THRYV HOLDINGS, INC., 10-Q filed on 5/13/2021
Quarterly Report
v3.21.1
Cover - shares
 3 Months Ended
Mar. 31, 2021
May 12, 2021
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2021  
Document Transition Report false  
Entity File Number 001-35895  
Entity Registrant Name THRYV HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-2740040  
Entity Address, Address Line One 2200 West Airfield Drive, P.O. Box 619810  
Entity Address, City or Town D/FW Airport  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75261  
City Area Code (972)  
Local Phone Number 453-7000  
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol THRY  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   33,685,958
Entity Central Index Key 0001556739  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Security Exchange Name NASDAQ  
v3.21.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenue $ 280,606 $ 318,570
Cost of services 98,160 117,976
Gross profit 182,446 200,594
Operating expenses:    
Sales and marketing 76,540 89,292
General and administrative 41,279 49,562
Impairment charges 0 98
Total operating expenses 117,819 138,952
Operating income 64,627 61,642
Other income (expense):    
Interest expense (11,607) (14,780)
Interest expense, related party (4,065) (5,150)
Other components of net periodic pension cost 453 (201)
Other expense (1,093) 0
Income before (provision) for income taxes 48,315 41,511
(Provision) for income taxes 11,809 13,409
Net income $ 36,506 $ 28,102
Net income per common share:    
Basic (in USD per share) $ 1.10 $ 0.86
Diluted (in USD per share) $ 1.07 $ 0.80
Weighted-average shares used in computing basic and diluted net income per common share:    
Basic (in shares) 33,108,422 32,578,286
Diluted (in shares) 34,013,480 35,026,526
v3.21.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net income $ 36,506 $ 28,102
Other comprehensive income (loss):    
Foreign currency translation adjustment (2,967) 0
Comprehensive income $ 33,539 $ 28,102
v3.21.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 29,841 $ 2,406
Accounts receivable, net of allowance of $34,557 and $33,030 354,737 296,570
Contract assets, net of allowance of $244 and $338 9,285 10,975
Taxes receivable 9,154 9,229
Prepaid expenses and other current assets 36,277 26,172
Indemnification asset 24,346 24,346
Total current assets 463,640 369,698
Fixed assets and capitalized software, net 123,281 89,044
Goodwill 679,559 609,457
Intangible assets, net 145,647 31,777
Deferred tax assets 97,941 93,099
Other assets 34,410 21,902
Total assets 1,544,478 1,214,977
Current liabilities    
Accounts payable 19,981 8,927
Accrued liabilities 157,537 139,613
Current portion of unrecognized tax benefits 30,417 30,022
Contract liabilities 47,909 18,942
New Term Loan, current 70,000 0
Other current liabilities 20,324 9,896
Total current liabilities 346,168 207,400
Term Loan 372,454 335,683
Term loan, related party 234,098 113,482
ABL Facility 43,682 79,238
Leaseback obligations 54,585 54,798
Pension obligations, net 184,642 190,827
Deferred tax liabilities 30,706 508
Other liabilities 48,947 36,266
Total long-term liabilities 969,114 810,802
Commitments and contingencies
Stockholders' equity    
Common stock - $0.01 par value, 250,000,000 shares authorized; 59,806,077, shares issued and 33,127,667 shares outstanding at March 31, 2021; and 59,590,422 shares issued and 32,912,012 shares outstanding at December 31, 2020 598 596
Additional paid-in capital 1,058,504 1,059,624
Treasury stock - 26,678,410 shares at March 31, 2021 and December 31, 2020 (468,613) (468,613)
Accumulated other comprehensive income (loss) (2,967) 0
Accumulated deficit (358,326) (394,832)
Total stockholders' equity 229,196 196,775
Total liabilities and stockholders' equity $ 1,544,478 $ 1,214,977
v3.21.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for credit loss $ 34,557 $ 33,030
Contract with customer, asset, allowance for credit loss $ 244 $ 338
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 250,000,000 250,000,000
Common stock, shares issued (in shares) 59,806,077 59,590,422
Common stock, shares outstanding (in shares) 33,127,667 32,912,012
Treasury stock (in shares) 26,678,410 26,678,410
v3.21.1
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Additional Paid-in Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjustment
Accumulated (Deficit)
Beginning balance at Dec. 31, 2019 $ 27,260   $ 574 $ 1,008,701 $ (437,962) $ 0   $ (544,053)
Beginning balance (in shares) at Dec. 31, 2019     57,443,282   (23,952,756)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Purchase of treasury stock (in shares)         (1,852,346)      
Purchase of treasury stock (21,770)       $ (21,770)      
Exercise of stock options (in shares)     20,661          
Exercise of stock options 300     300        
Net (loss) income 28,102             28,102
Ending balance at Mar. 31, 2020 33,892   $ 574 1,009,001 $ (459,732) 0   (515,951)
Ending balance (in shares) at Mar. 31, 2020     57,463,943   (25,805,102)      
Beginning balance at Dec. 31, 2020 196,775 $ (2,967) $ 596 1,059,624 $ (468,613) 0 $ (2,967) (394,832)
Beginning balance (in shares) at Dec. 31, 2020     59,590,422   (26,678,410)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Exercise of stock options (in shares)     215,544          
Exercise of stock options (3,094)   $ 2 (3,096)        
Exercise of stock warrants (in shares)     111          
Exercise of stock warrants 5     5        
Stock compensation expense 1,971     1,971        
Net (loss) income 36,506             36,506
Ending balance at Mar. 31, 2021 $ 229,196   $ 598 $ 1,058,504 $ (468,613) $ (2,967)   $ (358,326)
Ending balance (in shares) at Mar. 31, 2021     59,806,077   (26,678,410)      
v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities    
Net (loss) income $ 36,506 $ 28,102
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,718 37,823
Amortization of debt issuance costs 433 267
Deferred income taxes (13,249) (15,911)
Provision for credit losses 2,018 10,588
Provision for service credits 4,528 6,736
Stock-based compensation expense (benefit) 1,971 (6,064)
Other components of net periodic pension cost (453) 201
Loss on early extinguishment of debt 299 0
Loss on disposal/write-off of fixed assets and capitalized software 15 2,962
Impairment charges 0 98
Non-cash loss from remeasurement of indemnification asset 0 3,801
Gain (loss) on foreign currency exchange rates 835 0
Other, net 6 0
Changes in working capital items, excluding acquisitions:    
Accounts receivable 26,846 (8,921)
Contract assets 1,446 (522)
Prepaid expenses and other assets (10,998) (4,583)
Accounts payable and accrued liabilities (67,458) (33,981)
Accrued income taxes, net 9,597 30,351
Operating lease liability (403) (2,620)
Contract liabilities 2,547 (2,685)
Net cash provided by operating activities 14,204 45,642
Cash Flows from Investing Activities    
Additions to fixed assets and capitalized software (3,668) (9,122)
Proceeds from the sale of building and fixed assets 0 1,502
Acquisition of a business, net of cash acquired (174,190) 0
Net cash (used in) investing activities (177,858) (7,620)
Cash Flows from Financing Activities    
Proceeds from New Term Loan 418,070 0
Proceeds from New Term Loan, related party 260,930 0
Payments of Senior Term Loan (335,821) (23,445)
Payments of Senior Term Loan, related party (113,789) (10,555)
Proceeds from ABL Facility 249,936 329,719
Payments of ABL Facility (285,492) (312,624)
Purchase of treasury stock 0 (21,770)
Other (2,038) (56)
Net cash provided by (used in) financing activities 191,796 (38,731)
Effect of exchange rate changes on cash and cash equivalents (707) 0
Increase (decrease) in cash and cash equivalents 27,435 (709)
Cash and cash equivalents, beginning of period 2,406 1,912
Cash and cash equivalents, end of period 29,841 1,203
Supplemental Information    
Interest expense 17,286 20,802
Cash paid (received) for income taxes, net $ 15,753 $ (1,031)
v3.21.1
Description of Business and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
General

Thryv Holdings, Inc. (“Thryv Holdings, Inc.” or the “Company”) provides small-to-medium sized businesses (“SMBs”) with print and digital marketing services and Software as a Service (“SaaS”) business management tools. The Company owns and operates Print Yellow Pages (“PYP”) and Internet Yellow Pages (“IYP”) and provides a comprehensive offering of digital marketing services such as search engine marketing (“SEM”), and other digital media services, including online display advertising, and search engine optimization (“SEO”) tools. In addition, through the Thryv® platform, the Company is a provider of SaaS business management tools designed for SMBs.

On March 1, 2021, the Company completed the acquisition of Sensis Holding Limited (“Sensis”), a provider of marketing solutions serving SMBs in Australia.

Basis of Presentation

The Company prepares its financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Accordingly, certain information and disclosures normally included in the complete financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the financial statements of Thryv Holdings, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring items and accruals, necessary for the fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. The condensed consolidated financial statements as of and for the three months ended March 31, 2021 and 2020 have been prepared on the same basis as the audited annual financial statements. Certain reclassifications have been made to the March 31, 2020 condensed consolidated financial statements and accompanying notes to conform to the March 31, 2021 presentation. The condensed consolidated balance sheet as of December 31, 2020 was derived from audited annual financial statements. The condensed consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s audited financial statements and related footnotes for the year ended December 31, 2020.

Gross Profit Change

The Company has revised the format of its condensed consolidated statements of operations in order to provide better insight into its results of operations and to align its presentation to certain industry competitors. As a result, a Gross profit subtotal line item was added within the Company’s condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020. Additionally, the Company reclassified depreciation and amortization from a single line in its condensed consolidated statements of operations to be reflected as a component of Gross profit, Sales and marketing expense, and General and administrative expense.

The following summarizes the changes made to the Company's condensed consolidated statements of operations for three months ended March 31, 2020 (in thousands):

Three Months Ended March 31, 2020
As ReportedAdjustmentsAs Adjusted
Cost of services$99,620 $18,356 $117,976 
Sales and marketing75,353 13,939 89,292 
General and administrative44,132 5,430 49,562 
Impairment charges— 98 98 
Depreciation and amortization37,823 (37,823)— 
Reverse Stock Split

The Company’s condensed consolidated financial statements reflect a 1-for-1.8 reverse stock split of the Company’s common stock, which became effective on August 26, 2020. All share and per share data for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retrospectively, where applicable, to reflect the reverse stock split.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions about future events that affect the amounts reported and disclosed in the condensed 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.
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 net pension obligation. 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.

Due to the novel strain of coronavirus, commonly referred to as COVID-19 (“COVID-19”) and the uncertainty of the extent of the impacts related thereto, certain estimates and assumptions may require increased judgment. As events continue to evolve and additional information becomes available, these estimates may change in future periods. It is difficult to predict what the ongoing impact of the pandemic will be on future periods.

