Thryv (THRY) 1 Aug 242024 Q2 Earnings call transcript

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. to IR. conference like Lessard, to now of Head would turn over the Cameron I

begin. may You

Thank you, Call. and Second operator. Hello, Quarter to everyone. XXXX Thryv's Welcome Earnings Conference good day to

Chairman on Investors On today thryv.com our made Paul Chief acknowledge presentation call press Officer. the Financial website can section or responses Please to earnings Executive copy comments our and are Walsh, at Rouse, of call A at release and Officer; investor.thryv.com. and today's questions about the will release obligation statements Joe CEO, now be and this Walsh. the to the contain information may Chief in investor on subject described are found the your I SEC. other future conference operations and Chairman over and the to update call. in and the results no and company. These uncertainties has on risks introduction, the of turn presented filings statements that earnings Joe call With company's the with to Thryv forward-looking

Good into data-driven about point want more metrics and XX% revenue gross the SaaS points call range. within adjusted morning, discuss guidance joining to get as exciting platform. marketing as ending our at highest Once over to We the to we've company. XXX EBITDA marketing the launched our let just dive XX%, to milestone $XX product, sustained is key ending campaigns, business. the and legacy success is Paul reached we quarter platform. for million But us adjusted our a increased world. online SaaS year-over-year some results. successful SaaS to quarter a manage is you this year-over-year advertising innovative upgrading their our numbers. in That's with a updates on center, thank our This by services clients positions now recently enhance it's our changer services efficiently subscriber into insightful second were again, businesses year-over-year in growing margin. transition not which factor XX.X% I'll This digital-first clients we the strategic public I that by $XX.X of Cameron, SaaS clients to million success XX,XXX excellent decisions. today XX% making SaaS to outperformed and marketing for basis tool empowers XX.X%. A EBITDA growth. our continue margin game grew driven and our delivered all a and in to a be significantly, up clients to presence,

is our points basis significant experiencing business. sequentially are more gain strategy to points center benefits X is XX% from last up marketing This clients basis This in time growing and this with means continuing traction than having more XXX year. of increase tangible of of or a center paid Our our current the more clients centers. XXX their

sales deliver. local and value consistent effectively referrals are channel the Our demonstrating we

Turning businesses, clients. product to to and already enhancing Thryv initiatives. small capabilities We the further empower time our realized by savings efficiency focused on building remain AI on our our

designed is centers assist through their functionality. and them all questions to guiding across accessible software now by support customer users AI-enabled Our answering our

and post marketing In signal captions but with emotional post hashtags not increasing connection in social fostering relevant potential generates and addition, social engaging deeper with makes emojis. only boosts their center our customers. also a feature business complete engaging the This relatable media by more visibility and

developing their are and AI testing actively about enhancements potential. are We new and several enthusiastic

to over Paul going more date. With that, that at CFO, this quarter's it our turn Rouse, So to discuss later on to I'm numbers. a

All Thanks, Joe. right.

year-over-year gross range, within X% margin and in basis the XX.X%. XX% SaaS points revenue an sequentially. SaaS points year-over-year and second quarter results up dive our guidance our into basis of was quarter-over-quarter Let's XXX beginning representing adjusted million and SaaS. increase increased with to XXX $XX.X

We of our XX%. the This strengthens of our sale progress from year SaaS exiting products. with are the further exceeding impact gross expectation margin higher-margin pleased with positive the SaaS adjusted

million, SaaS EBITDA and First adjusted our resulting was of quarter in XX.X%. a margin above $XX.X EBITDA guidance SaaS adjusted

XX% EBITDA to was of the to favorable to due at adjusted and compared promotional clients quarter. efforts of increase the of many who platform. streamlined from the second first continued also company-wide of our this the restructuring base. end to our previously spoke subscribers an to pricing that the our result we of products customer year-over-year plan SaaS to enhancing XX,XXX the incentivize year. quarter of the Our primarily existing spending sale boost to at of end of approximately a due last to high-margin decreased We XX,XXX migration SaaS sales and services for SaaS discounts quarter. onboarded process our customers billing SaaS grew of were the This month the timing while XX% was of $XXX as ARPU sequentially and commission the prioritize marketing in

a of result, the we only As a portion billing, ARPU negatively which prorated for quarter. impacted received their

promotional ARPU in second full the are clients half existing the the additional of expect and for year to period, we and centers we billed to However, customers the expiration continue to pricing. recover as these of upsell

basis an year-over-year. XXX seasoned XX%, quarter points dollar net Second increase retention of was

