Q2 2024 Thryv Holdings Inc Earnings Call Transcript
Key Points
- SaaS revenue grew by 25% year-over-year to $77.8 million, within the company's guidance range.
- SaaS adjusted gross margin increased by 460 basis points year-over-year to 69.7%.
- SaaS EBITDA grew over 60% year-over-year to $10 million, achieving a 13.1% adjusted EBITDA margin, the highest as a public company.
- Subscriber growth was strong, with a 52% increase, reaching 85,000 clients.
- The marketing center tool has been successful, with more than 10% of clients having two or more paid centers, up 200 basis points sequentially.
- SaaS ARPU decreased to $333 due to promotional pricing discounts and timing of billing.
- Marketing services billings declined by 28% year-over-year, impacted by the transition to the SaaS platform.
- The environment for customer spending is challenging, with clients opting for lower-priced options.
- Command Center, a new product, is not yet performing as expected and requires further development.
- The company is experiencing choppy metrics as it transitions from marketing services to SaaS.
Thank you for standing by. My name is Laila, and I will be your conference operator today. At this time, I would like to welcome everyone to Thryv's second-quarter 2024 earnings call. (Operator Instructions)
Thank you. I would now like to turn the conference over to Cameron Lessard, Head of IR. You may begin.
Thank you, operator. Hello, and good day to everyone. Welcome to Thryv's second-quarter 2024 earnings conference call. On the call today are Joe Walsh, Chairman and Chief Executive Officer, and Paul Rouse, Chief Financial Officer.
A copy of our earnings press release and investor presentation can be found on our website at thryv.com or in the Investors section at investor.thryv.com. Please acknowledge comments made on today's call and responses to your questions may contain forward-looking statements about the operations and future results of the company.
These statements are subject to the risks and uncertainties described in the company's earnings release and other
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