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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company's chief operating decision maker (“CODM”) is the chief executive officer. The CODM monitors actual versus forecast 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 changed the internal reporting provided to the CODM. As a result, the Company reevaluated its segment reporting, as discussed in Note 1, Description of Business and Summary of Significant Accounting Policies. The Company manages its operations using two operating segments, which are also its reportable segments: (1) Thryv Marketing Services and (2) Thryv SaaS. Comparative prior periods have been recast to reflect the current presentation. The Company does not allocate assets to its segments and the CODM 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. Segment cost of services, Segment sales and marketing, and Segment general and administrative expenses presented below exclude the allocation of depreciation and amortization expense, stock-based compensation expense, restructuring and integration expenses, transactions costs and other expenses.
| Year Ended December 31, 2024
(in thousands) | Thryv Marketing Services |  | Thryv SaaS |  | Segment Totals
Segment revenue | $ | 480,680 |  |  | $ | 343,476 |  |  | $ | 824,156 |
Less: |  |  |  |  |
Segment cost of services | 168,932 |  |  | 96,319 |  |  | 265,251 |
Segment sales and marketing | 97,119 |  |  | 146,389 |  |  | 243,508 |
Segment general and administrative | 93,388 |  |  | 59,578 |  |  | 152,966 |
Segment Adjusted EBITDA | $ | 121,241 |  |  | $ | 41,190 |  |  | $ | 162,431 |
| Year Ended December 31, 2023
(in thousands) | Thryv Marketing Services |  | Thryv SaaS |  | Segment Totals
Segment revenue | $ | 653,244 |  |  | $ | 263,717 |  |  | $ | 916,961 |
Less: |  |  |  |  |
Segment cost of services | 222,977 |  |  | 88,135 |  |  | 311,112 |
Segment sales and marketing | 149,982 |  |  | 117,023 |  |  | 267,005 |
Segment general and administrative | 104,795 |  |  | 46,534 |  |  | 151,329 |
Segment Adjusted EBITDA | $ | 175,490 |  |  | $ | 12,025 |  |  | $ | 187,515 |
| Year Ended December 31, 2022
(in thousands) | Thryv Marketing Services |  | Thryv SaaS |  | Segment Totals
Segment revenue | $ | 986,042 |  |  | $ | 216,346 |  |  | $ | 1,202,388 |
Less: |  |  |  |  |
Segment cost of services | 304,487 |  |  | 78,752 |  |  | 383,239 |
Segment sales and marketing | 202,774 |  |  | 120,771 |  |  | 323,545 |
Segment general and administrative | 132,046 |  |  | 30,216 |  |  | 162,262 |
Segment Adjusted EBITDA | $ | 346,735 |  |  | $ | (13,393) |  |  | $ | 333,342 |
A reconciliation of the Company’s Income before income tax benefit (expense) to total Segment Adjusted EBITDA is as follows:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
(Loss) income before income tax benefit (expense) | $ | (65,998) |  |  | $ | (260,544) |  |  | $ | 98,975 |
Impairment charges | 83,094 |  |  | 268,846 |  |  | 102,222 |
Depreciation and amortization expense | 52,789 |  |  | 63,251 |  |  | 88,392 |
Interest expense | 46,771 |  |  | 61,728 |  |  | 60,407 |
Stock-based compensation expense | 24,118 |  |  | 22,201 |  |  | 14,628 |
Restructuring and integration expenses (1) | 32,697 |  |  | 14,612 |  |  | 17,804 |
Loss on early extinguishment of debt | 6,638 |  |  | — |  |  | — |
Non-cash loss (gain) from remeasurement of indemnification asset | — |  |  | 10,734 |  |  | (2,148) |
Transaction costs (2) | 5,145 |  |  | 373 |  |  | 6,119 |
Other components of net periodic pension benefit | (24,806) |  |  | (2,719) |  |  | (44,612) |
Other | 1,983 |  |  | 9,033 |  |  | (8,445) |
Total Segment Adjusted EBITDA | $ | 162,431 |  |  | $ | 187,515 |  |  | $ | 333,342 |
(1)Consists of expenses related to abandoned facilities costs, severance charges, integration expenses, and tax, accounting, and legal fees. (2)Consists of expenses related to the Keap Acquisition, Yellow Acquisition, and Vivial Acquisition. The following table sets forth the Company's disaggregation of Revenue based on services for the periods indicated:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Thryv Marketing Services |  |  |  |  |
Print | $ | 253,998 |  |  | $ | 264,834 |  |  | $ | 459,974 |
Digital | 226,682 |  |  | 388,410 |  |  | 526,068 |
Total Thryv Marketing Services | 480,680 |  |  | 653,244 |  |  | 986,042 |
Thryv SaaS | 343,476 |  |  | 263,717 |  |  | 216,346 |
Revenue | $ | 824,156 |  |  | $ | 916,961 |  |  | $ | 1,202,388 |
Revenue by geography is based on the location of the customer. The following table sets forth the Company's disaggregation of Revenue based on geographic region for the periods indicated:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
United States | $ | 686,341 |  |  | $ | 764,112 |  |  | $ | 1,031,833 |
International | 137,815 |  |  | 152,849 |  |  | 170,555 |
Revenue | $ | 824,156 |  |  | $ | 916,961 |  |  | $ | 1,202,388 |
Revenue from customers located in Australia that was attributed to the International region was approximately 14.4%, 15.3%, and 14.2% for the years ended December 31, 2024, 2023, and 2022, respectively. No other individual country from the International region contributed more than 10% of total revenue for the years ended December 31, 2024, 2023, or 2022. The following table sets forth the Company's total long-lived assets by geographical region:
(in thousands) | December 31, 2024 |  | December 31, 2023
United States | $ | 9,008 |  |  | $ | 12,711 |
International | 226 |  |  | 611 |
Total long-lived assets | $ | 9,234 |  |  | $ | 13,322 |
Percentage of long-lived assets held outside of the United States | 2 | % |  | 5 | %

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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