Thryv Holdings Inc (THRY) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Laila, and I will be your conference operator today. At this time, I would like to welcome everyone to Thryv's second-quarter 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫萊拉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Thryv 的 2024 年第二季財報電話會議。（操作員說明）

Thank you. I would now like to turn the conference over to Cameron Lessard, Head of IR. You may begin.

謝謝。我現在想將會議交給 IR 主管卡梅倫·萊薩德 (Cameron Lessard)。你可以開始了。

Thank you, operator. Hello, and good day to everyone. Welcome to Thryv's second-quarter 2024 earnings conference call. On the call today are Joe Walsh, Chairman and Chief Executive Officer, and Paul Rouse, Chief Financial Officer.

謝謝你，接線生。大家好，祝大家有美好的一天。歡迎參加 Thryv 2024 年第二季財報電話會議。今天參加電話會議的有董事長兼首席執行官喬·沃爾什 (Joe Walsh) 和首席財務官保羅·勞斯 (Paul Rouse)。

A copy of our earnings press release and investor presentation can be found on our website at thryv.com or in the Investors section at investor.thryv.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.

您可以在我們的網站 thryv.com 或 Investor.thryv.com 的投資者部分找到我們的收益新聞稿和投資者簡報的副本。請確認在今天的電話會議中發表的評論以及對您問題的答复可能包含有關公司運營和未來業績的前瞻性陳述。

These statements are subject to the risks and uncertainties described in the company's earnings release and other filings with the SEC. Thryv has no obligation to update the information presented on this conference call.

這些聲明受到公司收益報告和向 SEC 提交的其他文件中所述的風險和不確定性的影響。Thryv 沒有義務更新本次電話會議中提供的資訊。

With that introduction, I will now turn the call over to Chairman and CEO, Joe Walsh.

介紹完畢後，我現在將把電話轉給董事長兼執行長喬‧沃爾許 (Joe Walsh)。

Good morning, Cameron, and thank you all for joining us on the call today to discuss our second quarter results. SaaS revenue grew by 25% year-over-year to $77.8 million, and within our guidance range. SaaS adjusted gross margin increased 460 basis points year-over-year to 69.7%.

早安，卡梅倫，感謝大家今天加入我們的電話會議，討論我們的第二季業績。SaaS 營收年增 25%，達到 7,780 萬美元，在我們的指導範圍內。SaaS 調整後毛利率年增 460 個基點至 69.7%。

SaaS EBITDA outperformed significantly, growing over 60% year-over-year to $10 million and ending the quarter with a 13.1% adjusted EBITDA margin. That's the highest point we've reached as a public company. I'll let Paul get more into the numbers, but now I want to dive into some exciting metrics and updates about the business.

SaaS EBITDA 表現顯著優於大盤，較去年同期成長超過 60%，達到 1,000 萬美元，本季末調整後 EBITDA 利潤率為 13.1%。這是我們作為一家上市公司所達到的最高點。我會讓保羅更深入地了解這些數字，但現在我想深入探討一些令人興奮的指標和有關業務的最新情況。

Once again, we delivered excellent subscriber growth. We were up 52%, ending at 85,000 clients as we continue to be successful in upgrading our marketing services clients to our SaaS platform. This milestone is driven by our strategic transition of legacy marketing services clients to our innovative SaaS platform.

我們再次實現了出色的用戶成長。隨著我們繼續成功地將行銷服務客戶升級到我們的 SaaS 平台，我們的客戶數量增加了 52%，最終達到 85,000 名客戶。這項里程碑是由我們將傳統行銷服務客戶策略轉型到我們創新的 SaaS 平台所推動的。

A key factor in this success is our recently launched marketing center, which empowers businesses to efficiently manage advertising campaigns, enhance their online presence, and make insightful data-driven decisions.

這項成功的關鍵因素是我們最近推出的行銷中心，它使企業能夠有效地管理廣告活動、增強其線上形象並做出富有洞察力的數據驅動決策。

This tool is not just a product, it's a game changer that positions our clients for sustained success in a digital-first world. Our center strategy is continuing to gain traction with more than 10% of our current clients having two or more paid centers. This is up 200 basis points sequentially and a significant increase of 800 basis points from this time last year.

該工具不僅僅是一個產品，它還是一個遊戲規則改變者，幫助我們的客戶在數位優先的世界中持續成功。我們的中心策略持續受到關注，超過 10% 的現有客戶擁有兩個或更多付費中心。這比上一季上升了 200 個基點，比去年同期大幅上升了 800 個基點。

This means more clients are experiencing the tangible benefits of our marketing center in growing their business. Our local sales channel and consistent referrals are effectively demonstrating the value we deliver.

這意味著更多的客戶正在體驗我們的行銷中心在發展業務方面帶來的實際好處。我們的本地銷售管道和持續的推薦有效地展示了我們提供的價值。

Turning to our product initiatives, we remain focused on enhancing our Thryv AI capabilities to further empower small businesses, building on the efficiency and time savings already realized by our clients. Our AI-enabled customer support now accessible across all centers is designed to assist users by answering their questions and guiding them through our software's functionality.

談到我們的產品計劃，我們仍然專注於增強 Thryv AI 功能，以進一步增強小型企業的能力，在客戶已經實現的效率和時間節省的基礎上再接再厲。我們的人工智慧客戶支援現在可以在所有中心訪問，旨在透過回答用戶的問題並指導他們使用我們的軟體功能來為用戶提供幫助。

In addition, our social media feature in business center generates engaging social post captions complete with relevant hashtags and emojis. This not only makes the post more relatable and engaging, but also boosts their marketing signal by increasing visibility and fostering a deeper emotional connection with potential customers.

此外，我們商務中心的社群媒體功能可產生引人入勝的社群貼文標題，並配有相關主題標籤和表情符號。這不僅使貼文更具相關性和吸引力，而且還透過提高知名度並與潛在客戶建立更深的情感聯繫來增強他們的行銷訊號。

We are actively developing and testing several new AI enhancements and are enthusiastic about their potential, so more on that at a later date. With that, I'm going to turn it over to our CFO, Paul Rouse, to discuss this quarter's numbers.

我們正在積極開發和測試一些新的人工智慧增強功能，並對它們的潛力充滿熱情，因此稍後會詳細介紹。接下來，我將把它交給我們的財務長 Paul Rouse，討論本季的數據。

Thanks, Joe. All right, let's dive into our results beginning with SaaS. SaaS revenue was $77.8 million in the second quarter and within our guidance range, representing an increase of 25% year-over-year and up 5% sequentially. SaaS adjusted gross margin increased 460 basis points year-over-year and 130 basis points quarter-over-quarter to 69.7%.

謝謝，喬。好吧，讓我們從 SaaS 開始深入研究我們的結果。第二季 SaaS 營收為 7,780 萬美元，在我們的指導範圍內，年增 25%，季增 5%。SaaS 調整後毛利率年增 460 個基點，較上季成長 130 個基點，達到 69.7%。

We are pleased with the positive impact from the sale of our higher-margin SaaS products. This progress further strengthens our expectation of exiting the year with SaaS adjusted gross margin exceeding 70%.

