Thryv Holdings, Inc. (Thry): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la technologie des petites entreprises, Thryv Holdings, Inc. (Thry) émerge comme une force transformatrice, offrant une plate-forme tout-en-un innovante qui révolutionne comment les entrepreneurs et les entreprises locales gèrent leurs opérations numériques. En intégrant de manière transparente des solutions logicielles de pointe, des outils de marketing numérique et des capacités complètes de gestion d'entreprise, Thryv offre un puissant écosystème conçu pour simplifier les défis opérationnels complexes et stimuler la croissance des petites entreprises dans diverses industries.

Thryv Holdings, Inc. (Thry) - Modèle commercial: partenariats clés

Partenariats stratégiques avec des agences de marketing numérique

Thryv Holdings maintient des partenariats stratégiques avec plusieurs agences de marketing numérique pour améliorer ses offres de services aux petites entreprises. En 2024, la société a établi des partenariats avec environ 75 agences de marketing numérique aux États-Unis.

Type de partenaire	Nombre de partenariats	Couverture géographique
Agences de marketing numérique	75	États-Unis

Collaboration avec les fournisseurs de logiciels dans l'écosystème des petites entreprises

Thryv a développé des relations collaboratives avec des fournisseurs de logiciels ciblant les marchés des petites entreprises.

• Partenariats d'intégration Salesforce
• Connexions de logiciels comptables QuickBooks
• Collaborations de plate-forme CRM HubSpot

Fournisseur de logiciels	Type d'intégration	Année de partenariat
Salesforce	Intégration CRM	2022
Fusée	Lien de logiciel comptable	2021
Hubspot	Connexion de plate-forme marketing	2023

Accords de revendeur avec des sociétés de télécommunications

Thryv a établi des accords de revendeur auprès des fournisseurs de télécommunications pour étendre ses canaux de distribution de services.

Partenaire de télécommunications	Type de service	Contribution annuelle des revenus
Verizon Business	Solutions de communication d'entreprise	12,4 millions de dollars
AT&T Business	Services de marketing numérique	9,7 millions de dollars

Partenariats d'intégration avec le CRM et les plateformes de traitement des paiements

Thryv a développé des partenariats d'intégration avec plusieurs plates-formes CRM et de traitement des paiements pour fournir des solutions commerciales complètes.

• Intégration de traitement des paiements à rayures
• Collaboration du système de paiement carré
• Connexion de plate-forme NetSuite CRM

Plate-forme	Focus d'intégration	Année de mise en œuvre
Bande	Traitement des paiements	2022
Carré	Systèmes de paiement	2021
NetSuite	Plate-forme CRM	2023

Thryv Holdings, Inc. (Thry) - Modèle d'entreprise: activités clés

Développer et maintenir des logiciels de gestion des petites entreprises

Thryv Holdings se concentre sur la création de solutions logicielles complètes pour les petites entreprises. Au quatrième trimestre 2023, la société a rapporté:

Métrique logicielle	Valeur
Clients logiciels totaux	44,500
Revenus récurrents annuels du logiciel	224,3 millions de dollars
Taux de rétention de la plate-forme logicielle	85%

Fournir des solutions de marketing numérique et publicitaire

Les services de marketing numérique représentent une source de revenus essentielle pour Thryv Holdings.

• Base de clients de marketing numérique: 30,750
• Dépenses mensuelles moyennes par client: 1 275 $
• Revenus de marketing numérique total en 2023: 468,9 millions de dollars

Offrir des outils de gestion de la relation client (CRM)

Métrique de performance CRM	Valeur
Total des utilisateurs de CRM	37,200
Plateforme CRM moyenne d'abonnement mensuel	$189
Revenus CRM annuels	84,6 millions de dollars

Fournir des services de gestion du site Web et de la présence en ligne

Thryv fournit une gestion complète de la présence en ligne pour les petites entreprises.

