Thryv Holdings, Inc. (Thry): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia de pequenas empresas, a Thryv Holdings, Inc. (Thry) surge como uma força transformadora, oferecendo uma plataforma all-in-one inovadora que revoluciona como empreendedores e empresas locais gerenciam suas operações digitais. Ao integrar perfeitamente soluções de software de ponta, ferramentas de marketing digital e recursos abrangentes de gerenciamento de negócios, a Thryv oferece um poderoso ecossistema projetado para simplificar desafios operacionais complexos e impulsionar o crescimento para pequenas empresas em diversas indústrias.

Thryv Holdings, Inc. (Thry) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com agências de marketing digital

A Thryv Holdings mantém parcerias estratégicas com várias agências de marketing digital para aprimorar suas ofertas de pequenos negócios. A partir de 2024, a empresa estabeleceu parcerias com aproximadamente 75 agências de marketing digital nos Estados Unidos.

Tipo de parceiro	Número de parcerias	Cobertura geográfica
Agências de marketing digital	75	Estados Unidos

Colaboração com provedores de software no ecossistema de pequenas empresas

A Thryv desenvolveu relacionamentos colaborativos com provedores de software direcionados aos mercados de pequenas empresas.

• Parcerias de integração do Salesforce
• Conexões de software de contabilidade QuickBooks
• Colaborações da plataforma CRM HubSpot

Provedor de software	Tipo de integração	Ano de parceria
Salesforce	Integração do CRM	2022
QuickBooks	Link de software de contabilidade	2021
HubSpot	Connection da plataforma de marketing	2023

Acordos de revendedor com empresas de telecomunicações

A Thryv estabeleceu acordos de revendedores com provedores de telecomunicações para expandir seus canais de distribuição de serviços.

Parceiro de telecomunicações	Tipo de serviço	Contribuição anual da receita
Negócio da Verizon	Soluções de comunicação comercial	US $ 12,4 milhões
Negócios da AT&T	Serviços de marketing digital	US $ 9,7 milhões

Parcerias de integração com CRM e plataformas de processamento de pagamento

A Thryv desenvolveu parcerias de integração com várias plataformas de processamento de CRM e pagamento para fornecer soluções de negócios abrangentes.

• Integração de processamento de pagamento de faixas
• Colaboração do sistema de pagamento quadrado
• Conexão de plataforma CRM NetSuite

Plataforma	Foco de integração	Ano de implementação
Listra	Processamento de pagamento	2022
Quadrado	Sistemas de pagamento	2021
Netsuite	Plataforma CRM	2023

Thryv Holdings, Inc. (Thry) - Modelo de negócios: Atividades -chave

Desenvolvendo e mantendo o software de gerenciamento de pequenas empresas

A Thryv Holdings se concentra na criação de soluções abrangentes de software para pequenas empresas. A partir do quarto trimestre 2023, a empresa informou:

Métrica de software	Valor
Total de clientes de software	44,500
Receita recorrente anual de software	US $ 224,3 milhões
Taxa de retenção de plataforma de software	85%

Fornecendo soluções de marketing digital e publicidade

Os serviços de marketing digital representam um fluxo de receita crítico para a Thryv Holdings.

• Base de clientes de marketing digital: 30.750
• Gastes mensais médios por cliente: US $ 1.275
• Receita total de marketing digital em 2023: US $ 468,9 milhões

Oferecendo ferramentas de gerenciamento de relacionamento com o cliente (CRM)

Métrica de desempenho do CRM	Valor
Total de usuários de CRM	37,200
Média de assinatura mensal da plataforma CRM	$189
Receita anual de CRM	US $ 84,6 milhões

Entregando serviços de gerenciamento de site e presença on -line

A Thryv fornece um gerenciamento abrangente de presença on -line para pequenas empresas.