我們對銷售利潤率較高的 SaaS 產品所帶來的正面影響感到高興。這項進展進一步增強了我們對 SaaS 調整後毛利率超過 70% 的預期。

First quarter SaaS adjusted EBITDA was $10.2 million, above our guidance, and resulting in a SaaS adjusted EBITDA margin of 13.1%. Our SaaS adjusted EBITDA was favorable primarily due to the restructuring of our company-wide commission plan that we spoke of previously this year.

第一季 SaaS 調整後 EBITDA 為 1,020 萬美元，高於我們的指導，導致 SaaS 調整後 EBITDA 利潤率為 13.1%。我們的 SaaS 調整後 EBITDA 表現良好，主要是由於我們今年早些時候談到的全公司佣金計劃的重組。

We streamlined our sales process to prioritize and incentivize the sale of high-margin products while also enhancing efforts to boost spending from our existing customer base.

我們簡化了銷售流程，優先考慮並激勵高利潤產品的銷售，同時加強增加現有客戶群的支出。

SaaS subscribers grew to approximately 85,000 at the end of the second quarter compared to 70,000 at the end of the first quarter. This was an increase of 21% sequentially and 52% year-over-year, as a result of the continued migration of marketing services clients to our SaaS platform.

第二季末 SaaS 用戶數量增至約 85,000 名，而第一季末為 70,000 名。由於行銷服務客戶持續遷移到我們的 SaaS 平台，該數字環比增長 21%，年增 52%。

SaaS ARPU decreased to $333 due to promotional pricing discounts and the timing of billing for many customers who were onboarded in the last month of the quarter. As a result, we received only a prorated portion of their billing, which negatively impacted ARPU for the quarter.

由於促銷價格折扣以及本季度最後一個月加入的許多客戶的計費時間，SaaS ARPU 下降至 333 美元。因此，我們只收到了他們帳單中按比例分配的部分，這對本季度的 ARPU 產生了負面影響。

However, we expect ARPU to recover in the second half of the year, as these customers are billed for the full period, and we continue to upsell additional centers to existing clients and the expiration of promotional pricing.

然而，我們預計 ARPU 將在下半年恢復，因為這些客戶在整個期間都需要付費，而且我們將繼續向現有客戶追加銷售更多中心，並且促銷價格到期。

Second quarter seasoned net dollar retention was 94%, an increase of 500 basis points year-over-year. Moving over to marketing services, second quarter revenue was $146.3 million and above guidance, primarily due to the strength of digital revenue above expectations.

第二季經驗豐富的淨美元留任率為 94%，較去年同期成長 500 個基點。轉向行銷服務，第二季營收為 1.463 億美元，高於預期，這主要是由於數位收入的強勁表現超出了預期。

Second quarter marketing services adjusted EBITDA was $49.1 million, resulting in an adjusted EBITDA margin of 34%. Second quarter marketing services billings were $125.5 million, representing a decline of 28% year-over-year. Our marketing services billings were impacted by the ongoing success in transitioning our marketing services clients to our SaaS platform.

第二季行銷服務調整後 EBITDA 為 4,910 萬美元，調整後 EBITDA 利潤率為 34%。第二季行銷服務營收為 1.255 億美元，年減 28%。我們的行銷服務帳單受到行銷服務客戶向 SaaS 平台的持續成功轉型的影響。

Second quarter consolidated adjusted gross margin was 69%, an increase of 220 basis points year-over-year. Second quarter consolidated adjusted EBITDA was $59.3 million, representing an adjusted EBITDA margin of 26%.

第二季綜合調整後毛利率為69%，較去年同期成長220個基點。第二季合併調整後 EBITDA 為 5,930 萬美元，調整後 EBITDA 利潤率為 26%。

Finally, our net debt position was $339 million at the end of the second quarter. Our leverage ratio was 1.96 times net debt to EBITDA, which is well below our covenant of 3 times.

最後，第二季末我們的淨負債部位為 3.39 億美元。我們的槓桿率為淨債務與 EBITDA 的 1.96 倍，遠低於我們承諾的 3 倍。

Now let's discuss guidance for the third quarter. For the third quarter, we expect SaaS revenue in the range of $82 million to $84 million. We are reiterating our full-year guidance range of $326 million to $329 million.

現在讓我們討論第三季的指導。我們預計第三季 SaaS 營收將在 8,200 萬美元至 8,400 萬美元之間。我們重申全年指引範圍為 3.26 億美元至 3.29 億美元。

For the third quarter, we expect SaaS adjusted EBITDA in the range of $9 million to $10 million, and we are increasing our full-year guidance range to $30 million to $32 million. For the third quarter, we expect marketing services revenue in the range of $94 million to $97 million, and for the full year, the range is adjusted to $485 million to $492 million.

對於第三季度，我們預計 SaaS 調整後 EBITDA 在 900 萬美元至 1000 萬美元之間，並且我們將全年指導範圍提高至 3000 萬美元至 3200 萬美元。對於第三季度，我們預計行銷服務收入將在 9,400 萬美元至 9,700 萬美元之間，全年該範圍調整為 4.85 億美元至 4.92 億美元。

For the full year, we expect marketing services adjusted EBITDA to be in the range of $128 million to $131 million. As a helpful guide, you can model EBITDA margins to be in the mid-teens in the second half of the year. I'll now turn the call back over to Joe.

我們預計全年行銷服務調整後 EBITDA 將在 1.28 億美元至 1.31 億美元之間。作為一個有用的指南，您可以將下半年的 EBITDA 利潤率建模為十幾歲左右。我現在將把電話轉回給喬。

Thanks, Paul. You will have noticed that our ARPU was down a little bit this quarter. I want to just mention that that's a part of the choppy metrics we see as we're transitioning this business from one business to another. Some things happen in clumps, so you can't always draw a perfect straight line on these things. But we have a defined process for growing these customers, where they're getting tech touch.

謝謝，保羅。您會注意到本季我們的 ARPU 略有下降。我只想提一下，這是我們在將這項業務從一項業務轉移到另一項業務時看到的不穩定指標的一部分。有些事情是成群發生的，所以你不能總是在這些事情上畫出一條完美的直線。但我們有一個明確的流程來發展這些客戶，讓他們接觸到科技。

They're getting automated follow-ups, they're getting sales contact. And we are, in fact, seeing our seasoned customers grow in the mid-teens, and that's happening because they're using the product, and with usage comes more seats, buying more signature packs, more add-ons, by upgrading the higher levels of software so they can access more of the AI elements.

他們正在獲得自動跟進，他們正在獲得銷售聯繫。事實上，我們看到我們經驗豐富的客戶在十幾歲左右成長，這種情況的發生是因為他們正在使用該產品，並且隨著使用量的增加，座位數量增加，購買更多簽名包，更多附加元件，透過升級更高的版本軟體級別，以便他們可以存取更多的人工智慧元素。

So we are seeing a steady conveyor belt of growth once our customers get in and embedded down. And we have a defined kind of automated process that's working it. It's not happening by chance. So please don't worry about ARPU.