Summary of Significant Accounting Policies

Except for the addition of foreign currency to the Company’s significant accounting policies and the change related to income taxes, as described below, there have been no changes to the Company’s significant accounting policies as of and for the three months ended March 31, 2021 as compared to the significant accounting policies included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

Foreign Currency

The functional currency of the Company’s foreign operating subsidiaries is the local currency. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rates in effect at the balance sheet dates, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive income. Income and expense accounts are translated at the weighted-average exchange rates during the period.

Transaction gains or losses in currencies other than the functional currency are included as a component of “Other income (expense), net” in the Company's condensed consolidated statements of comprehensive income.

Income Taxes

The Company will report the tax impact of global intangible low-taxed income (“GILTI”) as a period cost when incurred. Accordingly, the Company is not providing deferred taxes for basis differences expected to reverse as GILTI.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020. Early adoption is permitted. The Company adopted ASU 2019-12 on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements.
v3.21.1
Acquisitions
 3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Acquisitions Acquisitions
Sensis Acquisition

On March 1, 2021 (the “Acquisition Date”), Thryv Australia Pty Ltd. (“Buyer”), an Australian proprietary limited company and a direct wholly-owned subsidiary of Thryv International Holdings LLC, a direct and wholly owned subsidiary of the Company, acquired all of the issued and outstanding equity interests of (i) Sunshine NewCo Pty Ltd, an Australian proprietary limited company, and its subsidiaries, and (ii) Sensis Holding Limited (“Sensis”), a private limited company incorporated under the laws of England and Wales, and its subsidiaries (collectively, the “Acquisition”). The Acquisition expanded the Company's market share with a broader geographical footprint. Additionally, the acquisition provided the Company with a significant increase in clients. Sensis is a provider of marketing solutions serving SMBs in Australia. Control was obtained by means of acquiring all the voting interests.

In connection with the Acquisition, the Company paid consideration of approximately $215.0 million in cash, subject to customary closing adjustments, financed by a New Term Loan (defined below) that was entered into on the Acquisition Date. All acquisition-related costs, amounting to $8.7 million, were expensed as incurred by the Company and no portion of these costs are included in consideration transferred. These costs were presented within General and administrative expense in the Company's condensed consolidated statement of operations. Additionally, as part of the effort to fund the Acquisition, the Company incurred debt issuance costs of $4.2 million related to a New Term Loan, of which $2.5 million is capitalized and amortized using the effective interest method. See “Note 8, Debt Obligations.”

The Company accounted for the Acquisition using the acquisition method of accounting in accordance with ASC 805 Business Combinations (“ASC 805”). This requires that the assets acquired and liabilities assumed be measured at fair value. The Company determined, using Level 3 inputs, the fair value of certain assets and liabilities including fixed assets, intangible assets, and financing obligations and deferred revenue by applying a combination of the income approach and the cost approach. Specific to intangible assets, client relationships were valued using a combination of the income and excess earnings approach, whereas trade names were valued using a relief of royalty method. The fair values of property, plant and equipment and intangible and other assets acquired and liabilities assumed, have been prepared on a preliminary basis with information currently available. and are subject to change. Management is still reviewing the characteristics and assumptions related to Sensis’s assets acquired and liabilities assumed. The preliminary purchase price allocation is expected to be finalized within 12 months after the Acquisition Date.
The following table summarizes the consideration transferred and the preliminary purchase price allocation of the fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands):

Total cash consideration$214,984 
Total purchase consideration, as allocated below:$214,984 
Cash and cash equivalents $40,794 
Accounts receivable and other current assets88,529 
Other assets11,801 
Fixed assets and capitalized software40,957 
Intangible assets:
Client relationships (useful life 3.5 years)
101,839 
Trademarks (useful life 3.5 years)
24,877 
Accounts payable(31,163)
Accrued liabilities(39,654)
Contract liabilities(27,075)
Other current liabilities(11,641)
Deferred tax liabilities(40,497)
Other liabilities(15,505)
Total identifiable net assets$143,262 
Goodwill71,722 
Total net assets acquired$214,984 

The excess of the purchase price over the fair value of the identifiable net assets acquired and the liabilities assumed was allocated to goodwill. The recognized goodwill of $71.7 million was primarily related to the benefits expected from the acquisition as is allocated to the Thryv International segment. The goodwill recognized is not deductible for income tax purposes.

The Acquisition contributed $15.4 million in revenue and $(4.0) million in net (loss) since the Acquisition Date.

Pro Forma Results

The pro forma condensed combined financial information presented below was derived from historical financial records of Thryv and Sensis and presents the operating results of the combined Company, with results prior to the Acquisition Date adjusted as if the Acquisition had occurred January 1, 2020. The pro forma data gives effect to historical operating results with adjustments to interest expense, amortization and depreciation expense and related tax effects.

The pro forma financial information is not necessarily indicative of the consolidated results of operations that would have been realized had the Sensis Acquisition been completed as of January 1, 2020, nor is it meant to be indicative of future results of operations that the combined entity will experience (in thousands):

Three Months Ended March 31,
20212020
Revenue$318,752 $359,204 
Net income52,415 13,073 
v3.21.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company has determined that each of its services is distinct and represents a separate performance obligation. The client can benefit from each service on its own or together with other resources that are readily available to the client. Services are separately identifiable from other promises in the contract. Control over the Company’s print services transfers to the client upon delivery of the published directories containing their advertisements to the intended market. Therefore, revenue associated with print services is recognized at a point in time upon delivery to the intended market. SaaS and digital services are recognized using the series guidance. Under the series guidance, the Company's obligation to provide services is the same for each day under the contract, and therefore represents a single performance obligation. Revenue associated with SaaS and digital services is recognized over time using an output method to measure the progress toward satisfying a performance obligation.

Disaggregation of Revenue
The Company presents disaggregated revenue based on the type of service within its segment footnote. See “Note 15, Segment Information.”

Contract Assets and Liabilities
The timing of revenue recognition may differ from the timing of billing to the Company’s clients. These timing differences result in receivables, contract assets, or contract liabilities (deferred revenue) as disclosed on the Company's condensed consolidated balance sheets. Contract assets represent the Company's right to consideration when revenue recognized exceeds the receivable from the client because the consideration allocated to fulfilled performance obligations exceeds the Company’s right to payment, and the right to payment is subject to more than the passage of time. Contract liabilities consist of advance payments and revenue deferrals resulting from the allocation of the consideration to performance obligations. For the three months ended March 31, 2021, the Company recognized revenue of $4.7 million that was recorded in Contract liabilities as of December 31, 2020. For the three months ended March 31, 2020, the Company recognized revenue of $6.2 million that was recorded in Contract liabilities as of December 31, 2019.

Pandemic Credits
During the three months ended March 31, 2021 and 2020, the Company recognized pandemic credits of $2.2 million and $0.7 million, respectively, provided to customers most impacted by COVID-19. The Company has reflected these price concessions as reduction to revenue in the condensed consolidated statements of operations.
v3.21.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value.

Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.
Level 3 — Unobservable inputs that reflect the Company's own assumptions incorporated into valuation techniques.
These valuations require significant judgment.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When there is more than one input at different levels within the hierarchy, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assessment of the significance of a particular input, to the fair value measurement in its entirety requires substantial judgment and consideration of factors specific to the asset or liability. Level 3 inputs are inherently difficult to estimate. Changes to these inputs can have a significant impact on fair value measurements. Assets and liabilities measured at fair value using Level 3 inputs are based on one or more of the following valuation techniques: market approach, income approach or cost approach.
The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of each reporting period. During the three months ended March 31, 2021 and 2020, there were no transfers between levels in the fair value hierarchy.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company’s non-financial assets such as goodwill, intangible assets, fixed assets, capitalized software and operating lease right-of-use assets are adjusted to fair value when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 2 and Level 3 inputs.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Prior to September 30, 2020, the fair value of the Company's indemnification asset was measured and recorded in the condensed consolidated balance sheets using Level 3 inputs because it was valued based on unobservable inputs and other estimation techniques due to the absence of quoted market prices. On September 30, 2020, the fair value of the Company’s indemnification asset was based on the THRY Nasdaq per share price. Accordingly, the indemnification asset was transferred from Level 3 to Level 1 within the fair value hierarchy. The Company values its indemnification asset utilizing the fair value of its common stock.

The following table presents a reconciliation of the Company’s Level 3 indemnification asset measured and recorded at fair value on a recurring basis as of March 31, 2021 and 2020, (in thousands):
20212020
Balance as of January 1,$— $29,789 
Change in fair value— (3,801)
Balance as of March 31$— $25,988 

On June 30, 2017, the Company completed the acquisition of YP Holdings, Inc. (the “YP Acquisition”). As further discussed in Note 13, Contingent Liabilities, as part of the YP Acquisition agreement, the Company is indemnified up to the fair value of 1.8 million shares held in escrow, subject to certain contract limitations. Due to an increase in the Company’s share prices as of March 31, 2021, the number of shares expected to be returned by the seller is 1.0 million, which represents the number of shares required to satisfy the uncertain tax position less $8.0 million.

Therefore, as of March 31, 2021 and December 31, 2020, the fair value of the Company's Level 1 indemnification asset was $24.3 million.

The loss of $3.8 million on the Company’s Level 3 indemnification asset during the three months ended March 31, 2020 was recorded in General and administrative expense on the Company's condensed consolidated statements of operations.

The fair value of benefit plan assets is measured and recorded on the Company's condensed consolidated balance sheets using Level 2 inputs. See “Note 9, Pensions.”

At March 31, 2020, the fair value associated with the Company's liability classified stock-based compensation awards totaled $49.1 million, of which $36.7 million was vested. The fair value of each stock option award and its subsequent period over period remeasurement, in the case of liability classified stock-based compensation awards, is estimated using the Black-Scholes option pricing model using Level 3 inputs. The decrease in value of the vested portion of the liability classified stock-based compensation awards at March 31, 2020 is primarily associated with a decrease in the Company's per share fair value.

The Company did not have liability classified stock-based compensation as of March 31, 2021.
The following table presents a reconciliation of the Company’s stock option liability measured and recorded at fair value on a recurring basis as of March 31, 2021 and 2020 (in thousands):
20212020
Balance as of January 1 (1)
$— $43,026 
Exercise of stock options— (224)
Change in fair value— (7,884)
Amortization of grant date fair value— 1,820 
Balance as of March 31$— $36,738 
(1)     As of October 1, 2020, based on the Company’s intention and ability to equity settle upon exercise, these stock options were classified as equity awards, and the liability associated with stock-based compensation award was reclassified to Additional paid-in capital.
The stock compensation expense of $2.0 million and benefit of $6.1 million recognized during the three months ended March 31, 2021, and 2020, respectively, was recorded as stock compensation expense (benefit) in Cost of services, Sales and marketing, and General and administrative expense in the Company's condensed consolidated statements of operations.
Fair Value of Financial Instruments

The Company considers the carrying amounts of cash, trade receivables, and accounts payable to approximate fair value because of the relatively short period of time between the origination of these instruments and their expected realization or payment.

