Thryv Holdings, Inc.

Good morning. Thank you for attending today's Thrive Holdings second quarter 2025 earnings conference call. My name is Megan and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to turn the call over to Cameron Lassard with Thrive Holdings. Please go ahead.

Good morning and thank you for joining us for Thrive Holding second quarter 2025 earnings conference call. With me today are Joe Walsh, chairman and chief executive officer and Paul Rouse, chief financial officer. During this call, we will make forward looking statements that are subject to various risks and uncertainties. Actual results may differ materially from these statements. A discussion of these risks and uncertainties is included in our earnings release and SEC filing. Today's presentation will also include non-GAAP financial measures, which should be considered in addition to, but not a substitute for our gap results. Reconciliation of these measures can be found in our earnings release. As a reminder on this call, SAS revenue reflects the combined performance of Thrive and KEEP. We will only specify KEEP's performance when discussing its revenue contribution for the quarter in fiscal year. With that, I'll turn the call over to Joe Walsh, chairman and CEO. Joe.

Thank you, Cameron. And good morning, everyone. I will highlight a few items and Paul will take you through the numbers. We did it. We made it through the pinch point. At our investor day in December, we laid out a pinch point that was approaching for us. And investors were understandably concerned to see our leverage ratio rising. It was a challenging setup. You had accounting related pressure due to our publication schedule, with the move from 18 to 24 months, leaving a few less directories publishing in the early part of the year. And you had our decommissioning of legacy systems tied to marketing services, which added costs in the short run, but simplified our business for the long run. You had us digesting KEEP and the challenges there. And you had the last of our high amortization payments that needed to be made. So there was a reason to focus on it, but we've achieved that. We're out the other side of it now. We've made those amortization payments. And from this point forward, our business begins to, the ratio begins to improve in Q3 and Q4 moving out. We have lower amortization payments ahead of us now, and we're well ahead on those payments. So we now will have a real opportunity to have some free cashflow left in the business. With each passing week, with each passing month, we're gonna begin to actually develop a little bit of leftover free cashflow in the business and be able to make decisions for the first time about how to allocate that. So mark it down in your calendar there. We're past the pinch point. That's behind us now. In terms of our results, this transition is continuing to go really well. Our rule of 40 ways are continuing. We delivered in this most recent period around 20% EVDA margins and over 20% growth. So continuing to be a rule of 40 type business. As expected, our ARPU for our customers is rising. Currently it's at about $4,200 on an annual basis. And as we said, we see that going from 4,000 to 8,000 over the next few years. Some evidence that we see progress here, our seasoned clients are spending $5,400 a year. And clients from our largest sales channel, which is our US direct channel, are spending about $6,000 a year. So we're definitely on course with more products now within the platform and customers buying more and more products. We're seeing really good progress there. We've spoken about net revenue retention that we expected to hang out right around 100%. It was again, this period a little over 100% at 103. And the clients buying multiple products increased to 19%. So really good progress there on working with the existing clients and adding more. So with that, let me turn it over to Paul and let him take you through the numbers. Paul.