因此，一旦我們的客戶加入並嵌入，我們就會看到一條穩定的成長傳送帶。我們有一個定義的自動化流程來運行它。這不是偶然發生的。所以請不要擔心ARPU。

ARPU, we've guided was going to go from about 4,000 a year to about 7,000 a year. All that's still in place. We're still tracking with that sort of result, even as the number of balances around a little bit. And I think even this year, you'll see it begin to trend back up.

我們預計 ARPU 將從每年 4,000 左右增加到每年 7,000 左右。一切都還在原地。我們仍在追蹤此類結果，即使餘額數量增加。我認為即使是今年，你也會看到它開始回升。

Also, part of the reason that we're able to upsell customers is that we have more products to sell them. We've been building and improving the products, adding more packs. And you can expect, as we finish this year going into next year, we're adding more products. So there'll be even more product to sell as we move forward.

此外，我們能夠向客戶追加銷售的部分原因是我們有更多的產品可以賣給他們。我們一直在建立和改進產品，添加更多套件。您可以預期，隨著今年的結束進入明年，我們將添加更多產品。因此，隨著我們的前進，將會有更多的產品可供銷售。

Another question we're often asked is, might we do any M&A? And frankly, with our prior debt structure, we were really constrained. The new one does begin to breathe some flexibility into our world as time goes by. And we believe that M&A is at least now doable, and we've been able to begin to look at some things.

我們常被問到的另一個問題是，我們可以進行併購嗎？坦白說，根據我們先前的債務結構，我們確實受到了限制。隨著時間的推移，新的世界確實開始為我們的世界帶來一些靈活性。我們相信併購至少現在是可行的，而且我們已經能夠開始考慮一些事情。

So that could add some interest going forward. So just to wind up here, we had a really strong start to the year, and we are on track for our SaaS revenue to account for over 40% of our consolidated revenues in 2024.

因此，這可能會增加一些未來的興趣。總而言之，我們今年的開局非常強勁，我們的 SaaS 收入預計將在 2024 年占到我們合併收入的 40% 以上。

And as I've said previously, as we look forward to '25, it will be more than 50%. And so during '25, we'll actually our SaaS business will be bigger than our marketing services business. So we're pretty excited about getting to that milestone. So with that, I'll turn it over to the operator for questions.

正如我之前所說，我們期待 25 年，這數字將超過 50%。因此，在 25 年期間，我們的 SaaS 業務實際上將比我們的行銷服務業務更大。因此，我們對實現這一里程碑感到非常興奮。因此，我會將其轉交給接線員詢問。

(Operator Instructions) Arjun Bhatia, William Blair.

（操作員說明）Arjun Bhatia，William Blair。

Hi, thank you, and very nice to see the accelerated transition from marketing services. One thing to start out with, Joe, I think usually, when I look at your SaaS performance in any given quarter, did you come in above the midpoint of your guidance range?

您好，謝謝您，很高興看到行銷服務的加速轉型。首先，喬，我想通常情況下，當我查看您在任何特定季度的 SaaS 績效時，您的表現是否高於指導範圍的中點？

I think we were slightly below this quarter. Was there anything outside of the ARPU dynamics and the transition that surprised you this quarter in terms of the SaaS performance?

我認為本季我們的業績略低於此。本季 SaaS 效能方面，除了 ARPU 動態和轉型之外，還有什麼讓您感到驚訝的嗎？

Well, look, I mean, these metrics are always a little noisy as we work our way through. You've asked me and others have asked me what's the environment like, and we've said we broadly sell to a different customer. Our customers are the folks in the world that do the nasty things in life, the things that the guys have fixed broken things, and not a lot of optional things.

嗯，聽著，我的意思是，當我們進行研究時，這些指標總是有點吵雜。你問過我，其他人問過我環境怎麼樣，我們說我們主要銷售給不同的客戶。我們的客戶是世界上那些在生活中做過令人討厭的事情的人，那些修復了損壞的東西的人，而不是很多可選的東西。

But they are certainly feeling the challenging environment, and we're seeing good strong sales volume because we're riding this unstoppable wave of small business adoption. But when presented with a choice of good, better, best, they're opting for the lower priced options which as far as our consumer we're getting them on our platform, we're adding subs, we're moving forward.

但他們肯定感受到了充滿挑戰的環境，而且我們看到了強勁的銷量，因為我們正乘著小型企業採用這一不可阻擋的浪潮。但是，當面臨好、更好、最好的選擇時，他們會選擇價格較低的選項，就我們的消費者而言，我們將他們放在我們的平台上，我們正​​在添加訂閱者，我們正在前進。

And we have a system to grow those customers sort of a defined process that they go through. And for seasoned customers, we see double-digit ARPU growth from those guys. We see them really moving forward.

我們有一個系統來發展這些客戶，並且按照他們所經歷的既定流程進行。對於經驗豐富的客戶，我們看到這些人的 ARPU 實現了兩位數的成長。我們看到他們確實在前進。

So I think you've asked me, others have asked me, what's the climate. It's not fantastic out there.

所以我想你問過我，其他人也問過我，氣候如何。那裡的情況並不美妙。

But we also, I want to hasten to add, we're not selling to the new start-ups, the new businesses. We don't sell -- honestly, we don't want them. We're looking for businesses that are more established either from our base, or referrals out of our base, that have been around for a while.

但我想補充一點，我們不會向新的新創公司、新企業出售產品。我們不賣——老實說，我們不要它們。我們正在尋找在我們的基礎上更成熟的企業，或者從我們的基礎上推薦出來的、已經存在了一段時間的企業。

So anyway, I think Arjun, it's not a frothy environment where people are just going, yes, give me the big one. They're kind of moving a little bit more cautiously. But as you can see, we're still making steady progress in adding new subscribers, and this trend is still playing out.

所以無論如何，我認為阿瓊，這不是一個人們只是去的泡沫環境，是的，給我一個大的。他們的行動有點謹慎。但正如您所看到的，我們在增加新訂閱者方面仍在穩步取得進展，而且這一趨勢仍在上演。

All right. Yes. Certainly makes sense. I appreciate that. And then as these customers do migrate over and you see this kind of acceleration in the number of SaaS clients that you have? I assume a lot of them are coming into marketing centers, as you've pointed out.

好的。是的。當然有道理。我很欣賞這一點。然後，當這些客戶確實遷移過來時，您會發現您擁有的 SaaS 客戶數量出現這種加速成長嗎？正如您所指出的，我認為他們中的許多人都會進入行銷中心。

But when you think about, when they get to that one-year mark and is growing 15%, when you're targeting the expansion? Do you want them to grow their usage of marketing center and expand within a particular product? Do you want them to cross-sell into the business center? Like what are your expansion priorities as you kind of grow this big influx of customers that you're seeing on the SaaS side?

