Thryv Holdings, Inc.

Ladies and gentlemen, thank you for joining us and welcome to the Thrive Third Quarter 2025 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you've dialed in to today's call, please press star 9 to raise your hand and star 6 to unmute your line when prompted. I will now hand the conference over to Cameron Lessard, Vice President of Corporate Development and Strategy. Please go ahead.

Good morning, and thank you for joining us for Thrive Holdings' third 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 filings. Today's presentation will also include non-GAAP financial measures, which should be considered in addition to but not as a substitute for our GAAP results. Reconciliations of these measures can be found in our earnings release. As a reminder, on this call, SaaS revenue reflects the combined performance of Thrive and Keep. We will only specify Keep's performance when discussing its revenue contribution for the quarter and 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'd like to give you an update on our business transformation, some of the progress that we're making, and then Paul will take you through this quarter's numbers after that. First thing I wanna do is update you on our Grow Conference. Two weeks ago, we had out in Arizona, a small business growth conference. It was broken into two pieces. The first couple of days were a partner conference. A lot of the partners that both Keep and Thrive have, which is really now one partner community. And I have to tell you, when we first met them a year ago, They were a little bit angry. They were saying, you know, we've not been invested in enough by the prior ownership of Keep. And, you know, we feel like you owe us certain deliverables. And so I must say our partner results this year. have been okay, but they've not been the kind of big lift that we were looking for. And so we worked really hard with these partners to figure out what kind of updates they need, what kind of partner portal they need, what kind of REST API updates, what kind of product improvements and which things really mattered. And we've delivered a lot for them. And so this partner update was like Christmas, us delivering on the value that they were looking for. And so I have better expectations as we go into 26. I think these partners are pretty impressed at the pace at which we are delivering and innovating software. So that was great. And the second part of the conference was small businesses. Hundreds of small businesses came in. Obviously, some existing customers came to learn more about how to use the tools, but I was surprised at how many prospective customers came. customers that in some cases are on some other tool or are not on any tool, who came to learn more about how to market their business. And we presented to them a really simple growth model of market, sell, and grow, and showed them how particularly Marketing Center can give them the foundation for growth. You know, Marketing Center is our fastest selling product. It's really become the tip of the spear for us as we've settled in on this kind of market sell growth strategy. And it really gives you all the good hygiene. It gets your listings managed all across the web. It gives you a well-built website that's not only search engine optimized, but it's answer engine optimized, which is really important because the answer engines are gaining share every day. So we've built the knowledge graph on these sites, and we're continually tweaking the sites to make sure that they're really answer engine friendly and bringing you up high on those results. And so that's been really big as well. When you have a marketing center, you have call tracking numbers, so you can track results everywhere, online, offline. So you can figure out the truck wrap that you have. Does that pull calls? The yard sign you have in front of the job that you're doing. When you're doing stuff in social, how is that pulling? And you can even look at one social, you know, sort of personality versus another and what's pulling the best. If you're running search campaigns, you can track everything. And what we're finding is a lot of people are using Marketing Center, even if they're using someone else's CRM. that they might be on one of our sort of competitor CRMs, but then using Marketing Center in order to manage their marketing because it's the best thing available in the market. So we're pretty excited about the progress we're making there. The Grow Conference was really a confirmation that these small businesses want to get their marketing right. They really want to find a way to be found and consistently measure what's working. So we're excited about that. We were also able to update the attendees on the AI developments that we've experienced. You know, we're rolling out lots of AI within the software. We've got social captioning where when you do social posts, it can help you write that social post and your personality. If you are posting a photo, it can help you caption that, suggest photos. several captions. You can pick the one that you think works the best. Review response is a big deal because lots of these small businesses have a tough time keeping up with reviews. So the software goes and finds a review, brings it to you, make sure you don't miss it, and suggests several review responses. And you can just pick the one in the middle or the one that you think is the best voice for you and it posts it and it's all taken care of and you don't have to kind of make a sticky note to remember to do it it's all happening in real time your listings it it is helping you with everything with service descriptions uh you know if you've got a new area of your business or something you you can Use the AI to help you write a very professional service description of what you do so that not all of our customers are the best wordsmithers. So it kind of gives them a more polished base. Everything to do with websites. We've got, obviously, a service that we provide as a company to build big, powerful websites for customers. But sometimes they don't need all that. And so we've got a simple AI website builder now. It'll be out in a couple of weeks. that will allow a small business to come in and just spin up a quick website using AI. Copywriting assistant. You know, when you're sitting there and you're doing any kind of copywriting for landing pages or trying to build a little email campaign, we've got that built right into the tool where that's happening. You've got call analysis. This is something we've had in beta for a little while. It's working really well. where it takes your calls and actually gives you a transcript of the inbound call and then does lead scoring on it i was talking to one of our partners at the conference who was in on the the beta and he was telling me about a dentist that he has out in the pacific northwest who over a two-day period of time got 27 leads he got a full transcript of the entire call and they were all lead scored and the lead was the the dentist was just dumbfound he said i can't believe this you know that this 27 leads um and you know they scored all the details and the partner said hey it's just the beginning this is the future this is what these guys are delivering so really excited about um the lead scoring and call analysis So AI is being used throughout the product to make it easier for small business people, kind of meet them where they are. And obviously AI is doing a lot internally for us as a company. All the fulfillment that we're doing, where we're building sites, doing social, we're using AI to amplify our productivity. Our legal department uses it. We're using it in accounting. We're using it all over the company. So you probably heard from other businesses that they're finding you know, meaningful efficiency there. And then maybe most importantly, in our software development team, you know, they're using all the latest tools to amplify and speed up the roadmap of development. And then obviously using AI for QA, trying to make sure that the quality is there and speed up the process of finding If there are any bugs, get to the bottom line, get it sorted and get them squared away. So AI has been a big lift for us. It's been a big part of our progress that we've made this year and really feel as though the availability of AI in the software is a big tailwind for us as we go into next year. Really excited about that. So I've got a couple of other comments to make later, but I know you're anxious to hear the numbers. So let's turn it over to Paul and let Paul take you through the numbers. Paul?