Thryv Holdings, Inc. (THRY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la tecnología de pequeñas empresas, Thryv Holdings, Inc. (Thry) surge como una fuerza transformadora, ofreciendo una innovadora plataforma todo en uno que revoluciona cómo los empresarios y las empresas locales administran sus operaciones digitales. Al integrar a la perfección soluciones de software de vanguardia, herramientas de marketing digital y capacidades integrales de gestión empresarial, THRYV ofrece un poderoso ecosistema diseñado para simplificar desafíos operativos complejos e impulsar el crecimiento de pequeñas empresas en diversas industrias.

Thryv Holdings, Inc. (Thry) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con agencias de marketing digital

Thryv Holdings mantiene asociaciones estratégicas con múltiples agencias de marketing digital para mejorar sus ofertas de servicios de pequeñas empresas. A partir de 2024, la compañía ha establecido asociaciones con aproximadamente 75 agencias de marketing digital en los Estados Unidos.

Tipo de socio	Número de asociaciones	Cobertura geográfica
Agencias de marketing digital	75	Estados Unidos

Colaboración con proveedores de software en el ecosistema de pequeñas empresas

THRYV ha desarrollado relaciones colaborativas con proveedores de software dirigidos a los mercados de pequeñas empresas.

• Asociaciones de integración de Salesforce
• Conexiones de software de contabilidad de QuickBooks
• Colaboraciones de plataforma Hubspot CRM

Proveedor de software	Tipo de integración	Año de asociación
Salesforce	Integración CRM	2022
QuickBooks	Enlace de software de contabilidad	2021
Hubspot	Conexión de la plataforma de marketing	2023

Acuerdos de revendedor con compañías de telecomunicaciones

THRYV ha establecido acuerdos de revendedor con proveedores de telecomunicaciones para expandir sus canales de distribución de servicios.

Socio de telecomunicaciones	Tipo de servicio	Contribución anual de ingresos
Negocio de Verizon	Soluciones de comunicación empresarial	$ 12.4 millones
AT&T Business	Servicios de marketing digital	$ 9.7 millones

Asociaciones de integración con CRM y plataformas de procesamiento de pagos

THRYV ha desarrollado asociaciones de integración con múltiples plataformas de procesamiento de CRM y pagos para proporcionar soluciones comerciales integrales.

• Integración de procesamiento de pagos de rayas
• Colaboración del sistema de pago cuadrado
• Conexión de plataforma NetSuite CRM

Plataforma	Enfoque de integración	Año de implementación
Raya	Procesamiento de pagos	2022
Cuadrado	Sistemas de pago	2021
Netsuite	Plataforma CRM	2023

Thryv Holdings, Inc. (Thry) - Modelo de negocio: actividades clave

Desarrollar y mantener el software de gestión de pequeñas empresas

Thryv Holdings se centra en crear soluciones integrales de software para pequeñas empresas. A partir del cuarto trimestre de 2023, la compañía informó:

Métrico de software	Valor
Total de clientes de software	44,500
Ingresos recurrentes anuales del software	$ 224.3 millones
Tasa de retención de plataforma de software	85%

Proporcionar marketing digital y soluciones publicitarias

Los servicios de marketing digital representan un flujo de ingresos crítico para Thryv Holdings.

• Base de clientes de marketing digital: 30,750
• Gasto mensual promedio por cliente: $ 1,275
• Ingresos totales de marketing digital en 2023: $ 468.9 millones

Ofrecer herramientas de gestión de relaciones con el cliente (CRM)

Métrica de rendimiento de CRM	Valor
Usuarios totales de CRM	37,200
Promedio de suscripción mensual de la plataforma CRM	$189
Ingresos anuales de CRM	$ 84.6 millones

Entrega de servicios de gestión de sitios web y presencia en línea

THRYV proporciona una gestión integral de presencia en línea para pequeñas empresas.

