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RTÉ News
11 hours ago
- Sport
- RTÉ News
The fascinating story of Gaelic football's historic roots
Analysis: Right at its core, Gaelic football is a mirror to Irish society and to the nature of that society at any given time By UCD Before January 17th, 1885, there was no such thing as Gaelic football. What there was, though, was centuries of folk football played across Ireland in every corner, recorded in legal texts, in poetry, in newspaper accounts, in travellers' records. You'd games played between parishes, villages, groups of friends, two people kicking a ball to each other and presumably one person kicking a ball to him or herself. The tradition of kicking a ball is universal. It's the same type of game that was played across England or in the mining villages of Wales or across Scotland. You can go to China on the one side and there are records of people kicking a ball in sport. Spin right the way round to the far side of the globe to Mesoamerica, and you get exactly the same thing. From RTÉ, trailer for new series Hell for Leather – The Story of Gaelic Football This shared human experience is remade in Ireland by Irish geography, by Irish people, by the peculiarities of life on a small island off the edge of Europe, where it developed its own traditions, its own forms, its own lore. You can see it in the statute of Galway written down from 1527. You see it in the school constructed by Hugh Montgomery in Newcastle in Co Down when he laid out a playing ground for football for his students in 1620. You see it in the matches played in the Curragh of Kildare or in the fields around Drumcondra in Dublin. It's a game which created heroes who were recorded in poetry. It is a game which created violence, which made its way to the courts, which saw army and police brought to suppress riots at football matches in Drumcondra in the 1770s. From the 18th century, there is also talk about a football match played out of Parsons Castle in Parsons Town, now Birr in the south of Offaly where bachelors played married men in a game near the castle and cheered the king after the game and came back and drank barrels of beer in celebration. It's formal and it's informal. It's not reckless and it can be reckless. It's not violent and it's very violent and it's wrapped through communities and traditions. It's not recorded with the same fervor as hurling, not presented in the same thrilling, exciting manner as hurling not seen to be something that reaches that incredible crescendo that hurling reached through those centuries. But it's there all the time, and it's there everywhere. From RTÉ Radio 1's Sunday Miscellany, Paul Rouse reads A Christmas Ball about the first Gaelic football match ever played in Wexford The context for the arrival of Gaelic football is the existence of soccer and rugby on the island by the early 1880s and these games beginning to spread around the island. One of the people who helped spread those games was Michael Cusack, a devoted rugby player who described himself as a sterling lover of the game. A man then who turned away from the sports of empire, in founding the GAA with Maurice Davin and set upon putting together their own version of football. Partly because Davin despised rugby and thought it was a brutalising game, unfit to be played because people just got injured. Those two men knew the rules about soccer and rugby. When they founded the GAA, they set out to invent a Gaelic football, a football game that would stand against the games of the empire. They drew on the rules of soccer and rugby in constructing those broad rules that Davin wrote up. He was well placed to draw up rules because he was methodical and these rules were clearly influenced by the other games that were in existence. The first match was held on the green in Callan between a team from Kilkenny and the team from Callan. It was a remarkable game in that there was no score by the time they finished. The game was intense and physical, but you could only score a goal. There were no points, there were no points posts. They quickly understood that there were going to be very few scores if they left it like this, particularly when the initial rules permitted 21 aside. From RTÉ Radio 1's Sunday Sport, GAA president Jarlath Burns on his hope that the "basic principles" of Gaelic football can again flourish following rule changes to the game The context for the arrival of Gaelic football is the existence of soccer and rugby on the island by the early 1880s and these games beginning to spread around the island. One of the people who helped spread those games was Michael Cusack, a devoted rugby player who described himself as a sterling lover of the game. A man then who turned away from the sports of empire, in founding the GAA with Maurice Davin and set upon putting together their own version of football. Partly because Davin despised rugby and thought it was a brutalising game, unfit to be played because people just got injured. Those two men knew the rules about soccer and rugby. When they founded the GAA, they set out to invent a Gaelic football, a football game that would stand against the games of the empire. They drew on the rules of soccer and rugby in constructing those broad rules that Davin wrote up. He was well placed to draw up rules because he was methodical and these rules were clearly influenced by the other games that were in existence. The first match was held on the green in Callan between a team from Kilkenny and the team from Callan. It was a remarkable game in that there was no score by the time they finished. The game was intense and physical, but you could only score a goal. There were no points, there were no points posts. They quickly understood that there were going to be very few