Moving over Services. to Marketing

strength was and revenue expectations. to due above revenue primarily the digital above million $XXX.X of Second guidance, quarter

adjusted margin was services EBITDA $XX.X XX%. marketing of quarter million, resulting in Second adjusted EBITDA an

million, a of Second XX% were $XXX.X representing quarter services decline marketing billings year-over-year.

our impacted the SaaS were by billings marketing services platform. clients marketing transitioning ongoing services our to in success Our

points year-over-year. quarter consolidated XX%, adjusted an Second margin XXX was gross of increase basis

$XX.X was adjusted Second quarter consolidated XX%. an EBITDA EBITDA of million, representing margin adjusted

second debt position of quarter. at the the million end $XXX was net our Finally,

is ratio our net EBITDA, was Xx. of leverage well debt covenant X.XXx below Our which to

third guidance discuss the for Now let's quarter.

$XX to For the the quarter, in revenue SaaS third we expect range $XX million. of million

full-year our are million. $XXX guidance million range We of $XXX to reiterating

to full-year million For the million, range of adjusted $XX range in $XX $XX increasing we expect quarter, guidance million. we $X SaaS are the to third EBITDA million to and our

of expect And million. to $XX the full we $XXX for revenue quarter, million year, to $XX third to $XXX the adjusted range the is For million. Marketing the range in Services million

be EBITDA the $XXX expect to For to Services the of full million. in year, $XXX we adjusted range Marketing million

helpful guide, EBITDA half the Joe. call a you the I'll to second of turn to As back model year. over margins mid-teens the be the in now in can

Thanks, Paul.

have choppy noticed ARPU that a as transitioning from this You was that's down to business to will business we our this want part that another. little one the bit we're see mention just of I quarter. a metrics

in customers, can't more seasoned in our elements. sales because they're packs, comes higher the more where a we product, follow-ups, mid-teens, getting growing we these And of they're getting the happen and you contact. so grow customers seeing these they're can fact, straight line in process automated and by getting usage things But always perfect are, for Some a They're tech seats, happening defined buying things. draw on clumps, with have more the upgrading the AI levels add-ons more software signature access of so that's using they touch.

a not steady once chance. seeing in have are get happening And of belt customers and it. we that's of down. we our by growth a working It's embedded conveyor automated kind So process defined

tracking a year. even bit. little see that this about X,XXX think was All trend a So ARPU. about still the with result don't going And number to a even it to sort I place. from go up. We're worry back X,XXX about year, that's year begin guided of balances to still around you'll as in we've ARPU, please of

And can we're So products, the next is you products. customers we're reason year, able adding improving also, been them. packs. finish products to more more part adding have year expect, that sell more that of the into We've upsell to and we we this as building going

So as be we product even there'll forward. to more sell move

our we constrained. The M&A now to might were question And new believe to breathe often any do flexibility our look by. M&A. we've things. as prior able structure, Another debt time one we're does doable, really some and is we to at least at asked we that been some into frankly, begin And goes world is, with begin

interest So going add some that forward. could

year, to had over forward XX%. our our account to wind we it previously, in really are revenues as will than said of to I've for strong we be to we 'XX, on XX% just And up So a for as start revenue here, XXXX. more SaaS track the consolidated and look

we'll actually our SaaS Marketing our business. will business bigger 'XX, than be during Services so And

about So questions. getting operator With milestone. excited to that I'll we're pretty to for the that, turn over it

Instructions]. [Operator you. Thank

question comes from Blair. Arjun the first line Bhatia Your with William of

of this transition terms range? were anything think I midpoint SaaS One quarter, performance think that in And nice in very ARPU above there Joe, services. quarter. your your the given And to I you see this SaaS the accelerated slightly from Was thing of the transition marketing with, performance? below of quarter outside any to out come at and the look dynamics guidance surprised we usually, in you did when the start I

I mean, a metrics through. little are noisy these way as always work look, Well, our we

have others the and broadly what's me asked we asked we've And a customer. sell different You've to said environment me like.