Additionally, the Company considers the carrying amounts of its ABL Facility and financing obligations to approximate their fair values due to their short-term nature and approximation of interest rates to market rates. These fair value measurements are considered Level 2. See “Note 8, Debt Obligations.”

The New Term Loan (as defined below) and the Senior Term Loan (as defined below) are carried at amortized cost; however, the Company estimates the fair value of each term loan for disclosure purposes. The fair value of the New Term Loan and the Senior Term Loan is determined based on quoted prices that are observable in the market place and are classified as Level 2 measurements. See “Note 8, Debt Obligations.”
The following table sets forth the carrying amount and fair value of the New Term Loan and Senior Term Loan (in thousands):
March 31, 2021December 31, 2020
Carrying AmountFair ValueCarrying AmountFair Value
New Term Loan, net$676,552 $658,793 $— $— 
Senior Term Loan, net— — 449,165 441,742 
v3.21.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

The following table sets forth the changes in the carrying amount of goodwill for the Company for three months ended March 31, 2021 (in thousands):
Marketing
Services		SaaSThryv InternationalTotal
Balance as of December 31, 2020$390,573 $218,884 $— $609,457 
Sensis acquisition— — 71,722 71,722 
Effects of foreign currency translation — — (1,620)(1,620)
Balance as of March 31, 2021$390,573 $218,884 $70,102 $679,559 
Intangible Assets

The following tables set forth the details of the Company's intangible assets as of March 31, 2021 and December 31, 2020 (in thousands):

 As of March 31, 2021
 GrossAccumulated
Amortization		Effects of Foreign Currency TranslationNetWeighted
Average
Remaining
Amortization
Period in Years
Client relationships$803,641 $706,388 $2,211 $95,042 3.5
Trademarks and domain names225,177 174,457 768 49,953 2.6
Patented technologies19,600 19,600 — — 0.0
Covenants not to compete1,521 869 — 652 1.7
Total intangible assets$1,049,939 $901,314 $2,979 $145,647 3.2

 As of December 31, 2020
 GrossAccumulated
Amortization		NetWeighted
Average
Remaining
Amortization
Period in Years
Client relationships$701,802 $701,518 $284 1.4
Trademarks and domain names200,300 169,545 30,755 2.0
Patented technologies19,600 19,600 — 0.0
Covenants not to compete1,497 759 738 1.8
Total intangible assets$923,199 $891,422 $31,777 2.0

Amortization expense for the three months ended March 31, 2021, and 2020 was approximately $9.9 million and $28.9 million, respectively.

Estimated aggregate future amortization expense by fiscal year for the Company's intangible assets is as follows (in thousands):
Fiscal YearEstimated Future
Amortization Expense
2021$63,648 
202251,014 
202321,979 
20249,006 
Total$145,647 
v3.21.1
Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2021
Credit Loss [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
The following table sets forth the Company's allowance for credit losses (in thousands):
20212020
Balance as of January 1$33,368 $26,828 
Sensis acquisition, balance as of March 1, 20212,733 — 
Additions (1)
2,018 10,588 
Deductions (2)
(3,318)(3,630)
Balance as of March 31 (3)
$34,801 $33,786 

(1)    For the three months ended March 31, 2021 and 2020, represents provision for bad debt expense of $2.0 million and $10.6 million, respectively, which is included in General and administrative expense.
(2)    For the three months ended March 31, 2021 and 2020, represents amounts written off as uncollectible, net of recoveries.

(3)    As of March 31, 2021, $34.6 million of the allowance is attributable to Accounts receivable and $0.2 million is attributable to Contract assets. As of March 31, 2020, $33.5 million of the allowance is attributable to accounts receivable and $0.3 million is attributable to contract assets.

The Company’s exposure to expected credit losses depends on the financial condition of its clients and other macroeconomic factors. The Company maintains an allowance for credit losses based upon its estimate of potential credit losses. This allowance is based upon historical and current client collection trends, any identified client-specific collection issues, and current as well as expected future economic conditions and market trends. The economic downturn caused by COVID-19 resulted in an incremental amount of $3.1 million recorded to allowance for credit losses for the three months ended March 31, 2020. No incremental impact was recorded for the three months ended March 31, 2021.
v3.21.1
Accrued Liabilities
 3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
The following table sets forth additional financial information related to the Company's accrued liabilities (in thousands):
March 31, 2021December 31, 2020
Accrued salaries and related expenses$49,708 $53,844 
Accrued severance (1)
1,293 2,280 
Accrued taxes 36,385 26,209 
Accrued expenses 64,940 51,284 
Accrued service credits5,211 5,996 
Accrued liabilities$157,537 $139,613 
(1)    During the three months ended March 31, 2021, the Company incurred a total of $0.6 million in severance expense, which was recorded in General and administrative expense. During the three months ended March 31, 2021, severance expense of $0.5 million and $0.1 million was recorded in the Marketing Services and SaaS segments, respectively.
During the three months ended March 31, 2020, the Company incurred a total of $3.3 million in severance expense, which was recorded in General and administrative expense. The severance expense included employee separation charges of $1.0 million recorded as a result of COVID-19. Severance expense of $3.0 million and $0.3 million was recorded in the Marketing Services and SaaS segments, respectively.
During the three months ended March 31, 2021, the Company paid a total of $1.4 million related to severance, consisting of $0.1 million due to COVID-19 employee separations and $1.3 million of other severance costs.
During the three months ended March 31, 2020, the Company paid a total of $2.7 million related to severance, inclusive of $1.8 million and $0.9 million related to severance incurred as part of the post-merger integration of YP and ongoing severance expense, respectively. No payments were made related to COVID-19 employee separations during the three months ended March 31, 2020.
v3.21.1
Debt Obligations
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
The following table sets forth the Company's outstanding debt obligations as of March 31, 2021 and December 31, 2020 (in thousands):
MaturityInterest RateMarch 31, 2021December 31, 2020
New Term Loan, net (1)
March 1, 2026LIBOR +8.5 %$676,552 $— 
Senior Term Loan, net (2)
December 31, 2023LIBOR + 9.0 %— 449,165 
ABL Facility (Fifth Amendment)March 1, 20263-month LIBOR +3.0 %43,682 — 
ABL Facility (Fourth Amendment)September 30, 20233-month LIBOR +4.0 %— 79,238 
Total debt obligations$720,234 $528,403 
Less: Current portion of New Term Loan70,000 — 
Total debt obligations, long-term$650,234 $528,403 

(1)     Net of original issue discount costs of $20.8 million and debt issuance costs of $2.6 million, as of March 31, 2021.
(2)     Net of debt issuance costs of $0.4 million, as of December 31, 2020.

Term Loan

On March 1, 2021, the Company entered into a new term loan credit agreement (the “New Term Loan”). The proceeds of the New Term Loan were used to finance the Sensis Acquisition, refinance in full the Company's existing term loan facility (the “Senior Term Loan”), and pay fees and expenses related to the Sensis Acquisition and related financing.

The New Term Loan established a senior secured term loan facility (the “Term Loan Facility”) in an aggregate principal amount equal to $700.0 million, of which 38.4% was held by related parties who are equity holders of the Company, including GoldenTree Asset Management LP, Paulson & Co. Inc., and Mudrick Capital Management, LP, who held 25.0%, 7.1%, and 6.3% of the debt, respectively, as of March 1, 2021. The Term Loan Facility matures on March 1, 2026 and borrowings under the Term Loan Facility will bear interest at a fluctuating rate per annum equal to, at the Company’s option, LIBOR or base rate, in each case, plus an applicable margin per annum equal to (i) 8.50% (for LIBOR loans) and (ii) 7.50% (for base rate loans). The Term Loan Facility requires mandatory amortization payments equal to $17.5 million per fiscal quarter commencing June 30, 2021.

The net proceeds from the New Term Loan of $674.9 million (net of original issue discount costs of $21.0 million and third-party fees of $4.1 million) were used to repay the remaining $449.6 million outstanding principal balance of the Senior Term Loan, accrued interest of $0.4 million, and third-party fees of $0.1 million. The Company accounted for this transaction with GoldenTree Asset Management, Silver Point Capital, and Mudrick Capital Management as a modification. The transaction with other lenders party to only the Existing Term Loan was accounted for as an extinguishment.

Accordingly, total third-party fees paid were $4.2 million, of which $1.7 million was immediately charged to General and administrative expense on the Company's condensed consolidated statement of operations. The remaining third-party fees of $2.5 million were deferred as debt issuance costs and will be amortized to interest expense, over the term of the loan, using the effective interest method. Additionally, there was unamortized debt issuance costs of $0.4 million on the existing Senior Term Loan, of which $0.3 million was written off and recorded as a loss on early extinguishment of debt on the Company's condensed consolidated statement of operations. The remaining unamortized debt issuance costs of $0.1 million will be deferred as debt issuance costs and amortized to interest expense, over the term of the New Term Loan, using the effective interest method. The New Term Loan, which was initiated by Thryv, Inc., the Company’s operating subsidiary, is secured by all the property of Thryv, Inc., certain of its subsidiaries and the Company, and is guaranteed by the Company and certain of its subsidiaries.

In accordance with the New Term Loan and the Senior Term Loan, for the three months ended March 31, 2021 and 2020, the Company recorded interest expense with related parties of $4.1 million and $5.2 million, respectively.
The Company has recorded accrued interest of $6.5 million and $8.5 million, as of March 31, 2021 and December 31, 2020, respectively. Accrued interest is included in Other current liabilities on the Company's condensed consolidated balance sheets.

As of March 31, 2021, 38.4% of the New Term Loan was held by related parties who are equity holders of the Company, including GoldenTree Asset Management LP, Paulson & Co. Inc., and Mudrick Capital Management, LP, who held 25.0%, 7.1%, and 6.3% of the debt, respectively.

Term Loan Covenants

The New Term Loan contains certain covenants that, subject to exceptions, limit or restrict the borrower's incurrence of additional indebtedness, liens, investments, loans, advances, guarantees, acquisitions, sales of assets, sale-leaseback transactions, swap agreements, payments of dividends or distributions, payments in respect of certain indebtedness, certain affiliate transactions, restrictive amendments to agreements, changes in business, amendments of certain material documents, capital expenditures, mergers, consolidations and liquidations, and use of the proceeds. Additionally, the Company is required to maintain compliance with a Total Net Leverage Ratio, calculated as Net Debt to Consolidated EBITDA, which shall not be greater than 3.0 to 1.0 as of the last day of each fiscal quarter (commencing with the fiscal quarter ending June 30, 2021). As of March 31, 2021, the Company was in compliance with its New Term Loan covenants. The Company also expects to be in compliance with these covenants for the next twelve months.

