Thryv Holdings Inc (THRY) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Thryv Third quarter 2025 earnings call. (Operator Instruction). I will now hand the conference over to Cameron Lessard, Vice President of Corporate Development and strategy.

女士們、先生們，感謝各位的到來，歡迎參加 Thryv 2025 年第三季財報電話會議。（操作說明）現在我將把會議交給企業發展與策略副總裁卡梅倫·萊薩德。

Good morning and thank you for joining us for Thryv 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, Sask 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.

早安，感謝各位參加 Thryv Holdings 2025 年第三季財報電話會議。今天陪同我的是董事長兼執行長喬·沃爾什，以及財務長保羅·勞斯。在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明受到各種風險和不確定性的影響。實際結果可能與這些說法有重大差異。我們已在盈利報告和提交給美國證券交易委員會的文件中討論了這些風險和不確定性。今天的報告還將包括非GAAP財務指標，這些指標應作為補充資訊考慮，但不能取代我們的GAAP績效。這些措施的核對情況可在我們的獲利報告中查閱。提醒大家，薩斯喀徹溫省的收入反映了Thrive和Keep的綜合表現。我們只會在討論 Keep 對本季和本財年的營收貢獻時才會具體說明 Keep 的業績。接下來，我將把電話交給董事長兼執行長喬·沃爾什。

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.

謝謝你，卡梅倫，大家早安。我想向大家報告我們業務轉型的最新進展，以及我們正在取得的一些成果，之後保羅將為大家介紹本季的財務數據。

First thing I want to 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, we've not been invested in enough by the prior ownership of Keith. And 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 list 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 the 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 are in some cases are on some other tool or aren't 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 show them how particularly marketing center can give them the foundation for growth. 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, 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 competitors CRMs and 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. We're rolling out lots of AI within the software.

首先我想向大家報告我們的成長大會的情況。兩週前，我們在亞利桑那州舉辦了一場小型企業成長大會。它斷成了兩截。前兩天是合作夥伴會議。Keep 和 Thrive 的許多合作夥伴現在實際上已經是一個合作夥伴社群了，我必須告訴你，一年前我們第一次見到他們時，他們有點生氣。他們說，基斯的前任所有者對我們投入的資金不夠。我們覺得你們欠我們一些交付成果。因此，我必須說，我們今年的合作夥伴業績還可以，但並沒有達到我們預期的那種龐大名單。因此，我們與這些合作夥伴非常努力地合作，弄清楚他們需要什麼樣的更新、什麼樣的合作夥伴入口網站、什麼樣的 REST API 更新、什麼樣的產品改進以及哪些事情真正重要，我們為他們提供了很多。所以這次合作夥伴更新就像過聖誕節一樣，我們實現了他們所期望的價值，因此我對我們進入 26 年充滿期待。我認為這些合作夥伴對我們交付和創新軟體的速度印象深刻。那真是太好了。會議的第二部分是關於小型企業的。數百家小企業進駐。顯然，一些現有客戶前來了解如何使用這些工具，但令我驚訝的是，來了這麼多潛在客戶，其中一些客戶可能正在使用其他工具，或者根本沒有使用任何工具，他們前來了解如何推廣自己的業務，我們向他們進行了介紹。一個非常簡單的市場、銷售和成長模式，並向他們展示，特別是行銷中心如何為他們的成長奠定基礎。行銷中心是我​​們最暢銷的產品。隨著我們確立了這種市場銷售成長策略，它已經真正成為我們的先鋒。它真的能讓你保持良好的衛生習慣。它可以幫助您管理整個網路上的房源資訊。它能為你提供一個結構完善的網站，不僅針對搜尋引擎進行了優化，還針對答案搜尋引擎進行了優化，這非常重要，因為答案搜尋引擎的市場份額每天都在增長。因此，我們在這些網站上建立了知識圖譜，並且不斷調整這些網站，以確保它們對搜尋引擎非常友好，並能讓您的網站在搜尋結果中排名靠前。所以，這一點也非常重要。當你擁有行銷中心時，你就可以擁有呼叫追蹤號碼，這樣你就可以在線上和線下追蹤所有結果，從而確定你的卡車廣告效果。你在工作地點前豎起的牌子能吸引電話嗎？當你在社群媒體上做一些事情時，你的影響力如何？你甚至可以比較不同社交性格的人格類型，看看哪種人格類型比較受歡迎。如果你正在投放搜尋廣告系列，你可以追蹤所有內容。我們發現，許多人即使使用其他公司的 CRM 系統（例如我們競爭對手的 CRM 系統），也會使用 Marketing Center 來管理他們的行銷活動，因為它是市場上最好的產品。所以我們對我們在那裡取得的進展感到非常興奮。這次成長大會真正印證了這些小企業想要做好行銷的願望。他們真的很想找到被發現的方法。並持續衡量哪些方法有效。我們對此感到很興奮。我們也向與會者介紹了我們在人工智慧領域的最新進展。我們正在軟體中部署大量人工智慧技術。

