Key Highlights

  • Thryv Holdings (NASDAQ:THRY) reported a third-quarter 2026 net loss of USD 116.0 million, or USD 2.61 per diluted share, on November 9, including a USD 94.8 million non-cash Goodwill impairment.
  • Consolidated Revenue fell 13.5% to USD 118.9 million from USD 137.4 million and missed forecasts, as the print directory Business is reclassified and wound down.
  • The company agreed on September 12 to sell its printed directories business for USD 142.0 million in cash, subject to adjustments, with closing expected in the fourth quarter.
  • SaaS revenue fell 3.3% to USD 112.0 million, but SaaS adjusted EBITDA rose to USD 9.5 million, an 8.5% margin, from USD 5.6 million.

The Print Exit and the Impairment

Thryv Holdings (NASDAQ:THRY), best known for its legacy Yellow Pages directories, has spent several years shifting toward software for small businesses. The agreement to sell its printed directories to an affiliate of an Investment firm for USD 142.0 million marks the end of that transition. The print business is now treated as discontinued operations, which changes how revenue and costs are reported. The USD 94.8 million goodwill Impairment is a non-cash charge that writes down the Book Value of past acquisitions to reflect lower expected future cash flows. It does not use cash, but it shows that some earlier investments are worth less than their recorded value. Excluding the charge, the loss would have been far smaller. The prior year's third-quarter loss was USD 24.9 million, or USD 0.57 per share. Marketing Services revenue, the remaining non-software line, was USD 6.9 million in the quarter.

The Software Business

The SaaS segment is now the core of the company. Revenue fell 3.3% to USD 112.0 million, a disappointment for a business pitched as a growth engine, though growth products excluding customer relationship management rose 16%. The company served about 98,000 software clients, average revenue per user rose 2.2% to USD 373 and seasoned net revenue retention was 89%. Profitability improved, with SaaS adjusted EBITDA of USD 9.5 million against USD 5.6 million a year earlier. Consolidated adjusted EBITDA was USD 4.2 million against a loss of USD 4.6 million. For the fourth quarter, Thryv guides SaaS revenue to USD 110 million to USD 111 million and SaaS adjusted EBITDA to a loss of USD 4.5 million to USD 5.5 million. Full-year SaaS revenue is guided to USD 453 million to USD 454 million. Part of the fourth-quarter EBITDA drop reflects USD 5.6 million of costs reallocated after the print sale.

Market Reaction and Risks

The shares of Thryv Holdings (NASDAQ:THRY) fell sharply in after-hours trading as investors reacted to the revenue miss, the impairment and the weak fourth-quarter EBITDA guidance. The main risk is that the software business is shrinking slightly at a time when it needs to grow to justify the strategy. Net revenue retention below 100% means existing customers are spending less over time, and small business customers are sensitive to economic slowdowns. Costs that used to be shared with print now fall fully on software, which pressures margins. On the positive side, the USD 142 million in sale proceeds should help reduce Debt once the deal closes. Investors will watch the closing of the print sale, the use of proceeds, whether SaaS revenue returns to growth in 2027 and whether the cost base can be cut to match a smaller company.

Where Things Stand

Thryv Holdings (NASDAQ:THRY) reported a USD 116.0 million third-quarter loss, including a USD 94.8 million impairment, and revenue of USD 118.9 million that missed forecasts, as it prepares to close a USD 142 million sale of its print directories. SaaS revenue fell 3.3%, though SaaS margins improved. Fourth-quarter guidance points to a SaaS EBITDA loss. The print sale closing and a return to software growth are the key tests.