scores if they left it like this, particularly when the initial rules permitted 21 aside. The late great Mícheál Ó Muircheartaigh in one of his final television interviews explaining the origins of Gaelic Football ☘️❤️ #HellForLeather | Monday at 9.35pm — RTÉ One (@RTEOne) June 5, 2025 By 1886, there was a GAA club playing Gaelic football in every province and multiple teams in many counties playing against each other. Cusack wrote repeatedly in the newspapers, praising the discipline and good temper of these players who now began to spread the game. But all across the country, there was mayhem around these matches. All around the place, there was this idea of a deep physicality in the games. Of course, there were loads of matches conducted in good spirit and, and in flying discipline. But a match in Kilkenny in early 1887 between Ballyhale and Slieverue went out of control and the two teams forgot about the ball and ripped into each other. The county board officials who were there couldn't get them to stop and the only way they could do so was to pull up the goalposts. Down in Tralee, there was a match between Castleisland and Tralee. Rev John P Davan wrote a reminiscence of that match about 50 years later. He'd no idea who won the match and all he could remember was a fella from Castleisland called Foxy Tom, who threw three fellows out over the rope on the sideline as this expression of manhood. It reached the point where it could only be a contest which inspired something like that if it had meaning - and the meaning was that you represented where you were from. It was a stroke of genius - a lucky stroke in many respects - to make the organisation parish-based. You played for where you were from on a parish basis. Contests then began to take off, particularly after the establishment of the All Ireland and local county championships from the beginning of 1887. We often talk about the GAA in a local context and this idea of local people competing against each other. It's the engine which drives it, and you cannot beat a bit of local bitterness to draw a crowd and give something more meaning. From The Irish Examiner in 2023, how to make an All Ireland winning team? But it also mattered because it had a national framework and you could be the All Ireland champions if you were properly put together and you progressed. If you won your county championship, you earned the right at this point to represent your county in an All Ireland championship and become the All Ireland champions no matter what county you were in. Sport always reflects the society in which it is played and the times in which it is played. Because it is so popular and so intrinsic to so many people in so many different areas, Gaelic football is a mirror to Irish society and to the nature of society at any given time. Just as the informal games of the years before the founding of the GAA reflected that world and just as the pre-television era reflected that world, our game now reflects the modern world. It's hugely organised, driven by data, obsessed with trying to find an edge in fitness and trying always to be on the cusp of the next great thing in that search to be better. But right at the core, it's still the love of play, the love of the ball, the love of kicking the ball, the love of the challenge of taking on another person and the desire to win.
Irish Examiner
19-05-2025
- Sport
- Irish Examiner
Meath v Cork: What time, what channel and all you need to know about the All-Ireland SFC clash
Cork are in action this weekend in their first game of the All-Ireland SFC championship where they make the trip to Navan to take on Meath. A rested Cork will be looking to upset the Leinster final runner-ups at home. Here's everything you need to know. Where and when is it on? The match takes place at Páirc Tailteann in Navan with a 3pm throw-in on Saturday May 24. Who's the referee? Noel Mooney will be taking charge of the game. What can I read about and listen to on Our reporters will be building up to the final throughout the weekend and previewing the game ahead of Sunday's throw-in. Listen to The Gaelic Football Show podcast where Paul Rouse, Maurice Brosnan and James Horan discuss the championship to date.
Irish Examiner
13-05-2025
- Sport
- Irish Examiner
Kerry v Roscommon: What time, what channel and all you need to know about the All-Ireland SFC clash
It is the first weekend of the All-Ireland SFC Sam Maguire Cup series and Kerry welcome Roscommon to Killarney for their first game. The Kingdom are League and Munster champions and will face a Roscommon side who were promoted from Division two before defeating London and losing to Galway in the Connacht championship. Championship meetings between the two sides have been rare with this being the first meeting since the 2003 All-Ireland quarter-final having previously met in the 1980 All-Ireland final. There have been 10 champions games between the sides with Kerry winning eight to Roscommon's one and one draw. Roscommon's sole win came in the 1944 All-Ireland final. The last competitive meeting between the two sides came in last year's Allianz NFL where the Kingdom came out on top winning by six points. Here is all you need to know. Where and when is it on? The game will take place at Fitzgerald Stadium in Kerry on Saturday May 17 with a throw-in time of 2.30pm. Where can I watch the game? The game is being streamed live on GAA+ with coverage starting at 1.45pm. Who's the ref? David Coldrick will be the man in the middle for the clash. What can I read about and listen to on Our reporters will be building up to the final throughout the weekend and previewing the game ahead of Sunday's throw-in. Listen to The Gaelic Football Show podcast where Paul Rouse, Maurice Brosnan and James Horan discuss the championship to date.