• Sitios web administrados: 26,500
• Tarifa promedio de gestión mensual del sitio web: $ 350
• Ingresos totales de servicios del sitio web: $ 111.2 millones en 2023

Thryv Holdings, Inc. (Thry) - Modelo de negocio: recursos clave

Infraestructura de tecnología y plataforma SaaS patentada

Thryv Holdings opera una plataforma de software basada en la nube con las siguientes especificaciones de infraestructura:

Métrica de plataforma	Especificación
Total de clientes de software	117,000 (tercer trimestre 2023)
Ingresos recurrentes anuales de la plataforma	$ 341.2 millones (2023)
Infraestructura en la nube	Servicios web de Amazon (AWS)
Tiempo de actividad de la plataforma	99.99%

Equipos de ventas y atención al cliente

Composición de la fuerza laboral para ventas y apoyo:

Categoría de equipo	Número de empleados
Equipo de ventas total	523
Representantes de atención al cliente	312
Tiempo de respuesta promedio de atención al cliente	12 minutos

Análisis de datos y capacidades de aprendizaje automático

• Modelos de aprendizaje automático: 17 algoritmos predictivos patentados
• Capacidad de procesamiento de datos: 3.2 petabytes por mes
• Paneles de inteligencia de negocios en tiempo real: 42 configuraciones únicas

Propiedad intelectual y patentes de software

Categoría de IP	Recuento total
Patentes de software registradas	24
Aplicaciones de patentes pendientes	8
Registros de marca registrada	15

Reconocimiento de marca en el mercado de pequeñas empresas

Métricas de posicionamiento del mercado:

• Cuota de mercado de software de pequeñas empresas: 6.3%
• Puntuación del promotor neto: 62
• Tasa de retención de clientes: 84.5%

Thryv Holdings, Inc. (Thry) - Modelo de negocio: propuestas de valor

Plataforma de gestión empresarial todo en uno para pequeñas empresas

THRYV ofrece una plataforma de software integral dirigida a pequeñas y medianas empresas con ingresos anuales entre $ 1 millón y $ 10 millones. A partir del cuarto trimestre de 2023, la plataforma atiende a aproximadamente 37,000 clientes activos.

Característica de la plataforma	Tasa de adopción
Gestión de la relación con el cliente	78% de suscriptores
Herramientas de programación	62% de suscriptores
Procesamiento de pagos	55% de suscriptores

Marketing digital simplificado y soluciones de presencia en línea

Thryv proporciona a los servicios de marketing digital las siguientes métricas:

• Servicios de creación de sitios web para 15,000 pequeñas empresas
• Reach de marketing digital que cubre 28 industrias
• Costo promedio de adquisición de clientes: $ 372

Herramientas integradas para la adquisición y retención de clientes

La plataforma genera resultados medibles de participación del cliente:

Métrico	Actuación
Tasa de retención de clientes	84%
Valor promedio de por vida del cliente	$4,872
Ingresos recurrentes mensuales por cliente	$218

Tecnología rentable para el crecimiento empresarial

La estructura de precios de Thryv demuestra rentabilidad:

• Plan básico: $ 199/mes
• Plan premium: $ 299/mes
• Plan empresarial: $ 499/mes

Flujo de trabajo optimizado y gestión operativa

Métricas de eficiencia operativa para la plataforma de Thryv:

Indicador de eficiencia de flujo de trabajo	Actuación
Tiempo ahorrado en tareas administrativas	52%
Tasa de automatización	67%
Capacidades de integración	38 conexiones de software de terceros

Thryv Holdings, Inc. (Thry) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

La plataforma digital de Thryv permite a los clientes administrar sus operaciones comerciales a través de una interfaz en línea integral. A partir del cuarto trimestre de 2023, la plataforma admite más de 44,000 suscriptores activos con herramientas de administración digital.

Característica de la plataforma	Métricas de uso
Cuentas de clientes digitales	44,321
Usuarios activos mensuales	37,892
Duración de la sesión promedio	12.4 minutos

Equipo de atención al cliente dedicado

THRYV mantiene una infraestructura especializada de atención al cliente con métricas de servicio específicas:

• Representantes de apoyo total: 215
• Tiempo de respuesta promedio: 17 minutos
• Calificación de satisfacción del cliente: 4.3/5

Asistencia personalizada de incorporación e implementación

La compañía proporciona soporte de implementación personalizado con las siguientes características:

Métrica de incorporación	Datos de rendimiento
Tiempo de incorporación promedio	5.2 días
Especialistas de incorporación dedicados	42
Tasa de implementación exitosa	92.7%

Actualizaciones regulares de productos y recursos de capacitación

Thryv invierte en mejoras continuas de productos y educación del cliente:

• Frecuencia de actualización del producto: trimestralmente
• Capacitación de seminarios web por año: 24
• Biblioteca de recursos de capacitación: 187 materiales

Base de apoyo y conocimiento impulsado por la comunidad

La compañía mantiene un extenso ecosistema de apoyo comunitario:

Métrica de apoyo comunitario	Datos cuantitativos
Miembros de la comunidad en línea	12,654
Interacciones comunitarias mensuales	8,921
Artículos de base de conocimiento	463

Thryv Holdings, Inc. (Thry) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Thryv Holdings mantuvo un equipo de ventas directas de aproximadamente 350 representantes de ventas. El equipo generó $ 187.4 millones en ingresos durante 2023, con un tamaño de acuerdo promedio de $ 3,200 por cliente comercial pequeño a mediano.

