Mission Statement, Vision, & Core Values (2024) of Thryv Holdings, Inc. (THRY)

An Overview of Thryv Holdings, Inc. (THRY)

General Summary of Thryv Holdings, Inc.

Thryv Holdings, Inc. (THRY) has a rich history rooted in providing marketing solutions to small and medium-sized businesses (SMBs). Originally established as a part of the Yellow Pages, the company has evolved significantly over the years. Today, Thryv is recognized for its comprehensive software solutions that assist SMBs in managing their operations, marketing, and customer interactions.

As of 2024, Thryv’s primary offerings include its flagship software platform, Thryv®, which integrates various business management functions. These include:

• Customer relationship management
• Appointment scheduling
• Invoicing and payments through ThryvPaySM
• Marketing solutions through the Thryv Marketing Center

In the latest financial report, Thryv reported sales of approximately $637.6 million for the nine months ended September 30, 2024.

Company's Financial Performance in the Latest Financial Reports

Thryv Holdings reported notable financial metrics for the third quarter of 2024. The company generated total revenue of $179.9 million, a decrease of $4.0 million or 2.2% compared to $183.8 million in the same period of 2023. The revenue breakdown indicates:

For the nine months ended September 30, 2024, the total revenue was $637.6 million, which reflects a decrease of 6.4% from $680.8 million in the same period of 2023. The decline was primarily attributed to a significant drop in Thryv Marketing Services revenue, which decreased by $92.7 million or 18.9%, while Thryv SaaS revenue increased by $49.4 million or 26.0%.

Introduction to Company as a Leader in the Industry

Thryv Holdings, Inc. is positioned as a leading provider of technology solutions tailored for small and medium-sized businesses. The company has successfully transitioned from traditional marketing services to a software-as-a-service (SaaS) model, capitalizing on the growing demand for integrated technology solutions among SMBs. This strategic shift has allowed Thryv to enhance its service offerings and cater to the evolving needs of its clients.

Thryv's commitment to innovation is evidenced by its recent acquisition of Keap for $80 million, aimed at expanding its capabilities in customer relationship management and marketing automation. The company’s growth trajectory, particularly in the SaaS segment, highlights its potential to capture market share and reinforce its leadership position in the industry. Readers are encouraged to delve deeper into Thryv's strategies and performance to understand the factors contributing to its ongoing success.

Mission Statement of Thryv Holdings, Inc. (THRY)

Overview of Thryv Holdings, Inc. Mission Statement

Thryv Holdings, Inc. (THRY) emphasizes its commitment to empowering small and medium-sized businesses (SMBs) through innovative software solutions that streamline operations, enhance customer relationships, and drive growth. The company's mission statement serves as a guiding principle for its strategic objectives, highlighting its focus on providing high-quality products and services that meet the evolving needs of its clients.

Core Component 1: Empowering SMBs

Thryv's mission statement articulates a strong dedication to empowering SMBs. This is reflected in the company's suite of SaaS solutions, which includes features like customer relationship management, appointment scheduling, and integrated marketing tools. As of September 30, 2024, Thryv's SaaS segment generated $239.2 million in revenue, marking a 26.0% increase from the previous year. The growth in SaaS revenue is attributed to the strategic decision to enhance client conversion from traditional marketing services to SaaS solutions, aligning with the needs of SMBs seeking efficiency and modernization.

Core Component 2: Delivering High-Quality Products and Services

Thryv emphasizes the importance of delivering high-quality products and services. The company's focus on quality is evident in its increased gross profit margin, which rose to 65.0% for the nine months ended September 30, 2024, compared to 61.5% in the same period of 2023. This improvement is driven by a shift towards higher-margin SaaS offerings, which have become a significant part of Thryv's revenue stream. The company's commitment to quality also includes the successful launch of new product features, such as the Thryv Marketing Center, aimed at enhancing user experience and engagement.

Core Component 3: Innovation and Adaptation

Innovation is a cornerstone of Thryv's mission statement. The company has actively adapted to the changing landscape of SMB needs, particularly in the wake of the digital transformation accelerated by the COVID-19 pandemic. As of September 30, 2024, Thryv reported a 45% increase in SaaS clients, totaling 30,000 new clients over the past year. This growth underscores Thryv's ability to innovate and respond to market demands, positioning itself as a leader in providing integrated technology solutions for SMBs.

The data presented illustrates Thryv's financial health and its mission's effectiveness in guiding strategic initiatives. The focus on empowering SMBs, delivering high-quality solutions, and driving innovation positions Thryv as a key player in the SMB technology sector for 2024 and beyond.