Irish Examiner
06-05-2025
- Sport
- Irish Examiner
Armagh v Donegal: What time, what channel and all you need to know about the Ulster SFC final
It is a repeat of the 2024 Ulster final decider when champions Donegal meet All-Ireland Champions Armagh again to decide where the Anglo-Celt Cup will go this year. Following a pulsating final last year Donegal came out on top after a penalty shootout. It was the second year in a row that Armagh lost the final on penalties losing to Derry in 2023. The Orchard county are going for their first Ulster title since 2008 while Donegal will be hoping for back-to-back titles. Here's everything you need to know. Where and when is it on? The game will take place on Saturday May 10 at St Tiernach's Park in Clones with throw-in at 5.25pm. Where can I watch the game? The game will be shown live on RTÉ 2 after the Galway v Wexford clash with coverage starting at 2.45pm. It will also be live on BBC 2 with coverage starting at 4.55pm. Who's the referee? Kildare's Brendan Cawley will be the man in charge for the clash. What can I read about and listen to on Our reporters will be building up to the final throughout the weekend and previewing the game ahead of Sunday's throw-in. Listen to The Gaelic Football Show podcast where Paul Rouse, Maurice Brosnan, James Horan and special guest Eamon McGee discuss the Ulster final.
Yahoo
01-05-2025
- Business
- Yahoo
Thryv Grows SaaS Revenue in First Quarter 2025, First Quarter Results Exceed Guidance
– Q1 SaaS Revenue Increased 50% Year-Over-Year– Q1 SaaS Revenue (Ex-Keap) Increased 24% Year-Over-Year– Q1 SaaS Revenue over 60% of Total Revenue– Q1 Record Seasoned NRR of 103% DALLAS, May 01, 2025--(BUSINESS WIRE)--Thryv Holdings, Inc. (NASDAQ:THRY) ("Thryv" or the "Company"), the provider of Thryv®, the leading small business marketing and sales software platform, reported an increase in SaaS revenue of 50% year-over-year in the first quarter of 2025. "Thryv started 2025 with strong positive momentum as SaaS revenue accelerated to over 60% of total revenue, underscoring the progress of our strategic transformation into a premier SMB software business," said Joe Walsh, Thryv Chairman and CEO. "While we remain focused on acquiring and upgrading subscribers to the platform, we have been deepening relationships with our existing customers and expanding ARPU. We are leaning into cross-selling and anticipate continued growth as we enhance our product-led strategy and expand into new verticals. Looking ahead, the resilient customer demand we are experiencing is encouraging, and we are committed to driving sustainable, profitable growth as we continue to invest in our platform." "In the first quarter, we exceeded our guidance, and balanced SaaS top-line growth with disciplined cost management," stated Paul Rouse, Chief Financial Officer. "Seasoned NRR increased to a record 103% in the first quarter as a result of upselling and cross-selling additional products and services to our customer base. For the remainder of 2025, we expect to deliver SaaS revenue growth and continued SaaS Adjusted EBITDA margin improvement." First Quarter 2025 Highlights: SaaS revenue was $111.1 million, a 50% increase year-over-year SaaS revenue excluding Keap was $92.2 million, a 24% increase year-over-year Marketing Services revenue was $70.2 million, a 56% decrease year-over-year Consolidated total revenue was $181.4 million, a decrease of 22% year-over-year Consolidated net loss was $9.6 million, or $(0.22) per diluted share; compared to net income of $8.4 million, or $0.22 per diluted share, for the first quarter of 2024 Consolidated Adjusted EBITDA was $20.9 million, representing an Adjusted EBITDA margin of 11.5% SaaS Adjusted EBITDA was $10.8 million, representing an Adjusted EBITDA margin of 9.7% Total Marketing Services Adjusted EBITDA was $10.1 million, representing an Adjusted EBITDA margin of 14.4% Consolidated Gross Profit was $119.3 million Consolidated Adjusted Gross Profit1 was $123.7 million SaaS Gross Profit was $78.8 million, representing a Gross Margin of 70.9% SaaS Adjusted Gross Profit2 was $81.5 million, representing an Adjusted Gross Margin of 73.3% SaaS Metrics SaaS clients increased 59% year-over-year to 111 thousand at the end of the first quarter of 2025 SaaS clients, excluding Keap, increased 37% year-over-year to 96 thousand Seasoned Net Revenue Retention2 was 103% for the first quarter of 2025, an increase of 900 bps year-over-year, excluding Keap SaaS monthly Average Revenue per Unit ("ARPU")3 was $335 for the first quarter of 2025 ThryvPay total payment volume was $71 million, an increase of 13% year-over-year Outlook Based on information available as of April 30, 