– Fourth Quarter Total SaaS Revenue Grows 36%
Year-Over-Year – Full Year 2021 Total SaaS Revenue Grows 32%
Year-Over-Year
Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”),
the end-to-end client experience platform for growing small
businesses, announced audited financial results for the fourth
quarter and fiscal year 2021. The Company has also provided
guidance for first quarter and full year 2022.
“We are pleased to report a strong finish to 2021, with Q4
representing our largest SaaS revenue quarter on record,” said Joe
Walsh, Chairman and CEO. “We beat all of our 2021 guidance targets.
These outstanding results confirm that Thryv has become the leader
in moving small to medium-sized businesses to cloud software to
enable them to modernize and run their businesses.”
The Company also announced that it has acquired Vivial Media
Holdings, Inc. (“Vivial”), a regional provider of small business
digital and print marketing services, for $21 million. On a post
synergy basis, the purchase price of Vivial corresponds to an
enterprise value / adjusted EBITDA multiple of approximately 2x,
consistent with Thryv’s disciplined acquisition strategy and prior
marketing services acquisitions.
“Vivial has a strong presence in key US markets including
Hawaii, Alaska, Cincinnati, Ohio, Rochester, New York, and Lincoln,
Nebraska,” said Walsh. “These fit synergistically into Thryv’s
national platform. We are confident that many of Vivial’s 25,000
digital customers will adopt Thryv’s CRM software.”
“With the highly-profitable Marketing Services business
providing low-cost leads into the SaaS business, the Company will
continue to generate strong EBITDA margins from a consolidated
standpoint," said Paul Rouse, Chief Financial Officer. "We have a
strong track record of optimizing profits and we believe this
trajectory will continue throughout 2022.”
“Finally, we look forward to sharing more of the long-term
vision at our upcoming in-person investor and analyst day in New
York City on April 5th,” concluded Walsh.
Fourth Quarter 2021 Financial Highlights:
- US SaaS revenue was $47.1 million, a 35.0% increase
year-over-year
- US Marketing Services revenue was $153.6 million
- Thryv International revenue was $43.8 million
- Consolidated total revenue was $244.4 million, a decrease of
1.0% year-over-year
- Consolidated net income was $5.1 million
- Consolidated adjusted EBITDA was $46.5 million, representing an
adjusted EBITDA margin of 19.0%
- Consolidated gross profit was $151.3 million, an increase of
7.2% year-over-year
- Consolidated adjusted gross profit was $161.6 million
Full Year 2021 Financial Highlights:
- US SaaS revenue was $170.5 million, a 31.3% increase
year-over-year
- US Marketing Services revenue was $797.5 million
- Thryv International revenue was $145.4 million
- Consolidated total revenue was $1,113.4 million, an increase of
0.4% year-over-year
- Consolidated net income was $101.6 million
- Consolidated adjusted EBITDA was $350.5 million, representing
an adjusted EBITDA margin of 31.5%
- Consolidated gross profit was $705.3 million, an increase of
5.3% year-over-year
- Consolidated adjusted gross profit was $759.0 million
SaaS Highlights
- SaaS Average Revenue per Unit (“ARPU”)1 increased to $351 for
the fourth quarter of 2021, compared to $293 in the fourth quarter
of 2020
- Total SaaS clients increased to 46 thousand for the fourth
quarter of 2021
- SaaS Monthly Churn2 was 2.1% for the fourth quarter of 2021,
compared to 2.4% for the fourth quarter of 2020
- SaaS Monthly Seasoned Churn3 improved to 1.5% for the fourth
quarter of 2021
- Net Dollar Retention4 improved 5 percentage points to 88% at
end of the fourth quarter of 2021, when compared to the fourth
quarter of 2020
- Seasoned Net Dollar Retention5 improved 4 percentage points to
94% at end of the fourth quarter of 2021, when compared to the
fourth quarter of 2020
- SaaS monthly active users6 increased 7.1% year-over-year to 30
thousand active users. Daily and Weekly users increased 12.3%
year-over-year.