但當你想一想，當他們達到一年大關並且成長 15% 時，你何時設定擴張目標？您是否希望他們增加行銷中心的使用並在特定產品範圍內擴展？您希望他們在商務中心進行交叉銷售嗎？當您在 SaaS 方面看到大量客戶湧入時，您的擴張重點是什麼？

Yes. I think the mac daddy home run best thing that can happen is they add another center because that comes with a lot of margin and a lot of additional engagement with the company. So adding another center is the home run. But there are lots of little singles before the home run, where maybe they begin to use our signatures, and maybe they begin to use our team chat, maybe they start getting involved with other things.

是的。我認為麥克爸爸全壘打可能發生的最好的事情是他們增加了另一個中心，因為這會帶來大量的利潤和與公司的大量額外接觸。所以增加一個中鋒就是全壘打。但是在本壘打之前有很多小單身人士，也許他們開始使用我們的簽名，也許他們開始使用我們的團隊聊天，也許他們開始參與其他事情。

So SaaS center is the big one. And as I think we pointed out in the information here, we're seeing really strong month over month over month over month uptake of additional centers. And I know you understand this really well, the cost of acquiring that customer for the first time and getting them set up as you guys call it, CAP, right? There's a big CAP to get them set up.

所以SaaS中心是最大的中心。正如我認為我們在此處的資訊中指出的那樣，我們看到其他中心的使用量逐月非常強勁。我知道您非常了解這一點，即首次獲得該客戶並讓他們建立起來（您稱之為 CAP）的成本，對嗎？有一個很大的 CAP 來讓他們設定。

But as time goes by, you add additional centers, there's real operating leverage that comes from that. And that's the page that we're now getting on. We've got another center coming later this year. And as we look at next year, customers, not just on a single center, but on two, on three in some cases, that's where things really start to ramp for us.

但隨著時間的推移，你會增加更多的中心，從而產生真正的營運槓桿。這就是我們現在進入的頁面。今年稍後我們將設立另一個中心。當我們展望明年時，客戶不僅僅是一個中心，而是兩個中心，在某些情況下是三個中心，這才是我們真正開始進步的地方。

And I know you've followed other companies in the space that are platform strategies that have added other centers or other hubs or whatever, and seems the way each of those cohorts lights off another sort of lift of growth and lift of margin.

我知道您已經關注過該領域的其他公司，這些公司的平台策略增加了其他中心或其他中心或其他什麼，並且似乎每個群體都點燃了另一種成長和利潤提升的方式。

Thank you.

謝謝。

Thank you, Arjun.

謝謝你，阿瓊。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

Hi, everyone. Nice quarter thanks for taking my questions here. I guess I got a couple starting on the customer acquisitions or the SaaS additions in the quarter. Obviously, it was a really large jump quarter-over-quarter. I think we probably all assume, and I think Joe, you commented on most of them are coming aboard as marketing center customers.

大家好。很棒的季度，感謝您在這裡提出我的問題。我想我有一些人在本季開始進行客戶獲取或 SaaS 添加。顯然，這是一個非常大的季度環比跳躍。我想我們可能都假設，我想喬，你評論說他們中的大多數人都是作為行銷中心客戶加入的。

But did you see customers come aboard maybe more in any of the other centers as well, or is it really all just kind of marketing center-driven?

但是您是否看到其他任何中心的客戶也可能更多，或者這真的只是由行銷中心驅動的嗎？

Marketing centers have eclipsed the business center as our fastest-growing product. It's not the biggest product because the business center has been around for a long time, but sales coming in day over day, week over week, we're seeing marketing center just roll.

行銷中心已經超越商務中心，成為我們成長最快的產品。這不是最大的產品，因為商務中心已經存在很長時間了，但銷售額日復一日、週復一周，我們看到行銷中心正在蓬勃發展。

And I think I've described this in the past, but it's a much smaller leap from buying marketing and advertising services from the legacy company over the last century to grow your business tool and marketing services tool, a marketing center tool, that jump is pretty small.

我想我過去已經描述過這一點，但從上個世紀的遺留公司購買行銷和廣告服務到發展您的業務工具和行銷服務工具（行銷中心工具），這是一個較小的飛躍，這個飛躍是相當小。

We're asking them to actually incorporate a big change to their business and go on to a CRM, and begin to embrace all the functions that were in the business center.

我們要求他們真正對其業務進行重大變革並繼續使用 CRM，並開始採用業務中心的所有功能。

We've kiddingly internally said, that's like kind of asking to eat the broccoli. It's good for them. It will make their business better. But marketing center is french fries, baby. It makes the phone ring, it gives you more business.

我們在內部開玩笑地說，這有點像是要求吃西蘭花。這對他們有好處。這將使他們的生意變得更好。但行銷中心是炸薯條，寶貝。它讓電話響起，它帶給你更多的生意。

And so there's just been a lot of enthusiasm and energy around marketing center. So it's really the hot one at the moment.

因此，行銷中心充滿了熱情和活力。所以它確實是目前最熱門的一款。

Fair enough. To kind of follow up on the SaaS additions in the quarter on your -- Joe, you gave a lot of kind of color around the monthly ARPU number. Is, and in this environment, you can certainly understand promotional pricing to get customers on board. How do we think about that trending? Is that a 90-day price? Is that a 60-day, maybe 180-day price?

很公平。為了跟進本季 SaaS 的新增情況，Joe，您對每月 ARPU 數字給出了很多顏色。是的，在這種環境下，您當然可以了解促銷定價來吸引客戶。我們如何看待這種趨勢？這是90天的價格嗎？這是 60 天、也許 180 天的價格嗎？

How do you expect that pricing trend for those customers over the year? And then do you expect to run similar promotional opportunities through the end of the year?

您預計這些客戶今年的定價趨勢如何？那麼您預計到年底還會有類似的促銷機會嗎？

I want to be clear. I think the biggest impact was when they came in, because the way our billing works is sort of a prorated credit thing. And some of them made the move over very late in the quarter, even late in the month in the final quarter, so we only picked up partial billing. So I think you're going to see it correct right away.

我想澄清一下。我認為最大的影響是他們進來的時候，因為我們的計費方式是按比例信用的。其中一些人在本季度很晚的時候甚至是在最後一個季度的月底才搬遷，所以我們只收到了部分賬單。所以我想你馬上就會發現它是正確的。

It's really a bit of anomalous there. It isn't like we threw in some gigantic discount. We are stepping customers over to make it easy for them. And honestly, that's going to give us scope for rate later. We will migrate them to the full rack rate over time.

那裡確實有點反常。我們並沒有給予巨大的折扣。我們正在讓客戶變得更容易。老實說，這將為我們以後的定價提供空間。隨著時間的推移，我們將把它們遷移到全機架速率。

And that will give us a little bit of a rate lift when we look ahead to the year ahead.

