Thryv Holdings delivers essential CRM and marketing automation software to help small businesses and independent professionals grow their customer relationships and optimize daily workflows.
An investor might buy Thryv if they believe the company can successfully revitalize its partner ecosystem to reverse the multi-year revenue decline and unlock value from its large existing user base. The positive operating cash flow relative to net income suggests strong underlying collection quality and potential for margin expansion once overhead costs are optimized post-acquisition integration. Successful execution of new product features could reinvigorate demand among small businesses looking to digitize their operations in a competitive landscape.
The stock is risky given the consistent downward trend in revenue from over $1.2B down to roughly $785M, which signals a loss of market share or a fundamental issue with product-market fit. The company's balance sheet shows a significant retained earnings deficit and heavy reliance on long-term debt, making it vulnerable to interest rate hikes or further credit tightening. Investors should avoid the stock until there is clear evidence of sustained growth in bookings and a stabilization of the partner channel that has struggled for several years.
Thryv Holdings, Inc. is a leading provider of customer relationship management (CRM) software and marketing automation solutions designed to help small businesses and independent professionals streamline their operations. Operating primarily in the North American market, the company offers a comprehensive suite of products including Thryv CRM, email marketing tools, and practice management systems for dentists and medical practices. With a focus on technology licensing and service revenue, Thryv aims to empower its vast network of partners to deliver high-quality digital solutions to thousands of small business clients.
While the company reported a nominal net profit of $0.3M in 2025, this masks a severe underlying deterioration in performance compared to the $1.2B revenue generated in 2022. The cash flow from operations was positive at $63.5M, providing some liquidity buffer against the substantial cash outflows from investing activities of $32.5M and financing activities of $38.5M related to acquisitions and debt management. However, the massive accumulated deficit of -$572.1M and the drop in revenue trend warrant close scrutiny regarding the sustainability of current growth strategies and partner retention rates.
The small business software industry is highly competitive with established players like HubSpot and Salesforce dominating the enterprise space, leaving fragmented opportunities for niche providers serving specific verticals like legal or medical practices. Success in this sector requires high customer retention rates and a robust distribution network, as acquiring new customers is often more expensive than retaining existing ones through upselling additional modules. Market consolidation is ongoing as smaller vendors struggle to achieve the economies of scale needed to compete with cloud-native giants offering integrated suites.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.20B | $917.0M | $824.2M | $785.0M |
| Cost of Revenue | $422.0M | $338.7M | $286.9M | $252.3M |
| Gross Profit | $780.4M | $578.2M | $537.2M | $532.7M |
| Operating Expenses | $681.1M | $778.3M | $570.5M | $476.0M |
| Operating Income | $99.3M | $-200.0M | $-33.3M | $56.7M |
| R&D | — | — | — | $39.1M |
| G&A | $216.4M | $208.9M | $217.3M | $211.2M |
| Marketing | $362.4M | $300.5M | $270.1M | $225.7M |
| Stock-Based Comp | $14.6M | $22.2M | $24.1M | $25.2M |
| D&A | $88.4M | $63.3M | $52.8M | $39.5M |
| Depreciation | $36.9M | $37.8M | $36.8M | $31.1M |
| Amortization | $51.5M | $25.5M | $16.0M | $8.4M |
| Other OpEx | $102.2M | $268.8M | $83.1M | $0 |
| Non-Operating Income | $-347.0K | $-60.5M | $-32.7M | $-39.7M |
| Interest Expense | $60.4M | $61.7M | — | — |
| Pre-Tax Income | $99.0M | $-260.5M | $-66.0M | $17.0M |
| Income Tax | $44.6M | $-1.2M | $8.2M | $16.7M |