ABL Facility

On March 1, 2021, the Company entered into an agreement to amend the June 30, 2017 ABL Facility (“ABL Amendment”). The ABL Amendment was entered into in order to permit the term loan refinancing, the Sensis Acquisition and make certain other changes to the ABL credit agreement, including, among others:

•revise the maximum revolver amount to $175.0 million;
•reduce the interest rate per annum to (i) 3-month LIBOR plus 3.00% for LIBOR loans and (ii) base rate plus 2.00% for base rate loans;
•reduce the commitment fee on undrawn amounts under the ABL Facility to 0.375%;
•extend the maturity date of the ABL Facility to the earlier of March 1, 2026 and 91 days prior to the stated maturity
date of the Term Loan Facility;
•add the Australian subsidiaries acquired pursuant to the Sensis Acquisition as borrowers and guarantors, and establish an Australian borrowing base; and
•make certain other conforming changes consistent with the Term Loan Agreement.

The Company accounted for this transaction as a modification of the ABL Facility. Accordingly, the existing unamortized debt issuance costs of $2.4 million, as well as additional third-party fees and lender fees of $0.9 million associated with the latest ABL Amendment, will be deferred and will be amortized over the new term of the ABL Facility.

As of March 31, 2021 and December 31, 2020, the Company had debt issuance costs with a remaining balance of $3.2 million and $2.5 million, respectively. These debt issuance costs are included in Other assets on the Company's condensed consolidated balance sheets.

As of March 31, 2021, the Company had borrowing capacity of $113.1 million under the ABL Facility.

ABL Facility Covenants

The ABL Facility contains certain covenants that, subject to exceptions, limit or restrict the borrower's incurrence of additional indebtedness liens, investments, loans, advances, guarantees, acquisitions, disposals of assets, payments of certain indebtedness, certain affiliate transactions, changes in fiscal year or accounting methods, issuance or sale of equity instruments, mergers, liquidations and consolidations, use of proceeds, maintenance of certain deposit accounts, compliance
with certain ERISA requirements and compliance with certain Australian tax requirements. The Company is required to maintain compliance with a fixed charge coverage ratio that must exceed a ratio of 1.00. The fixed charge coverage ratio is defined as, with respect to any fiscal period determined on a consolidated basis in accordance with GAAP, the ratio of (a) Consolidated EBITDA as defined in the ABL credit agreement for such period minus capital expenditures incurred during such period, to (b) fixed charges. Fixed charges is defined as with respect to any fiscal period determined on a consolidated basis in accordance with GAAP, the sum, without duplication, of (a) consolidated interest expense accrued (other than amortization of debt issuance costs, and other non-cash interest expense) during such period, (b) scheduled principal
payments in respect of indebtedness paid during such period, and (c) all federal, state, and local income taxes accrued during such period, (d) all management, consulting, monitoring, and advisory fees paid to certain individuals or their affiliates during such period, and (e) all restricted payments paid during such period (whether in cash or other property, other than common equity interest). The Company is also required to maintain excess availability of at least $14.0 million, and U.S. excess availability of $10.0 million, in each case, at all times. As of March 31, 2021, the Company was in compliance with its ABL Facility covenants. The Company also expects to be in compliance with these covenants for the next twelve months.

Leaseback Obligations

As part of the YP Acquisition on June 30, 2017, the Company assumed certain obligations including a failed sale-leaseback liability associated with land and a building in Tucker, Georgia. In conjunction with this financing liability, the fair value of the land and building was included as a part of the total tangible assets acquired in the acquisition. A certain amount of this liability consists of a non-cash residual value at termination of the lease in August 2022, which on this date will be written off against the remaining carrying value of the land and building, with any amount remaining recorded as a gain on termination of the lease contract.

The following table sets forth the components of the Company's total leaseback obligations as of March 31, 2021 and December 31, 2020 (in thousands):
March 31, 2021December 31, 2020
Non-cash residual value of Tucker, Georgia lease$54,676 $54,676 
Future maturities associated with the Tucker, Georgia failed
sale-leaseback liability		691 862 
Total leaseback obligations$55,367 $55,538 
v3.21.1
Pensions
 3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]  
Pensions Pensions
The Company maintains pension obligations associated with non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs.

The Company immediately recognizes actuarial gains and losses in its operating results in the year in which the gains and losses occur. The Company estimates the interest cost component of net periodic pension cost by utilizing a full yield curve approach and applying the specific spot rates along the yield curve used in the determination of the benefit obligations of the relevant projected cash flows. This method provides a more precise measurement of interest costs by improving the correlation between projected cash flows to the corresponding spot yield curve rates.

Net Periodic Pension Cost

The following table details the other components of net periodic pension cost for the Company's pension plans (in thousands):
Three Months Ended
March 31,
 20212020
Interest cost$2,616 $4,234 
Expected return on assets(2,890)(4,033)
Settlement (gain)(15)— 
Remeasurement (gain)(164)— 
Net periodic pension (benefit) cost$(453)$201 

Since all pension plans are frozen and no employees accrue future pension benefits under any of the pension plans, the rate of compensation increase assumption is no longer needed. The Company determines the weighted-average discount rate by applying a yield curve comprised of the yields on several hundred high-quality, fixed income corporate bonds available on the measurement date to expected future benefit cash flows.

During the three months ended March 31, 2021, the Company recognized a pension settlement gain of less than $0.1 million. During the three months ended March 31, 2020, no pension settlement gains or losses were recognized.
During the three months ended March 31, 2021, the Company made cash contributions of $5.0 million to the qualified plans and contributions and associated payments of $0.7 million to the non-qualified plans. During the three months ended March 31, 2020, the Company made cash contributions of $3.6 million to the qualified plans, and contributions and associated payments of $0.5 million to the non-qualified plans. For the fiscal year 2021, the Company expects to contribute approximately $25.0 million to the qualified plans and approximately $1.4 million to the non-qualified plans.
v3.21.1
Stock-Based Compensation and Stockholders' Equity
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stock-Based Compensation and Stockholders' Equity Stock-Based Compensation and Stockholders' Equity
Stock-Based Compensation Expense

Stock Options

During the three months ended March 31, 2021, the Company issued an aggregate of 215,544 shares of common stock to employees upon the exercise of options previously granted under the 2016 Stock Incentive Plan at exercise prices ranging from $3.68 to $13.82 per share. The stock-based compensation expense (benefit) recognized for stock option awards was $1.7 million and $(6.1) million during the three months ended March 31, 2021 and 2020, respectively.

Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (“ESPP”) was approved by the Company's board of directors on September 10, 2020 and became effective on September 23, 2020. Under the ESPP, eligible employees may purchase a limited number of shares of our common stock at the lesser of 85% of the market value at the beginning of offering period or 85% of the market value at the end of the offering period. The ESPP is intended to enable eligible employees to use payroll deductions to purchase shares of stock in offerings under the plan, and thereby acquire an interest in the Company. The maximum aggregate number of shares of stock available for purchase under the plan by eligible employees is 2,000,000 shares. No shares were issued through the ESPP during the three months ended March 31, 2021. The stock-based compensation expense recognized for the ESPP was $0.3 million during the three months ended March 31, 2021.

Stock-Based Compensation Expense

The following table sets forth stock-based compensation expense (benefit), including the effects of gains and losses from changes in fair value for the three months ended March 31, 2020, recognized by the Company in the following line items in the Company's condensed consolidated statements of operations during the periods presented (in thousands):

 Three Months Ended March 31,
 20212020
Cost of services$81 $(316)
Sales and marketing832 (532)
General and administrative1,058 (5,216)
Stock-based compensation expense (benefit)$1,971 $(6,064)

Stock Warrants

As of March 31, 2021 and December 31, 2020, the Company had 10.5 million fully vested outstanding warrants. The holders of such warrants are entitled to purchase, in the aggregate, up to 5.8 million shares of common stock. Warrants can be exercised at a strike price of $24.39 per common share. The warrants were issued in 2016 upon the Company's emergence from its pre-packaged bankruptcy. During the three months ended March 31, 2021, 200 warrants were exercised. No warrants were exercised during the three months ended March 31, 2020. These warrants expire on August 15, 2023.

Share Repurchases

On January 28, 2020, the Company repurchased approximately 1.0 million shares of its outstanding common stock from a single stockholder. The total purchase price of this transaction was approximately $12.6 million. On March 10, 2020, the Company repurchased approximately 0.8 million shares of its outstanding common stock. The total purchase price of this
transaction was $9.2 million. The shares acquired in each of these transactions were recorded as Treasury stock upon repurchase. There were no share repurchases during the three months ended March 31, 2021.
v3.21.1
Earnings per Share
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The following table sets forth the calculation of basic earnings per share and diluted earnings per share for the three months ended March 31, 2021 and 2020 (in thousands, except share and per share amounts):
Three Months Ended
March 31,
20212020
Basic net income per share:
Net income$36,506 $28,102 
Weighted-average common shares outstanding during the period33,108,422 32,578,286 
Basic net income per share$1.10 $0.86 
Three Months Ended
March 31,
20212020
Diluted net income per share:
Net income$36,506 $28,102 
Basic shares outstanding during the period33,108,422 32,578,286 
Plus: Common stock equivalents associated with stock option awards905,058 2,448,240 
Diluted shares outstanding34,013,480 35,026,526 
Diluted net income per share$1.07 $0.80 
The computation of diluted shares outstanding excluded approximately 0.4 million of outstanding stock options and 0.1 million of ESPP shares for the three months ended March 31, 2021, 4.6 million of outstanding stock options for the three months ended March 31, 2020, and 10.5 million of outstanding stock warrants for the three months ended March 31, 2021 and 2020, as their effect would have been anti-dilutive.
v3.21.1
Income Taxes
 3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe Company’s effective tax rate (“ETR”) was 24.4% for the three months ended March 31, 2021 and 32.3% for the three months ended March 31, 2020. The ETR differs from the 21.0% U.S. Federal statutory rate primarily due to tax permanent differences and discrete items recorded in each of the respective periods. As of March 31, 2021 and December 31, 2020, the amount of unrecognized tax benefits was $23.7 million excluding interest and penalties, respectively, of which up to $23.7 million, respectively, would affect the Company's effective tax rate if realized. As of March 31, 2021 and December 31, 2020, the Company had $8.8 million and $8.4 million, respectively, recorded for interest in the condensed consolidated balance sheets. The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. The Company expects to complete resolution of certain tax years with various tax authorities within the next 12 months. The Company believes it is reasonably possible that its existing gross unrecognized tax benefits may be reduced by up to $21.8 million within the next 12 months, affecting the Company’s effective tax rate if realized.
v3.21.1
Contingent Liabilities
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Contingent Liabilities Contingent Liabilities
Litigation

The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates.
The Company establishes reserves for the estimated losses on specific contingent liabilities, for regulatory and legal actions where the Company deems a loss to be probable and the amount of the loss can be reasonably estimated. In other instances, the Company is not able to make a reasonable estimate of liability because of the uncertainties related to the outcome or the amount or range of potential loss. The Company does not expect that the ultimate resolution of pending regulatory and legal matters in future periods will have a material adverse effect on the Company's condensed consolidated statements of operations, balance sheets or cash flows.

