XML 49 R24.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segment Information
 12 Months Ended
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 ServicesThryv SaaSSegment Totals
Segment revenue$480,680 $343,476 $824,156 
Less:
Segment cost of services168,932 96,319 265,251 
Segment sales and marketing97,119 146,389 243,508 
Segment general and administrative93,388 59,578 152,966 
Segment Adjusted EBITDA$121,241 $41,190 $162,431 
Year Ended December 31, 2023
(in thousands)Thryv Marketing ServicesThryv SaaSSegment Totals
Segment revenue$653,244 $263,717 $916,961 
Less:
Segment cost of services222,977 88,135 311,112 
Segment sales and marketing149,982 117,023 267,005 
Segment general and administrative104,795 46,534 151,329 
Segment Adjusted EBITDA$175,490 $12,025 $187,515 
Year Ended December 31, 2022
(in thousands)Thryv Marketing ServicesThryv SaaSSegment Totals
Segment revenue$986,042 $216,346 $1,202,388 
Less:
Segment cost of services304,487 78,752 383,239 
Segment sales and marketing202,774 120,771 323,545 
Segment general and administrative132,046 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)202420232022
(Loss) income before income tax benefit (expense)
$(65,998)$(260,544)$98,975 
Impairment charges83,094 268,846 102,222 
Depreciation and amortization expense52,789 63,251 88,392 
Interest expense46,771 61,728 60,407 
Stock-based compensation expense24,118 22,201 14,628 
Restructuring and integration expenses (1)
32,697 14,612 17,804 
Loss on early extinguishment of debt6,638 — — 
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)
Other1,983 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)202420232022
Thryv Marketing Services
Print$253,998 $264,834 $459,974 
Digital226,682 388,410 526,068 
Total Thryv Marketing Services480,680 653,244 986,042 
Thryv SaaS343,476 263,717 216,346 
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)202420232022
United States$686,341 $764,112 $1,031,833 
International137,815 152,849 170,555 
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, 2024December 31, 2023
United States$9,008 $12,711 
International226 611 
Total long-lived assets$9,234 $13,322 
Percentage of long-lived assets held outside of the United States
2 %5 %