Earnings

Thryv Third-Quarter SaaS Revenue Decline Widens

The Tip Desk · November 12, 2026 · 3 min read

SaaS revenue was $112.0 million in the third quarter of 2026, down 3.3% from a year earlier, while a $116.0 million loss from continuing operations included a $94.8 million goodwill impairment.

Thryv Holdings, Inc. (THRY), provider of an AI-powered growth platform for local service businesses, reported SaaS revenue of $112.0 million for the third quarter of 2026, a 3.3% year-over-year decline that was steeper than the 0.5% drop in the second quarter. Loss from continuing operations was $116.0 million, including a $94.8 million non-cash goodwill impairment.

Growth products, excluding CRM, rose 16% year-over-year. The company said growth in products excluding CRM was offset by headwinds in legacy CRM products.

Consolidated total revenue was $118.9 million, down 13.5% from a year earlier. Marketing Services revenue was $6.9 million after the Print Business was recast as discontinued operations.

On September 12, 2026, Thryv agreed to sell its print Yellow Pages and White Pages directories in the United States, Australia, and New Zealand, along with related digital editions, for $142.0 million in cash, subject to customary adjustments. The transaction is expected to close in the fourth quarter of 2026. Chief Executive Officer Joe Walsh said the company is now positioned to operate as a pure-play SaaS company.

Net loss from continuing operations was $116.0 million, or ($2.61) a share, including a $94.8 million non-cash goodwill impairment, compared with a $24.9 million loss, or ($0.57) a share, a year earlier.

Consolidated Adjusted EBITDA was $4.2 million, a 3.5% margin, versus a $4.6 million loss, or a (3.3)% margin, a year earlier. SaaS Adjusted EBITDA was $9.5 million, an 8.5% margin, up 70.7% from $5.6 million, or a 4.8% margin, a year earlier. Marketing Services Adjusted EBITDA was a $5.3 million loss, a (76.3)% margin.

Original third-quarter SaaS Adjusted EBITDA guidance of $8.5 million to $9.5 million was restated to $2.9 million to $3.9 million after the Print Business was classified as discontinued operations. The company said approximately 94% of shared continuing-operations costs were allocated to SaaS under the historical revenue-based method. Reported SaaS Adjusted EBITDA of $9.5 million exceeded the updated range.

SaaS monthly ARPU was $373, up 2.2% year-over-year, after a 12% year-over-year increase to $394 in the second quarter. SaaS clients were 98 thousand at quarter-end. Seasoned net revenue retention was 89%. Quality customers, defined as those contributing more than $400 in monthly recurring revenue, accounted for 72% of SaaS revenue.

SaaS gross margin was 65.4%, compared with 69.8% a year earlier. SaaS adjusted gross margin was 69.3%. Consolidated gross profit was $73.7 million.

Cash and cash equivalents were $8.8 million at September 30, 2026. For the nine months ended September 30, 2026, net cash used in operating activities from continuing operations was $37.9 million.

On a continuing-operations basis, Thryv guided fourth-quarter 2026 SaaS revenue to $110.0 million to $111.0 million and SaaS Adjusted EBITDA to a loss of $4.5 million to $5.5 million. Full-year 2026 SaaS revenue is guided at $453.0 million to $454.0 million and SaaS Adjusted EBITDA at $16.5 million to $17.5 million. Fourth-quarter Marketing Services revenue is guided at $2.0 million to $3.0 million and Adjusted EBITDA at a loss of $11.0 million to $12.0 million. Full-year Marketing Services revenue is $35.0 million to $36.0 million and Adjusted EBITDA a loss of $21.0 million to $22.0 million. Walsh said the company remains focused on execution, optimizing its cost structure, reducing outstanding debt and other liabilities, and further strengthening its balance sheet.

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