Section 199 and Research and Development Tax Case: Section 199 of the Tax Code provides for deductions for manufacturing performed in the U.S. The government has taken the position that directory providers are not entitled to take advantage of the deductions because printing vendors are already taking deductions and only one taxpayer can claim the deduction. The Tax Code also grants tax credits related to research and development expenditures. The government took the position that the expenditures have not been sufficiently documented to be eligible for the tax credit. The Company disagrees with these positions.

The government has challenged the Company's positions. With respect to the tax years 2012 through June 2015 for the YP LLC partnership, the government sent 90-day notices to DexYP on August 29, 2018. In response, the Company filed three petitions (in the names of various related partners) in U.S. Tax Court, and the IRS filed answers to those petitions. The three cases were consolidated by the court and were referred back to IRS Administrative Appeals for settlement negotiations, during which time the litigation is suspended. The appeals conference for YP will likely occur in the second quarter of 2021. In advance of the IRS Appeals conference, the parties did reach an agreement regarding additional research and development tax credits for the tax years at issue whereby the IRS will allow more tax credits than were originally claimed on the tax returns. With respect to the tax year from July to December 2015 for the Print Media LLC partnership, the Company was recently unsuccessful in its attempt to negotiate a settlement with IRS Appeals, and the government issued a 90-day notice to the Company. The Company filed a petition in the Tax Court to challenge the government’s denial.

As of March 31, 2021, and December 31, 2020, the Company has reserved approximately $32.3 million and $31.9 million in connection with the 199 disallowance and $0.2 million and $0.2 million related to the research and development tax credit disallowance, respectively. The decrease in the reserve balance is primarily attributable to a partial release of uncertain tax positions due to favorable developments with ongoing U.S. federal tax examinations. Pursuant to the acquisition transaction whereby the Company acquired certain entities from the YP Acquisition, the Company is entitled to (i) a dollar for dollar indemnification for the research and development tax liability, and (ii) a dollar for dollar indemnification for the 199-tax liability after the Company pays the first $8.0 million in liability. The indemnification, however, is subject to a provision in the YP Acquisition agreement that limits the seller’s liability to certain stock that was escrowed in connection with the YP Acquisition. The value of that escrowed stock is estimated to be approximately $24.3 million at both March 31, 2021 and December 31, 2020.

Other

Texas Sales, Excise, and Use Tax Audit: We conduct operations in many tax jurisdictions. In many jurisdictions, non-income-based taxes, such as sales and use tax and other indirect taxes, are assessed on our operations. Although we are diligent in collecting and remitting such taxes, there is uncertainty as to how each taxing jurisdiction will ultimately classify the Company's digital products and services for sales and use tax purposes. On June 24, 2020, the Texas Comptroller of Public Accounts issued a notice to the Company assigning a routine audit of the Company's sales, excise, and use tax account for the audit period covering March 1, 2017 through July 31, 2020. The Company has reserved $2.6 million for the total combined exposure for the periods open to audit examination, which is accrued on the Company's condensed consolidated balance sheet as of March 31, 2021.

New York Sales, Excise, and Use Tax Audit: On August 19, 2020, the New York State Department of Taxation and Finance issued a notice to the Company assigning a routine audit of the Company's sales, excise, and use tax account for the audit period covering March 1, 2017 through May 31, 2020. The Company has reserved $2.9 million for the total combined exposure for the respective period, which is accrued on the Company's condensed consolidated balance sheet as of March 31, 2021.
v3.21.1
Changes in Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated other comprehensive income (loss), which is reported as a component of stockholders' equity, for the three months ended March 31, 2021:

Accumulated Foreign Currency Translation Adjustments
Beginning balance at January 1, 2021$— 
Foreign currency translation adjustment, net of tax expense of $1.0 million
(2,967)
Ending balance at March 31, 2021$(2,967)
v3.21.1
Segment Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
As a result of the Sensis Acquisition, we reviewed our segment reporting based on the information used by the Chief Executive Officer, who is also the chief operating decision maker (“CODM”), to assess performance and allocate resources subsequent to the Sensis Acquisition. As a result of this review, we determined that the Company manages operations using three operating segments which are also its reportable segments: (1) Marketing Services, (2) SaaS, and (3) Thryv International.
During the three months ended March 31, 2021, the Company adjusted its methodology of classifying certain revenue between products of its SaaS segment. The current and prior three months ended March 31 reflect the current methodology.
The following tables summarize the operating results of our reportable segments (in thousands):
Three Months Ended March 31, 2021
Marketing ServicesSaaSThryv InternationalTotal
Revenue$227,933 $37,251 $15,422 $280,606 
Segment EBITDA98,631 316 5,986 104,933 

Three Months Ended March 31, 2020
Marketing ServicesSaaSThryv InternationalTotal
Revenue$286,722 $31,848 $— $318,570 
Segment EBITDA110,078 2,701 — 112,779 
A reconciliation of total Segment EBITDA to the Company’s Income before benefit (provision) for income taxes is as follows (in thousands):
Three Months Ended March 31,
20212020
Total Segment EBITDA$104,933 $112,779 
Interest expense(15,672)(19,930)
Depreciation and amortization(19,718)(37,823)
Other components of net periodic pension benefit (cost)453 (201)
(Loss) on early extinguishment of debt(299)— 
Impairment charges— (98)
Restructuring and integration expenses (1)
(9,234)(9,845)
Transaction costs (2)
(10,546)(6,534)
Stock-based compensation (expense) benefit(1,971)6,064 
(Loss) from remeasurement of indemnification asset— (3,801)
Other369 900 
Income before (provision) for income taxes$48,315 $41,511 
(1)For the three months ended March 31, 2021, the Company incurred $0.6 million of severance expense, of which none was a result of the COVID-19 pandemic. For the three months ended March 31, 2020, the Company incurred $3.3 million of severance expense, of which $1.0 million was a result of the COVID-19 pandemic. In addition, the Company incurred losses on disposal of fixed assets and capitalized software and costs associated with abandoned facilities and system consolidation.
(2)Consists of direct listing, Sensis Acquisition and other transaction costs.
The following table sets forth the Company's disaggregation of revenue based on services for the periods indicated (in thousands):
Three Months Ended March 31,
20212020
Marketing Services
PYP$112,911 $137,387 
IYP64,095 74,946 
SEM34,432 49,708 
Other16,495 24,681 
Total Marketing Services227,933 286,722 
SaaS
Thryv Platform25,900 25,268 
Thryv Add-ons11,351 6,580 
Total SaaS37,251 31,848 
Thryv International
PYP5,713 — 
IYP6,570 — 
SEM2,001 — 
Other1,138 — 
Total Thryv International15,422 — 
Total Revenue$280,606 $318,570 
v3.21.1
Subsequent Events
 3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn April 30, 2021, 1.0 million warrants were exercised to purchase approximately 0.6 million common shares at a strike price of $24.39 per common share, bringing our total outstanding shares to 33.7 million.
v3.21.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

The Company prepares its financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Accordingly, certain information and disclosures normally included in the complete financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements include the financial statements of Thryv Holdings, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring items and accruals, necessary for the fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. The condensed consolidated financial statements as of and for the three months ended March 31, 2021 and 2020 have been prepared on the same basis as the audited annual financial statements. Certain reclassifications have been made to the March 31, 2020 condensed consolidated financial statements and accompanying notes to conform to the March 31, 2021 presentation. The condensed consolidated balance sheet as of December 31, 2020 was derived from audited annual financial statements. The condensed consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s audited financial statements and related footnotes for the year ended December 31, 2020.
Use of Estimates
Use of Estimates

The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions about future events that affect the amounts reported and disclosed in the condensed 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.
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 net pension obligation. 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.

Due to the novel strain of coronavirus, commonly referred to as COVID-19 (“COVID-19”) and the uncertainty of the extent of the impacts related thereto, certain estimates and assumptions may require increased judgment. As events continue to evolve and additional information becomes available, these estimates may change in future periods. It is difficult to predict what the ongoing impact of the pandemic will be on future periods.
Foreign Currency
Foreign Currency

The functional currency of the Company’s foreign operating subsidiaries is the local currency. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rates in effect at the balance sheet dates, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive income. Income and expense accounts are translated at the weighted-average exchange rates during the period.

Transaction gains or losses in currencies other than the functional currency are included as a component of “Other income (expense), net” in the Company's condensed consolidated statements of comprehensive income.
Income Taxes
Income Taxes

The Company will report the tax impact of global intangible low-taxed income (“GILTI”) as a period cost when incurred. Accordingly, the Company is not providing deferred taxes for basis differences expected to reverse as GILTI.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020. Early adoption is permitted. The Company adopted ASU 2019-12 on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements.
v3.21.1
Organization, Consolidation and Presentation of Financial Statements (Tables)
 3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Change in Accounting Principle
The following summarizes the changes made to the Company's condensed consolidated statements of operations for three months ended March 31, 2020 (in thousands):

Three Months Ended March 31, 2020
As ReportedAdjustmentsAs Adjusted
Cost of services$99,620 $18,356 $117,976 
Sales and marketing75,353 13,939 89,292 
General and administrative44,132 5,430 49,562 
Impairment charges— 98 98 
Depreciation and amortization37,823 (37,823)— 
v3.21.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the consideration transferred and the preliminary purchase price allocation of the fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands):

Total cash consideration$214,984 
Total purchase consideration, as allocated below:$214,984 
Cash and cash equivalents $40,794 
Accounts receivable and other current assets88,529 
Other assets11,801 
Fixed assets and capitalized software40,957 
Intangible assets:
Client relationships (useful life 3.5 years)
101,839 
Trademarks (useful life 3.5 years)
24,877 
Accounts payable(31,163)
Accrued liabilities(39,654)
Contract liabilities(27,075)
Other current liabilities(11,641)
Deferred tax liabilities(40,497)
Other liabilities(15,505)
Total identifiable net assets$143,262 
Goodwill71,722 
Total net assets acquired$214,984 
Business Acquisition, Pro Forma Information
The pro forma financial information is not necessarily indicative of the consolidated results of operations that would have been realized had the Sensis Acquisition been completed as of January 1, 2020, nor is it meant to be indicative of future results of operations that the combined entity will experience (in thousands):

