$THRY
Thryv Holdings, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155673923000023 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $183.8M $251.4M
YoY Change -34.5% -24.72%
Cost Of Revenue $80.18M $91.34M
YoY Change -23.65% -13.84%
Gross Profit $103.6M $160.1M
YoY Change -40.99% -29.78%
Gross Profit Margin 56.38% 63.67%
Selling, General & Admin $123.0M $129.4M
YoY Change -14.9% -10.44%
% of Gross Profit 118.7% 80.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.80M $15.67M
YoY Change -32.46% -23.92%
% of Gross Profit 15.24% 9.79%
Operating Expenses $123.0M $129.4M
YoY Change -14.9% -10.44%
Operating Profit -$19.38M $30.71M
YoY Change -162.35% -63.14%
Interest Expense $15.13M $16.29M
YoY Change 3.85% 11.19%
% of Operating Profit 53.06%
Other Income/Expense, Net -$876.0K $0.00
YoY Change -112.62% -100.0%
Pretax Income -$37.29M $12.55M
YoY Change -291.01% -84.35%
Income Tax -$10.24M -$3.428M
% Of Pretax Income -27.31%
Net Earnings -$27.05M $15.98M
YoY Change -303.66% -72.45%
Net Earnings / Revenue -14.71% 6.36%
Basic Earnings Per Share -$0.78 $0.46
Diluted Earnings Per Share -$0.78 $0.43
COMMON SHARES
Basic Shares Outstanding 34.60M shares 34.82M shares
Diluted Shares Outstanding 34.85M shares 36.86M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.70M $15.25M
YoY Change 2.71% 10.9%
Cash & Equivalents $14.68M $15.25M
Short-Term Investments
Other Short-Term Assets $2.624M $15.56M
YoY Change -79.22% 15.49%
Inventory
Prepaid Expenses
Receivables $198.8M $243.9M
Other Receivables $19.10M $3.640M
Total Short-Term Assets $274.6M $309.4M
YoY Change -29.07% -22.63%
LONG-TERM ASSETS
Property, Plant & Equipment $37.95M $38.57M
YoY Change -9.95% -14.44%
Goodwill $567.8M $569.8M
YoY Change -14.57% -14.81%
Intangibles $24.27M $31.32M
YoY Change -46.46% -48.98%
Long-Term Investments
YoY Change
Other Assets $21.41M $29.61M
YoY Change -10.69% 11.72%
Total Long-Term Assets $765.8M $791.8M
YoY Change -15.17% -13.97%
TOTAL ASSETS
Total Short-Term Assets $274.6M $309.4M
Total Long-Term Assets $765.8M $791.8M
Total Assets $1.040B $1.101B
YoY Change -19.34% -16.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.138M $7.341M
YoY Change -55.29% -11.06%
Accrued Expenses $97.72M $106.6M
YoY Change -26.56% -25.74%
Deferred Revenue $27.12M $20.14M
YoY Change -14.54% -16.24%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $70.00M $70.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $235.9M $237.9M
YoY Change -20.27% -18.95%
LONG-TERM LIABILITIES
Long-Term Debt $311.3M $363.5M
YoY Change -28.23% -22.54%
Other Long-Term Liabilities $20.03M $21.18M
YoY Change -21.66% -24.48%
Total Long-Term Liabilities $407.4M $459.0M
YoY Change -28.79% -25.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $235.9M $237.9M
Total Long-Term Liabilities $407.4M $459.0M
Total Liabilities $643.3M $696.9M
YoY Change -25.88% -23.31%
SHAREHOLDERS EQUITY
Retained Earnings -$240.7M -$213.6M
YoY Change 27.7% 5.89%
Common Stock $625.0K $618.0K
YoY Change 2.12% 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $397.1M $404.3M
YoY Change
Total Liabilities & Shareholders Equity $1.040B $1.101B
YoY Change -19.34% -16.59%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$27.05M $15.98M
YoY Change -303.66% -72.45%
Depreciation, Depletion And Amortization $15.80M $15.67M
YoY Change -32.46% -23.92%
Cash From Operating Activities $45.90M $25.42M
YoY Change -3.0% -7.8%
INVESTING ACTIVITIES
Capital Expenditures $8.900M $8.880M
YoY Change -191.78% -257.2%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$9.114M
YoY Change -100.0% 1077.52%
Cash From Investing Activities -$8.900M -$17.99M
YoY Change -8.37% 180.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -37.10M -17.90M
YoY Change 2.44% -35.78%
NET CHANGE
Cash From Operating Activities 45.90M 25.42M
Cash From Investing Activities -8.900M -17.99M
Cash From Financing Activities -37.10M -17.90M
Net Change In Cash -100.0K -10.47M
YoY Change -107.19% 55.87%
FREE CASH FLOW
Cash From Operating Activities $45.90M $25.42M
Capital Expenditures $8.900M $8.880M
Free Cash Flow $37.00M $16.54M
YoY Change -35.1% -50.2%

Facts In Submission

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions about future events that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. The results of those estimates form the basis for making judgments about the carrying values of certain assets and liabilities.</span></div>Examples of reported amounts that rely on significant estimates include revenue recognition, allowance for credit losses, assets acquired and liabilities assumed in business combinations, capitalized costs to obtain a contract, certain amounts relating to the accounting for income taxes, including valuation allowance, indemnification asset, stock-based compensation expense, operating lease right-of-use assets and operating lease liabilities, accrued service credits, and pension obligations. Significant estimates are also used in determining the recoverability and fair value of fixed assets and capitalized software, operating lease right-of-use assets, goodwill and intangible assets.