We've got social captioning where when you do social posts, you can, it can help you write that social post in your personality. If you are posting a photo, it can help you caption that suggest several captions. You can pick the one. Do 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 you know 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 is helping you with everything with service descriptions, if you've got a new area of your business or something, 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 space.

我們有社群媒體配文功能，當你發布社群媒體貼文時，它可以幫助你用自己的個性來撰寫貼文。如果你要發布照片，它可以幫助你添加標題，並提供幾個標題建議。你可以選一個。你覺得哪種效果最好？評論回覆非常重要，因為許多小型企業很難及時回覆評論。所以軟體會自動查找評論，推送給你，確保你不會錯過，還會建議幾個回复，你可以選擇中間的那個，或者選擇你認為最適合你的那個，然後它會自動發布，一切都安排好了，你不用再貼便籤提醒自己去做了。這一切都在即時發生。您的列表，它可以幫助您處理所有服務描述，如果您拓展了業務領域或其他方面，您可以使用人工智慧來幫助您撰寫非常專業的服務描述。因此，並非所有我們的客戶都是最優秀的文字工作者，所以這為他們提供了一個更完善的空間。

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 that will allow a small business to come in and just spin up a quick website using AI copywriting assistant, when you're 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 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 the dentist was just dumbfounded. He said, I can't believe this. That this 27 leads and 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 the lead scoring and call analysis.

與網站相關的一切，我們公司當然提供為客戶建立功能強大的大型網站的服務，但有時他們並不需要所有這些，所以我們現在推出了一個簡單的 AI 網站建立器。再過幾週就會推出，它可以讓小型企業使用 AI 文案助理快速建立網站。當你坐在那裡為著陸頁撰寫文案或嘗試創建一個小型電子郵件行銷活動時，我們已經將該功能內建在工具中。你有通話分析。我們已經對這個功能進行了一段時間的測試。它運作得非常好，它可以接聽你的電話，並提供來電的文字記錄，然後對潛在客戶進行評分。我在會議上和我們的一位夥伴聊天，他參與了測試版，他跟我講了他在太平洋西北地區認識的一位牙醫。在兩天的時間裡，他獲得了 27 條線索。他拿到了整個通話的完整記錄，所有線索都進行了評分，而線索是牙醫當時完全驚呆了。他說：“我簡直不敢相信。”這 27 位領先者，他們掌握了所有細節，合夥人說，嘿，這只是個開始，這就是未來。這就是他們所提供的服務。我對線索評分和通話分析功能感到非常興奮。

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've probably heard from other businesses that they're finding. Meaningful efficiency there and then maybe most importantly in our software development team, 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.