Three Months Ended March 31,
20212020
Revenue$318,752 $359,204 
Net income52,415 13,073 
v3.21.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents a reconciliation of the Company’s Level 3 indemnification asset measured and recorded at fair value on a recurring basis as of March 31, 2021 and 2020, (in thousands):
20212020
Balance as of January 1,$— $29,789 
Change in fair value— (3,801)
Balance as of March 31$— $25,988 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table sets forth the carrying amount and fair value of the New Term Loan and Senior Term Loan (in thousands):
March 31, 2021December 31, 2020
Carrying AmountFair ValueCarrying AmountFair Value
New Term Loan, net$676,552 $658,793 $— $— 
Senior Term Loan, net— — 449,165 441,742 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents a reconciliation of the Company’s stock option liability measured and recorded at fair value on a recurring basis as of March 31, 2021 and 2020 (in thousands):
20212020
Balance as of January 1 (1)
$— $43,026 
Exercise of stock options— (224)
Change in fair value— (7,884)
Amortization of grant date fair value— 1,820 
Balance as of March 31$— $36,738 
(1)     As of October 1, 2020, based on the Company’s intention and ability to equity settle upon exercise, these stock options were classified as equity awards, and the liability associated with stock-based compensation award was reclassified to Additional paid-in capital.
v3.21.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table sets forth the changes in the carrying amount of goodwill for the Company for three months ended March 31, 2021 (in thousands):
Marketing
Services		SaaSThryv InternationalTotal
Balance as of December 31, 2020$390,573 $218,884 $— $609,457 
Sensis acquisition— — 71,722 71,722 
Effects of foreign currency translation — — (1,620)(1,620)
Balance as of March 31, 2021$390,573 $218,884 $70,102 $679,559 
Schedule of Finite-Lived Intangible Assets
The following tables set forth the details of the Company's intangible assets as of March 31, 2021 and December 31, 2020 (in thousands):

 As of March 31, 2021
 GrossAccumulated
Amortization		Effects of Foreign Currency TranslationNetWeighted
Average
Remaining
Amortization
Period in Years
Client relationships$803,641 $706,388 $2,211 $95,042 3.5
Trademarks and domain names225,177 174,457 768 49,953 2.6
Patented technologies19,600 19,600 — — 0.0
Covenants not to compete1,521 869 — 652 1.7
Total intangible assets$1,049,939 $901,314 $2,979 $145,647 3.2

 As of December 31, 2020
 GrossAccumulated
Amortization		NetWeighted
Average
Remaining
Amortization
Period in Years
Client relationships$701,802 $701,518 $284 1.4
Trademarks and domain names200,300 169,545 30,755 2.0
Patented technologies19,600 19,600 — 0.0
Covenants not to compete1,497 759 738 1.8
Total intangible assets$923,199 $891,422 $31,777 2.0
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated aggregate future amortization expense by fiscal year for the Company's intangible assets is as follows (in thousands):
Fiscal YearEstimated Future
Amortization Expense
2021$63,648 
202251,014 
202321,979 
20249,006 
Total$145,647 
v3.21.1
Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2021
Credit Loss [Abstract]  
Accounts Receivable, Allowance for Credit Loss
The following table sets forth the Company's allowance for credit losses (in thousands):
20212020
Balance as of January 1$33,368 $26,828 
Sensis acquisition, balance as of March 1, 20212,733 — 
Additions (1)
2,018 10,588 
Deductions (2)
(3,318)(3,630)
Balance as of March 31 (3)
$34,801 $33,786 

(1)    For the three months ended March 31, 2021 and 2020, represents provision for bad debt expense of $2.0 million and $10.6 million, respectively, which is included in General and administrative expense.
(2)    For the three months ended March 31, 2021 and 2020, represents amounts written off as uncollectible, net of recoveries.(3)    As of March 31, 2021, $34.6 million of the allowance is attributable to Accounts receivable and $0.2 million is attributable to Contract assets. As of March 31, 2020, $33.5 million of the allowance is attributable to accounts receivable and $0.3 million is attributable to contract assets.
v3.21.1
Accrued Liabilities (Tables)
 3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities Accrued Liabilities
The following table sets forth additional financial information related to the Company's accrued liabilities (in thousands):
March 31, 2021December 31, 2020
Accrued salaries and related expenses$49,708 $53,844 
Accrued severance (1)
1,293 2,280 
Accrued taxes 36,385 26,209 
Accrued expenses 64,940 51,284 
Accrued service credits5,211 5,996 
Accrued liabilities$157,537 $139,613 
(1)    During the three months ended March 31, 2021, the Company incurred a total of $0.6 million in severance expense, which was recorded in General and administrative expense. During the three months ended March 31, 2021, severance expense of $0.5 million and $0.1 million was recorded in the Marketing Services and SaaS segments, respectively.
During the three months ended March 31, 2020, the Company incurred a total of $3.3 million in severance expense, which was recorded in General and administrative expense. The severance expense included employee separation charges of $1.0 million recorded as a result of COVID-19. Severance expense of $3.0 million and $0.3 million was recorded in the Marketing Services and SaaS segments, respectively.
During the three months ended March 31, 2021, the Company paid a total of $1.4 million related to severance, consisting of $0.1 million due to COVID-19 employee separations and $1.3 million of other severance costs.
During the three months ended March 31, 2020, the Company paid a total of $2.7 million related to severance, inclusive of $1.8 million and $0.9 million related to severance incurred as part of the post-merger integration of YP and ongoing severance expense, respectively. No payments were made related to COVID-19 employee separations during the three months ended March 31, 2020.
v3.21.1
Debt Obligations (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table sets forth the Company's outstanding debt obligations as of March 31, 2021 and December 31, 2020 (in thousands):
MaturityInterest RateMarch 31, 2021December 31, 2020
New Term Loan, net (1)
March 1, 2026LIBOR +8.5 %$676,552 $— 
Senior Term Loan, net (2)
December 31, 2023LIBOR + 9.0 %— 449,165 
ABL Facility (Fifth Amendment)March 1, 20263-month LIBOR +3.0 %43,682 — 
ABL Facility (Fourth Amendment)September 30, 20233-month LIBOR +4.0 %— 79,238 
Total debt obligations$720,234 $528,403 
Less: Current portion of New Term Loan70,000 — 
Total debt obligations, long-term$650,234 $528,403 

(1)     Net of original issue discount costs of $20.8 million and debt issuance costs of $2.6 million, as of March 31, 2021.
(2)     Net of debt issuance costs of $0.4 million, as of December 31, 2020.
Schedule of Other Financing Obligations
The following table sets forth the components of the Company's total leaseback obligations as of March 31, 2021 and December 31, 2020 (in thousands):
March 31, 2021December 31, 2020
Non-cash residual value of Tucker, Georgia lease$54,676 $54,676 
Future maturities associated with the Tucker, Georgia failed
sale-leaseback liability		691 862 
Total leaseback obligations$55,367 $55,538 
v3.21.1
Pensions (Tables)
 3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The following table details the other components of net periodic pension cost for the Company's pension plans (in thousands):
Three Months Ended
March 31,
 20212020
Interest cost$2,616 $4,234 
Expected return on assets(2,890)(4,033)
Settlement (gain)(15)— 
Remeasurement (gain)(164)— 
Net periodic pension (benefit) cost$(453)$201 
v3.21.1
Stock-Based Compensation and Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Share-based Payment Arrangement, Cost by Plan
The following table sets forth stock-based compensation expense (benefit), including the effects of gains and losses from changes in fair value for the three months ended March 31, 2020, recognized by the Company in the following line items in the Company's condensed consolidated statements of operations during the periods presented (in thousands):

 Three Months Ended March 31,
 20212020
Cost of services$81 $(316)
Sales and marketing832 (532)
General and administrative1,058 (5,216)
Stock-based compensation expense (benefit)$1,971 $(6,064)
v3.21.1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the calculation of basic earnings per share and diluted earnings per share for the three months ended March 31, 2021 and 2020 (in thousands, except share and per share amounts):
Three Months Ended
March 31,
20212020
Basic net income per share:
Net income$36,506 $28,102 
Weighted-average common shares outstanding during the period33,108,422 32,578,286 
Basic net income per share$1.10 $0.86 
Three Months Ended
March 31,
20212020
Diluted net income per share:
Net income$36,506 $28,102 
Basic shares outstanding during the period33,108,422 32,578,286 
Plus: Common stock equivalents associated with stock option awards905,058 2,448,240 
Diluted shares outstanding34,013,480 35,026,526 
Diluted net income per share$1.07 $0.80 
v3.21.1
Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated other comprehensive income (loss), which is reported as a component of stockholders' equity, for the three months ended March 31, 2021:

Accumulated Foreign Currency Translation Adjustments
Beginning balance at January 1, 2021$— 
Foreign currency translation adjustment, net of tax expense of $1.0 million
(2,967)
Ending balance at March 31, 2021$(2,967)
v3.21.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize the operating results of our reportable segments (in thousands):
Three Months Ended March 31, 2021
Marketing ServicesSaaSThryv InternationalTotal
Revenue$227,933 $37,251 $15,422 $280,606 
Segment EBITDA98,631 316 5,986 104,933 