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11191000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5738000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3810000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11191000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5738000 usd
thry Common Stock Number Of Shares Entitled Per Rsu
CommonStockNumberOfSharesEntitledPerRSU
1 shares
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1300000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
134719 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
9416830 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
9427343 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5231572 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5237413 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
24.39
thry Class Of Warrant Or Right Number Of Warrants Exercised During Period
ClassOfWarrantOrRightNumberOfWarrantsExercisedDuringPeriod
10513 shares
CY2023Q2 thry Class Of Warrant Or Right Number Of Warrants Exercised During Period
ClassOfWarrantOrRightNumberOfWarrantsExercisedDuringPeriod
10513 shares
thry Class Of Warrant Or Right Number Of Warrants Exercised During Period
ClassOfWarrantOrRightNumberOfWarrantsExercisedDuringPeriod
0 shares
CY2022Q2 thry Class Of Warrant Or Right Number Of Warrants Exercised During Period
ClassOfWarrantOrRightNumberOfWarrantsExercisedDuringPeriod
0 shares
CY2023Q2 thry Proceeds From Exercises Of Stock Options And Stock Warrants
ProceedsFromExercisesOfStockOptionsAndStockWarrants
100000 usd
thry Proceeds From Exercises Of Stock Options And Stock Warrants
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100000 usd
us-gaap Net Income Loss
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91513000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
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34205593 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.68
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
15978000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
58002000 usd
us-gaap Net Income Loss
NetIncomeLoss
25292000 usd
us-gaap Net Income Loss
NetIncomeLoss
91513000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34575338 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34250706 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34625561 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34205593 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2287957 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1887283 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2331372 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2842494 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36863295 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36137989 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36956933 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37048087 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.47
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
21400000 usd
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
11700000 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
15600000 usd
CY2018Q4 thry Number Of Petitions Filed
NumberOfPetitionsFiled
3 petition
CY2018Q4 thry Number Of Cases Consolidated By Court
NumberOfCasesConsolidatedByCourt
3 case
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-1100000 usd
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
3900000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
251421000 usd
CY2023Q2 thry Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
69439000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
333995000 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
227982000 usd
CY2022Q2 thry Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
116000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
496976000 usd
us-gaap Gross Profit
GrossProfit
314893000 usd
thry Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
127908000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
642370000 usd
us-gaap Gross Profit
GrossProfit
425838000 usd
thry Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
199717000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12550000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
80202000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26360000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
123334000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
16292000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
14652000 usd
us-gaap Interest Expense
InterestExpense
32780000 usd
us-gaap Interest Expense
InterestExpense
29519000 usd
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
15667000 usd
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
20592000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
31098000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
42561000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5798000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3810000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11191000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5738000 usd
CY2023Q2 thry Restructuring Charges And Integration Expenses
RestructuringChargesAndIntegrationExpenses
3921000 usd
CY2022Q2 thry Restructuring Charges And Integration Expenses
RestructuringChargesAndIntegrationExpenses
4822000 usd
thry Restructuring Charges And Integration Expenses
RestructuringChargesAndIntegrationExpenses
9261000 usd
thry Restructuring Charges And Integration Expenses
RestructuringChargesAndIntegrationExpenses
10649000 usd
CY2023Q2 thry Transaction Costs
TransactionCosts
0 usd
CY2022Q2 thry Transaction Costs
TransactionCosts
1616000 usd
thry Transaction Costs
TransactionCosts
373000 usd
thry Transaction Costs
TransactionCosts
3336000 usd
CY2023Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
1865000 usd
CY2022Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-9153000 usd
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
1986000 usd
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-9223000 usd
CY2023Q2 thry Gain Loss On Remeasurement Of Indemnification Asset
GainLossOnRemeasurementOfIndemnificationAsset
-11490000 usd
CY2022Q2 thry Gain Loss On Remeasurement Of Indemnification Asset
GainLossOnRemeasurementOfIndemnificationAsset
487000 usd
thry Gain Loss On Remeasurement Of Indemnification Asset
GainLossOnRemeasurementOfIndemnificationAsset
-10734000 usd
thry Gain Loss On Remeasurement Of Indemnification Asset
GainLossOnRemeasurementOfIndemnificationAsset
887000 usd
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
222000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
222000 usd
CY2023Q2 thry Other Income Loss
OtherIncomeLoss
-1856000 usd
CY2022Q2 thry Other Income Loss
OtherIncomeLoss
276000 usd
thry Other Income Loss
OtherIncomeLoss
-4125000 usd
thry Other Income Loss
OtherIncomeLoss
5532000 usd
CY2023Q2 thry Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
69439000 usd
CY2022Q2 thry Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
116000000 usd
thry Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
127908000 usd
thry Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
199717000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
251421000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
333995000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
496976000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
642370000 usd
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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