2021 Product Innovation and Accolades
- Google My Business Optimization service launched to help small
businesses get found online and chosen over their competition
- Free Online Tools launched, including invoice generator, Google
review link generator, Online Experience Scan, as well as several
calculators and quizzes to improve business practices
- Google My Business Dashboard launched, to centralize all-things
Google for small businesses
- Gmail Email Service integration with Thryv launched
- Fully-integrated Verticalized Platform with enhanced CRM
launched
- G2: Leader in 14 categories
- Capterra Highest-Rated Marketing Software to Help Your Business
Succeed in 2022
- Top 10 CIO Applications Customer Service Solution
Providers
- MyTechMag Top 10 CRM Solution Provider
- Appealie Overall SaaS Award – Customer Service
- Appealie SaaS Customer Success Award
- GetApp Category Leaders: Social Media Marketing, Lead
Management, Reputation Management, Real Estate CRM and Review
Management
- Software Advice Front Runners: Social Media Marketing, Lead
Management, Account Management
Outlook
Based on information available as of March 10, 2022, Thryv is
issuing guidance7 for the first quarter and full year 2022 as
indicated below:
For the first quarter 2022, the Company expects:
- Total SaaS revenue range of $47.5 to $47.7 million
- Total SaaS EBITDA loss of $12 to $13 million
- Total Marketing Services revenue range of $238 to $240
million
For the full year 2022, the Company currently expects:
- Total SaaS revenue range of $206 to $208 million
- Total SaaS EBITDA loss of $21 to $25 million
- Total Marketing Services revenue range of $870 to $890
million
- Total Marketing Services EBITDA of $305 to $312 million
Earnings Conference Call Information
Thryv will host a conference call on Thursday, March 10, 2022 at
8:30 a.m. (Eastern Time) to discuss the Company's fourth quarter
and full year 2021 results. The conference call will be available
via the Internet at investor.thryv.com. There will be several
slides accompanying the webcast. Please go to the website at least
15 minutes prior to the call to register, download and install any
necessary software. The recorded webcast will also be available on
the Company's website.
If you are unable to participate in the conference call, a
replay will be available. To access the replay, please dial (800)
770-2030 or (647) 362-9199 and enter “87769.”
_______________________
1
Defined as total client billings by month
divided by the number of revenue-generating units during the
month.
2
Calculated as the percentage decrease in
billable clients in the current month compared to the prior
month.
3
SaaS Monthly Seasoned Churn is defined as
monthly churn excluding clients acquired over the previous 12
months.
4
Defined as the percentage of revenue from
clients with monthly billed revenue in the current month compared
to the same month in prior year.
5
Seasoned Net Dollar Retention is defined
as net dollar retention excluding clients acquired over the
previous 12 months.
6
Defined as a client with one or more users
who log into our SaaS solutions at least once during the calendar
month.
7
These statements are forward-looking and
actual results may materially differ. Refer to the “Forward-Looking
Statements” section below for information on the factors that could
cause our actual results to materially differ from these
forward-looking statements.