Three Months Ended March 31, 2020
Marketing ServicesSaaSThryv InternationalTotal
Revenue$286,722 $31,848 $— $318,570 
Segment EBITDA110,078 2,701 — 112,779 
Reconciliation of Earnings Before Interest, Tax, Depreciation, and Amortization from Segments to Consolidated
A reconciliation of total Segment EBITDA to the Company’s Income before benefit (provision) for income taxes is as follows (in thousands):
Three Months Ended March 31,
20212020
Total Segment EBITDA$104,933 $112,779 
Interest expense(15,672)(19,930)
Depreciation and amortization(19,718)(37,823)
Other components of net periodic pension benefit (cost)453 (201)
(Loss) on early extinguishment of debt(299)— 
Impairment charges— (98)
Restructuring and integration expenses (1)
(9,234)(9,845)
Transaction costs (2)
(10,546)(6,534)
Stock-based compensation (expense) benefit(1,971)6,064 
(Loss) from remeasurement of indemnification asset— (3,801)
Other369 900 
Income before (provision) for income taxes$48,315 $41,511 
(1)For the three months ended March 31, 2021, the Company incurred $0.6 million of severance expense, of which none was a result of the COVID-19 pandemic. For the three months ended March 31, 2020, the Company incurred $3.3 million of severance expense, of which $1.0 million was a result of the COVID-19 pandemic. In addition, the Company incurred losses on disposal of fixed assets and capitalized software and costs associated with abandoned facilities and system consolidation.
(2)Consists of direct listing, Sensis Acquisition and other transaction costs.
Disaggregation of Revenue
The following table sets forth the Company's disaggregation of revenue based on services for the periods indicated (in thousands):
Three Months Ended March 31,
20212020
Marketing Services
PYP$112,911 $137,387 
IYP64,095 74,946 
SEM34,432 49,708 
Other16,495 24,681 
Total Marketing Services227,933 286,722 
SaaS
Thryv Platform25,900 25,268 
Thryv Add-ons11,351 6,580 
Total SaaS37,251 31,848 
Thryv International
PYP5,713 — 
IYP6,570 — 
SEM2,001 — 
Other1,138 — 
Total Thryv International15,422 — 
Total Revenue$280,606 $318,570 
v3.21.1
Description of Business and Summary of Significant Accounting Policies - Reverse Stock Split Additional Information (Details)
 3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reverse stock split, conversion ratio 0.5555
v3.21.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Adjustments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of services $ 98,160 $ 117,976
Sales and marketing 76,540 89,292
General and administrative 41,279 49,562
Impairment charges 0 98
Depreciation and amortization $ 19,718 37,823
Previously Reported    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of services   99,620
Sales and marketing   75,353
General and administrative   44,132
Impairment charges   0
Depreciation and amortization   37,823
Revision of Prior Period, Adjustment    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cost of services   18,356
Sales and marketing   13,939
General and administrative   5,430
Impairment charges   98
Depreciation and amortization   $ (37,823)
v3.21.1
Acquisitions - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 01, 2021
Mar. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]      
Goodwill   $ 679,559 $ 609,457
Business combination, pro forma revenue, actual   15,400  
Business combination, pro forma earnings (loss), actual   (4,000)  
New Term Loan      
Business Acquisition [Line Items]      
Debt issuance costs $ 4,100    
Unamortized debt issuance expense   $ 2,500  
Acquisition      
Business Acquisition [Line Items]      
Total cash consideration 214,984    
Transaction costs 8,700    
Goodwill 71,722    
Acquisition | New Term Loan      
Business Acquisition [Line Items]      
Debt issuance costs 4,200    
Unamortized debt issuance expense $ 2,500    
v3.21.1
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Mar. 01, 2021
Mar. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]      
Goodwill   $ 679,559 $ 609,457
Client relationships      
Business Acquisition [Line Items]      
Intangible assets, useful life 3 years 6 months    
Trademarks      
Business Acquisition [Line Items]      
Intangible assets, useful life 3 years 6 months    
Acquisition      
Business Acquisition [Line Items]      
Total cash consideration $ 214,984    
Consideration transferred to acquire business 214,984    
Cash and cash equivalents 40,794    
Accounts receivable and other current assets 88,529    
Other assets 11,801    
Fixed assets and capitalized software 40,957    
Accounts payable (31,163)    
Accrued liabilities (39,654)    
Contract liabilities (27,075)    
Other current liabilities (11,641)    
Deferred tax liabilities (40,497)    
Other liabilities (15,505)    
Total identifiable net assets 143,262    
Goodwill 71,722    
Total net assets acquired 214,984    
Acquisition | Client relationships      
Business Acquisition [Line Items]      
Intangible assets 101,839    
Acquisition | Trademarks      
Business Acquisition [Line Items]      
Intangible assets $ 24,877    
v3.21.1
Acquisitions - Pro Forma Information (Details) - Acquisition - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]    
Revenue $ 318,752 $ 359,204
Net income $ 52,415 $ 13,073
v3.21.1
Revenue Recognition (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]    
Revenue recognized $ 4.7 $ 6.2
Pandemic credit $ 2.2 $ 0.7
v3.21.1
Fair Value Measurements - Indemnification Asset Rollforward (Details) - Indemnification Asset - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 0 $ 29,789
Change in fair value 0 (3,801)
Ending balance $ 0 $ 25,988
v3.21.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Jun. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Stock based compensation awards, fair value of awards outstanding   $ 49,100      
Deferred compensation arrangements, liability, noncurrent   36,700      
Stock compensation expense (benefit) $ 1,971 (6,064)      
YP Acquisition          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Shares held in escrow (in shares)         1.8
Number of shares expected to be returned by the seller 1.0        
Amount to be paid before allowance of tax credit $ 8,000        
Indemnification Asset          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Fair value of indemnification asset 0 25,988 $ 0 $ 29,789  
Change in fair value 0 $ (3,801)      
Indemnification Asset | Fair Value, Inputs, Level 1          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Fair value of indemnification asset $ 24,300   $ 24,300    
v3.21.1
Fair Value Measurements - Stock Option Rollforward (Details) - Stock Option Liability - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 0 $ 43,026
Exercise of stock options 0 (224)
Change in fair value 0 (7,884)
Amortization of grant date fair value 0 1,820
Ending balance $ 0 $ 36,738
v3.21.1
Fair Value Measurements - Fair Value and Carrying Value of Debt Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Carrying Amount | New Term Loan    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Senior Term Loan, net $ 676,552  
Carrying Amount | Senior Term Loan    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Senior Term Loan, net   $ 449,165
Fair Value | New Term Loan    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Senior Term Loan, net $ 658,793  
Fair Value | Senior Term Loan    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Senior Term Loan, net   $ 441,742
v3.21.1
Goodwill and Intangible Assets - Schedule of Goodwill Rollforward (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 609,457
Sensis acquisition 71,722
Effects of foreign currency translation (1,620)
Ending balance 679,559
Marketing Services  
Goodwill [Roll Forward]  
Beginning balance 390,573
Sensis acquisition 0
Effects of foreign currency translation 0
Ending balance 390,573
SaaS  
Goodwill [Roll Forward]  
Beginning balance 218,884
Sensis acquisition 0
Effects of foreign currency translation 0
Ending balance 218,884
Thryv International  
Goodwill [Roll Forward]  
Beginning balance 0
Sensis acquisition 71,722
Effects of foreign currency translation (1,620)
Ending balance $ 70,102
v3.21.1
Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2020
Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]      
Gross   $ 923,199 $ 1,049,939
Accumulated Amortization   891,422 901,314
Effects of Foreign Currency Translation     2,979
Net   $ 31,777 145,647
Weighted Average Remaining Amortization Period in Years 3 years 2 months 12 days 2 years  
Client relationships      
Finite-Lived Intangible Assets [Line Items]      
Gross   $ 701,802 803,641
Accumulated Amortization   701,518 706,388
Effects of Foreign Currency Translation     2,211
Net   $ 284 95,042
Weighted Average Remaining Amortization Period in Years 3 years 6 months 1 year 4 months 24 days  
Trademarks and domain names      
Finite-Lived Intangible Assets [Line Items]      
Gross   $ 200,300 225,177
Accumulated Amortization   169,545 174,457
Effects of Foreign Currency Translation     768
Net   $ 30,755 49,953
Weighted Average Remaining Amortization Period in Years 2 years 7 months 6 days 2 years  
Patented technologies      
Finite-Lived Intangible Assets [Line Items]      
Gross   $ 19,600 19,600
Accumulated Amortization   19,600 19,600
Effects of Foreign Currency Translation     0
Net   $ 0 0
Weighted Average Remaining Amortization Period in Years 0 years 0 years  
Covenants not to compete      
Finite-Lived Intangible Assets [Line Items]      
Gross   $ 1,497 1,521
Accumulated Amortization   759 869
Effects of Foreign Currency Translation     0
Net   $ 738 $ 652
Weighted Average Remaining Amortization Period in Years 1 year 8 months 12 days 1 year 9 months 18 days  
v3.21.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ (9.9) $ (28.9)
v3.21.1
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2021 $ 63,648  
2022 51,014  
2023 21,979  
2024 9,006  
Net $ 145,647 $ 31,777
v3.21.1
Allowance for Credit Losses - Allowance for Credit Loss Rollforward (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 33,368 $ 26,828
Sensis acquisition, balance as of March 1, 2021 2,733  
Additions 2,018 10,588
Deductions (3,318) (3,630)
Ending balance 34,801 33,786
Accounts receivable, allowance for credit loss 34,600 33,500
Contract with customer, asset, allowance for credit loss $ 200 $ 300
v3.21.1
Allowance for Credit Losses - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Credit Loss [Abstract]    
Accounts receivable, allowance for credit loss, incremental increase (decrease) due to COVID $ 0.0 $ 3.1
v3.21.1
Accrued Liabilities (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]      
Accrued salaries and related expenses $ 49,708,000   $ 53,844,000
Accrued severance 1,293,000   2,280,000
Accrued taxes 36,385,000   26,209,000
Accrued expenses 64,940,000   51,284,000
Accrued service credits 5,211,000   5,996,000
Accrued liabilities 157,537,000   $ 139,613,000
Severance costs 600,000 $ 3,300,000  
Payments for restructuring   2,700,000  
Employee Severance      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring 1,400,000 900,000  
COVID-19 Terminations      
Restructuring Cost and Reserve [Line Items]      
Severance costs 0 1,000,000.0  
Payments for restructuring 100,000    
Cost Reduction Initiatives      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring 1,300,000    
Post Merger Integration      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring   1,800,000  
Marketing Services      
Restructuring Cost and Reserve [Line Items]      
Severance costs 500,000 3,000,000.0  
SaaS      
Restructuring Cost and Reserve [Line Items]      
Severance costs $ 100,000 $ 300,000  
v3.21.1
Debt Obligations - Schedule of Debt Obligations (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 01, 2021
Mar. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Total debt obligations   $ 720,234 $ 528,403
Less: Current portion of New Term Loan   70,000 0
Total debt obligations, long-term   650,234 528,403
New Term Loan      
Debt Instrument [Line Items]      
Total debt obligations   676,552 0
Term loan, debt issuance costs   $ 2,600  
New Term Loan | LIBOR +      
Debt Instrument [Line Items]      
Rate 8.50% 8.50%  
New Term Loan | Base Rate      
Debt Instrument [Line Items]      
Rate 7.50%    
Senior Term Loan, related party, net      
Debt Instrument [Line Items]      
Total debt obligations   $ 0 449,165
Term loan, debt issuance costs     $ 400
Senior Term Loan, related party, net | LIBOR +      
Debt Instrument [Line Items]      
Rate     9.00%
Line of Credit | ABL Facility (Fifth Amendment) | Revolving Credit Facility      
Debt Instrument [Line Items]      
Total debt obligations   $ 43,682 $ 0
Line of Credit | ABL Facility (Fifth Amendment) | LIBOR + | Revolving Credit Facility      
Debt Instrument [Line Items]      
Rate   3.00%  
Line of Credit | ABL Facility (Fourth Amendment) | Revolving Credit Facility      
Debt Instrument [Line Items]      
Total debt obligations   $ 0 $ 79,238
Line of Credit | ABL Facility (Fourth Amendment) | LIBOR + | Revolving Credit Facility      