| Continuing Ops | $54.3M | $-259.3M | $-74.2M | $307.0K |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $54.3M | $-259.3M | $-74.2M | $307.0K |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $54.3M | $-259.3M | $-74.2M | $307.0K |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $378.3M | $266.9M | $210.7M | $178.9M |
| Cash & Equivalents | $16.0M | $18.2M | $16.3M | $10.8M |
| Accounts Receivable | $284.7M | $205.5M | $161.6M | $136.4M |
| Prepaid Expenses | $25.1M | $17.8M | $13.9M | $10.9M |
| Other Current Assets | $52.5M | $25.4M | $18.9M | $20.8M |
| Long-Term Assets | $799.6M | $516.3M | $501.4M | $509.7M |
| PP&E (Net) | $42.3M | $38.6M | $44.5M | — |
| Intangibles | $34.7M | $18.8M | $34.3M | $25.9M |
| Goodwill | $566.0M | $302.4M | $253.3M | $253.8M |
| Operating Leases | $4.8M | $2.7M | $2.4M | $709.0K |
| Other LT Assets | $151.7M | $153.8M | $167.0M | $229.3M |
| Total Assets | $1.18B | $783.2M | $712.2M | $688.6M |
| Current Liabilities | $300.5M | $263.2M | $196.3M | $179.6M |
| Accounts Payable | $19.0M | $10.3M | $13.0M | $9.8M |
| Current Debt | $70.0M | $70.0M | $13.1M | $17.5M |
| Current Leases | $9.8M | $7.3M | $7.8M | $2.8M |
| Deferred Revenue | $41.9M | $44.6M | $40.3M | $28.9M |
| Other Current Liab | $33.1M | $25.1M | $26.5M | $29.4M |
| Long-Term Liabilities | $495.1M | $367.3M | $319.0M | $290.9M |
| Long-Term Debt | $399.8M | $278.9M | $271.2M | $236.0M |
| LT Operating Leases | $13.6M | $5.8M | $2.8M | $217.0K |
| Other LT Liab | $81.7M | $82.6M | $45.0M | $54.7M |
| Total Liabilities | $795.6M | $630.5M | $515.2M | $470.4M |
| Shareholders' Equity | $382.3M | $152.7M | $196.9M | $218.1M |
| Paid-In Capital | $1.11B | $1.15B | $1.27B | $1.30B |
| Retained Earnings | $-238.9M | $-498.2M | $-572.4M | $-572.1M |
| AOCI | $-16.3M | $-15.2M | $-14.9M | $-15.5M |
| Total L&E | $1.18B | $783.2M | $712.2M | $688.6M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $54.3M | $-259.3M | $-74.2M | $307.0K |
| Non-Cash Adjustments | $162.0M | $517.1M | $232.5M | $71.3M |
| Working Capital Changes | $-67.7M | $-109.6M | $-68.5M | $-8.1M |
| Cash from Operations | $148.6M | $148.2M | $89.8M | $63.5M |
| Cash from Investing | $-52.0M | $-42.5M | $-110.4M | $-32.5M |
| Share Buybacks | $0 | — | $499.0K | $5.0M |
| Cash from Financing | $-91.1M | $-103.5M | $19.2M | $-38.5M |
| FX Effect | $-827.0K | $133.0K | $-1.3M | $587.0K |
| Net Change in Cash | $4.6M | $2.4M | $-2.8M | $-6.9M |
| Beginning Cash | $13.6M | $18.2M | $20.5M | $17.8M |
| Ending Cash | $18.2M | $20.5M | $17.8M | $10.9M |
The company's revenue is driven by technology licensing fees for its core SaaS platform, professional service revenues from implementation and training provided through its partner network, and hardware sales including mobile devices and scanners that integrate with the software ecosystem. Additionally, the business generates income from third-party marketplace transactions where partners facilitate referrals or services on behalf of Thryv's client base.
The company faces significant revenue concentration risk as its financials show a sharp contraction from $1.2B in 2022 to under $830M in recent years, indicating potential market saturation or churn within its partner network. High levels of goodwill ($253.8M) and accumulated losses suggest vulnerability to asset impairment charges if growth does not materialize quickly enough to justify acquired brands. The business is also exposed to macroeconomic headwinds affecting small business spending on non-essential software upgrades and marketing services during economic downturns.
Thryv possesses a massive installed base exceeding 143,000 active accounts which creates significant network effects and high switching costs for its partner ecosystem. The company benefits from a highly scalable software architecture that allows it to serve the fragmented small business market with lower marginal costs than larger enterprise competitors. Its deep integration of hardware and software solutions provides a sticky, end-to-end value proposition that is difficult for pure-play software rivals to replicate.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.