Final Results
Thryv Holdings, Inc. and
Subsidiaries
Consolidated Statements of
Operations and Comprehensive Income
Three Months Ended December
31,
Years Ended December
31,
(in thousands, except share and per share
data)
2021
2020
2021
2020
Revenue
$
244,439
$
246,928
$
1,113,382
$
1,109,435
Cost of services
93,109
105,717
408,043
439,742
Gross profit
151,330
141,211
705,339
669,693
Operating expenses:
Sales and marketing
99,536
73,492
357,813
315,195
General and administrative
46,540
44,816
153,902
177,574
Impairment charges
—
5,497
3,611
24,911
Total operating expenses
146,076
123,805
515,326
517,680
Operating income
5,254
17,406
190,013
152,013
Other income (expense):
Interest expense
(10,708
)
(11,889
)
(48,867
)
(51,537
)
Interest expense, related party
(4,278
)
(3,099
)
(17,507
)
(17,002
)
Other components of net periodic pension
benefit (cost)
13,831
(10,924
)
14,829
(42,236
)
Other income (expense)
3
—
(4,154
)
—
Income (loss) before income tax benefit
(expense)
4,102
(8,506
)
134,314
41,238
Income tax benefit (expense)
986
118,306
(32,737
)
107,983
Net income
$
5,088
$
109,800
$
101,577
$
149,221
Other comprehensive income (loss):
Foreign currency translation
adjustment
498
—
(8,047
)
—
Comprehensive income
$
5,586
$
109,800
$
93,530
$
149,221
Net income per common share:
Basic
$
0.15
$
3.52
$
3.02
$
4.73
Diluted
$
0.13
$
3.31
$
2.78
$
4.42
Weighted-average shares used in
computing basic and diluted net income per common share:
Basic
34,006,358
31,230,392
33,607,446
31,522,845
Diluted
37,983,847
33,212,192
36,495,746
33,795,594
Thryv Holdings, Inc. and
Subsidiaries
Consolidated Balance
Sheets
(in thousands, except share data)
December 31, 2021
December 31, 2020
Assets
Current assets
Cash and cash equivalents
$
11,262
$
2,406
Accounts receivable, net of allowance of
$17,387 in 2021 and $33,030 in 2020
279,053
296,570
Contract assets, net of allowance of $88
in 2021 and $338 in 2020
5,259
10,975
Taxes receivable
14,711
9,229
Prepaid expenses
22,418
13,411
Indemnification asset
24,346
24,346
Other current assets
13,596
12,761
Total current assets
370,645
369,698
Fixed assets and capitalized software,
net
50,938
89,044
Goodwill
671,886
609,457
Intangible assets, net
82,577
31,777
Deferred tax assets
90,565
93,099
Other assets
33,891
21,902
Total assets
$
1,300,502
$
1,214,977
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable
$
8,610
$
8,927
Accrued liabilities
131,813
139,613
Current portion of unrecognized tax
benefits
29,771
30,022
Contract liabilities
51,726
18,942
Current portion of long-term debt
70,000
—
Other current liabilities
15,214
9,896
Total current liabilities
307,134
207,400
New Term Loan, net
309,672
—
New Term Loan, related party
142,875
—
Senior Term Loan, net
—
335,683
Senior Term Loan, related party
—
113,482
ABL Facility
39,929
79,238
Leaseback obligations
—
54,798
Pension obligations, net
140,167
190,827
Deferred tax liabilities
10,798
508
Other liabilities
35,212
36,266
Total long-term liabilities
678,653
810,802
Commitments and contingencies
Stockholders' equity
Common stock - $0.01 par value,
250,000,000 shares authorized; 60,830,853, shares issued and
34,145,311 shares outstanding at December 31, 2021; and 59,590,422
shares issued and 32,912,012 shares outstanding at December 31,
2020
608
596
Additional paid-in capital
1,084,288
1,059,624
Treasury stock - 26,685,542 shares at
December 31, 2021 and 26,678,410 shares at December 31, 2020
(468,879
)
(468,613
)
Accumulated other comprehensive loss
(8,047
)
—
Accumulated deficit
(293,255
)
(394,832
)
Total stockholders' equity
314,715
196,775
Total liabilities and stockholders'
equity
$
1,300,502
$
1,214,977
Thryv Holdings, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows
Years Ended December
