Thryv Holdings, Inc.

Good morning. My name is Dee and I will be your conference operator today. At this time, I would like to welcome everyone to the Tribe Holdings first quarter 2024 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you. I would now like to turn the call over to Cameron Lessard. Please go ahead.

Thank you, Operator. Hello, and good day to everyone. Welcome to Thrive's first quarter 2024 earnings conference call. On the call today are Joe Walsh, Chairman and Chief Executive Officer, and Paul Rouse, Chief Financial Officer. A copy of our earnings press release and investor presentation can be found on our website at thrive.com. or in the investor section at investor.thrive.com. Please acknowledge comments made on today's call and responses to your questions may contain forward-looking statements about the operations and future results of the company. These statements are subject to the risks and uncertainties described in the company's earnings release and other filings with the SEC. Thrive has no obligation to update the information presented on the conference call today. Before we get started, I wanted to provide an update on segment reporting. Historically, we provided additional detail for the U.S. and international markets within each of our reporting segments. We're now transitioning to a two-segment reporting structure, SAS and marketing services, encompassing our global operations. It's important to note that this change only impacts how we report adjusted gross margin and adjusted EBITDA for historical segments. It will not impact how we report revenue under the disaggregation of revenue section in our quarterly filings. We are streamlining our approach to offer a unified perspective, which we believe will better reflect our business model and enhance clarity in understanding our business and facilitate more efficient modeling. I will now turn the call over to Chairman and CEO, Joe Walsh.

Good morning, Cameron, and thank you all for joining us on the call today to discuss our first quarter results. For the first quarter, we delivered strong subscriber growth, ending the quarter with 70,000 clients. The year got off to a good start. We've got strong momentum across our SaaS business, and we'll be raising guidance for the year. I'm excited to share some great news about our center strategy. We're seeing significant traction. Over 8% of our clients now have two or more paid centers, up from practically zero this time last year. So we're really making some good progress there in selling additional centers to our customers. I think it's a really good indicator of the value proposition we're delivering and how sticky these products are. Another interesting stat that we've been looking at is our seasoned ARPU. These customers have been with us for over a year. We're seeing really strong growth for them year over year in the mid-teens. And again, I think this shows loyalty and the fact that people are engaging with and using the platform. I'd like to talk a little bit about our refinancing. We recently completed a refinancing, which is going to make a big difference for us. It's redoing our term loan and our ABL. It significantly extends our debt maturity. This provides us with financial flexibility and the runway we need to invest in growth in this business. Second, it offers us flexibility. This flexibility allows us to strategically invest in our growing and profitable SaaS business, which is really the engine that's driving our success. Importantly, the financing is underwritten with a strong focus on the strength of our SaaS operations, as opposed to being so much focused on marketing services. This is really a testament to the confidence lenders have in Thrive's future. Equally important, This new structure moves away from a legacy 100% cash flow sweep, and it frees up capital that we can invest in future revenue growth. Finally, this financing allows us to pursue shareholder initiatives. As evidenced, we announced a share repurchase authorization earlier today alongside our earnings release. While debt reduction remains our core priority, This share repurchase program provides an additional tool to enhance shareholder value alongside our ongoing debt repayment efforts. With that, I'm going to turn the call over to our CFO, Paul Rouse, to take you through the numbers. Paul?