2025, Thryv is issuing guidance4 for the second quarter of 2025 and full year 2025 as indicated below: 2nd Quarter Full Year (in millions) 2025 2025 SaaS Revenue $113.0 - $115.0 $460.5 - $471.0 SaaS Adjusted EBITDA $18.5 - $19.5 $67.0 - $71.0 2nd Quarter 3rd Quarter 4th Quarter Full Year (in millions) 2025 2025 2025 2025 Marketing Services Revenue $90.0 - $91.0 $83.0 - $84.0 $72.0 - $73.0 $310.0 - $314.0 Marketing Services Adjusted EBITDA $24.0 - $26.0 $77.5 - $78.5 ____________________ 1 Defined as Gross profit adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense. 2 Seasoned Net Revenue Retention is defined as net dollar retention excluding clients acquired over the previous 12 months as well as clients acquired in the Keap acquisition which closed on October 31, 2024. 3 Defined as total client billings for a particular month divided by the number of clients that have one or more revenue-generating solutions in that same month. This is a blended calculation and inclusive of the impact from the Keap acquisition. 4 These statements are forward-looking and actual results may materially differ. Refer to the "Forward-Looking Statements" section below for information on the factors that could cause our actual results to materially differ from these forward-looking statements. Earnings Conference Call Information Thryv will host a conference call on Thursday, May 1, 2025 at 8:30 a.m. (Eastern Time) to discuss the Company's first quarter 2024 results. For analysts to register for this conference call, please use this link. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. We recommend registering a day in advance or at a minimum thirty minutes prior to the start of the call. To listen to the webcast, please use this link or visit Thryv's Investor Relations website at A live webcast will also be available on the Investor Relations section of the Company's website at If you are unable to participate in the conference call, a replay will be available at this link. Thryv Holdings, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive (Loss) Income Three Months Ended March 31, (in thousands, except share and per share data) 2025 2024 Revenue $ 181,371 $ 233,624 Cost of services 62,083 79,983 Gross profit 119,288 153,641 Operating expenses: Sales and marketing 70,051 70,091 General and administrative 52,271 52,416 Total operating expenses 122,322 122,507 Operating (loss) income (3,034 ) 31,134 Other income (expense): Interest expense (6,067 ) (13,359 ) Interest expense, related party (3,006 ) — Other components of net periodic pension cost (768 ) (1,581 ) Other income (expense) 392 (2,373 ) (Loss) income before income tax benefit (expense) (12,483 ) 13,821 Income tax benefit (expense) 2,865 (5,397 ) Net (loss) income $ (9,618 ) $ 8,424 Other comprehensive income (loss): Foreign currency translation adjustment, net of tax (187 ) (265 ) Comprehensive (loss) income $ (9,805 ) $ 8,159 Net (loss) income per common share: Basic $ (0.22 ) $ 0.24 Diluted $ (0.22 ) $ 0.22 Weighted-average shares used in computing basic and diluted net (loss) income per common share: Basic 43,412,366 35,186,121 Diluted 43,412,366 37,985,785 Thryv Holdings, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share data) March 31, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 10,993 $ 16,311 Accounts receivable, net of allowance of $13,144 in 2025 and $13,051 in 2024 139,894 161,620 Contract assets, net of allowance of $33 in 2025 and $29 in 2024 1,980 2,127 Taxes receivable 7,493 6,218 Prepaid expenses 30,806 13,923 Deferred costs 9,486 8,402 Other current assets 2,035 2,119 Total current assets 202,687 210,720 Fixed assets and capitalized software, net 41,998 44,478 Goodwill 253,809 253,318 Intangible assets, net 31,956 34,259 Deferred tax assets 146,530 143,495 Other assets 26,754 25,895 Total assets $ 703,734 $ 712,165 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 5,894 $ 13,011 Accrued liabilities 80,828 95,462 Current portion of unrecognized tax benefits 26,703 26,196 Contract liabilities 42,873 40,315 Current portion of Term Loan 15,750 — Current portion of Term Loan, related party 10,500 5,250 Other current liabilities 6,847 8,151 Total current liabilities 189,395 196,260 Term Loan, net 139,565 — Term Loan, net, related party 95,382 100,436 ABL Facility 37,790 — Pension obligations, net 38,699 38,014 Other liabilities 9,672 9,759 Total long-term liabilities 321,108 318,985 Commitments and contingencies Stockholders' equity Common stock - $0.01 par value, 250,000,000 shares authorized; 71,496,077 shares issued and 43,728,331 shares outstanding at March 31, 2025; and 70,556,740 shares issued and 43,033,960 shares outstanding at December 31, 2024 715 