31,
(in thousands)
2021
2020
Cash Flows from Operating
Activities
Net income
$
101,577
$
149,221
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
105,473
146,523
Amortization of debt issuance costs
4,919
1,068
Deferred income taxes
(20,438
)
(147,329
)
Provision for credit losses
8,031
32,077
Provision for service credits
11,363
32,550
Stock-based compensation expense
(benefit)
8,094
(2,895
)
Other components of net periodic pension
(benefit) cost
(14,829
)
42,236
Loss on termination of leaseback
obligations
3,409
—
(Gain) loss on disposal/write-off of fixed
assets and capitalized software
(5,536
)
3,544
Impairment charges
3,611
24,911
Non-cash (gain) loss from remeasurement of
indemnification asset
(1
)
5,443
Other, net
304
—
Changes in working capital items,
excluding acquisitions:
Accounts receivable
74,368
41,382
Contract assets
5,628
369
Prepaid expenses and other current
assets
6,084
472
Accounts payable and accrued
liabilities
(125,883
)
(86,161
)
Operating lease liability
(3,370
)
(4,006
)
Contract liabilities
7,767
(5,737
)
Settlement of stock option liability
—
(896
)
Net cash provided by operating
activities
170,571
232,772
Cash Flows from Investing
Activities
Additions to fixed assets and capitalized
software
(26,849
)
(27,757
)
Proceeds from the sale of assets
6,836
1,546
Acquisition of a business, net of cash
acquired
(175,370
)
—
Other
(1,192
)
—
Net cash (used in) investing
activities
(196,575
)
(26,211
)
Cash Flows from Financing
Activities
Proceeds from New Term Loan
418,070
—
Proceeds from New Term Loan, related
party
260,930
—
Payments of New Tern Loan
(110,215
)
—
Payments of New Term Loan, related
party
(47,785
)
—
Payments of Senior Term Loan
(335,821
)
(113,747
)
Payments of Senior Term Loan, related
party
(113,789
)
(46,643
)
Proceeds from ABL Facility
1,046,249
1,143,700
Payments of ABL Facility
(1,085,558
)
(1,169,446
)
Purchase of treasury stock
—
(30,626
)
Proceeds from exercise of stock
options
7,047
11,241
Proceeds from exercise of stock
warrants
13,920
—
Proceeds from private placement
—
445
Payments of lease obligations
(10,532
)
(411
)
Other
(3,428
)
(580
)
Net cash provided by (used in) financing
activities
39,088
(206,067
)
Effect of exchange rate changes on cash
and cash equivalents
(1,933
)
—
Increase in cash and cash equivalents and
restricted cash
11,151
494
Cash and cash equivalents and restricted
cash, beginning of period
2,406
1,912
Cash and cash equivalents and restricted
cash, end of period
$
13,557
$
2,406
Supplemental Information
Cash paid for interest
$
66,737
$
72,931
Cash paid for income taxes, net
$
63,893
$
24,799
Three Months Ended December
31,
Change
2021
2020
Amount
%
(in thousands of $)
Revenue
Marketing Services
$
153,555
$
212,058
$
(58,503
)
(27.6
)%
SaaS
47,061
34,870
12,191
35.0
%
Thryv International (1)
43,823
—
43,823
NM
Consolidated Revenue
$
244,439
$
246,928
$
(2,489
)
(1.0
)%
Segment EBITDA
Marketing Services
$
40,684
$
69,381
$
(28,697
)
(41.4
)%
SaaS
(6,693
)
2,250
(8,943
)
(397.5
)%
Thryv International (1)
12,487
—
12,487
NM
Consolidated Adjusted EBITDA
$
46,478
$
71,631
$
(25,153
)
(35.1
)%
Years Ended December
31,
Change
2021
2020
Amount
%
(in thousands of $)
Revenue
Marketing Services
$
797,493
$
979,611
$
(182,118
)
(18.6
)%
SaaS
170,498
129,824
40,674
31.3
%
Thryv International(1)
145,391
—
145,391
NM
Consolidated Revenue
$
1,113,382
$
1,109,435
$
3,947
0.4
%
Segment EBITDA
Marketing Services
$
318,230
$
358,804
$
(40,574
)
(11.3
)%
SaaS
(14,004
)
13,035
(27,039
)
(207.4
)%
Thryv International (1)
46,297
—
46,297
NM
Consolidated Adjusted EBITDA
$
350,523
$
371,839
$
(21,316
)
(5.7
)%
(1)
Thryv International includes Thryv
Australia revenue subsequent to the March 1, 2021 acquisition
date.