we're guys. which through. good folks them consumer them of as moving on platform, Our optional they opting system customers of they're our priced adding they best, subs, volume small choice sales in good, are a that we environment. certainly grow process But better, seeing that a we're a our getting We things. this growth do of strong of ARPU nasty are double-digit see with seasoned the moving forward. not the because customers defined guys sort have we those that And things, we're business challenging And fixed from world for lower customers, options broken the wave presented those feeling the we're life, in see things for a things have lot to the And unstoppable the adoption. far we're as riding and go really when forward. the But

climate. new me, So fantastic want we But them. I me you've to asked base don't while. referrals the businesses. that -- have looking the more We want established hasten what's We're add, others not or businesses selling -- out a our to start-ups, been think also base our of sell we're are from not It's we around asked the that have for there. I don't out either new honestly, for to

So we're adding steady not as out. bit kind environment people trend one." more a are cautiously. little see, new of where a But I in "Yes, the this anyway, and big progress Arjun, moving playing is They're still can think frothy it's making still subscribers, you going, give me just

their these you But of Certainly over think and get big Yes. grow of SaaS you expand kind usage expansion? when centers, Do about of marketing the the growing to clients particular that. is do X-year And are center migrate them center? them priorities coming I Like a sense. you into a Is want right. the assume and of of side? to want number your mark makes influx kind product? expansion grow you're in that do lot what business you're this out. seeing pointed this acceleration you they have? see appreciate that when then when to marketing you've XX%, on I -- customers targeting as as All SaaS into of as you -- you cross-sell it the them customers are within that and

Yes.

the engagement home I another of with thing and that lot add they of Mac a run margin lot with company. Daddy center additional is a think comes best that because happen the can

is team maybe the get where they begin signatures But other start to there our getting adding little home they chat, involved are So they singles run. before things. our they another use -- maybe of and begin with lots use center maybe to run, home the

page another cases, single next a lights customers, at time get guys center to for things in as we other centers, the some this strategies goes of are real call as by, as is now and other start And additional know one. over month center, on. of We've over of got in look big you centers. year. them off set that. set I And to seems There's getting coming the that And for followed And centers in CAP, operating seeing well. here, time we're that pointed that's we cohorts big the acquiring just month customer really up. right? the on us. think strong that the you've The getting and there's that of but lift I from out know or additional later not on growth have you really But whatever the as first way where that's up sort space them of SaaS lift uptake leverage X other on ramp I platform of added month hubs year, or we're each understand really a So this that over And add month and it, center X margin. another information CAP those you cost comes companies

of & Your Needham next Berg line from Scott question from comes the Company.

couple I the Obviously, was guess the I jump quarter-over-quarter. SaaS got additions in customer starting the it or large a acquisitions a quarter. on really

assume, all customers any center-driven? customers. probably as commented on most other are as see we is in of think marketing the come just I and coming Joe, I more maybe centers think all kind of aboard you But of did it really aboard center well? Or them marketing you

center. our buying but over a Marketing the time, been centers and the We've eat company biggest the phone business grow day, the But product. you to asking fastest-growing around over in marketing business this have in over not tool tool, from described broccoli. we're tool, embrace begin them. It's for services make a were and them much sales a all to as services legacy a go It functions the product that a business business big advertising I've incorporate for will business that's the CRM long to the week change week, small. eclipsed -- their from center think the that baby. to buying center We're like marketing the the It your is business to it It's seeing center coming day kind leap I business. but kiddingly and marketing asking because in pretty jump actually And said, last marketing a and Frenchies, marketing of makes roll. past, better. on smaller center ring, just centers, good internally it's gives century more has their to

just And marketing enthusiasm there's of center. been so a and lot energy around

really one moment. at the So hot the it's

trending? that trend SaaS a expect environment, color on additions up price? you over about customers And to the gave -- do year? Is -- the Is board. a Joe, in this How the we maybe the lot quarter on your is kind promotional think that similar certainly that and XX-day, can year? kind pricing you of through To promotional understand of monthly number on of price? pricing a follow you of to around XX-day for the do XXX-day the opportunities then in those ARPU do expect end customers get you run How that

to want I be clear.

was works when is came I billing the a prorated think thing. of our in the biggest because impact sort credit they way

final And even the some of very over them the made in move in late late quarter, the in month quarter. the

billing. So we only up picked partial

So going I there. it right It see gigantic anomalous correct threw discount. like think in a isn't we bit of you're really some It's to away.

later. it to that's over scope And honestly, going customers stepping are make We give rate for for easy us to them.