當我們展望未來一年時，這將使我們的利率有所提升。

But yes, to answer your question, as far as the go forward, we have other specific playbooks that we're running against the marketing services to date, where we're taking people that aren't exactly at the rate of the unit they're going over to and offering them to make the move over without a big bucket of cold water in the face price up initially to get them on, get them in the new platform, get them enjoying the benefits, and then we begin to grow them from there.

但是，是的，為了回答你的問題，就前進而言，我們還有其他特定的劇本，我們迄今為止正在針對行銷服務運行這些劇本，我們正在招募那些不完全符合他們所在單位的人員。轉向並提供他們在沒有一大桶冷水的情況下進行遷移，最初價格上漲，讓他們進入新平台，讓他們享受好處，然後我們開始從那裡成長他們。

So yes, there'll be more of it. To answer your question, your point and question I want to deduct that. There will be more of this type of thing as we keep going. We've got a very big kind of Zoom base that we're hunting in, and we're finding all of a sudden with marketing center much, much higher level of interest to make the migration over. And I also want to point out, and please [dealt] sight of this, that this decade of small business SaaS is another year or two further along. And it's much more obvious to people that they should be making this move now than it was even two or three years ago.

所以是的，還會有更多。為了回答你的問題，我想扣除你的觀點和問題。隨著我們的繼續發展，這樣的事情將會越來越多。我們正在尋找一個非常大的 Zoom 基礎，並且我們突然發現行銷中心對遷移的興趣非常高。我還想指出，請注意這一點，小型企業 SaaS 的十年還需要一兩年。對人們來說，與兩三年前相比，他們現在應該採取這項措施更加明顯。

Very helpful. Thanks for taking my questions.

非常有幫助。感謝您回答我的問題。

Thanks, Scott.

謝謝，斯科特。

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Thank you. Good morning, Joe. Good morning, Paul. Joe, you touched on a few of these in the prepared remarks, but can you elaborate on some of the examples of AI that you've implemented and maybe some of those you're developing, and are those tools more critical as a selling tool or retention tool from your perspective?

謝謝。早安，喬。早安，保羅。喬，您在準備好的發言中談到了其中的一些內容，但是您能否詳細說明一下您已經實施的一些人工智能示例以及您正在開發的一些示例，以及這些工具作為銷售工具是否更為重要或者從您的角度來看保留工具？

Well, those are great questions. So what we've done is we are trying to make it -- look, our base are sort of the dirty fingernails people. We're out there doing roofing, plumbing, electrical work. We're doing body work on your car. We do have dentists and cover fractures. Hopefully, those fingers are clean.

嗯，這些都是很好的問題。所以我們所做的就是努力做到這一點——看，我們的基礎是指甲髒的人。我們在那裡做屋頂、管道、電力工作。我們正在為您的車進行車身維修。我們有牙醫並承保骨折。希望這些手指是乾淨的。

But we have a lot of service-based businesses, and they're busy doing that stuff. And a lot of times, when they're presented with a blank page to figure out how to write content about their services or about their products, they just get stumped. They're unable to really move forward.

但我們有很多基於服務的企業，他們正忙著做這些事情。很多時候，當他們看到一個空白頁面來弄清楚如何編寫有關他們的服務或產品的內容時，他們只是被難住了。他們無法真正前進。

And so one of the simplest things that we're doing is using AI to help them develop content for their landing pages and for their promotional offers and for their product descriptions and importantly, for their social posts, which in today's day and age is almost table stakes if you're running a small business. You've got to be actively posting.

因此，我們正在做的最簡單的事情之一就是使用人工智慧來幫助他們開發登陸頁面、促銷優惠、產品描述的內容，重要的是，為他們的社交貼文開發內容，在當今時代，這些內容幾乎是如果您經營的是小型企業，則賭注是賭注。你必須積極發文。

So we've got our pro editor and some other services that will really guide them and aid them. And they're not looking at a blind page. They're looking at something that's sort of prebuilt and formatted and they can go through and edit and improve it, but that's just a lot easier thing to do. So that's been kind of a killer app. And we're finding that people get excited about that at the time of sale. So it is a sales aid.

因此，我們擁有專業編輯器和其他一些服務，可以真正指導和幫助他們。他們並不是在看盲目的頁面。他們正在尋找某種預先建立和格式化的東西，他們可以仔細檢查、編輯和改進它，但這只是更容易做的事情。所以這是一個殺手級應用程式。我們發現人們在銷售時對此感到興奮。所以它是一種銷售輔助手段。

But furthermore, customers that bought long ago when we didn't have that as we introduced it to them, their level of kind of NPS score satisfaction with us has risen and their engagement on the platform has improved. And I think they're getting more benefit from it even though they might have bought two years before we put that in. So what we like to say is your Thryv just got better. And so that's been a really good thing for us.

但此外，當我們向他們介紹產品時，很久以前就購買了產品的客戶，他們對我們的 NPS 得分滿意度有所上升，並且他們在平台上的參與度也有所提高。我認為他們會從中獲得更多利益，儘管他們可能在我們投入之前兩年就已經購買了。所以我們想說的是，您的 Thryv 變得更好了。這對我們來說確實是件好事。

Helpful. Just quick housekeeping, I assume the tweaking guide slightly higher profitability in SaaS, slightly lowered marketing services. Is that simply a function of your concerted push to convert more customers, or is there anything else going on there?

有幫助。只是快速的內務管理，我認為調整會導致 SaaS 的獲利能力略高，行銷服務略低。這只是您協調一致地推動轉換更多客戶的結果，還是還有其他原因？

I think that's a big piece of it. I think the margin lift is largely coming from what I described earlier that when you sell a new customer, you have all this CAP that comes with it. But when you just add an additional center to a standing account, it just has great leverage. And you're seeing that. We're seeing -- I mean, month-over-month over month, really brisk uptake now.

我認為這是其中很大一部分。我認為利潤率的提升很大程度上來自於我之前描述的，當你出售一個新客戶時，你就擁有了隨之而來的所有 CAP。但是，當您只是在常設帳戶中添加一個額外的中心時，它就具有很大的槓桿作用。你也看到了。我們看到──我的意思是，一個月又一個月，現在的吸收速度非常快。

I think the story you guys are going to be writing about a lot in '25 is this platform strategy is really playing out here. And it's giving them real gross margin lift, real profitability lift. And I've said all along, we're driving hard to be a Rule of 40 company. And I think we can get it strongly from the EBITDA line. We can get a lot there.

我認為你們將在 25 年寫很多的故事是這個平台策略在這裡真正發揮作用。這給他們帶來了真正的毛利率提升和獲利能力提升。我一直在說，我們正在努力成為一家遵守 40 條規則的公司。我認為我們可以從 EBITDA 中獲得強有力的回報。我們可以在那裡得到很多東西。

I think we can run this thing really profitably. It's already fully scaled. It's a pretty big company, our SaaS business. And it's been profitable for many, many quarters, and that's really beginning to lift now as we add new centers. We've got another center coming out before the end of the year. So there will be even more product to sell going into next year.

