal fees</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div>787</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 24%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1,285</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 19%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1,860</div>
          </td>
        </tr>

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    <div><br>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Abandoned facility costs &#8211; During the COVID-19 pandemic, the Company decided to operate in a Remote First working environment and consolidate operations at certain locations.&#160; Because we did not terminate existing lease agreements at any
              of our facilities, we continue to incur costs related to maintenance, utilities and general upkeep at these facilities.&#160; The most significant lease agreement for our Corporate headquarters in Dallas, Texas expires on December 31, 2025, and it
              will not be renewed. The other leases expire before December 31, 2024.&#160; These abandoned facility costs are the result of a one-time strategic business decision, are short-term in nature and are not reflective of our future ongoing
              operations.&#160; These costs are not normal, recurring charges necessary to our revenue generation or operating activities, and we believe adjusting for these costs provides investors with more useful information about our ongoing business and
              allows for better comparability across periods.</div>
          </td>
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    <div><br>
    </div>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Severance charges &#8211; We incur severance charges related to certain reduction in force actions taken by our management.&#160; While these reductions in force do not relate to formal restructuring plans, they are designed to streamline the
              Company&#8217;s operations and drive lower operating expenses as we continue to shift from our Marketing Services activities and drive continued focus on our SaaS business. Specifically, we incurred severance charges of $5.4 million, $2.3 million
              and $1.8 million in the years ended December 31, 2023, 2022 and 2021, respectfully, primarily related to our legacy Marketing Services employees and our shift from Marketing Services activities. Additionally, certain severance charges result
              from strategic integration activities to right-size our workforce following an acquisition.&#160; Specifically, we incurred severance charges of $0.4 million, $1.2 million and $2.9 million in the years ended December 31, 2023, 2022 and 2021,
              respectfully, resulting from the acquisition of Yellow New Zealand in 2023, Vivial in 2022 and Sensis Holding Limited in 2021. These charges are not normal, recurring operating expenses necessary to our ongoing operating activities.
              Therefore, we believe it is appropriate to adjust for these costs in our presentation of Adjusted EBITDA.</div>
          </td>
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    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Post-acquisition integration expenses &#8211; We incur one-time professional services, system integration and other fees related to each of our acquisitions.&#160; Such costs vary in nature and amount due to factors specific to each transaction and
              create a lack of comparability between periods.&#160; These charges are not normal, recurring operating expenses necessary to operate our business.&#160; Accordingly, we believe that excluding these expenses from our Adjusted EBITDA calculation is
              appropriate and not misleading.</div>
          </td>
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    </table>
    <div><br>
    </div>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Tax and legal fees &#8211; These costs relate specifically to legal cases inherited from acquisitions.&#160; These charges are unique in nature and not related to our ongoing operating activities.&#160; Therefore, we believe it is appropriate to adjust
              for these costs in our presentation of Adjusted EBITDA.</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: 18pt;"> <br>
    </div>
    <div style="margin-left: 18pt;">Each of the actions above are not recurring or within the Company&#8217;s normal course of business. Accordingly, the Company believes that excluding these non-recurring expenses in its Adjusted EBITDA is consistent with
      Regulation G, Item 10(e) of Regulation S-K and Question 100.01 and provides useful information to its investors to analyze the Company&#8217;s normal course of business financial performance.</div>
    <div><br>
    </div>
    <div><u>Exhibits 31.1 and 31.2, page 111</u></div>
    <div> <br>
    </div>
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          <td style="width: 36pt; vertical-align: top; font-style: italic;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-style: italic;">We note that the certifications provided as Exhibit 31.1 and Exhibit 31.2 do not include paragraph 4(b) and the introductory language in paragraph 4 referring to your internal control over financial reporting.
              Please explain. You may refer to Item 601(b)(31) of Regulation S-K for further details. We also note the certifications in your Form 10-Q for the Quarterly Period Ended June 30, 2024 also omit this language.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-size: 12pt;"><font style="font-size: 10pt;"><u>Response</u>:</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">We respectfully acknowledge the Staff&#8217;s comment and have amended the Form 10-K for the year ended December 31, 2023, the Form 10-Q for the quarter ended March 31, 2024 and the Form 10-Q for the quarter ended June 30,
      2024 to include revised certifications as Exhibit 31.1 and Exhibit 31.2 with paragraph 4(b) and the introductory language in paragraph 4 referring to internal control over financial reporting.&#160; We will ensure this language is included in Exhibit 31.1
      and Exhibit 31.2 certifications in future filings as well.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
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    <div style="color: rgb(0, 0, 0);"><u>Form 8-K filed August 1, 2024</u></div>
    <div style="color: rgb(0, 0, 0);"><u>Exhibit 99.2, page 14</u></div>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-style: italic;">Reference is made to your presentation of Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin. Please revise to present the most directly comparable GAAP measures with equal
              or greater prominence. Refer to Item 10(e)(1)(i)(A) of Regulation S-K and Question 102.10 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations.</div>
          </td>
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    <div><br>
    </div>
    <div style="font-size: 12pt;"><font style="font-size: 10pt;"><u>Response</u>:</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">We respectfully acknowledge the Staff&#8217;s comment and will include presentations of net income and net income margin with equal or greater prominence, consistent with the table below, in future filings.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z62b56535cea34a73a33b33d95426b301" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-weight: bold;">Consolidated</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="border-top: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Q2 2024</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="border-top: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Q2 2023</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;"><br>
            </div>
          </td>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: right;">
            <div style="font-weight: bold;">YoY%</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Revenue</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>224,084</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>251,421</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(10.9</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Net Income</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>5,548</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>15,978</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">Net Income Margin</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">2.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">%</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">6.4</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">%</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Adjusted EBITDA</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>59,314</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>69,439</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">Adjusted EBITDA Margin</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">26.5</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">%</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">27.6</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-style: italic;">%</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">We appreciate your feedback on our filings and are available to address any questions you may have.</div>
    <div><br>
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    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4186d6ecfb9d4ad0b7c868afa129ecc7">

        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Sincerely,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>/s/ <u>Paul D. Rouse</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Paul D. Rouse</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div>Chief Financial Officer, Executive Vice President, and Treasurer</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">4</font></div>
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