question, answer playbooks rack far marketing we benefits, aren't in as enjoying of We against lift from yes, rate there. to little ahead. rate and and we're platform, will when of over have migrate a specific that them them get the rate give to over them water grow full that over big without get that a go cold your offering forward, unit them But services they're other the where we to base running And at the initially to price taking the on, people face up the we get we're to year time. to in begin to make exactly the the the the the them of look will going bucket a new them move then us ahead bit as

sudden sight type making [ should thing of want your kind that very center further question So X interest that SaaS finding migration decade going. than Zoom of to of point obvious also or delt We've be is along. higher level be business they I answer we I years all will we're of this more even marketing hunting the to that. now small yes, X another ago. of and be this more ] or year of to make deduct and to it keep a as much big please out, people a much, point much it's And there'll got There more And this and your To question, in, was over. move this, base we're of it. X with that want of

the of comes question next Your from line CJS Moore Daniel Securities. from

touched you maybe those and that you've the Joe, on on tool your can prepared the of And are examples of some some you or perspective? a developing? you're a of critical in these retention of AI remarks, few as tools selling but tool more implemented from those elaborate

Well, those great questions. are

is done We're base work. Hopefully, of do of But that a your their -- lot we a how get the fingers they're products, figure dirty out there it about out cover busy just have We're work make unable times, dentists have with our to blank stumped. we body electrical trying to We presented So They're plumbing, sort what services to stuff. lot write a fingernails car. their page on are they're are businesses, are roofing, people. of fractures. when move we've and And to service-based look, doing about really doing those doing and they forward. clean. or content

one running day importantly, their product the pages we're and help to today's doing business, develop almost be to stakes and which you're got if promotional AI is that a actively posts, simplest is table landing of age using their social and content them descriptions things offers for And for for so their you've posting. and small their for in

through page. but that's they're that formatted not go So prebuilt to and pro edit that just something of and that's looking them and and really at will improve it, lot other our at thing easier and looking editor services some we've a they blind and a in do. They're sort aid got them can guide

So of at that that's time we're app. get of that kind been sale. And people about a finding killer the excited

But years and a risen to with bought benefit that And is even aid. has might put more customers we kind platform their ago didn't that sales furthermore, score their engagement have us they're of though level on we of improved. when getting the from X introduced it satisfaction So it them, it bought have that they as has long we think in. I before NPS

better. Thryv So say what is like got to we just your

for so And thing really been good that's a us.

Helpful.

Just a Is Or slightly profitability a else that of services. customers? to going higher guide assume anything marketing convert slightly concerted the more simply quick function there? in tweaking lowered SaaS, housekeeping. I your is push on there

think that's I a piece it. big of

We're when I But that to customer, think all has seeing it. really new this the add what just is an from it brisk a leverage. when largely coming you additional And standing account, center I a described that earlier you -- margin month-over-month month, over comes uptake you seeing lift sell now. with that. I mean, have great you're CAP just

are 'XX is can margin gross I there. profitability from a giving EBITDA this writing lift. think line. I out And we're the to I've them And it is lot of company. going real think We we strategy story the strongly about it's be really said -- get lift, platform real in all get you guys be And a hard that's to here. lot XX playing can driving a along, Rule

end and many, really many quarters, coming SaaS beginning add pretty center our before new been another And It's to of got really can lift big profitable It's a for that's as year. out think We've scaled. fully profitably. run company, business. this thing I the the now already we centers. we it's

will sell product So be more into even to year. going there next

the early is to just likely potential least that, be question, and of new whether Still update option which timing of next center as my on on there's freemium a well. for last rollout at

it. we're details Yes. we've happen. to question, that's year, have end that And as before reveal timing. thing this is do I the get your can the second slowly to and going confirm exact out today it to definitely don't of guided that premium to learning far as and What how about I we the

offering planning allow to on from included are to all sort stuff. it this a before customers basis, some bit get buy, of benefit new you a X of We try from that benefit kind

that, And customer give is nice you -- have get you before there it it to you a just it. off some when on be to from where to we're learning won't have plan do any just they So to a you buy that benefit to, deliver a to starts money, have things value foot.