我認為我們可以透過經營這件事真正獲利。它已經完全擴展了。我們的 SaaS 業務是一家相當大的公司。它已經在很多很多季度實現盈利，隨著我們增加新的中心，這種情況現在才真正開始好轉。我們將在今年年底前推出另一個中心。因此，明年將會有更多的產品可供銷售。

Still my last question, which is just update on timing of potential rollout of the next new center and whether there's likely to be a freemium option for that, at least early on as well. Thanks again for the color.

仍然是我的最後一個問題，這只是關於下一個新中心的潛在推出時間的更新，以及是否可能有免費增值選項，至少在早期。再次感謝您的顏色。

Yes. I don't have details to reveal today as far as the exact timing. What we've guided is that we get it out before the end of the year, and I can confirm that that's definitely going to happen. And to your second question, we're slowly learning about this premium thing and how to do it.

是的。至於具體時間，我今天沒有可透露的細節。我們的指導是在今年年底前完成，我可以確認這肯定會發生。對於你的第二個問題，我們正在慢慢了解這個優質的東西以及如何做到這一點。

We are planning to allow customers to benefit a bit from this new offering on a sort of pre-included get some benefit from it basis, try before you buy, all that kind of stuff. So there is a plan to do that, where it won't just be, you have to buy to get some benefit from it. And we're learning that when you deliver value to a customer before you have to, they have to give you any money, it just starts things off on a nice foot. So we're kind of excited about the way that will unfold.

我們計劃讓客戶從這項新產品中受益，在某種預先包含的基礎上從中受益，在購買之前先嘗試，諸如此類的東西。因此，我們有一個計劃來做到這一點，但不僅僅是這樣，你還必須購買才能從中受益。我們了解到，當您在必須之前向客戶提供價值時，他們必須給您任何錢，這只是一個好的開始。因此，我們對即將展開的方式感到有點興奮。

All right. Thanks again.

好的。再次感謝。

Thank you.

謝謝。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great, thanks. Good morning, Joe. Yes, the [standard] strategy appears to be playing out nicely for you guys. I was just wondering if we can get an update on Command Center and also as you think about sort of the cadence of center rollouts over the next couple of years, how should we think about that? I mean, I know you spent a lot of time with customers.

太好了，謝謝。早安，喬。是的，[標準]策略似乎對你們來說效果很好。我只是想知道我們是否可以獲得指揮中心的最新信息，當您考慮未來幾年中心推出的節奏時，我們應該如何考慮？我的意思是，我知道你花了很多時間與客戶打交道。

You're pretty in tune with the opportunity there must be certain things within the platform that are percolating up that have your folks excited. So how should we think about the cadence of incremental center rollouts? And then I had a follow-up to work Paul into the conversation here.

您非常適合這個機會，平台中一定有某些東西正在滲透，讓您的人們感到興奮。那我們該如何考慮增量中心推出的節奏呢？然後我進行了後續行動，讓保羅參與這裡的對話。

Yes. So I think the biggest thing I would add is that we do have some really strong demand from the market from our customers to do more stuff. Now some of that they can achieve in our app store, and our marketplace, and connect up with other things. But we have designed on filling some more of their needs, and we've been working for a couple of years in the back office on those.

是的。因此，我認為我要補充的最重要的一點是，我們的客戶確實有一些非常強烈的市場需求，要求我們做更多的事情。現在，他們可以在我們的應用程式商店和市場中實現其中一些目標，並與其他事物連接起來。但我們的設計是為了滿足他們的更多需求，我們已經在後台為此工作了幾年。

And as I mentioned, one is done and about to be revealed, and another is really far along and about to come. So we're still pretty comfortable with that center-of-year guidance that we've given. The one thing I want to hasten to add is that these opportunities or these problems that we're solving are not all the same size.

正如我所提到的，一個已經完成並且即將被揭示，而另一個確實已經完成並且即將到來。因此，我們仍然對我們給予的年中指導感到非常滿意。我想趕緊補充的一件事是，我們正在解決的這些機會或問題的規模並不相同。

So every one of them isn't going to have the exact same pricing as business center did or whatever. I mean they're going to be bigger ones and smaller ones. There's going to be some that are really kind of game-changing, and some that are smaller as we go along.

因此，它們中的每一個都不會具有與商務中心或其他地方完全相同的定價。我的意思是它們會變得更大和更小。將會有一些真正改變遊戲規則的項目，而有些則隨著我們的進展而變得更小。

It's just as we keep building out the platform. We can't make them all exactly bricks that are the same size. So I would underscore that. You asked about the Command Center, which was the center that we got out late last year. And I would describe that first one that we got out as V1.

正如我們不斷建立平台一樣。我們無法將它們製作成完全相同尺寸的磚塊。所以我要強調這一點。你問的是指揮中心，這是我們去年底拿出來的中心。我將我們推出的第一個產品描述為 V1。

And we're working like crazy iterating that into the V2, V3, and improving it. We've had good interest in it. But like a lot of brand-new software products, especially cutting-edge things and it's very cutting edge, what we've tried to do there.

我們正在瘋狂地將其迭代到 V2、V3 中，並對其進行改進。我們對此很感興趣。但就像許多全新的軟體產品一樣，特別是尖端的東西，而且非常尖端，我們在那裡嘗試做的事情。

There were a couple of sharp hedges that we've run into that we're working our way through. And so it's developing. We've got lots of sign-ups, lots of people using it, but it's not currently as good as I want it to be or we're developing as fast as I wanted to.

我們遇到了一些尖銳的障礙，我們正在努力克服。所以它正在發展。我們有很多註冊者，很多人在使用它，但它目前還沒有我想要的那麼好，或者我們正在像我想要的那樣快速發展。

And our product team is working really hard, engineering team is working really hard on the refinement and some perfection now that we've been in the market with it for a little while. Customers have really given us direct feedback about it. So I expect that, and if you go back and you look at the marketing center, it didn't take off like a rocket when we first rolled it out either.

我們的產品團隊正在非常努力地工作，工程團隊正在非常努力地進行改進和完善，因為我們已經進入市場一段時間了。客戶確實給了我們直接的回饋。所以我預計，如果你回去看看行銷中心，當我們第一次推出它時，它也沒有像火箭一樣起飛。

It's now our number one selling product. It took us a minute to kind of get it dialed in the product itself and to get our way of marketing and selling it dialed in. We're sort of in the same phase right now with Command Center.

現在它是我們銷售第一的產品。我們花了一分鐘的時間將其融入產品本身中，並融入了我們的行銷和銷售方式。我們現在與指揮中心處於同一階段。

But I just want to remind you that what Command Center will do as it's perfected in B2 and B3, and we look ahead to '25 and '26, it will be out in front as kind of a wedge product, collecting new customers. They'll be building a new Zoom.