706 Additional paid-in capital 1,282,424 1,272,476 Treasury stock - 27,767,746 shares at March 31, 2025 and 27,522,780 shares at December 31, 2024 (492,744 ) (488,903 ) Accumulated other comprehensive loss (15,128 ) (14,941 ) Accumulated deficit (582,036 ) (572,418 ) Total stockholders' equity 193,231 196,920 Total liabilities and stockholders' equity $ 703,734 $ 712,165 Thryv Holdings, Inc. and Subsidiaries Consolidated Statements of Cash Flows Three Months Ended March 31, (in thousands) 2025 2024 Cash Flows from Operating Activities Net (loss) income $ (9,618 ) $ 8,424 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 11,516 14,553 Amortization of deferred commissions 3,499 4,849 Amortization of debt issuance costs 830 1,310 Deferred income taxes (2,986 ) (3,110 ) Provision for credit losses and service credits 3,782 7,475 Stock-based compensation expense 7,737 5,289 Other components of net periodic pension cost 768 1,581 Other (355 ) (779 ) Changes in working capital items, excluding acquisitions: Accounts receivable 16,840 (9,750 ) Contract assets 147 (1,670 ) Prepaid expenses and other assets (20,672 ) (18,169 ) Accounts payable and accrued liabilities (22,338 ) (5,754 ) Other liabilities 369 1,189 Net cash (used in) provided by operating activities (10,481 ) 5,438 Cash Flows from Investing Activities Additions to fixed assets and capitalized software (7,085 ) (7,278 ) Acquisition of a business, net of cash acquired (143 ) — Net cash used in investing activities (7,228 ) (7,278 ) Cash Flows from Financing Activities Payments of Term Loan — (9,368 ) Proceeds from ABL Facility 109,647 205,351 Payments of ABL Facility (95,748 ) (198,459 ) Other (1,620 ) 918 Net cash provided by (used in) financing activities 12,279 (1,558 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 124 (723 ) (Decrease) in cash, cash equivalents and restricted cash (5,306 ) (4,121 ) Cash, cash equivalents and restricted cash, beginning of period 17,760 20,530 Cash, cash equivalents and restricted cash, end of period $ 12,454 $ 16,409 Supplemental Information Cash paid for interest $ 8,256 $ 11,911 Cash paid for income taxes, net $ 1,178 $ 1,915 Segment Information The following tables summarize the operating results of the Company's reportable segments: Three Months Ended March 31, Change (in thousands) 2025 2024 Amount % Revenue SaaS $ 111,129 $ 74,322 $ 36,807 49.5 % Marketing Services 70,242 159,302 (89,060 ) (55.9 )% Total Revenue $ 181,371 $ 233,624 $ (52,253 ) (22.4 )% Adjusted EBITDA SaaS $ 10,815 $ 3,435 $ 7,380 214.8 % Marketing Services 10,086 50,679 (40,593 ) (80.1 )% Consolidated Adjusted EBITDA5 $ 20,901 $ 54,114 $ (33,213 ) (61.4 )% The following tables set forth reconciliations of our SaaS revenue for the Company to SaaS revenue excluding Keap and Keap SaaS revenue: Three Months Ended March 31, (in thousands) 2025 2024 Reconciliation of SaaS Revenue SaaS Revenue $ 111,129 $ 74,322 Less: Keap SaaS Revenue 18,882 — SaaS Revenue (excluding Keap) $ 92,247 $ 74,322 ____________________ 5 Consolidated Adjusted EBITDA is equal to SaaS Adjusted EBITDA and Marketing Services Adjusted EBITDA. See Non-GAAP Measures below for a reconciliation of Consolidated Adjusted EBITDA to Net income (loss). Non-GAAP Measures Our results included in this press release include Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Gross Profit, which are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). We have included Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit because management believes they provide useful information to investors in gaining an overall understanding of our current financial performance and provide consistency and comparability with past financial performance. Specifically, we believe Adjusted EBITDA provides useful information to management and investors by excluding certain non-operating items that we believe are not indicative of our core operating results. In addition, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Gross Profit are used by management for budgeting and forecasting as well as measuring the Company's performance. We believe Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Gross Profit provide investors with the financial measures that closely align with our internal processes. We define Adjusted EBITDA ("Adjusted EBITDA") as Net income (loss) plus Interest expense, Income tax expense, Depreciation and amortization expense, Restructuring and integration expenses, Stock-based compensation expense, and non-operating expenses, such as Other components of net periodic pension cost and certain unusual and non-recurring charges that might have been incurred. Adjusted EBITDA should not be considered as an alternative