因此，人工智慧被廣泛應用於整個產品中，以方便小型企業主，滿足他們的實際需求。顯然，人工智慧也為我們公司內部做了很多工作。我們正在做的所有事情，包括建站、做社群媒體，都在利用人工智慧來提高生產力。我們的法務部門正在使用它。我們在會計工作中使用它。我們公司到處都在使用它。所以你可能已經從其他企業那裡聽說他們也發現了這個問題。效率顯著提高，也許最重要的是，我們的軟體開發團隊正在使用所有最新的工具來增強和加快開發路線圖，然後顯然使用人工智慧進行品質保證，以確保質量，並加快查找任何錯誤的速度，直擊問題根源，解決問題，並將它們妥善處理。人工智慧對我們來說是一項巨大的進步。人工智慧是我們今年進步的重要組成部分，我們真切地感受到，人工智慧在軟體中的應用將為我們明年的發展帶來巨大的助力。對此我感到非常興奮。我稍後還有一些話要說，但我知道你們都迫不及待地想聽到具體數字，所以我們把麥克風交給保羅，讓他來為大家介紹一下這些數字。保羅。

Thanks, Joe.

謝謝你，喬。

Let's dive into the numbers. Sasse reported revenue was 115.9 million in the third quarter, representing an increase of 33% year over year. Keep contributed 16.8 million in the third quarter. Excluding keep, Thryv SaaS business grew 14% year over year. SaaS adjusted gross margin, increased 80 basis points.

讓我們深入分析一下數據。Sasse 報告稱，第三季營收為 1.159 億美元，年成長 33%。Keep在第三季貢獻了1,680萬美元。剔除 Keep 業務後，Thryv SaaS 業務年增 14%。SaaS調整後毛利率提高了80個基點。

Year over year reaching 73% in the third quarter, Saas's adjusted EBITDA increased to 19.6 million, exceeding guidance and resulting in an adjusted EBITDA margin of 17%. We ended the third quarter with 103,000 SAS subscribers, including 13,000 from Keep, representing a 7% increase year over year.

第三季度，SaaS 的調整後 EBITDA 年成長 73%，達到 1,960 萬，超過了預期，調整後 EBITDA 利潤率為 17%。第三季末，我們的 SAS 訂閱用戶達到 103,000 人，其中 Keep 貢獻了 13,000 人，較去年同期成長 7%。

With a large established customer base now in place, our focus is on increasing spend per customer by driving adoption of more products and solutions, especially among our high value clients and larger businesses. This approach meaningfully expands Sa's lifetime value and is a more efficient driver of profitability. In the third quarter, overall SaaS ARPU reached $365 with Thryv at $355 up sequentially and keep ARPU remaining strong at $437.

鑑於我們目前已擁有龐大的客戶群，我們的重點是透過推動更多產品和解決方案的採用來提高每位客戶的消費額，尤其是在我們的高價值客戶和大型企業中。這種方法顯著提高了 Sa 的終身價值，並且是提高獲利能力的更有效驅動因素。第三季度，SaaS 整體 ARPU 達到 365 美元，其中 Thryv 的 ARPU 為 355 美元，環比增長，並保持強勁的 ARPU 為 437 美元。

Seasoned NRR declined to 94% this quarter, primarily reflecting noise introduced as we transition legacy digital marketing services clients onto our modern platform.

本季資深 NRR 下降至 94%，主要反映了在我們把傳統數位行銷服務客戶過渡到我們的現代平台時引入的干擾。

As we systematically wind down older tech platforms on our marketing services side, we are upgrading clients to our current software offerings while honoring their previously committed pricing, vastly improving the value they receive.

隨著我們逐步淘汰行銷服務的舊技術平台，我們正在將客戶升級到我們當前的軟體產品，同時履行他們先前承諾的價格，從而大大提高他們獲得的價值。

But introducing a wave of smaller accounts into our base which temporarily impact Apoo at the time. These accounts from our Q3 2023 migration are now cycling into the seasoned NRR calculation after crossing the 12 month threshold.

但引入大量小型帳戶到我們的用戶群中，這會暫時對 Apoo 造成影響。這些來自我們 2023 年第三季遷移的帳戶，在跨越 12 個月的門檻後，現在正在納入成熟的 NRR 計算中。

The performance we're seeing from this group is consistent with the minimal initial commitments and lower propensity to expand spend compared to our higher quality software clients. This is all part of a broader business transformation, and while some Sa metrics will show temporary noise during this transition, we are making steady progress building a solid software client base with strong underlying fundamentals.