• Sites Web gérés: 26 500
• Frais de gestion mensuels moyens du site Web: 350 $
• Revenu total des services de site Web: 111,2 millions de dollars en 2023

Thryv Holdings, Inc. (Thry) - Modèle d'entreprise: Ressources clés

Infrastructure de plate-forme et de technologie SaaS propriétaire

Thryv Holdings exploite une plate-forme logicielle basée sur le cloud avec les spécifications d'infrastructure suivantes:

Métrique de la plate-forme	Spécification
Clients logiciels totaux	117 000 (TC 2023)
Revenus récurrents annuels de la plate-forme	341,2 millions de dollars (2023)
Infrastructure cloud	Amazon Web Services (AWS)
Time de disponibilité de la plate-forme	99.99%

Équipes de vente et d'assistance client

Composition de la main-d'œuvre pour les ventes et le soutien:

Catégorie d'équipe	Nombre d'employés
Équipe de vente totale	523
Représentants du support client	312
Temps de réponse moyen du support client	12 minutes

Analyse des données et capacités d'apprentissage automatique

• Modèles d'apprentissage automatique: 17 algorithmes prédictifs propriétaires
• Capacité de traitement des données: 3,2 pétaoctets par mois
• Tableaux de bord Business Intelligence en temps réel: 42 configurations uniques

Propriété intellectuelle et brevets logiciels

Catégorie IP	Compte total
Brevets logiciels enregistrés	24
Demandes de brevet en instance	8
Inscriptions de la marque	15

Reconnaissance de la marque sur le marché des petites entreprises

Métriques de positionnement du marché:

• Part de marché du logiciel des petites entreprises: 6,3%
• Score de promoteur net: 62
• Taux de rétention de la clientèle: 84,5%

Thryv Holdings, Inc. (Thry) - Modèle d'entreprise: propositions de valeur

Plateforme de gestion d'entreprise tout-en-un pour les petites entreprises

Thryv propose une plate-forme logicielle complète ciblant les petites et moyennes entreprises avec des revenus annuels entre 1 et 10 millions de dollars. Au quatrième trimestre 2023, la plate-forme dessert environ 37 000 clients actifs.

Fonctionnalité de plate-forme	Taux d'adoption
Gestion de la relation client	78% des abonnés
Outils de planification	62% des abonnés
Traitement des paiements	55% des abonnés

Solutions de marketing numérique et de présence en ligne simplifiées

Thryv fournit des services de marketing numérique avec les mesures suivantes:

• Services de création de site Web pour 15 000 petites entreprises
• Le marketing numérique atteint couvrant 28 industries
• Coût moyen d'acquisition du client: 372 $

Outils intégrés pour l'acquisition et la rétention des clients

La plate-forme génère des résultats d'engagement des clients mesurables:

Métrique	Performance
Taux de rétention de la clientèle	84%
Valeur à vie moyenne du client	$4,872
Revenus récurrents mensuels par client	$218

Technologie rentable pour la croissance de l'entreprise

La structure de tarification de Thryv démontre la rentabilité:

• Plan de base: 199 $ / mois
• Plan premium: 299 $ / mois
• Plan d'entreprise: 499 $ / mois

Flux de travail rationalisé et gestion opérationnelle

Métriques d'efficacité opérationnelle pour la plate-forme de Thryv:

Indicateur d'efficacité du flux de travail	Performance
Temps sauvé sur les tâches administratives	52%
Taux d'automatisation	67%
Capacités d'intégration	38 connexions logicielles tierces

Thryv Holdings, Inc. (Thry) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

La plate-forme numérique de Thryv permet aux clients de gérer leurs opérations commerciales via une interface en ligne complète. Au quatrième trimestre 2023, la plate-forme prend en charge plus de 44 000 abonnés actifs avec des outils de gestion numérique.

Fonctionnalité de plate-forme	Métriques d'utilisation
Comptes de clients numériques	44,321
Utilisateurs actifs mensuels	37,892
Durée moyenne de la session	12,4 minutes

Équipe de support client dédiée

Thryv maintient une infrastructure spécialisée de support client avec des mesures de service spécifiques:

• Représentants du soutien total: 215
• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 4.3 / 5

Assistance personnalisée à l'intégration et à la mise en œuvre

La société fournit un support de mise en œuvre personnalisé avec les caractéristiques suivantes:

Métrique d'intégration	Données de performance
Temps d'intégration moyen	5,2 jours
Spécialistes d'intégration dédiés	42
Taux de mise en œuvre réussi	92.7%