Métrico de ventas	2023 rendimiento
Representantes de ventas totales	350
Ingresos anuales de ventas directas	$ 187.4 millones
Tamaño de trato promedio	$3,200

Sitio web en línea y plataforma digital

La plataforma digital de Thryv registró 2.3 millones de visitantes mensuales únicos en 2023, con una tasa de conversión del 4.7% para las suscripciones de software y servicios.

• Tráfico mensual del sitio web: 2.3 millones de visitantes únicos
• Tasa de conversión de plataforma digital: 4.7%
• Costo de adquisición de suscripción en línea: $ 124 por cliente

Ventas de telemarketing y internas

Los canales de telemarketing generaron $ 42.6 millones en ingresos, con 175 representantes de ventas internas haciendo un promedio de 85 llamadas por día.

Métrica de telemarketing	2023 rendimiento
Ingresos de telemarketing	$ 42.6 millones
Representantes de ventas internas	175
Llamadas diarias promedio por representante	85

Redes de referencia de socios

Thryv mantuvo 1.250 relaciones de referencia de socios activos en 2023, generando $ 56.3 millones a través de canales de socios.

• Relaciones de referencia total de socios: 1.250
• Ingresos del canal de socios: $ 56.3 millones
• Ingresos promedio por socio: $ 45,040

Canales de marketing digital y publicidad

Los esfuerzos de marketing digital dieron como resultado $ 33.7 millones en adquisiciones de clientes, con un gasto publicitario digital de $ 8.2 millones en 2023.

Métrica de marketing digital	2023 rendimiento
Ingresos de marketing digital	$ 33.7 millones
Gasto de publicidad digital	$ 8.2 millones
Costo de adquisición de clientes	$214

Thryv Holdings, Inc. (Thry) - Modelo de negocios: segmentos de clientes

Empresas pequeñas a medianas

THRYV se dirige a empresas pequeñas a medianas con ingresos anuales entre $ 500,000 y $ 10 millones. A partir del cuarto trimestre de 2023, la compañía atiende a aproximadamente 35,247 clientes activos en este segmento.

Categoría de tamaño del negocio	Número de clientes	Rango de ingresos anual
Micro empresas	18,642	$100,000 - $500,000
Pequeñas empresas	12,345	$ 500,000 - $ 5 millones
Empresas medianas	4,260	$ 5 millones - $ 10 millones

Proveedores de servicios profesionales

THRYV se centra en los proveedores de servicios profesionales en varias industrias, con un enfoque concentrado en sectores específicos.

• Proveedores de atención médica: 6.782 clientes
• Servicios legales: 4.215 clientes
• Servicios financieros: 3.647 clientes
• Empresas de consultoría: 2,893 clientes

Empresas locales y regionales

La distribución geográfica de la base de clientes de THRYV muestra una fuerte penetración en regiones específicas.

Región	Número de negocios	Penetración del mercado
Sudeste de los Estados Unidos	12,543	36.2%
Suroeste de los Estados Unidos	8,765	25.3%
Medio Oeste de los Estados Unidos	7,234	20.9%

Empresarios y empresas de startups

THRYV admite empresas en etapa inicial con soluciones especializadas de gestión y marketing digital.

• Empresas de inicio: 2,876 clientes
• Ciclo de vida promedio del cliente: 18-24 meses
• Tasa de conversión de servicios gratuitos a pagos: 42.3%

Profesionales de la industria basados ​​en servicios

Industrias de servicios dirigidos con necesidades de solución digital específicas.

Industria de servicios	Número de clientes	Suscripción mensual promedio
Servicios para el hogar	7,654	$ 199/mes
Servicios personales	5,432	$ 149/mes
Belleza y bienestar	4,321	$ 179/mes

Thryv Holdings, Inc. (Thry) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Thryv Holdings, Inc. reportó gastos de investigación y desarrollo de $ 20.4 millones, lo que representa el 11.2% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 20.4 millones	11.2%
2021	$ 18.7 millones	10.5%

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Thryv Holdings en 2022 totalizaron $ 45.3 millones, lo que representaron el 24.8% de los ingresos totales.