Non-GAAP Measures
Our results included in this press release include Adjusted
EBITDA and Adjusted Gross Profit, which are not presented in
accordance with U.S. generally accepted accounting principles
(“GAAP”). These non-GAAP measures are presented for supplemental
informational purposes only and are not intended to be considered
in isolation or as a substitute for, or superior to, financial
information prepared and presented in accordance with GAAP. Please
refer to the supplemental information presented in the tables below
for a reconciliation of Adjusted EBITDA to Net income, and Adjusted
Gross Profit to gross profit. Both Net income and Gross profit are
the most comparable GAAP financial measure to Adjusted EBITDA and
Adjusted Gross Profit, respectively.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and future prospects and
allow for greater transparency with respect to important metrics
used by our management for financial and operational
decision-making. We believe that these measures provide additional
tools for investors to use in comparing our core financial
performance over multiple periods with other companies in our
industry. However, it is important to note that the particular
items we exclude from, or include in, our non-GAAP financial
measures may differ from the items excluded from, or included in,
similar non-GAAP financial measures used by other companies in the
same industry.
The following is a reconciliation of Adjusted EBITDA to its most
directly comparable GAAP measure, Net income:
Three Months Ended December
31,
Years Ended December
31,
(in thousands)
2021
2020
2021
2020
Reconciliation of Adjusted
EBITDA
Net income
$
5,088
$
109,800
$
101,577
$
149,221
Interest expense
14,986
14,988
66,374
68,539
Income tax (benefit) expense
(986
)
(118,306
)
32,737
(107,983
)
Depreciation and amortization expense
24,798
35,640
105,473
146,523
Restructuring and integration expenses
(1)
3,109
4,557
18,145
28,459
Transaction costs (2)
5,086
6,320
25,059
20,999
Stock-based compensation expense (benefit)
(3)
1,862
1,300
8,094
(2,895
)
Other components of net periodic pension
(benefit) cost (4)
(13,831
)
10,924
(14,829
)
42,236
Non-cash loss (gain) from remeasurement of
indemnification asset (5)
1,247
1,565
(1
)
5,443
Impairment charges
—
5,497
3,611
24,911
Other (6)
5,119
(654
)
4,283
(3,614
)
Adjusted EBITDA
$
46,478
$
71,631
$
350,523
$
371,839
(1)
For the year ended December 31, 2021 and
2020, expenses relate to periodic efforts to enhance efficiencies
and reduce costs, and include severance benefits, loss on disposal
of fixed assets and capitalized software, and costs associated with
abandoned facilities and system consolidation.
(2)
Expenses related to our direct listing,
Thryv Australia acquisition and other transaction costs.
(3)
We record stock-based compensation expense
related to the amortization of grant date fair value of the
Company’s stock-based compensation awards. Additionally,
stock-based compensation expense includes the remeasurement of
these awards at each period end, prior to October 1, 2020.
(4)
Other components of net periodic pension
cost is from our non-contributory defined benefit pension plans
that are currently frozen and incur no additional service costs.
The most significant component of other components of net periodic
pension cost relates to the mark to market pension
remeasurement.
(5)
In connection with the YP Acquisition, the
seller provided us indemnity for future potential losses associated
with certain federal and state tax positions taken in tax returns
filed by the seller prior to the acquisition date.
(6)
Other primarily includes expenses related
to potential non income-based tax liabilities. Additionally, during
the year ended December 31, 2021, other includes expenses related
to the valuation of certain assets as a result of the acquisition
of Thryv Australia and foreign exchange-related expense.
