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Baird analyst Rob Oliver lowered the firm's price target on Thryv Holdings to $34 from $40 and keeps an Outperform rating on the shares. The analyst said the company continues to see solid growth from both SaaS subscribers and ARPU. Monthly churn rates were stable during the quarter and seasoned net dollar retention was healthy at 92%.
Reports Q3 revenue $280.65M, consensus $261.52M. "We are pleased to report a strong third quarter as we continue to make tremendous progress on our strategic priorities," said Joe Walsh, chairman and CEO. "Our SaaS revenue growth, up 26% year-over-year, was ahead of our SaaS guidance targets. Subscribers and ARPU both grew at double digits year-over-year. These strides reflect our investment in our product and client success team."
B. Riley analyst Zach Cummins lowered the firm's price target on Thryv Holdings to $36 from $42 and keeps a Buy rating on the shares ahead of the Q3 results. The analyst says that despite the current macro challenges, he anticipates the company's fiscal 2022 guidance will at least be maintained or modestly increased. However, given the growing probability of a recession, he's taken a slightly more conservative approach by trimming fiscal 2023 revenue and adjusted EBITDA estimates.
Thryv Holdings is expanding its reach in Canada through direct investments, including a new regional headquarters in Toronto and new partnerships to increase availability of cloud-based services for SMBs. Thryv aims to create efficiencies and increase profitability for the more than 1.5M SMBs in Canada. Direct investments in the region include an office in Toronto, which will open later in 2022 as a regional headquarters, and the hiring of a new Canadian sales team.
For the full year 2022, the Company expects:Total SaaS revenue in a range of $209.5 to $211.0 million;Total SaaS; Adjusted EBITDA loss11 in a range of $16.0 to $19.0 million;Total Marketing Services revenue in a range of $955.0 to $970.0 million;Total Marketing Services Adjusted EBITDA12 in a range of $335.0 to $340.0 million.
Thryv Holdings (THRY) announces a new integration with Google's (GOOG) Business Messages to help streamline communication for small businesses who have a growing number of inbound contact options. Thryv is a partner of Google's Business Messages, a mobile conversational channel that combines entry points on Google Maps, Search and brand websites to create rich, asynchronous messaging experiences that customers find easily accessible and drive business results. Google's Business Messages integrates within Thryv's real-time, centralized inbox, which launched last year and allows businesses to have a single thread of communication rather than relying on pockets of data located in individual applications. "Rapid expansion of communication technologies has helped usher in a new era of communication when it comes to customer service for businesses," said Ryan Cantor, Chief Product Officer at Thryv. "But only businesses with robust customer service teams and constant availability are benefiting from these advances. Local, service-based businesses, like a local roofing company, may not be able to respond to web chat messages quickly enough for customer satisfaction because they're on the roof. Thryv's integration with Google's Business Messages helps small businesses benefit from said advancements too. These local businesses don't have to decide between losing revenue and running their business . The 2020s will continue to be about small business cloud adoption, and we will be there along the way with product updates to support our small business customers."
Thryv Holdings announced it has hired Tami Cannizzaro as chief marketing officer. With more than 20 years of experience building tech companies into category leaders, Cannizzaro will play a key role in Thryv's growth strategy. Cannizzaro most recently served as Vice President, Growth Marketing at Forcepoint.