我們看到該群體的表現與他們最低的初始投入和較低的支出成長意願相符，與我們更高品質的軟體客戶相比，他們的支出成長意願較低。這一切都是更廣泛的業務轉型的一部分，雖然在此轉型期間一些 Sa 指標會出現暫時的波動，但我們正在穩步推進，以強大的基本面建立穩固的軟體客戶基礎。

Multi-product adoption continues to accelerate in the Third quarter. Clients with two or more SaaS products grew to 17,000 or 20% of our base compared to 15,000 or 16% a year ago. Five centers per client was 150% at the end of the third quarter compared to 12% in the prior year.

第三季多產品採用率持續加速成長。擁有兩款或兩款以上 SaaS 產品的客戶數量增長至 17,000 家，占我們客戶總數的 20%，而一年前這一數字為 15,000 家，佔 16%。第三季末，每位客戶擁有五個中心的比例為 150%，而去年同期為 12%。

Moving over to marketing services, third quarter revenue was $85.7 million and above guidance.

再來看行銷服務，第三季營收為 8,570 萬美元，高於預期。

Third quarter, marketing services adjusted EBITDA was 21.2 million, resulting in an adjusted EBITDA margin of 25%. As anticipated, this quarterly performance is subject to the dynamics of the print schedule, which performed better than expected and returned to nobilized levels starting in the second quarter.

第三季度，行銷服務調整後 EBITDA 為 2,120 萬，調整後 EBITDA 利潤率為 25%。如預期的那樣，本季業績取決於印刷計畫的動態，而印刷計畫的表現優於預期，並從第二季開始恢復到正常水準。

Third quarter, marketing services billings totaled 70.6 million, down 33% year over year, reflecting the intentional shift in our strategy.

第三季度，行銷服務帳單總額為 7,060 萬美元，年減 33%，反映了我們策略的有意轉變。

As we continue to initiate upgrades of the legacy digital marketing services products for clients to our SAS platform, the decline will persist.

隨著我們繼續將客戶的傳統數位行銷服務產品升級到我們的 SAS 平台，這種下滑趨勢將會持續下去。

But at a managed pace, we remain on track to exit marketing services by 2028.

但我們將以穩健的步伐，按計劃在 2028 年前退出行銷服務領域。

With cash flows lasting through 2030, ensuring strong liquidity as we fully transform to a pure play software business.

現金流將持續到 2030 年，確保我們在全面轉型為純粹的軟體業務的過程中擁有強勁的流動性。

Total company billings were 184.2 million, down just 4% year over year, underscoring the company's steady progress as it transforms into a leading SaaS business that positions itself to stabilize total revenue and return to sustainable growth.

該公司總帳單金額為 1.842 億，年比僅下降 4%，這凸顯了公司在轉型為領先的 SaaS 企業過程中取得的穩步進展，該公司正努力穩定總收入並恢復可持續增長。

In the third quarter we generated free cash flow of 14.6 million, which brings the year-to-date free cash flow to 18.8 million.

第三季我們產生了 1,460 萬的自由現金流，使今年迄今的自由現金流達到 1,880 萬。

We ended the third quarter with net debt down 9 million to $265 million bringing our leverage ratio to 1.9 times.

第三季末，我們的淨債務減少了 900 萬美元，降至 2.65 億美元，槓桿率降至 1.9 倍。

Turning to our outlook for 2025, for the fourth quarter, we expect SA's revenue in the range of 118 million to $121 million.

展望 2025 年，我們預計 SA 第四季的營收將在 1.18 億美元至 1.21 億美元之間。

For the full year we are updating our Sass revenue to a range of 460 million.

我們將全年 Sass 收入更新為 4.6 億左右。

To 463 million.

達到4.63億。

For the fourth quarter, we expect SAAS adjusted EBITDA in the range of 19.2 million to 21.2 million.