to Net income (loss) as a performance measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We define Adjusted Gross Profit ("Adjusted Gross Profit") as Gross profit adjusted to exclude the impact of Depreciation and amortization expense and Stock-based compensation expense. Non-GAAP financial information has limitations as an analytical tool and is presented for supplemental informational purposes only. Such information should not be considered a substitute for financial information presented in accordance with U.S. GAAP and may be different from similarly-titled non-GAAP measures used by other companies. The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, Net (loss) income: Three Months Ended March 31, (in thousands) 2025 2024 Reconciliation of Adjusted EBITDA Net (loss) income $ (9,618 ) $ 8,424 Interest expense 9,073 13,359 Depreciation and amortization expense 11,516 14,553 Stock-based compensation expense (1) 7,737 5,289 Restructuring and integration expenses (2) 4,682 5,265 Income tax (benefit) expense (2,865 ) 5,397 Other components of net periodic pension cost (4) 768 1,581 Other (5) (392 ) 246 Adjusted EBITDA $ 20,901 $ 54,114 (1) We record stock-based compensation expense related to the amortization of grant date fair value of the Company's stock-based compensation awards. (2) For the three months ended March 31, 2025 and 2024, expenses relate to periodic efforts to enhance efficiencies and reduce costs, and include severance benefits, and costs associated with abandoned facilities and system consolidation. For more information on our restructuring and integration expenses, please see our Q1 2025 Quarterly Report on Form 10-Q. (3) Other components of net periodic pension cost is from our non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs. The most significant component of Other components of net periodic pension cost relates to periodic mark-to-market pension remeasurement. (4) Other primarily includes foreign exchange-related (income) expense. The following tables set forth reconciliations of Adjusted Gross Profit and Adjusted Gross Margin, to their most directly comparable GAAP measures, Gross profit and Gross margin: Three Months Ended March 31, 2025 (in thousands) SaaS Marketing Services Total Reconciliation of Adjusted Gross Profit Gross profit $ 78,770 $ 40,518 $ 119,288 Plus: Depreciation and amortization expense 2,598 1,627 4,225 Stock-based compensation expense 84 70 154 Adjusted Gross Profit $ 81,452 $ 42,215 $ 123,667 Gross Margin 70.9 % 57.7 % 65.8 % Adjusted Gross Margin 73.3 % 60.1 % 68.2 % Three Months Ended March 31, 2024 (in thousands) SaaS Marketing Services Total Reconciliation of Adjusted Gross Profit Gross profit $ 49,095 $ 104,546 $ 153,641 Plus: Depreciation and amortization expense 1,704 4,072 5,776 Stock-based compensation expense 60 113 173 Adjusted Gross Profit $ 50,859 $ 108,731 $ 159,590 Gross Margin 66.1 % 65.6 % 65.8 % Adjusted Gross Margin 68.4 % 68.3 % 68.3 % Supplemental Financial Information The following supplemental financial information provides Revenue, Net Income (Loss), Net Income (Loss) Margin, Adjusted EBITDA and Adjusted EBITDA Margin by our (i) SaaS business and (ii) Marketing Services business. Total SaaS Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Total Marketing Services Adjusted EBITDA and Adjusted EBITDA margin are also non-GAAP financial measures. These non-GAAP financial measures are presented for supplemental informational purposes only and are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We believe that these non-GAAP financial measures provide useful information about our global SaaS and Marketing Services financial performance, enhance the overall understanding of our global SaaS and Marketing Services past financial performance and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide additional tools for investors to use in comparing our core financial performance over multiple periods. Three Months Ended March 31, 2025 (in thousands) SaaS Marketing Services Total Revenue $ 111,129 $ 70,242 $ 181,371 Net (Loss) (9,618 ) Net (Loss) Margin (5.3 )% Adjusted EBITDA 10,815 10,086 20,901 Adjusted EBITDA Margin 9.7 % 14.4 % 11.5 % Three Months Ended March 31, 2024 (in thousands) SaaS Marketing Services Total Revenue $ 74,322 $ 159,302 $ 233,624 Net Income 8,424 Net Income Margin 3.6 % Adjusted EBITDA 3,435 50,679 54,114 Adjusted EBITDA Margin 4.6 % 31.8 % 23.2 % Forward-Looking Statements Certain statements contained herein are not historical facts, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. Statements that include the words "may", "will", "could", "should", "would", "believe", "anticipate", "forecast", "estimate", "expect", "preliminary", "intend", "plan", "target", "project", "outlook", "future", "forward", "guidance" and similar statements of a future or forward-looking nature identify forward-looking statements. These statements are not guarantees of future performance. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following: significant competition for our Marketing Services solutions and SaaS offerings, including from companies that use components of our SaaS offerings provided by third parties; our ability to maintain profitability; our ability to manage our growth effectively; our ability to transition our Marketing Services clients to our Thryv platform, maintain transitioned clients on that platform and sell them additional or upgraded products; sell our platform into new markets or further penetrate existing markets; our ability to maintain our strategic relationships with third-party service providers; internet search engines and portals potentially terminating or materially altering their agreements with us; our ability to keep pace with rapid technological changes and evolving industry standards; our SMBs clients potentially opting not to renew their agreements with us or renewing at lower spend; potential system interruptions or failures, including cybersecurity breaches, identity theft, data loss, unauthorized access to data or other disruptions that could compromise our information; our potential failure to identify suitable acquisition candidates and consummate such acquisitions; our ability to complete acquisitions and the successful integration of such acquisitions, including our recently completed acquisition of Keap, and any failure of an acquired business to achieve its plans and objectives or realize any expected benefit from any such acquisition; the potential loss of one or more key employees or our inability to attract and to retain highly skilled employees; our ability to maintain the compatibility of our Thryv platform with third-party applications; our ability to successfully expand our operations and current offerings into new markets, including internationally, or further penetrate existing markets; our potential failure to provide new or enhanced functionality and features; our potential failure to comply with applicable privacy, security and data laws, regulations and standards; potential changes in regulations governing privacy concerns and laws or other domestic or foreign data protection regulations; our potential failure to meet service level commitments under our client contracts; our potential failure to offer high-quality or technical support services; our Thryv platform and add-ons potentially failing to perform properly; our use of artificial intelligence in our business, and challenges with properly managing its use, could result in reputational harm, competitive harm, and legal liability; the potential impact of future labor negotiations; our ability to protect our intellectual property rights, proprietary technology, information, processes, and know-how; rising inflation and our ability to control costs, including operating expenses; general macro-economic conditions, including a recession or an economic slowdown in the U.S. or internationally; adverse tax laws or regulations or potential changes to existing tax laws or regulations; costs, liabilities and reputational harm resulting from regulatory investigations, including the subpoena from the Division of Enforcement of the Securities and Exchange Commission (the "SEC"); volatility and weakness in bank and capital markets; and costs, obligations and liabilities incurred as a result of and in connection with being a public company as well as the risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K filed with the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. For these reasons, we caution you against relying on forward-looking statements. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements speak only as of the date hereof and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. About Thryv Thryv Holdings, Inc. (NASDAQ:THRY) is the provider of the leading sales and marketing platform designed to help small businesses attract new and repeat customers. Thryv software offers SMBs everything they need to manage day-to-day operations and grow efficiently. The platform's AI-supported marketing and business automations help business owners save time, compete, and win. More than 100K businesses globally use Thryv software to connect with customers and run and grow their business. For more information, visit View source version on Contacts Media Contact: Julie MurphyThryv, Investor Contact: Cameron LessardThryv, Sign in to access your portfolio