about excited the will So we're kind unfold. that of way

question of the next Your line from Rob from Baird. Oliver comes

out spent Joe, think update customers. on should if over lot the mean, we strategy yes, of I about for rollouts guys. Command cadence wondering a and that? as years, standard playing how just I of also appears can you sort be of of the the nicely next was get about you to couple an know center think we I time you Center with

there certain things You're pretty in folks be tune within opportunity your with percolating up excited. must the are that have that the platform

work So the think follow-up conversation here. Paul we about center to how the cadence had should then rollouts? into a And incremental of I

Yes.

would think I is do I strong from from to really we the have demand biggest that stuff. customers market the more do thing So our some add

can their those. about the for another one really filling I revealed, with in years is needs, is done to some and we that working couple as and have some and on designed to But more office and back And Now mentioned, marketplace connect they in up come. of of and we've about other our app along be a things. on our and achieve store been of far

the size. still hasten center-of-year same given. thing we're guidance that add to not or we've we're that solving these opportunities to is are So with that The want pretty these I that all problems one comfortable

every business ones. all bigger make It's It's just of to go kind them did game-changing are some bricks pricing exactly I same as as center same smaller the are exact really have the out to can't and going we we to them building some that along. size. going that ones we and that or whatever. going platform. There's isn't as the be are be they're So keep of one smaller mean

underscore So I would that.

would Center, of last VX especially But You a that iterating the we're working we got got the one as center that into And year. we that asked Command the crazy improving was VX. it. out describe like I about which that and out first late VX And We've software and in cutting-edge we've it's tried good of there. products, had way we've a through. into things There like very edge, sharp lot that run it. working that couple we're brand-new cutting do what our interest were hedges to

And got so to or lots as sign-ups, lots currently but And our not as it's want of We've is it's good as wanted using developing. on really we're I market fast really hard, team it, team. a product some now be as that of for people about I we've and given us it to. direct it. working with working the We're feedback while. little it really been perfection refinement in have engineering Customers the hard developing

kind in like rocket you if But It remind of 'XX, try will just it go to work of think the it, a And it it, and and in. We're dialed as and it, marketing perfected a to it, and in itself in dialed I have. Thryv we what with Thryv world, the our you the phase new Command expect see BX, and to of that we life that same minute and want It with you can will BX right center, you it way product now Center. we do be from look in goes take it of Center a an pay selling Zoom. be ahead either. product. wedge it with with benefits in it front conversation first into Command you product. can 'XX new a get out there's drive and out you took that experience and a sort get re-brand, lets and building the now us your have at I offers it's not product, anything, look It's you play our get off selling #X collecting marketing after -- I when back didn't that the They'll So out customers. as to kind rolled

happens in. how well, when going your in Well, zoo it new are bring run of guys asked, XXXX, we're what building you're Command out zoo run if fast someday of zoo through sometimes I'm to I that animals your you'll project Center. So to out? out zoo, runs out going through go You

So not it something And that if looking the It's them happen plays, look quarter. plan. time. around long-term to take is other did a fullness of has industry more PLG this a at of years lot thinking We're about at they to an in a as even in in the couple before we here. asked of off. new dial took elements going And PLG just sort earlier And we're we're was as mode that develop question, of more centers you forward.

guess, I Did us question? using So move answer leads as to bring a as product product-qualified tool, we being that the along. thoughtful marketing your about

that's appreciate question does. great for you. I color. It Yes, Paul, a that.

but a to to us I back go to in Joe not know our I to job part bit. is little Just worry ARPU it, the told worry topic. about guess

ARPU half. expected It's been a the of accelerated when you that quarters in in second X it better down this mention down would kind did you So be quarter. row

think, easier sense to you start You gives a do head coming, have wanted we some, I just ARPU that what to the the for up. back should see confidence some comps but get

center in commission We Joe over. Yes. number change to working bonuses. like made to into comes of move are like these last the mentioned. the for sales, as number you're the effect seeing the month everything with number of of here had. the And and of a drive, There our are things A plan we've drive we ads lot customers quarter the of a

to on. majority there the bring clients of those a in. So so year June in in big and them And came was partially in push a large

get July, ads, full going August, September, in billing you you as ARPU rise. as month naturally make out the coming a this So of is to naturally

the are into move this year. on half north as start When -- confident heading that a of temporary this thing. we out the ARPU is So we was we second

back I wouldn't that. going to yes, coming That's So concerned be be about up.

