Thryv Holdings, Inc.

Ladies and gentlemen, thank you for joining us and welcome to the Thrive second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. to withdraw your question, press star one again. I will now hand the conference over to Cameron Lessard, Senior Vice President of Corporate Development and Strategy. Cameron, please go ahead.

Good morning, and thank you for joining us for Thrive Holdings' second quarter 2026 earnings conference call. With me today are Joe Walsh, Chairman and Chief Executive Officer, Grant Freeman, President, and Paul Rouse, Chief Financial Officer. Before we begin, I'd like to remind you that today's call may contain forward-looking statements, including statements about our business outlook and strategy, future financial results, growth prospects, and other matters that are not historical facts. These statements are subject to risks and uncertainties, and our actual results may differ materially. Please refer to our most recent filings with the SEC for a discussion of factors that could cause our results to differ materially from these forward-looking statements. We do not undertake any obligation to update these statements. In addition, today's discussion will include references to non-GAAP financial measures. Please refer to the press release we issued this morning for a reconciliation of our non-GAAP measures to the most comparable GAAP measures. The press release and investor presentation are available in the investor relations section of our website at investor.thrive.com With that, I'll now turn the call over to Joe Walsh.

Thank you, Cameron. Good morning, everyone, and thank you for joining us. Let me start with the Q2 headline, Thrive Delivered on the Quarter. And I'm going to start by focusing on our strategy and highlight the numbers that tell the story. Cameron will take you through some new partnerships that we've landed, and Grant will focus on our new Thrive Growth Platform. Following that, Paul will walk you through our Q2 results and updated guidance. Our transformation to a pure-play SaaS company is not something that happened to us. It's something that we have executed year after year, running two motions at once, streamlining and taking costs out of our business while growing a leading SMB software business inside it. Every year, leaner. Every year, more software. That's the work that's making this a fit company, and fit companies win. We took more of these actions this quarter and we'll walk you through the restructuring and savings elements at the end of the call. You will see that we are revising our full year outlook as we made a choice. We narrowed our focus to Marketing Center, its add-ons, and getting the Thrive Growth Platform to market. During this period, we invested less in sales headcount and marketing in order to prioritize The push we're now making behind the new growth platform launch. SAS is now 76% of total revenue. And this quarter, that transformation has been validated. We've been added to the JICs as a software company. The market now classifies us as what we have spent years achieving. The engine of that progress is our growth platform and its add-ons. What we call our market, sell, grow, or MSG. MSG grew 21% year over year. And that's not a one-quarter story. It has grown double digits, quarter after quarter, up and to the right for more than a dozen quarters. And it's working, especially as we move up market. ARPU grew 12% year over year this quarter. 72% of our clients now spend $400 or more with us, up two points from the prior quarter. Bigger clients spending more on the platform we have put at the center of our company. Yesterday, August 3rd, we took the biggest step yet. We rolled out the Thrive Growth Platform, an AI-native product built from the ground up for the AI era. Marketing Center has served us well, but it has been in the market for a few years. Designed before this generation of AI existed, You cannot bolt the future onto a product like that. You have to rebuild around it. And that is exactly what we did. This upgrade is a huge positive for our clients and the timing is deliberate. In this new AI world, we cannot compete with everyone across every product. So we made a choice. We are sharpening our focus on the Thrive Growth Platform. Rather than being an all-in-one software business, we are driving growth with businesses small and large through that focus. We invite investors and analysts to attend our webinar featuring a demonstration of the platform this Thursday, August 6th at 2 o'clock Eastern Time. Further information on the event will be provided later today. Grant is going to take you inside the platform in a few minutes, and I will let him tell you that story. What I want to do first is have Cameron go into more detail about exciting news around some of our recent announcements and how it fits into our strategy.