• Sites gerenciados: 26.500
• Taxa média mensal de gerenciamento do site: US $ 350
• Receita total de serviços do site: US $ 111,2 milhões em 2023

Thryv Holdings, Inc. (Thry) - Modelo de negócios: Recursos -chave

Plataforma SaaS proprietária e infraestrutura de tecnologia

A Thryv Holdings opera uma plataforma de software baseada em nuvem com as seguintes especificações de infraestrutura:

Métrica da plataforma	Especificação
Total de clientes de software	117.000 (Q3 2023)
Receita recorrente anual da plataforma	US $ 341,2 milhões (2023)
Infraestrutura em nuvem	Amazon Web Services (AWS)
Tempo de atividade da plataforma	99.99%

Equipes de vendas e suporte ao cliente

Composição da força de trabalho para vendas e suporte:

Categoria de equipe	Número de funcionários
Equipe total de vendas	523
Representantes de suporte ao cliente	312
Tempo médio de resposta ao cliente	12 minutos

Recursos de análise de dados e aprendizado de máquina

• Modelos de aprendizado de máquina: 17 algoritmos preditivos proprietários
• Capacidade de processamento de dados: 3,2 petabytes por mês
• Painéis de inteligência de negócios em tempo real: 42 configurações únicas

Propriedade intelectual e patentes de software

Categoria IP	Contagem total
Patentes de software registradas	24
Aplicações de patentes pendentes	8
Registros de marca registrada	15

Reconhecimento da marca no mercado de pequenas empresas

Métricas de posicionamento de mercado:

• Participação de mercado de software para pequenas empresas: 6,3%
• Pontuação do promotor líquido: 62
• Taxa de retenção de clientes: 84,5%

Thryv Holdings, Inc. (Thry) - Modelo de Negócios: Proposições de Valor

Plataforma de gerenciamento de negócios all-in-one para pequenas empresas

A Thryv oferece uma plataforma abrangente de software direcionada a pequenas e médias empresas com receita anual entre US $ 1 milhão e US $ 10 milhões. A partir do quarto trimestre de 2023, a plataforma atende a aproximadamente 37.000 clientes ativos.

Recurso da plataforma	Taxa de adoção
Gerenciamento de relacionamento com o cliente	78% dos assinantes
Ferramentas de agendamento	62% dos assinantes
Processamento de pagamento	55% dos assinantes

Soluções simplificadas de marketing digital e presença on -line

A Thryv fornece serviços de marketing digital com as seguintes métricas:

• Serviços de criação de sites para 15.000 pequenas empresas
• Alcance de marketing digital cobrindo 28 indústrias
• Custo médio de aquisição de clientes: US $ 372

Ferramentas integradas para aquisição e retenção de clientes

A plataforma gera resultados mensuráveis ​​de envolvimento do cliente:

Métrica	Desempenho
Taxa de retenção de clientes	84%
Valor médio de vida útil do cliente	$4,872
Receita recorrente mensal por cliente	$218

Tecnologia econômica para o crescimento dos negócios

A estrutura de preços de Thryv demonstra efetividade:

• Plano Básico: US $ 199/mês
• Plano Premium: US $ 299/mês
• Plano da empresa: US $ 499/mês

Fluxo de trabalho simplificado e gerenciamento operacional

Métricas de eficiência operacional para a plataforma de Thryv:

Indicador de eficiência do fluxo de trabalho	Desempenho
Tempo economizado em tarefas administrativas	52%
Taxa de automação	67%
Recursos de integração	38 conexões de software de terceiros

Thryv Holdings, Inc. (Thry) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A plataforma digital da Thryv permite que os clientes gerenciem suas operações comerciais por meio de uma interface on -line abrangente. A partir do quarto trimestre 2023, a plataforma suporta mais de 44.000 assinantes ativos com ferramentas de gerenciamento digital.

Recurso da plataforma	Métricas de uso
Contas de clientes digitais	44,321
Usuários ativos mensais	37,892
Duração média da sessão	12,4 minutos

Equipe dedicada de suporte ao cliente

A Thryv mantém uma infraestrutura especializada de suporte ao cliente com métricas de serviço específicas:

• Representantes de suporte total: 215
• Tempo médio de resposta: 17 minutos
• Classificação de satisfação do cliente: 4.3/5

Assistência personalizada de integração e implementação

A empresa fornece suporte de implementação personalizado com as seguintes características:

Métrica de integração	Dados de desempenho
Tempo médio de integração	5,2 dias
Especialistas em integração dedicados	42
Taxa de implementação bem -sucedida	92.7%