Debt Instrument [Line Items]      
Rate     4.00%
v3.21.1
Debt Obligations - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 01, 2021
Sep. 30, 2021
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Debt Instrument [Line Items]          
Repayments of senior debt     $ 335,821,000 $ 23,445,000  
Interest expense     11,607,000 14,780,000  
Interest expense, related party     4,065,000 5,150,000  
Interest payable, current     6,500,000   $ 8,500,000
New Term Loan          
Debt Instrument [Line Items]          
ABL Facility (Fifth Amendment) $ 700,000,000.0        
Proceeds from issuance of debt 674,900,000        
Term loan, original issue discount 21,000,000.0   20,800,000    
Debt issuance costs $ 4,100,000        
Payments of financing costs     4,200,000    
Unamortized debt issuance expense     2,500,000    
Term loan, debt issuance costs     $ 2,600,000    
Debt instrument, covenant, leverage ratio to EBITDA, maximum     3.0    
New Term Loan | General and administrative          
Debt Instrument [Line Items]          
Payments of financing costs     $ 1,700,000    
New Term Loan | Forecast          
Debt Instrument [Line Items]          
Debt instrument, mandatory quarterly amortization payment   $ 17,500,000      
New Term Loan | LIBOR +          
Debt Instrument [Line Items]          
Rate 8.50%   8.50%    
New Term Loan | Base Rate          
Debt Instrument [Line Items]          
Rate 7.50%        
New Term Loan | Affiliated Entity          
Debt Instrument [Line Items]          
Debt instrument, percent ownership 38.40%   38.40%    
New Term Loan | Affiliated Entity | GoldenTree Asset Management          
Debt Instrument [Line Items]          
Debt instrument, percent ownership     25.00%    
New Term Loan | Affiliated Entity | Paulson and Co          
Debt Instrument [Line Items]          
Debt instrument, percent ownership     7.10%    
New Term Loan | Affiliated Entity | Mudrick Capital Management          
Debt Instrument [Line Items]          
Debt instrument, percent ownership     6.30%    
Senior Term Loan          
Debt Instrument [Line Items]          
Debt issuance costs $ 100,000        
Repayments of senior debt 449,600,000        
Interest expense 400,000        
Unamortized debt issuance expense     $ 100,000    
Term loan, debt issuance costs         $ 400,000
Write off of deferred debt issuance costs       $ 300,000  
Senior Term Loan | LIBOR +          
Debt Instrument [Line Items]          
Rate         9.00%
Revolving Credit Facility | ABL Facility | Line of Credit          
Debt Instrument [Line Items]          
Debt issuance costs 2,400,000        
Maximum revolver amount 175,000,000.0        
Debt issuance costs, line of credit $ 900,000        
Debt issuance costs, line of credit, balance     3,200,000   $ 2,500,000
Current borrowing capacity     $ 113,100,000    
Debt instrument, covenant, fixed charge coverage ratio required, minimum     1.00    
Debt instrument, covenant, remaining borrowing capacity required, minimum     $ 14,000,000.0    
Debt instrument, covenant, remaining borrowing capacity required for U.S excess availability, minimum     $ 10,000,000.0    
Revolving Credit Facility | ABL Facility | Line of Credit | LIBOR +          
Debt Instrument [Line Items]          
Rate 3.00%        
Line of credit facility, unused capacity, commitment fee percentage 0.375%        
Revolving Credit Facility | ABL Facility | Line of Credit | Base Rate          
Debt Instrument [Line Items]          
Rate 2.00%        
v3.21.1
Debt Obligations - Schedule of Other Financing Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Debt Disclosure [Abstract]    
Non-cash residual value of Tucker, Georgia lease $ 54,676 $ 54,676
Future maturities associated with the Tucker, Georgia failed sale-leaseback liability 691 862
Total leaseback obligations $ 55,367 $ 55,538
v3.21.1
Pensions - Components of Pension Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Retirement Benefits [Abstract]    
Interest cost $ 2,616 $ 4,234
Expected return on assets (2,890) (4,033)
Settlement (gain) (15) 0
Remeasurement (gain) (164) 0
Net periodic pension (benefit) cost $ (453) $ 201
v3.21.1
Pensions - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Settlement (gain) $ 15 $ 0
Defined Benefit Plan, Type [Extensible List] Pension Plan  
Qualified Plan | Pension Plan    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Contribution costs $ 5,000 3,600
Expected future employer contribution, current fiscal year 25,000  
Nonqualified Plan | Pension Plan    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Contribution costs 700 $ 500
Expected future employer contribution, current fiscal year $ 1,400  
v3.21.1
Stock-Based Compensation and Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 10, 2020
Jan. 28, 2020
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock options granted during period (in shares)     215,544    
Stock compensation expense (benefit)     $ 1,971 $ (6,064)  
Warrants outstanding (in shares)     10,500,000   10,500,000
Number of shares of common stock to be issued for upon exercise of warrants (in shares)     5,800,000   5,800,000
Warrant, exercise price (in usd per share)     $ 24.39   $ 24.39
Number of warrants exercised during period (in shares)     200 0  
Purchase of treasury stock (in shares) 800,000 1,000,000.0      
Purchase of treasury stock $ 9,200 $ 12,600   $ 21,770  
Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Weighted average exercise price of options exercised during period (in usd per share)     $ 3.68    
Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Weighted average exercise price of options exercised during period (in usd per share)     $ 13.82    
Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock compensation expense (benefit)     $ 1,700 $ (6,100)  
2021 Employee Stock Purchase Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock options granted during period (in shares)     0    
Stock compensation expense (benefit)     $ 300    
Purchase price, after discount     85.00%    
Stock available for purchase under ESPP (in shares)     2,000,000    
v3.21.1
Stock-Based Compensation and Stockholders' Equity - Schedule of Compensation Expense Allocation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock compensation expense (benefit) $ 1,971 $ (6,064)
Cost of services    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock compensation expense (benefit) 81 (316)
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock compensation expense (benefit) 832 (532)
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock compensation expense (benefit) $ 1,058 $ (5,216)
v3.21.1
Earnings per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Basic net income per share:    
Net income $ 36,506 $ 28,102
Weighted-average common shares outstanding during period (in shares) 33,108,422 32,578,286
Basic net (loss) income per share (in USD per share) $ 1.10 $ 0.86
Diluted net income per share:    
Net income $ 36,506 $ 28,102
Weighted-average common shares outstanding during period (in shares) 33,108,422 32,578,286
Plus: Common stock equivalents associated with liability-based stock option awards (in shares) 905,058 2,448,240
Diluted shares outstanding (in shares) 34,013,480 35,026,526
Diluted net (loss) income per share (in USD per share) $ 1.07 $ 0.80
v3.21.1
Earnings per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Stock Options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Amount of antidilutive securities not included in calculation of earnings per share (in shares) 0.4 4.6
Warrant    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Amount of antidilutive securities not included in calculation of earnings per share (in shares) 10.5 10.5
Employee Stock | 2021 Employee Stock Purchase Plan    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Amount of antidilutive securities not included in calculation of earnings per share (in shares) 0.1  
v3.21.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Effective income tax rate 24.40% 32.30%  
Unrecognized tax benefits $ 23.7   $ 23.7
Unrecognized tax benefits that would impact effective tax rate 23.7   23.7
Unrecognized tax benefits, interest on income taxes accrued 8.8   $ 8.4
Decrease in unrecognized tax benefits is reasonably possible $ 21.8    
v3.21.1
Contingent Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
YP Acquisition    
Loss Contingencies [Line Items]    
Amount to be paid before allowance of tax credit $ 8.0  
Value of escrowed stock 24.3 $ 24.3
New York State Division of Taxation and Finance    
Loss Contingencies [Line Items]    
Sales and excise tax payable 2.9  
IRS | Section 199 Tax Case    
Loss Contingencies [Line Items]    
Reserve in connection with disallowance 32.3 31.9
Amount to be paid before allowance of tax credit 8.0  
IRS | Research and Development Tax Case    
Loss Contingencies [Line Items]    
Reserve in connection with disallowance 0.2 $ 0.2
Texas Comptroller    
Loss Contingencies [Line Items]    
Sales and excise tax payable $ 2.6  
v3.21.1
Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jan. 31, 2021
Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 196,775 $ 196,775
Ending balance   229,196
Foreign currency translation adjustment, tax   1,000
Accumulated Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 0 0
Foreign currency translation adjustment, net of tax expense of $1.0 million $ (2,967)  
Ending balance   $ (2,967)
v3.21.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2021
segment
Segment Reporting [Abstract]  
Number of operating segments 3
Number of reportable segments 3
v3.21.1
Segment Information - Segment Operating Results (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Segment Reporting Information [Line Items]    
Revenue $ 280,606 $ 318,570
Segment EBITDA 104,933 112,779
Marketing Services    
Segment Reporting Information [Line Items]    
Revenue 227,933 286,722
Segment EBITDA 98,631 110,078
SaaS    
Segment Reporting Information [Line Items]    
Revenue 37,251 31,848
Segment EBITDA 316 2,701
Thryv International    
Segment Reporting Information [Line Items]    
Revenue 15,422 0
Segment EBITDA $ 5,986 $ 0
v3.21.1
Segment Information - Segment Reconciliation of Operating Income to Net Income (Details) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Segment Reporting Information [Line Items]    
Total Segment EBITDA $ 104,933,000 $ 112,779,000
Interest expense (15,672,000) (19,930,000)
Depreciation and amortization (19,718,000) (37,823,000)
Other components of net periodic pension cost 453,000 (201,000)
Loss on early extinguishment of debt (299,000) 0
Impairment charges 0 (98,000)
Restructuring and integration expenses (9,234,000) (9,845,000)
Transaction costs (10,546,000) (6,534,000)
Stock-based compensation expense (benefit) (1,971,000) 6,064,000
Non-cash loss from remeasurement of indemnification asset 0 (3,801,000)
Other 369,000 900,000
Income before (provision) for income taxes 48,315,000 41,511,000
Severance costs 600,000 3,300,000
COVID-19 Terminations    
Segment Reporting Information [Line Items]    
Severance costs $ 0 $ 1,000,000.0
v3.21.1
Segment Information - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue $ 280,606 $ 318,570
Marketing Services    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 227,933 286,722
Marketing Services | PYP    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 112,911 137,387
Marketing Services | IYP    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 64,095 74,946
Marketing Services | SEM    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 34,432 49,708
Marketing Services | Other    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 16,495 24,681
SaaS    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 37,251 31,848
SaaS | Thryv Platform    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 25,900 25,268
SaaS | Thryv Add-ons    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 11,351 6,580
Thryv International    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 15,422 0
Thryv International | PYP    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 5,713 0
Thryv International | IYP    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 6,570 0
Thryv International | SEM    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue 2,001 0
Thryv International | Other    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenue $ 1,138 $ 0
v3.21.1
Subsequent Events (Details) - $ / shares
Apr. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Subsequent Event [Line Items]      
Number of shares of common stock to be issued for upon exercise of warrants (in shares)   5,800,000 5,800,000
Warrant, exercise price (in usd per share)   $ 24.39 $ 24.39
Common stock, shares outstanding (in shares)   33,127,667 32,912,012
Subsequent Event      
Subsequent Event [Line Items]      
Number of warrants exercised (in shares) 1,000,000.0    
Number of shares of common stock to be issued for upon exercise of warrants (in shares) 600,000    
Warrant, exercise price (in usd per share) $ 24.39    
Common stock, shares outstanding (in shares) 33,700,000