但我只是想提醒您，指揮中心將在 B2 和 B3 中完善後做什麼，我們展望 25 和 26 年，它將作為一種楔形產品走在前面，吸引新客戶。他們將建造一個新的 Zoom。

It goes out into the world, and it offers you an experience with Thryv that lets you not pay anything, try it, play with it, work with it, and have Thryv in your life re-brand, drive product. And after you see the benefits you can get from it, I think there's a conversation that we can have. So I'm sometimes asked, well, what happens when your zoo runs out?

它走向世界，為您提供 Thryv 的體驗，讓您無需支付任何費用，即可嘗試它、使用它、使用它，並讓 Thryv 在您的生活中重新品牌化、驅動產品。當您看到可以從中獲得的好處後，我認為我們可以進行對話。所以有時有人問我，當你的動物園用完時會發生什麼事？

You guys are going to someday run out of your zoo, if I project out how fast you're going through it in 2031, you'll run out of zoo animals to go bring in. Well, we're building that new zoo through Command Center.

你們有一天會用完你們的動物園，如果我預測到 2031 年你們會以多快的速度用完它，你們就會用完動物園裡的動物來引進。嗯，我們正在透過指揮中心建造那個新動物園。

So it is a long-term plan. It's not something that has to happen this quarter. We're looking more in the fullness of time. And if you look at around the industry at other PLG plays, a lot of them did take a couple of years to dial before they just took off. And we're in that mode here.

所以這是一個長期計劃。這不是本季必鬚髮生的事情。我們在時間充裕時會進行更多的尋找。如果你看看整個產業的其他 PLG 遊戲，你會發現其中許多確實花了幾年時間才開始起步。我們現在就處於這種模式。

And as was asked in an earlier question, we're thinking more about sort of PLG elements even as we develop new centers going forward. So being thoughtful about using the product as a marketing tool, I guess, to bring us product-qualified leads as we move along. Did that answer your question?

正如之前的問題中所問的那樣，即使我們未來開發新的中心，我們也會更多地考慮 PLG 元素。因此，我想，要深思熟慮地將產品用作行銷工具，以便在我們前進的過程中為我們帶來符合產品要求的潛在客戶。這回答了你的問題嗎？

It does. Yes, that's great color. I appreciate that. Paul, a question for you. Just to go back to the ARPU topic, I know Joe told us not to worry about it, but I guess our job in part is to worry a little bit. So you did mention that you expected ARPU would be better in the second half.

確實如此。是的，那是很棒的顏色。我很欣賞這一點。保羅，問你一個問題。回到 ARPU 主題，我知道喬告訴我們不要擔心它，但我想我們的部分工作就是擔心一點。所以你確實提到你預計下半年的 ARPU 會更好。

It's been down four quarters in a row when it kind of accelerated down this quarter. You do have some, I think, some easier comps coming, but just wanted to get a sense for what gives you the confidence that we should see the ARPU start to head back up? Thank you.

它已經連續四個季度下降，本季加速下降。我認為，你們確實有一些更容易的比較，但只是想了解一下是什麼讓你們有信心我們應該看到 ARPU 開始回升？謝謝。

Yes. There are a number of things like Joe mentioned. A lot of the drive, we are working to move these customers over. We made a change in our commission plan to drive the number of center sales.

是的。喬提到的事情很多。我們正在努力將這些客戶轉移出去。我們對佣金計劃進行了更改，以推動中心銷售數量。

And you're seeing the effect here with the number of ads we've had. And like as everything comes into the last month of the quarter for bonuses. So there was a big push to bring those clients in.

您可以在這裡看到我們投放的廣告數量所帶來的效果。就像所有事情都進入季度最後一個月的獎金一樣。因此，我們大力推動吸引這些客戶。

And a large majority of them came in partially in the year in June and so on. So this naturally as you get a full month of billing coming out in July, August, September, as you make the ads, ARPU is going to naturally rise.

其中絕大多數是在今年六月等部分進來的。因此，當您在七月、八月、九月獲得一整月的帳單時，當您製作廣告時，ARPU 自然會上升。

So we are confident that this was -- this is a temporary thing. When we start heading north on ARPU as we move out into the second half of the year. So yes, I wouldn't be concerned about that. That's going to be coming back up.

所以我們相信這是暫時的。當我們進入下半年時，ARPU 值開始向北移動。所以是的，我不會擔心這個。那將會回來。

Great. Thanks guys. I appreciate it.

偉大的。謝謝你們。我很感激。

Thank you.

謝謝。

Zach Cummins, B. Riley Securities.

康明斯 (Zach Cummins)，B. 萊利證券 (Riley Securities)。

Hi, good morning, Joe and Paul. Thanks for taking my questions. Joe, I just had a question around the potential leverage we could see in the SaaS segment. I mean, nice to see the adjusted EBITDA guidance raised there for this year. But how are you thinking about that potential leverage as you exit this year and going into 2025? It seems like we're potentially getting to an inflection point where adjusted EBITDA on a consolidated basis could be maybe remaining steady or potentially moving up from these 2024 levels?

嗨，早上好，喬和保羅。感謝您回答我的問題。Joe，我只是有一個關於我們在 SaaS 領域可以看到的潛在影響力的問題。我的意思是，很高興看到今年調整後的 EBITDA 指引。但是，當您今年退出並進入 2025 年時，您如何看待這種潛在的槓桿作用？看來我們可能會遇到一個拐點，在綜合基礎上調整後的 EBITDA 可能會保持穩定，或者可能會比 2024 年的水平上升？

Well, that's such a good question because, I mean, look, you're a student of the industry, and so am I, if you look at some of these other companies that have platform strategies, where they've added that second product, third product, fourth product, you really start to see an overall margin lift that comes through. And we're seeing that now come through in our SaaS business.

嗯，這是一個很好的問題，因為，我的意思是，你是這個行業的學生，我也是，如果你看看其他一些擁有平台策略的公司，他們添加了第二種產品，第三種產品，第四種產品，你真的開始看到整體利潤率的提升。我們現在看到這一點在我們的 SaaS 業務中得到了體現。

And as we look at our own internal models, we look at the fast growth of EBITDA out of SaaS, replacing the melting iceberg EBITDA that's coming out of marketing services. And so I don't think I'm allowed to give really finite guidance right now. I don't think that's what you were asking for.

當我們審視我們自己的內部模型時，我們看到 SaaS 帶來的 EBITDA 的快速成長，取代了行銷服務帶來的正在融化的冰山 EBITDA。所以我認為我現在不能提供真正有限的指導。我不認為這就是你所要求的。

I just wanted to kind of talk about it for a minute, I think, at a high level. But yes, the way we're thinking about it is that the growth of EBITDA coming out of the SaaS business will form a replacement for the gradual decline of the melting iceberg part coming out of marketing services.

我想，我只是想在高層次上談論這個問題。但是，我們的想法是，來自 SaaS 業務的 EBITDA 成長將取代來自行銷服務的冰山融化部分的逐漸下降。

So we're sort of reaching that nadir in the process now. And again, I don't think I've authorized a step in front of Paul and give EBITDA guidance specifically. But directionally, you got it exactly right. We're at that moment now.