The following is a reconciliation of Adjusted Gross Profit, to
its most directly comparable GAAP measure, Gross profit:
Three Months Ended December
31,
(in thousands)
2021
2020
Reconciliation of Adjusted Gross
Profit
Gross profit
$
151,330
$
141,211
Plus:
Depreciation and amortization expense
10,242
17,962
Stock-based compensation expense
60
104
Adjusted Gross Profit
$
161,632
$
159,277
Gross Margin
61.9
%
57.2
%
Adjusted Gross Margin
66.1
%
64.5
%
Years Ended December
31,
(in thousands)
2021
2020
Reconciliation of Adjusted Gross
Profit
Gross profit
$
705,339
$
669,693
Plus:
Depreciation and amortization expense
53,233
73,046
Stock-based compensation expense
(benefit)
380
(72
)
Adjusted Gross Profit
$
758,952
$
742,667
Gross Margin
63.4
%
60.4
%
Adjusted Gross Margin
68.2
%
66.9
%
Forward-Looking Statements
Some statements included in this release constitute
forward-looking statements. Statements that include the words
“may”, “will”, “could”, “should”, “would”, “believe”, “anticipate”,
“forecast”, “estimate”, “expect”, “preliminary”, “intend”, “plan”,
“project”, “outlook”, “future”, “forward”, “guidance” and similar
statements of a future or forward-looking nature identify
forward-looking statements. These statements are not guarantees of
future performance. Forward-looking statements provide current
expectations with respect to our financial performance and future
events with respect to our business and industry in general.
Forward-looking statements are based on certain assumptions and
include any statement that does not directly relate to any
historical or current fact. Accordingly, there are or will be
important factors that could cause our actual results to differ
materially from those indicated in these statements. We believe
that these factors include, but are not limited to, the risks
related to the following: risks related to the ongoing COVID-19
pandemic, the Company’s ability to maintain adequate liquidity to
fund operations; the Company’s future operating and financial
performance; the Company’s ability to consummate acquisitions, or,
if consummated, to successfully integrate acquired businesses into
the Company’s operations, the Company’s ability to recognize the
benefits of acquisitions, or the failure of an acquired company to
achieve its plans and objectives; limitations on our operating and
strategic flexibility and the ability to operate our business,
finance our capital needs or expand business strategies under the
terms of our credit facilities; our ability to retain existing
business and obtain and retain new business; general economic or
business conditions affecting the markets we serve; declining use
of print yellow page directories by consumers; our ability to
collect trade receivables from clients to whom we extend credit;
credit risk associated with our reliance on small and medium sized
businesses as clients; our ability to attract and retain key
managers; increased competition in our markets; our ability to
obtain future financing due to changes in the lending markets or
our financial position; our ability to maintain agreements with
major Internet search and local media companies; reduced
advertising spending and increased contract cancellations by our
clients, which causes reduced revenue; and our ability to
anticipate or respond effectively to changes in technology and
consumer preferences. All subsequent written and oral
forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by such
cautionary statements.
If one or more events related to these or other risks or
uncertainties materialize, or if our underlying assumptions prove
to be incorrect, actual results may differ materially from what we
anticipate. For these reasons, we caution you against relying on
forward-looking statements. All forward-looking statements included
in this press release are expressly qualified in their entirety by
the foregoing cautionary statements. These forward-looking
statements speak only as of the date hereof and, other than as
required by law, we undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
About Thryv Holdings, Inc.
Thryv Holdings, Inc. (NASDAQ: THRY) is a global software and
marketing services company that empowers small- to medium-sized
businesses (SMBs), franchises and agencies to grow and modernize
their operations so they can compete and win in today's economy.
Over 45,000 businesses use our award-winning SaaS platform, Thryv®,
to manage their end-to-end customer experience, which has helped
businesses across the U.S. and overseas grow their bottom line.
Thryv also manages digital and print presence for over 400,000
businesses, connecting these SMBs to local consumers via
proprietary local search portals and print directories. For more
information about Thryv Holdings, Inc, visit thryv.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220310005406/en/
Media Contact: Morisa Young Gregory FCA 347.428.4325
thryv@gregoryfca.com
Investor Contact: Cameron Lessard Thryv, Inc.
214.773.7022 cameron.lessard@thryv.com
Thryv (NASDAQ:THRY)
過去 株価チャート
から 6 2024 まで 7 2024
Thryv (NASDAQ:THRY)
過去 株価チャート
から 7 2023 まで 7 2024