Atualizações regulares de produtos e recursos de treinamento

Thryv investe em aprimoramento contínuo de produtos e educação de clientes:

• Frequência de atualização do produto: trimestral
• Lebinares de treinamento por ano: 24
• Biblioteca de recursos de treinamento: 187 materiais

Base de apoio e conhecimento orientada pela comunidade

A empresa mantém um extenso ecossistema de apoio comunitário:

Métrica de apoio à comunidade	Dados quantitativos
Membros da comunidade online	12,654
Interações mensais da comunidade	8,921
Artigos da base de conhecimento	463

Thryv Holdings, Inc. (Thry) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, a Thryv Holdings manteve uma equipe de vendas direta de aproximadamente 350 representantes de vendas. A equipe gerou US $ 187,4 milhões em receita durante 2023, com um tamanho médio de negócios de US $ 3.200 por cliente comercial pequeno e médio.

Métrica de vendas	2023 desempenho
Total de representantes de vendas	350
Receita anual de vendas diretas	US $ 187,4 milhões
Tamanho médio de negócios	$3,200

Site online e plataforma digital

A plataforma digital da Thryv registrou 2,3 ​​milhões de visitantes mensais exclusivos em 2023, com uma taxa de conversão de 4,7% para assinaturas de software e serviço.

• Tráfego mensal do site: 2,3 milhões de visitantes únicos
• Taxa de conversão da plataforma digital: 4,7%
• Custo de aquisição de assinatura online: US $ 124 por cliente

Telemarketing e vendas internas

Os canais de telemarketing geraram US $ 42,6 milhões em receita, com 175 representantes internos de vendas fazendo uma média de 85 ligações por dia.

Métrica de telemarketing	2023 desempenho
Receita de telemarketing	US $ 42,6 milhões
Representantes de vendas internos	175
Chamadas diárias médias por representante	85

Redes de referência de parceiros

A Thryv manteve 1.250 relacionamentos de referência de parceiros ativos em 2023, gerando US $ 56,3 milhões através de canais parceiros.

• Relacionamentos totais de referência de parceiros: 1.250
• Receita do canal de parceiros: US $ 56,3 milhões
• Receita média por parceiro: US $ 45.040

Canais de marketing digital e publicidade

Os esforços de marketing digital resultaram em US $ 33,7 milhões em aquisições de clientes, com um gasto de publicidade digital de US $ 8,2 milhões em 2023.

Métrica de marketing digital	2023 desempenho
Receita de marketing digital	US $ 33,7 milhões
Gastos com publicidade digital	US $ 8,2 milhões
Custo de aquisição do cliente	$214

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

Pequenas e médias empresas

A Thryv tem como alvo pequenas e médias empresas com receitas anuais entre US $ 500.000 e US $ 10 milhões. A partir do quarto trimestre 2023, a empresa atende a aproximadamente 35.247 clientes ativos nesse segmento.

Categoria de tamanho de negócios	Número de clientes	Faixa de receita anual
Micro negócios	18,642	$100,000 - $500,000
Pequenas empresas	12,345	US $ 500.000 - US $ 5 milhões
Empresas médias	4,260	US $ 5 milhões - US $ 10 milhões

Provedores de serviços profissionais

A Thryv se concentra em provedores de serviços profissionais em vários setores, com um foco concentrado em setores específicos.

• Provedores de saúde: 6.782 clientes
• Serviços Jurídicos: 4.215 clientes
• Serviços financeiros: 3.647 clientes
• Empresas de consultoria: 2.893 clientes

Empresas locais e regionais

A distribuição geográfica da base de clientes da Thryv mostra forte penetração em regiões específicas.

Região	Número de negócios	Penetração de mercado
Sudeste dos Estados Unidos	12,543	36.2%
Sudoeste dos Estados Unidos	8,765	25.3%
Centro -Oeste dos Estados Unidos	7,234	20.9%

Empresários e empreendimentos de startups

A Thryv suporta empresas em estágio inicial com soluções especializadas de marketing e gerenciamento digital.

• Empresas de startups: 2.876 clientes
• Ciclo médio de vida do cliente: 18-24 meses
• Taxa de conversão de serviços gratuitos para pagos: 42,3%

Profissionais do setor baseados em serviços

Indústrias de serviço direcionadas com necessidades específicas de solução digital.