Vision Statement of Thryv Holdings, Inc. (THRY)

Vision Statement Overview

The vision statement of Thryv Holdings, Inc. (THRY) focuses on empowering small and medium-sized businesses (SMBs) through innovative technology solutions. The key elements of this vision include driving efficiency, enhancing customer engagement, and promoting business growth in a competitive landscape.

Empowering SMBs with Technology

Thryv's vision emphasizes the importance of technology in transforming how SMBs operate. By offering a comprehensive suite of services, including the Thryv® platform, the company aims to help businesses streamline their operations and improve customer interactions.

As of September 30, 2024, Thryv's SaaS revenue reached $239.2 million, reflecting a 26.0% increase from $189.7 million in the previous year. This growth illustrates the demand for integrated technology solutions among SMBs .

Enhancing Customer Engagement

The vision statement underscores the significance of customer engagement for business success. Thryv aims to provide tools that enable SMBs to connect with their customers more effectively. Features such as the Thryv Command Center allow for centralized communication across various channels, enhancing customer service capabilities.

In 2024, Thryv recorded an increase in SaaS clients by 30,000, or 45%, compared to the previous year. This growth is attributed to the company's strategic focus on improving client acquisition and onboarding processes .

Driving Business Growth

Thryv's vision also focuses on fostering sustainable growth for its clients. The company provides analytics and marketing tools designed to help SMBs understand their market better and optimize their strategies accordingly. The Thryv Marketing Center, for instance, integrates AI-driven analytics to assist businesses in measuring their marketing effectiveness.

For the nine months ended September 30, 2024, Thryv's total revenue amounted to $637.6 million, a decrease of 6.4% from $680.8 million in the same period of the previous year. This decline was primarily driven by a significant drop in Marketing Services revenue .

Commitment to Innovation

Innovation is a cornerstone of Thryv's vision. The company continually seeks to enhance its offerings, ensuring that its solutions are relevant and effective in meeting the evolving needs of SMBs. In 2024, Thryv completed the acquisition of Keap for $80 million, expanding its capabilities in customer relationship management and marketing automation .

Financial Performance Summary

Core Values of Thryv Holdings, Inc. (THRY)

Core Value: Customer Commitment

The core value of customer commitment at Thryv Holdings, Inc. emphasizes the importance of understanding and meeting the needs of small to medium-sized businesses (SMBs). This value is vital for building lasting relationships and ensuring customer satisfaction.

In 2024, Thryv demonstrated this commitment through various initiatives:

• Thryv launched its enhanced SaaS platform, which saw a revenue increase of $49.4 million or 26.0% for the nine months ended September 30, 2024, compared to the same period in 2023 .
• The company focused on converting clients from traditional marketing services to its SaaS solutions, which resulted in a significant uptick in client engagement and satisfaction .

Core Value: Innovation

Innovation at Thryv is about continuously improving services and products to adapt to the evolving market landscape. This value is essential for maintaining competitiveness in the technology-driven marketing sector.

In 2024, Thryv introduced several innovative features:

• The launch of the Thryv Marketing Center, which utilizes artificial intelligence to provide SMBs with advanced analytics and lead attribution, enhancing their marketing efforts .
• Thryv's acquisition of Keap for $80 million in cash, aimed at integrating new tools for customer relationship management and e-commerce .

Core Value: Integrity

Integrity is a cornerstone of Thryv's operations, fostering trust and transparency with clients and stakeholders. This value guides the company's decision-making processes and interactions.

Thryv has taken steps to uphold integrity in its operations:

• The company reported a net loss of $96.1 million for the three months ended September 30, 2024, reflecting transparency in financial reporting despite challenging market conditions .
• Thryv engaged in strategic cost-saving initiatives, reducing operating expenses by $24.8 million or 10.9% for the nine months ended September 30, 2024, which was communicated clearly to investors .

Core Value: Collaboration

Collaboration is essential for fostering teamwork within Thryv and building partnerships with clients. This value encourages a cooperative approach to problem-solving and success.

Examples of collaboration in action include:

• Thryv’s dedicated client care teams that work closely with SMBs to tailor solutions to their specific needs, resulting in improved service delivery .
• The integration of Keap’s platform into Thryv’s offerings, allowing for a more cohesive service model for customers .

Core Value: Community Engagement

Thryv values its role in the community, focusing on supporting local businesses and fostering growth within the SMB sector. This value reflects the company's commitment to contributing positively to the economy.

In 2024, Thryv has actively engaged with communities through:

• Providing resources and tools to approximately 300,000 SMB clients globally, highlighting its dedication to empowering local businesses .
• Implementing educational programs and workshops aimed at helping SMBs navigate digital marketing and technology .

Updated on 16 Nov 2024

Resources:

1. Thryv Holdings, Inc. (THRY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Thryv Holdings, Inc. (THRY)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Thryv Holdings, Inc. (THRY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.