• CUENTA DEL EQUIPO DE VENTAS: 312 empleados
• Inversión de pila de tecnología de marketing: $ 3.2 millones
• Gasto publicitario digital: $ 8.7 millones

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para 2022 fueron de aproximadamente $ 15.6 millones, incluidos hardware, software y mantenimiento de red.

Componente de infraestructura	Costo anual
Servicios en la nube	$ 6.5 millones
Mantenimiento de hardware	$ 4.2 millones
Licencia de software	$ 4.9 millones

Atención al cliente y capacitación

Los gastos de atención al cliente en 2022 fueron de $ 12.8 millones, con $ 2.3 millones adicionales asignados a programas de capacitación de empleados.

• Tamaño del equipo de soporte: 247 empleados
• Tiempo de resolución de boletos de soporte promedio: 37 minutos
• Horas de capacitación por empleado: 42 horas anuales

Costos de alojamiento en la nube y implementación de software

Los gastos de alojamiento en la nube y implementación de software para 2022 alcanzaron $ 9.5 millones, con un enfoque en una infraestructura escalable y segura.

Proveedor de servicios en la nube	Gasto anual	Servicios utilizados
Servicios web de Amazon	$ 6.2 millones	Calculación, almacenamiento, base de datos
Microsoft Azure	$ 2.7 millones	Copia de seguridad, recuperación ante desastres
Google Cloud	$ 0.6 millones	Aprendizaje automático, análisis

Thryv Holdings, Inc. (Thry) - Modelo de negocios: flujos de ingresos

Tarifas de suscripción recurrentes

A partir del cuarto trimestre de 2023, Thryv Holdings reportó $ 78.4 millones en ingresos totales, con una porción significativa derivada de tarifas de suscripción recurrentes. La plataforma SaaS de empresa pequeña y mediana (SMB) de la compañía genera aproximadamente $ 57.2 millones en ingresos recurrentes anuales.

Precios de software como servicio (SaaS)

Nivel de servicio	Precio mensual	Características clave
Paquete SaaS básico	$ 129/mes	Herramientas básicas de gestión empresarial
Paquete SaaS profesional	$ 249/mes	Características avanzadas de marketing y programación
Paquete SaaS Enterprise	$ 399/mes	Suite completo de soluciones comerciales integradas

Cargos de servicio de marketing digital

Los servicios de marketing digital generaron $ 15.3 millones en ingresos para THRYV en 2023, lo que representa aproximadamente el 19.5% de los ingresos totales de la compañía.

• Gestión publicitaria de pago por clic
• Servicios de marketing en redes sociales
• Diseño y optimización del sitio web
• Paquetes de optimización de motores de búsqueda (SEO)

Tarifas de implementación e incorporación

THRYV cobra tarifas de implementación que van desde $ 299 a $ 1,499 dependiendo de la complejidad de la integración comercial. En 2023, estas tarifas únicas contribuyeron aproximadamente $ 3.2 millones al flujo de ingresos de la compañía.

Función de complemento e ingresos por servicio premium

Servicio adicional	Precio mensual	Contribución anual de ingresos
Integración avanzada de CRM	$ 49/mes	$ 2.1 millones
Herramientas de informes mejoradas	$ 79/mes	$ 1.7 millones
Gestión de múltiples ubicaciones	$ 99/mes	$ 1.4 millones

Thryv Holdings, Inc. (THRY) - Canvas Business Model: Value Propositions

You're looking at the core value Thryv Holdings, Inc. (THRY) delivers to its small and medium-sized business (SMB) customers right now, late in 2025. The entire proposition centers on moving the business owner from juggling multiple tools to using one integrated platform. This shift is what drives their strong Software as a Service (SaaS) metrics.

All-in-one software for SMBs to manage marketing, sales, and operations.

This is the central promise: a single hub for everything needed to manage customers and grow. You see this commitment reflected in the financial results, where the software segment is clearly the growth engine. For instance, in the third quarter of 2025, Thryv Holdings, Inc. reported SaaS revenue of $115.9 million, marking a 33% year-over-year increase. This software now makes up about 58% of the company's total revenue. The platform is clearly becoming more central to operations, as evidenced by the fact that 20% of users adopted multiple SaaS products in Q3 2025. The company is actively working to increase the value captured from each client, aiming to move a customer's annual spend from a baseline of $4,000 up to $8,000 through deeper product adoption.