Riley of last comes question from B. Zach the line Cummins from Your Securities.

we guidance had potential I there see the adjusted SaaS the year as like adjusted just to moving these seems EBITDA could I a or thinking raised going question Joe, getting that we're potentially into potentially XXXX an remaining segment. you leverage leverage potential in about basis for you the mean, around But nice this could are how levels. XXXX? inflection year. to steady see a on It maybe EBITDA where exit point up be consolidated from and this

margin that the come fast the I at have look industry, seeing question our look, coming to good of you an through. growth added now our iceberg business. we third as these models, we're a some of own and that you at product, lift melting where SaaS in am of platform strategies, fourth a companies that through I, see comes of student replacing other start so EBITDA product, And because, you're product, if overall of they've at services. that's marketing out mean, second really that And look such SaaS, internal that's Well, look the we out EBITDA

level. coming But out replacement iceberg melting the high about wanted that's about the SaaS for. yes, decline of the guidance will And business really gradual to think, you what the coming give don't of of don't I for right kind way marketing asking were talk growth it I it of a I for so thinking a to form think finite part of minute, now. at services. a think that just I'm we're out the allowed I is EBITDA

step guidance Paul of it right. sort process we're at that exactly don't that got directionally, But in you again, authorized I think reaching So a and now. of in We're I've EBITDA moment And now. nadir front specifically. give the

-- our bumped source and It will our a other number is rise mean, forward SaaS be which looking this moment mentioned other tables. that The pretty metrics. another, the think league XXX. go medium and over, before, that's SaaS we coming line at majority of weeks being And as revenue in net excellent I will not rate year at we're And -- revenue. we We -- into in to centers doesn't there We've the business we kickass we finished of selling the term. up out against away far cross we're we mid-XXs dollar we're that think XX%. just at up be now, believe now companies joining metrics our we'll to at now. of as year, business. SaaS it's show here, And next will of we largest the we the the is the with sort And think retention, that additional hopefully some

be will boat that And of gone. sort metric standpoint in so a hole the from

are now. and Our gross strong rising margins

So has of that Nick sort gone. of sort

stage in stead. strong we're that on tables, -- Rule I looking stand think standing to we we're good do when really So XX we'll those think I join pretty of SaaS league imposing. a And forward type company. eventually We're

activity given that And thinking Got then the accelerated it. flow marketing That's services. very helpful. cash with conversion seeing debt be we free facility Paul question, maybe towards my should final we're just is about here and one within how new generation

concerned. Yes. just is thing on. amortization down to there's to it where focused I meeting be about going And previously. was the we're We if significantly do overall I mandatory our from concern We're guess pretty any took amortization, that. don't us that's want what the say

our issue. to cash can still with be the future there's going any we a Joe want We're cash figure other additional that. But meet flexibility, feel to flow. very flow if the confident place and we in with we're But better to And manage things do able the be that earlier, cash no might So trying above with we to fears free to put money amortization. mentioned the free flow lay I the about in just as amortization. that out

there. guess I'll I leave So it

Please will for the turn go closing call now ahead. remarks. I over

I up, thrown Yes, the of guess a always company cash. lot there we minute And just cash. to wrap just off about ago were talking a has

to kind the All develop have, to time, longer will XXX% begin We flexibility. we sweep. of the of that with over went no now repayment debt And have in some cash cash credit we past. facility new

we'll We be we're do about in. that. enthused have some flexibility able built with to what And

priority have we other works in is product software best making quickly, developing interoperable easy it's sure it pain to that always our edges they we've really might with got and product it the the for making improving. the about like well our adopt. have they'd specific And next, going to sharp what where points customers first market making obviously any with or Our conversations engineering, where sure customers make within engaged always it's software, sure we're

So super a share that's always price. first obviously have priority. We low

SaaS there. in might bid-ask to another shares They're out some modulate buying is there opportunities beginning opportunity. marketplace beginning a the bit, that we're of We're see we so these tuck for are to companies the some in. little So

the our cash some fact virtually going So far this with behind tied we've come hand really forward. flexibility, will one and think have we I that back, no

there us should and megatrend really XX% we're You going we like cloud. growth it SaaS are that we really businesses we're numbers I an ahead. this really the think and subs small to are well kick of feel about think added proud numbers XX% positioned give guys unstoppable And think on And trend, forward. moving does that of, because growth more good unstoppable

crossover for we with Thryv. a Thanks, it's coming think the point to take look time So at people everyone. up,

Ladies and joining. for all call. that gentlemen, Thank you today's concludes

now may disconnect. You