所以我們現在在這個過程中已經達到最低點了。再說一遍，我不認為我已經授權在保羅之前採取任何行動並專門給予 EBITDA 指導。但從方向上來說，你完全正確。我們現在正處於那個時刻。

The other moment that we're at is -- as we -- just another, I mean, a number of weeks here, we finished this year at 40%. And as we go into next year, we'll cross over, and the SaaS business at the revenue line will be our largest source of revenue. It will be our majority business.

我們所處的另一個時刻是——正如我們——只是另一個時刻，我的意思是，幾週後，我們今年的完成率為 40%。進入明年，我們將跨界，營收線上的SaaS業務將是我們最大的收入來源。這將是我們的主要業務。

And we're looking forward to hopefully being bumped up against the metrics of other excellent SaaS companies out there and sort of joining the SaaS league tables. And we think we show up with some pretty kickass metrics.

我們期待與其他優秀 SaaS 公司的指標相媲美，並躋身 SaaS 排行榜。我們認為我們展示了一些非常強大的指標。

We've mentioned before, we believe our net dollar retention, which is in the mid-90s now, will rise to 100. And we think that doesn't -- it's not that far away at the rate we're selling additional centers now. We think that's coming now in the medium term.

我們之前提到過，我們相信我們的淨美元保留率（目前處於 90 年代中期）將升至 100。我們認為這並不是——以我們現在銷售更多中心的速度來看，這並不遙遠。我們認為這將在中期內實現。

And so that sort of hole in the boat from a metric standpoint will be gone. Our gross margins are strong and rising now. So that sort of nick has sort of gone. So we're -- I think we're a really strong Rule of 40 type company. And when we eventually do join those SaaS league tables, I think we'll stand in pretty good stead. We're looking forward to standing on that stage and posing.

因此，從公制角度來看，船上的那種洞將會消失。我們的毛利率很高，而且正在上升。所以這種暱稱已經消失了。所以我認為我們是一家非常強大的 40 規則類型公司。當我們最終加入 SaaS 排行榜時，我認為我們將處於相當有利的地位。我們期待著站在那個舞台上擺姿勢。

Got it. That's very helpful. And then my one final question, maybe here towards Paul is, how should we be thinking about free cash flow generation with new debt facility and just given the accelerated conversion activity that we're seeing within marketing services?

知道了。這非常有幫助。然後，我的最後一個問題，也許是針對保羅的，我們應該如何考慮透過新的債務融資來產生自由現金流，並考慮到我們在行銷服務中看到的加速轉換活動？

Yes. I guess the overall thing I just want to say is if there's any concern about us meeting our amortization, don't be concerned. We're going to do that. And that's what we're focused on. We took down the mandatory amortization pretty significantly from where it was previously.

是的。我想我只想說的是，如果對我們的攤銷有任何擔憂，請不要擔心。我們打算這麼做。這就是我們關注的重點。與之前相比，我們大幅降低了強制攤提。

So we feel very confident in free cash flow to manage that amortization. But as Joe mentioned earlier, with the additional flexibility, we might be able to do other things with the cash flow above that. But I just want to lay any fears about the amortization. We're going to meet that and be no issue. And we're still trying to figure out if there's a better place we can put our money in the future with the free cash flow.

因此，我們對管理攤銷的自由現金流非常有信心。但正如喬之前提到的，有了額外的靈活性，我們也許可以用高於此的現金流做其他事情。但我只是想表達對攤銷的擔憂。我們會滿足這個要求，這不是問題。我們仍在試圖弄清楚是否有更好的地方可以讓我們在未來利用自由現金流來投資。

So I guess I'll leave it there.

所以我想我會把它留在那裡。

Understood. That's helpful. Well, thanks again for taking my questions, and best of luck with the rest of the quarter.

明白了。這很有幫助。好吧，再次感謝您提出我的問題，並祝本季剩下的時間一切順利。

I will now turn the call over for closing remarks. Please go ahead.

我現在將轉交閉幕詞。請繼續。

Yes, I guess just to wrap up, we were talking there just a minute ago about cash, and the company has always thrown off a lot of cash. All of that cash kind of went to debt repayment in the past. And now with the new credit facility we have, over time, we will begin to develop some flexibility.

是的，我想總結一下，我們剛才還在談論現金，而該公司總是扔掉大量現金。過去所有這些現金都用於償還債務。現在有了新的信貸安排，隨著時間的推移，我們將開始發展一些彈性。

We no longer have 100% cash sweep. We have some flexibility built in. And we're enthused about what we'll be able to do with that. Our first priority is always obviously product and engineering, making sure we have the best software, making sure it's developing quickly, making sure it's interoperable, where it works well with other software in the market to make it easy for our customers to adopt.

我們不再有 100% 的現金掃蕩。我們內建了一些靈活性。我們對能夠利用它做的事情感到非常興奮。顯然，我們的首要任務始終是產品和工程，確保我們擁有最好的軟體，確保它快速開發，確保它具有互通性，與市場上的其他軟體配合良好，使我們的客戶能夠輕鬆採用。

And we've got always really specific conversations going with our engaged customers about what they'd like next, where they might have any sharp edges or pain points within the product that we're improving. So that's always first priority.

我們總是與參與的客戶進行非常具體的對話，了解他們下一步想要什麼，他們在我們正在改進的產品中可能有任何尖銳的邊緣或痛點。所以這始終是第一要務。

We obviously have a super low share price. So we're buying shares is another opportunity. We're beginning to see the bid-ask out in the marketplace for some of these SaaS companies that we might tuck in. They're beginning to modulate a little bit, so there are some opportunities there.

顯然我們的股價超低。所以我們買股票是另一個機會。我們開始看到市場上一些我們可能會投資的 SaaS 公司的出價和要價。他們開始進行一些調整，所以那裡有一些機會。

So I think the fact that we've come this far, really with one hand tied behind our back, virtually no cash flexibility, and we will have some going forward.

所以我認為事實上我們已經走到了這一步，實際上我們的一隻手被綁在了背後，幾乎沒有現金靈活性，我們將有一些前進。

You guys should think about that, because I think it does give us an added kick going forward. And we feel like we're really well positioned on this unstoppable trend, unstoppable megatrend really of small businesses moving to the cloud.

你們應該考慮這一點，因為我認為這確實為我們前進帶來了額外的動力。我們覺得我們在小型企業遷移到雲端這一不可阻擋的趨勢、不可阻擋的大趨勢上確實處於有利位置。

And 25% SaaS growth and 50% subs growth are numbers that we're really proud of, and we think there are more good numbers ahead. So with the crossover point coming up, we think it's time for people to take a look at Thryv. Thanks, everyone.

25% 的 SaaS 成長和 50% 的訂閱者成長是我們真正引以為傲的數字，我們認為未來還會有更多好的數字。因此，隨著交叉點的到來，我們認為人們是時候關注 Thryv 了。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。