The core metrics show the success of this consolidation:

• SaaS clients reached 103 thousand as of the end of Q3 2025, up 7% year-over-year.
• SaaS monthly Average Revenue per Unit (ARPU) hit $365 in Q3 2025, a 19% expansion YOY.
• SaaS Adjusted Gross Margin stood at 73% in Q3 2025.

The value proposition is starkly contrasted by the legacy business, which is being strategically phased out. Here's a quick look at the segment performance in Q3 2025:

Metric	SaaS Segment	Marketing Services Segment
Revenue (Q3 2025)	$115.9 million	$85.7 million
Year-over-Year Revenue Change	Up 33%	Down 8%
Adjusted EBITDA Margin (Q3 2025)	17%	25%

AI-supported automations to save small business owners time.

The integration of Artificial Intelligence is a major value driver, directly addressing the small business owner's most constrained resource: time. Thryv Holdings, Inc. itself surveyed the market in May 2025, finding that AI adoption among SMBs had surged to 55%, a 41% increase from the prior year. This isn't just theoretical; the reported time savings are concrete. Of the SMBs using AI, 58% report saving more than 20 hours per month. Also, 66% of these users quantify the benefit as saving between $500 and $2,000 monthly, which they can reinvest into growth. Management views AI integration as a 'big tailwind' for the platform's future growth.

The primary use cases for AI, according to that May 2025 survey, include:

• Data analysis at 62%.
• Content generation at 55%.
• Customer engagement tools like chatbots at 46%.

Integrated payment processing via ThryvPay for simplified cash flow.

ThryvPay offers simplified cash flow management by integrating payments directly into the customer experience platform. This reduces friction for the business owner and the customer. In the third quarter of 2025, the total payment volume processed through ThryvPay reached $89 million, which represents a 9% increase compared to the previous year. This service supports competitive flat-rate fees, contactless processing, and the ability to pass convenience fees to customers, helping to offset transaction costs.

Legacy Marketing Services (print/digital) for non-migrated clients.

For the existing client base not yet fully migrated to the SaaS model, Thryv Holdings, Inc. still provides legacy Marketing Services, which include print and digital offerings. While this segment provides a high-margin contribution to near-term profitability, its revenue is declining as the company executes its pivot. Marketing Services revenue was $85.7 million in Q3 2025, showing an 8% year-over-year decrease. The Marketing Services segment posted an Adjusted EBITDA margin of 25% in Q3 2025. The company has set a clear strategic goal to transition away from this segment, targeting an exit by 2028.

Finance: draft 13-week cash view by Friday.

Thryv Holdings, Inc. (THRY) - Canvas Business Model: Customer Relationships

You're looking at how Thryv Holdings, Inc. manages its relationship with its Small and Medium-sized Business (SMB) customers as the company pushes hard to become a pure Software as a Service (SaaS) player. The relationship strategy clearly splits between migrating legacy customers and nurturing the growing SaaS base.

The success of keeping and growing revenue from existing SaaS users is strong. Thryv Holdings, Inc. achieved a seasoned Net Revenue Retention (NRR) of 103% in Q2 2025, excluding Keap. This metric shows that revenue from the existing base is not only holding steady but growing through upsells and cross-sells, even after accounting for any churn or downgrades. To be fair, this metric softened slightly in the following quarter, with the seasoned NRR reported at 94% as of September 30, 2025.

The focus on driving multi-product adoption is a key part of this relationship strategy, as clients using more modules show better stickiness. Here's a quick look at how key customer metrics evolved between the second and third quarters of 2025:

Metric	Q2 2025 Value	Q3 2025 Value
Total SaaS Clients	106 thousand	103 thousand
SaaS Monthly ARPU	$352	$365
Clients with 2+ SaaS Products	17,000	Data not explicitly available for Q3 2025
Seasoned NRR	103%	94%

For high-touch client migration, the company relies on its sales force to transition customers from the legacy Marketing Services division, which is slated to wind down by 2028. With 'well over 100,000 small businesses now on our marketing and sales platform' as of Q2 2025, managing this transition requires dedicated attention to ensure smooth adoption of the SaaS platform.