我們預計第四季 SaaS 調整後 EBITDA 將在 1,920 萬至 2,120 萬之間。

For the full year we are raising SAAS adjusted EBITDA guides to a range of $73 million to $75 million. For the full year we expect marketing services revenue in the range of 323 million to $325 million. For the full year we are updating marketing services adjusted EBITDA guidance to a range of $76 million to 78 million. Now back to Joe.

我們將全年 SaaS 調整後 EBITDA 預期上調至 7,300 萬美元至 7,500 萬美元之間。我們預計全年行銷服務收入將在 3.23 億美元至 3.25 億美元之間。我們將全年行銷服務調整後 EBITDA 預期更新為 7,600 萬美元至 7,800 萬美元。現在回到喬的話題。

Thanks Paul. I'd like to talk a little bit about our vertical initiative. We talked earlier this year about our HVAC vertical. We had taken the automation tools and thrive marketing center and kind of packed them together and created these really interesting vertical applications. The first one that we applied was to HVAC, and you know I was recently talking to the kind of the pilot or pioneer customer on that. And they have been really pleased. They've gotten a very strong response from from what we put in place, and I just want to give you some sense of of the statistics that they've given us. They've had around a 10% lift in jobs booked, a 25% increase in total revenue. They're generating 50 qualified leads every month. And they're seeing an increase in repeat business, about 12% increase in repeat business, because the automations have automated reminders that are reaching out and tickling their customers and saying, hey, what about this, what about that? And it's stimulating business out of their base. They also had felt as though they weren't as good at social media as they'd like to be that you could put almost any small business in that category, and they've seen a 45% boost. In engagement in their social tools and what they're doing with social. So they are really happy campers. We've had very strong sales within our HVAC vertical and we're now about to roll out a broader home services vertical that gets at more of the home improvement type broader categories, and we've got a bunch queued up behind that. So the model that we used where we use the automations, customize them around the vertical. Is, I think, a terrific model. I want to say one other thing just for those of you that are thinking about how we fit in the market and our competition and all that. This customer I've just described in detail how happy they are with Marketing Center, they are a ServiceTitan customer.

謝謝保羅。我想簡單談談我們的垂直整​​合計畫。今年早些時候，我們曾討論過我們的暖通空調業務。我們將自動化工具和 Thrive 行銷中心整合在一起，創造了這些非常有趣的垂直應用。我們首先應用的是暖通空調技術，你知道，我最近還在和這方面的試點或先驅客戶交談。他們真的非常滿意。他們對我們採取的措施給予了非常積極的回饋，我只想向你們展示他們提供給我們的一些統計數據。他們的訂單量增加了約 10%，總收入增加了 25%。他們每月能產生 50 個合格的銷售線索。他們發現回頭客數量增加了約 12%，因為自動化系統會自動發送提醒，主動聯繫客戶，詢問他們是否對某個產品或服務感興趣，並詢問他們是否對另一個產品或服務感興趣。而且它也刺激了其基地外的商業活動。他們也覺得自己在社群媒體方面做得不夠好，而幾乎所有的小型企業都可以歸入這一類，但他們的社群媒體業務成長了 45%。參與社交工具的使用以及他們如何利用社交工具。所以他們都非常開心。我們在暖通空調垂直領域的銷售業績非常強勁，現在我們即將推出更廣泛的家庭服務垂直領域，涵蓋更多家居裝修類型的更廣泛類別，而且我們還有很多後續項目正在籌備中。所以我們採用的模型是利用自動化技術，並根據垂直行業進行客製化。我認為這是一個非常棒的模型。我還有一點想對那些思考我們如何在市場中定位、如何與競爭對手相處等等的人說。我剛剛詳細描述了這位客戶對行銷中心的滿意程度，他們是 ServiceTitan 的客戶。

This is a very big HVAC company with tons and tons of trucks on the road, and they are a ServiceTitan customers. ServiceTitan tracks the Freon and the wing nuts and where the trucks are, and we handle the marketing.

