Thryv Holdings, Inc. reported its first quarter 2025 financial results on May 1, 2025, announcing a 50% year-over-year increase in SaaS revenue. SaaS revenue, excluding the Keap acquisition, grew by 24% year-over-year, reaching $92.247 million.
For the first time, SaaS revenue exceeded 60% of total revenue, underscoring the progress of Thryv's strategic transformation into an SMB software business. The company also achieved a record Seasoned Net Revenue Retention (NRR) of 103% in Q1, reflecting successful upselling and cross-selling of additional products and services to its customer base.
Thryv exceeded its Q1 guidance and provided Q2 2025 SaaS revenue guidance of $113.0 million to $115.0 million, with full-year 2025 SaaS revenue guidance between $460.5 million and $471.0 million. The company anticipates continued SaaS Adjusted EBITDA margin improvement for the remainder of 2025, driven by disciplined cost management and resilient customer demand.
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