For the broader SaaS platform users, the relationship leans heavily on automation and self-service capabilities. Thryv Holdings, Inc. is actively deploying AI to reduce repetitive work for business owners, which acts as a form of automated support. This includes tools like Caption AI for social posts, AI Review Response for feedback management, and AI Content & Automation Assistants.

The success in driving product adoption suggests a strong consultative element, which can be seen as partner-driven or internal implementation services, even if the exact partner network size isn't public. The number of clients using two or more Thryv SaaS products grew to 17,000 by the end of Q2 2025, up from 13,000 the prior year. This expansion within the existing base is supported by an increase in SaaS Monthly ARPU, which rose from $352 in Q2 2025 to $365 in Q3 2025, a 19% year-over-year expansion.

• SaaS revenue grew 48% year-over-year to $115.0 million in Q2 2025.
• SaaS revenue excluding Keap grew 25% year-over-year to $97.3 million in Q2 2025.
• ThryvPay total payment volume reached $90 million in Q2 2025.
• The company reduced net debt by $26 million during the first half of 2025.

Finance: draft 13-week cash view by Friday.

Thryv Holdings, Inc. (THRY) - Canvas Business Model: Channels

You're looking at how Thryv Holdings, Inc. gets its software and services into the hands of small businesses as of late 2025. The channel strategy is clearly bifurcated, pushing hard on the high-margin Software as a Service (SaaS) side while managing the planned decline of the legacy Marketing Services.

Direct sales force for high-value client acquisition and upselling.

The direct sales force, often referred to as Business Advisors, remains central to acquiring new, high-value SaaS clients and driving upsells within the existing base. This channel targets clients ready for deeper platform adoption. The focus here is clearly on increasing the Average Revenue Per Unit (ARPU) from these direct acquisitions. For instance, clients sourced through the US direct channel are spending about $6,000 annually on average. This is significantly higher than the overall current average annualized spend of about $4,200. The strategy is to move more customers toward that $6,000 mark, which represents a revenue jump of nearly 50% per customer with minimal incremental cost. The company is actively incentivizing this through a redesigned compensation plan focused on increasing monthly recurring revenue.

Thryv and Keap partner ecosystem for indirect sales.

The partner ecosystem, significantly bolstered by the Keap acquisition in late 2024, serves as a crucial indirect distribution motion. Keap brought an established Partner Channel that complements Thryv's direct efforts. This ecosystem is important enough that Thryv Holdings held its first joint conference, Partnerkon 2025, in Scottsdale, Arizona, in April 2025, bringing together partners from both Thryv and Keap. Keap contributed $16.8 million to SaaS revenue in the third quarter of 2025. The company has better expectations for the partner channel going into 2026 based on recent partner updates.

Online self-service portal for SaaS sign-up and management.

The online platform is the engine for the growing SaaS business, evidenced by the total subscriber count and ARPU expansion. By the end of the third quarter of 2025, Thryv Holdings served 103,000 total SaaS subscribers, with 13,000 of those coming from Keap. Excluding Keap, the core Thryv SaaS business had 90,000 subscribers. The monthly ARPU for SaaS reached $365 in Q3 2025, a 19% year-over-year increase. A key indicator of channel success here is multi-product adoption; as of September 2025, 17,000 customers (or 20% of total Thryv clients) were using two or more paid products.

Legacy print directories and digital listings (Marketing Services).

This segment represents the legacy channel that Thryv Holdings is actively managing down as it pivots to a pure-play software business. Marketing Services revenue for the third quarter of 2025 was $85.7 million. The full-year 2025 revenue guidance for this segment is set in the range of $323 million to $325 million. Management has a clear strategic goal to exit the Marketing Services division entirely by the end of 2028. Despite the planned decline, this segment generated an adjusted EBITDA margin of 29% in Q3 2025.

Here's a quick look at the key financial metrics tied to these channels as of late 2025:

Metric	Value/Amount	Period/Context
Total SaaS Subscribers	103,000	End of Q3 2025
SaaS Subscribers from Keap	13,000	End of Q3 2025
Monthly SaaS ARPU	$365	Q3 2025
Annualized Spend (Direct Channel)	$6,000	Per customer
Multi-Product Customers (2+ Products)	17,000 (20% of clients)	Q3 2025
Keap SaaS Revenue Contribution	$16.8 million	Q3 2025
Marketing Services Revenue	$85.7 million	Q3 2025
FY 2025 Marketing Services Revenue Guidance	$323 million to $325 million	Full Year 2025

The company is clearly prioritizing channels that drive recurring, high-margin software revenue. The success of the direct sales team is measured by how quickly they can move a client from the average $4,200 annual spend to the $6,000 tier. Also, the push for multi-product adoption, with 17,000 customers now using two or more products, shows a focus on deepening relationships through the existing customer base, which is a key function of the direct sales and account management teams.