這是一家規模非常大的暖通空調公司，路上有很多卡車，他們是 ServiceTitan 的客戶。ServiceTitan 負責追蹤氟利昂、蝶形螺母以及卡車的位置，而我們負責行銷。

And that paradigm I think is increasingly building where people are using some really deep vertical CRM and then using our. Our tool for the marketing and you know we do have a CRM. Our CRM is more a horizontal. We haven't, done as much down deep down in the verticals. So when you get to a larger, more sophisticated business, they often are using one of these in industry CRMs, and that's fine with us. We're agnostic about that. Our marketing center fits perfectly in with that, and we've got a lot of integrations and we're adding more all the time, so. I want to just say that one of the pieces of this transformation journey that's happening as our software platform is building out now and becoming more complete, we're beginning to move upmarket.

我認為這種模式正在日益形成，人們使用一些非常深入的垂直行業 CRM，然後使用我們的。我們的行銷工具，還有我們的客戶關係管理系統（CRM）。我們的客戶關係管理系統更偏向橫向佈局。我們在垂直領域深處做得還不夠。所以，當企業規模更大、更成熟時，他們通常會使用行業 CRM 系統，我們對此並不介意。我們對此持中立態度。我們的行銷中心與此完美契合，我們已經進行了很多集成，並且還在不斷增加集成。我想說的是，隨著我們的軟體平台不斷完善，轉型之旅也日益成熟，我們正開始向高端市場邁進。

Now you might say, well, Joe, your (Inaudible) has been bouncing around. It has bounced around because we've been converting legacy marketing services people off of platforms. In some cases they came in. At pretty low billing numbers because we were looking to just shut down a platform and we allowed them to come over and we kind of grandfathered in their their preferable rate that they've had in the past. But in terms of what we're selling, we're moving from that $4000 to $8000 a very rapid clip.

你可能會說，喬，你的（聽不清楚）一直在到處亂竄。它一直在輾轉，因為我們一直在將傳統行銷服務人員從平台上轉移出去。有些情況下，他們進來了。因為我們當時正打算關閉一個平台，所以我們允許他們過來，並保留了他們過去一直享受的優惠價格，因此帳單金額相當低。但就我們銷售的產品而言，價格正以非常快的速度從 4,000 美元漲到 8,000 美元。

Our US field sales force is selling up in the $6000 range with the run rate sales that they're making every day. And as we build products, as we're as we're focusing our marketing initiatives, it's all moving upmarket. And so upmarket has been a big deal. And one of the things we've been looking at lately to TRY to help investors understand that is we've been looking at the $400 and up a month segment which is growing steadily and strongly. And has grown very predictably and these customers have very good retention metrics. They make good margins on those customers and it helps sort of weed out the noise that's there with some of the smaller customers that have come in through these conversions. So we'll talk about that more in the future, but our transformation as a business is continuing at a nice pace and as my last comment here, I want to mention.

我們的美國現場銷售團隊每天的銷售額都在 6000 美元左右。隨著我們產品的開發，隨著我們行銷策略的調整，一切都在朝向高端市場邁進。因此，高端市場一直備受關注。最近我們一直在關注的一件事，是為了幫助投資者理解這一點，那就是我們一直在關注每月收入 400 美元及以上的細分市場，該市場正在穩步強勁增長。而且成長非常可預測，這些客戶的留存率也非常好。他們從這些客戶身上獲得了不錯的利潤，這也有助於剔除透過這些轉換而來的一些小客戶所帶來的干擾因素。所以我們將來會更多地討論這個問題，但我們作為一家企業的轉型正在以良好的速度繼續進行，最後我想提一下。

Sean Wechter, our new Chief Technology Officer, I think his middle name could potentially be AI. He is all AI all the time, and we're really excited about what we think we can do with John in the year ahead to really up level even further our our integration of AI and and our pace of throughput through our engineering team, so. Really excited to welcome Sean to the company, and I'll stop there and turn it over to questions, operator.