Mises à jour régulières des produits et ressources de formation

Thryv investit dans l'amélioration continue des produits et l'éducation client:

• Fréquence de mise à jour du produit: trimestriel
• Webinaires de formation par an: 24
• Bibliothèque de ressources de formation: 187 Matériaux

Support et base de connaissances axées sur la communauté

La société maintient un vaste écosystème de soutien communautaire:

Métrique de soutien communautaire	Données quantitatives
Membres de la communauté en ligne	12,654
Interactions communautaires mensuelles	8,921
Articles de base de connaissances	463

Thryv Holdings, Inc. (Thry) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Thryv Holdings a maintenu une équipe de vente directe d'environ 350 représentants commerciaux. L'équipe a généré 187,4 millions de dollars de revenus au cours de 2023, avec une taille moyenne de 3 200 $ par petit à moyen client de taille.

Métrique des ventes	Performance de 2023
Représentants des ventes totales	350
Revenus annuels des ventes directes	187,4 millions de dollars
Taille moyenne de l'accord	$3,200

Site Web en ligne et plate-forme numérique

La plate-forme numérique de Thryv a enregistré 2,3 millions de visiteurs mensuels uniques en 2023, avec un taux de conversion de 4,7% pour les abonnements logiciels et de services.

• Trafic mensuel du site Web: 2,3 millions de visiteurs uniques
• Taux de conversion de la plate-forme numérique: 4,7%
• Coût d'acquisition d'abonnement en ligne: 124 $ par client

Télémarketing et ventes intérieures

Les canaux de télémarketing ont généré 42,6 millions de dollars de revenus, avec 175 représentants commerciaux intérieurs effectuant une moyenne de 85 appels par jour.

Métrique de télémarketing	Performance de 2023
Revenus de télémarketing	42,6 millions de dollars
Représentants commerciaux internes	175
Appels quotidiens moyens par représentant	85

Réseaux de référence partenaires

Thryv a maintenu 1 250 relations de référence des partenaires actifs en 2023, générant 56,3 millions de dollars par le biais de canaux partenaires.

• Relations totales de référence du partenaire: 1 250
• Revenus de canaux partenaires: 56,3 millions de dollars
• Revenu moyen par partenaire: 45 040 $

Channeaux de marketing numérique et de publicité

Les efforts de marketing numérique ont entraîné 33,7 millions de dollars d'acquisitions de clients, avec une dépense publicitaire numérique de 8,2 millions de dollars en 2023.

Métrique du marketing numérique	Performance de 2023
Revenus de marketing numérique	33,7 millions de dollars
Dépenses publicitaires numériques	8,2 millions de dollars
Coût d'acquisition des clients	$214

Thryv Holdings, Inc. (Thry) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Thryv cible les petites et moyennes entreprises avec des revenus annuels entre 500 000 et 10 millions de dollars. Au quatrième trimestre 2023, la société dessert environ 35 247 clients actifs dans ce segment.

Catégorie de taille d'entreprise	Nombre de clients	Gamme de revenus annuelle
Micro-entreprises	18,642	$100,000 - $500,000
Petites entreprises	12,345	500 000 $ - 5 millions de dollars
Entreprises moyennes	4,260	5 millions de dollars - 10 millions de dollars

Fournisseurs de services professionnels

Thryv se concentre sur les prestataires de services professionnels dans diverses industries, avec un accent concentré sur des secteurs spécifiques.

• Fournisseurs de soins de santé: 6 782 clients
• Services juridiques: 4 215 clients
• Services financiers: 3 647 clients
• Sociétés de conseil: 2 893 clients

Entreprises locales et régionales

La distribution géographique de la clientèle de Thryv montre une forte pénétration dans des régions spécifiques.

Région	Nombre d'entreprises	Pénétration du marché
Du sud-est des États-Unis	12,543	36.2%
Sud-ouest des États-Unis	8,765	25.3%
Midwest des États-Unis	7,234	20.9%

Entrepreneurs et entreprises de startup

Thryv soutient les entreprises en démarrage avec des solutions spécialisées de marketing numérique et de gestion.