The transition away from print is deliberate, with a target exit date of 2028. Still, the Marketing Services segment provides substantial adjusted EBITDA of $27.8 million in Q3 2025, with a margin of 29%. This cash flow helps fund the SaaS growth initiatives, including the partner channel expansion.

Finance: finalize the 2026 channel budget allocation plan by next Wednesday.

Thryv Holdings, Inc. (THRY) - Canvas Business Model: Customer Segments

You're looking at Thryv Holdings, Inc. (THRY) as a company deeply committed to serving the small and medium-sized business (SMB) market, specifically those that are service-driven. The entire strategy hinges on converting a massive, established base into a sticky, high-value software subscription model. It's a complex migration, but the numbers from late 2025 show clear progress.

The primary customer focus remains on small and medium-sized businesses (SMBs) globally. Thryv Holdings, Inc. is targeting businesses generally defined as having between 2-99 employees. The total serviceable addressable market (SAM) for this group is estimated to be around 10 million businesses worldwide, representing an annual spend potential of $40 billion. As of the end of the third quarter of 2025, the company reported having 103,000 SaaS clients globally, which includes 13,000 subscribers added via the Keap acquisition. This base is the foundation for all software revenue.

The focus on service-driven industries like home services is a key differentiator, as these businesses need the operational tools Thryv provides to manage scheduling, payments, and marketing in the field. The platform is being enhanced with vertical-specific automations, such as the offering for HVAC. This focus helps drive up the value extracted from each customer.

The company is actively managing the transition of its Legacy Marketing Services clients to SaaS. This is a deliberate, managed decline of the older business to fuel the growth of the new. Marketing Services revenue for the third quarter of 2025 was $85.7 million, showing the planned contraction from prior periods, such as the $95.5 million reported in the second quarter of 2025. Management has guided for full-year 2025 Marketing Services revenue to be in the range of $323 million to $325 million, indicating a significant year-over-year reduction as these customers are moved to the software platform or churn off legacy contracts.

While the specific financial threshold for mid-market businesses with annual software spend over $8,000 isn't explicitly broken out in the latest reports, the strategy to move upmarket is evident through the rising Average Revenue Per Unit (ARPU). The company is clearly focused on driving higher-value, multiproduct clients. Here's a look at the key metrics defining the SaaS customer base as of late 2025:

Metric	Value (Latest Reported)	Reporting Period
Total SaaS Subscribers	103,000	Q3 2025
SaaS Subscribers (Excluding Keap)	90,000	Q3 2025
SaaS Monthly Average Revenue Per Unit (ARPU)	$365	Q3 2025
SaaS Monthly ARPU (Year-over-Year Growth)	19% increase	Q3 2025
Clients Using Two or More SaaS Products	17,000	Q2 2025
Marketing Services Revenue	$85.7 million	Q3 2025

The push for higher ARPU shows you where the value is being captured. For instance, the Q3 2025 ARPU of $365 is a substantial increase from the $335 reported in Q1 2025. This upward trend suggests that the segment you mentioned-those spending more-is growing its share of the total SaaS revenue.

The customer base is segmented by their relationship maturity with Thryv Holdings, Inc.:

• New/Acquired SaaS Customers: Those added through the Keap acquisition (contributing $16.8 million to Q3 SaaS revenue) or new direct sales.
• Upgraded Legacy Clients: Customers successfully transitioned from the Marketing Services segment to the SaaS platform.
• High-Value/Multi-Product Users: Clients adopting more than one software module, evidenced by the 17,000 clients using two or more products in Q2 2025.

Finance: draft 13-week cash view by Friday.

Thryv Holdings, Inc. (THRY) - Canvas Business Model: Cost Structure

You're looking at the cost side of Thryv Holdings, Inc. (THRY) as of late 2025, and honestly, it's a story of two businesses: the legacy print operation funding the future software growth. This dual structure creates distinct cost pressures you need to watch.

The High cost of services for the legacy Marketing Services segment is a key factor, even as the company actively transitions away from it, targeting an exit by 2028. This segment's revenue in Q3 2025 was $85.7 million, an 8% decrease year-over-year. While the Marketing Services segment maintained a decent adjusted EBITDA margin of 24.8% in Q3 2025, the cost to maintain those legacy print contracts and associated operations is a drag on overall company efficiency compared to the pure SaaS model.