Indústria de serviços	Número de clientes	Assinatura mensal média
Serviços domésticos	7,654	US $ 199/mês
Serviços pessoais	5,432	US $ 149/mês
Beleza e bem -estar	4,321	US $ 179/mês

Thryv Holdings, Inc. (Thry) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Thryv Holdings, Inc. relatou despesas de pesquisa e desenvolvimento de US $ 20,4 milhões, representando 11,2% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 20,4 milhões	11.2%
2021	US $ 18,7 milhões	10.5%

Investimentos de vendas e marketing

As despesas de vendas e marketing da Thryv Holdings em 2022 totalizaram US $ 45,3 milhões, responsáveis ​​por 24,8% da receita total.

• Equipe de vendas Headcount: 312 funcionários
• Investimento de pilha de tecnologia de marketing: US $ 3,2 milhões
• Gastes de publicidade digital: US $ 8,7 milhões

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura de tecnologia para 2022 foram de aproximadamente US $ 15,6 milhões, incluindo hardware, software e manutenção de rede.

Componente de infraestrutura	Custo anual
Serviços em nuvem	US $ 6,5 milhões
Manutenção de hardware	US $ 4,2 milhões
Licenciamento de software	US $ 4,9 milhões

Suporte e treinamento ao cliente

As despesas de suporte ao cliente em 2022 foram de US $ 12,8 milhões, com US $ 2,3 milhões adicionais alocados aos programas de treinamento dos funcionários.

• Tamanho da equipe de suporte: 247 funcionários
• Tempo médio de resolução do ticket de suporte: 37 minutos
• Horário de treinamento por funcionário: 42 horas anualmente

Custos de hospedagem em nuvem e implantação de software

As despesas de hospedagem e implantação de software em nuvem em 2022 atingiram US $ 9,5 milhões, com foco em infraestrutura escalável e segura.

Provedor de serviços em nuvem	Gasto anual	Serviços utilizados
Amazon Web Services	US $ 6,2 milhões	Calcule, armazenamento, banco de dados
Microsoft Azure	US $ 2,7 milhões	Backup, recuperação de desastres
Google Cloud	US $ 0,6 milhão	Aprendizado de máquina, análise

Thryv Holdings, Inc. (Thry) - Modelo de negócios: fluxos de receita

Taxas de assinatura recorrentes

No quarto trimestre de 2023, a Thryv Holdings registrou US $ 78,4 milhões em receita total, com uma parcela significativa derivada de taxas de assinatura recorrentes. A plataforma SaaS de pequenas e médias empresas da empresa (SMB) gera aproximadamente US $ 57,2 milhões em receita recorrente anual.

Preços de software como serviço (SaaS)

Nível de serviço	Preço mensal	Principais recursos
Pacote básico SaaS	US $ 129/mês	Ferramentas principais de gerenciamento de negócios
Pacote de saas profissionais	US $ 249/mês	Recursos avançados de marketing e agendamento
Pacote SaaS Enterprise	US $ 399/mês	Suíte completo de soluções de negócios integradas

Cobranças de serviço de marketing digital

Os serviços de marketing digital geraram US $ 15,3 milhões em receita para a Thryv em 2023, representando aproximadamente 19,5% da receita total da empresa.

• Gerenciamento de publicidade paga por clique
• Serviços de marketing de mídia social
• Design e otimização do site
• Pacotes de otimização de mecanismo de pesquisa (SEO)

Implementação e integração de taxas

A Thryv cobra taxas de implementação que variam de US $ 299 a US $ 1.499, dependendo da complexidade da integração de negócios. Em 2023, essas taxas únicas contribuíram com aproximadamente US $ 3,2 milhões para o fluxo de receita da empresa.

Recurso adicional e receita de serviço premium

Serviço complementar	Preço mensal	Contribuição anual da receita
Integração avançada de CRM	US $ 49/mês	US $ 2,1 milhões
Ferramentas de relatório aprimoradas	US $ 79/mês	US $ 1,7 milhão
Gerenciamento de multi-localização	US $ 99/mês	US $ 1,4 milhão

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.