• Startups: 2 876 clients
• Cycle de vie moyen des clients: 18-24 mois
• Taux de conversion des services gratuits aux services rémunérés: 42,3%

Professionnels de l'industrie basés sur les services

Industries de services ciblées ayant des besoins spécifiques de solution numérique.

Industrie des services	Nombre de clients	Abonnement mensuel moyen
Services à domicile	7,654	199 $ / mois
Services personnels	5,432	149 $ / mois
Beauté et bien-être	4,321	179 $ / mois

Thryv Holdings, Inc. (Thry) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Thryv Holdings, Inc. a déclaré des frais de recherche et de développement de 20,4 millions de dollars, ce qui représente 11,2% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	20,4 millions de dollars	11.2%
2021	18,7 millions de dollars	10.5%

Investissements de vente et de marketing

Les frais de vente et de marketing pour Thryv Holdings en 2022 ont totalisé 45,3 millions de dollars, ce qui représente 24,8% des revenus totaux.

• Câchables de l'équipe de vente: 312 employés
• Investissement de pile de technologie de marketing: 3,2 millions de dollars
• Dépenses publicitaires numériques: 8,7 millions de dollars

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour 2022 étaient d'environ 15,6 millions de dollars, y compris le matériel, les logiciels et la maintenance du réseau.

Composant d'infrastructure	Coût annuel
Services cloud	6,5 millions de dollars
Maintenance matérielle	4,2 millions de dollars
Licence de logiciel	4,9 millions de dollars

Support client et formation

Les dépenses de support client en 2022 étaient de 12,8 millions de dollars, avec 2,3 millions de dollars supplémentaires alloués aux programmes de formation des employés.

• Taille de l'équipe de soutien: 247 employés
• Temps de résolution moyenne des billets de support: 37 minutes
• Heures de formation par employé: 42 heures par an

Hébergement cloud et coûts de déploiement des logiciels

L'hébergement cloud et les frais de déploiement des logiciels pour 2022 ont atteint 9,5 millions de dollars, en mettant l'accent sur les infrastructures évolutives et sécurisées.

Fournisseur de services cloud	Dépenses annuelles	Services utilisés
Services Web Amazon	6,2 millions de dollars	Calcul, stockage, base de données
Microsoft Azure	2,7 millions de dollars	Sauvegarde, reprise après sinistre
Google Cloud	0,6 million de dollars	Apprentissage automatique, analyse

Thryv Holdings, Inc. (Thry) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement récurrent

Au quatrième trimestre 2023, Thryv Holdings a déclaré 78,4 millions de dollars de revenus totaux, avec une partie importante dérivée des frais d'abonnement récurrents. La plate-forme SaaS de Small and Medium Business (SMB) de la société génère environ 57,2 millions de dollars de revenus récurrents annuels.

Prix ​​logiciel en tant que service (SaaS)

Niveau de service	Prix ​​mensuel	Caractéristiques clés
Package SaaS de base	129 $ / mois	Outils de gestion d'entreprise principaux
Package SaaS professionnel	249 $ / mois	Fonctionnalités de marketing et de planification avancées
Package SaaS Enterprise	399 $ / mois	Suite complète de solutions commerciales intégrées

Frais de service de marketing numérique

Les services de marketing numérique ont généré 15,3 millions de dollars de revenus pour Thryv en 2023, ce qui représente environ 19,5% du total des revenus de l'entreprise.

• Gestion de la publicité payante de paiement
• Services de marketing sur les réseaux sociaux
• Conception et optimisation du site Web
• Packages d'optimisation des moteurs de recherche (SEO)

Frais de mise en œuvre et d'intégration

THRYV facture des frais de mise en œuvre allant de 299 $ à 1 499 $ selon la complexité de l'intégration commerciale. En 2023, ces frais ponctuels ont contribué environ 3,2 millions de dollars à la source de revenus de l'entreprise.

Fonctionnalité complémentaire et revenus de service premium

Service complémentaire	Prix ​​mensuel	Contribution annuelle des revenus
Intégration CRM avancée	49 $ / mois	2,1 millions de dollars
Outils de rapports améliorés	79 $ / mois	1,7 million de dollars
Gestion multi-emplacements	99 $ / mois	1,4 million de dollars

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.