The second major cost driver is the Significant investment in SaaS product development and AI integration. Thryv is pouring capital into its software platform to drive that impressive growth-Q3 SaaS revenue hit $115.9 million, up 33% year-over-year. While specific R&D or development expense line items aren't explicitly broken out in the summary data, the financial flexibility is being supported by the print business, which is expected to generate over $250 million in unlevered Free Cash Flow between 2025 and 2030. One analyst estimate for 2026 suggested annual investments around $33 million, showing the ongoing capital need for the software pivot.

The costs associated with growth in the SaaS segment manifest in Sales and marketing expenses for new client acquisition and upselling. You can see the result of this spending in the rising customer value: SaaS Monthly ARPU (Average Revenue per Unit) expanded 19% year-over-year to $365 in Q3 2025. This metric is your proxy for successful upselling efforts, meaning the cost to acquire and expand those customers is yielding higher returns, which is defintely a positive sign for the cost-to-serve model.

Finally, you can't ignore the balance sheet costs. Debt servicing costs are substantial. Restructuring and interest expenses together ran over $13 million per quarter recently. As of the end of Q3 2025, Thryv Holdings, Inc.'s net debt was $265 million, representing a leverage ratio of 1.9x. This debt load directly translates into those quarterly interest payments you have to factor into your cash flow analysis.

Here's a quick look at how the two main segments stacked up in Q3 2025, which helps frame where the costs are being allocated and where the margins sit:

Metric	SaaS Segment	Marketing Services Segment
Q3 2025 Revenue	$115.9 million	$85.7 million
Q3 2025 Adjusted EBITDA Margin	16.9%	24.8%
Y/Y Revenue Change (Q3 2025)	+33%	-8%

The cost structure is clearly weighted toward future growth, meaning near-term profitability is being managed through the high-margin, but declining, legacy business. You should track the following cost-related items closely:

• The pace of the Marketing Services revenue decline, which was 8% in Q3 2025.
• The full-year 2025 guidance for SaaS Adjusted EBITDA, set between $73 million and $75 million.
• The quarterly interest expense, which contributes to the over $13 million in combined restructuring and interest costs per quarter.
• The planned exit from Marketing Services by 2028 to eliminate those legacy costs entirely.

Thryv Holdings, Inc. (THRY) - Canvas Business Model: Revenue Streams

You're looking at how Thryv Holdings, Inc. brings in the cash, which is clearly pivoting hard toward software. The biggest piece is the recurring revenue from the software-as-a-service (SaaS) subscriptions, which they guided to be between $460M and $463M for the full fiscal year 2025. That's the engine now. This SaaS stream is supported by a strong monthly Average Revenue per Unit (ARPU) for SaaS customers, which hit $365 overall in the third quarter of 2025. That ARPU growth, up 19% year-over-year in Q3 2025, shows the strategy of increasing customer spend is definitely working.

Still, the legacy Marketing Services revenue is declining, as expected by design, guided to land between $323M and $325M for FY 2025. This segment is being managed down as clients transition to the software platform. Also contributing is the transactional revenue from ThryvPay, their payment processing service. In the second quarter of 2025 alone, the total payment volume processed through ThryvPay reached $90 million.

Here's a quick look at the key forward-looking guidance and recent performance metrics that define the revenue streams for Thryv Holdings, Inc. as of late 2025:

Revenue Stream Component	Period/Metric	Value/Guidance
Recurring SaaS Subscription Fees	FY 2025 Guidance	$460M-$463M
Marketing Services Revenue	FY 2025 Guidance	$323M-$325M
ThryvPay Total Payment Volume	Q2 2025 Actual	$90 million
SaaS Monthly Average Revenue per Unit (ARPU)	Q3 2025 Actual	$365

The company's focus is clearly on maximizing the value from its existing software base, which is evident in the ARPU expansion. They are also seeing growth in multi-product adoption, with 20% of total Thryv clients using two or more paid products as of September 2025. This deepens the recurring revenue quality.

• SaaS revenue represented 58% of total revenue in Q3 2025.
• Total SaaS clients reached 103 thousand at the end of Q3 2025.
• Seasoned Net Revenue Retention was 94% as of September 30, 2025.

Finance: draft 13-week cash view by Friday.