我們新任技術長 Sean Wechter，我覺得他的中間名可能是 AI。他一直專注於人工智慧，我們對未來一年與約翰合作能夠取得的成就感到非常興奮，這將有助於我們進一步提升人工智慧的整合水平，並加快我們工程團隊的吞吐量。非常高興歡迎肖恩加入公司，我就說到這裡，接下來交給接線員提問。

(Operator Instruction) Scott Berg, Needham & Company.

（操作說明）斯科特·伯格，尼德姆公司。

Hi everyone, thanks for taking my questions here. Joe, I wanted to start off on the SAS business.

大家好，感謝各位回答我的問題。喬，我想開始做SAS業務。

Obviously growth remains reasonably strong, but you did miss your guidance in the quarter on a very minimal amount but did come in at the very low end of the range. Help us understand kind of what's happening, whether it's on the new sales side or the expansion side to kind of drive the results versus your, expectations 90 days ago. Thanks.

顯然，成長依然相當強勁，但本季你們的業績略低於預期，不過實際結果處於預期範圍的下限。請幫助我們了解目前的情況，無論是新銷售方面還是擴張方面，以便我們能夠更好地了解結果與您 90 天前的預期相比有何變化。謝謝。

Yeah, I mean, look, we, as you say, we are making really good progress transforming, what used to be a phone book business into a software business, and there's a lot of execution involved and our execution wasn't flawless in this quarter.

是的，我的意思是，你看，正如你所說，我們正在取得非常好的進展，將以前的電話簿業務轉型為軟體業務，這其中涉及大量的執行工作，而我們本季度的執行工作並非完美無缺。

You guys often ask me about the macro and you know whether it's the economy. I can't blame anything outside at all.

你們常問我宏觀經濟方面的問題，你們也知道這指的是經濟。我完全不能把責任推卸給外界的任何事。

Our execution just was, a smidges shy of where we wanted to be. And I think we are doing the things that we need to to make sure we continue to execute even better going forward. So I don't think there's any big message or any big trend here.

我們的執行效果距離預期目標只差了一點點。我認為我們正在採取必要的措施，以確保我們今後能夠做得更好。所以我認為這裡沒有什麼重大資訊或重大趨勢。

We just didn't deliver it it perfectly, but I don't have any complaints about the market or anything like that.

我們只是交付得不夠完美，但我對市場或其他方面沒有任何抱怨。

And then in your pre-scripted remarks, Joe, you had talked about how I'll paraphrase partner results have been just kind of okay to date, maybe relative to your expectations. Where, how do you, I guess how do you improve some of the partner opportunity with the with the with the keep ecosystem that you all obviously brought over? Is this purely just a function of the additional. That you spoke about with some more time with these partners or as you've had a chance to kind of work with them in the last 9 months or so, have you been able to find anything else differently maybe that you have to implement in your strategies there to maybe leverage that ecosystem even more?

然後，喬，在你預先準備好的發言稿中，你談到，我轉述一下，到目前為止，合作夥伴的成果只能說還行，也許沒有達到你的預期。我想問的是，你們如何改善與現有生態系統（你們顯然都帶來了這個生態系統）的合作夥伴機會？這僅僅是附加項的函數嗎？您之前談到，在過去的九個月左右的時間裡，您與這些合作夥伴進行了更多的交流，或者有機會與他們合作，您是否發現還有其他需要在您的策略中實施的不同之處，以便更好地利用該生態系統？

Yes, Scott, I mean, you the old Infusion Soft keep really well, and you know they had primarily built their business through the partner channel. They used to have those really gigantic icon conferences with, over 2000 people and it was partner driven and then under some different leadership and ownership or whatever, they sort of pivoted away from partner and attempted to TRY to build a more down market direct channel for a few years and they really the partners, felt neglected. And so when we showed up at the initial growth conference, which was days after we made the acquisition, I had a line of partners wanting to basically Not yell at me but pretty close and say, we've been neglected for years, you guys.

是的，史考特，我的意思是，你對老牌的 Infusion Soft 公司了解得非常透徹，而且你知道他們主要是透過合作夥伴管道建立起業務的。他們過去經常舉辦規模盛大的標誌性會議，有超過 2000 人參加，而且是由合作夥伴推動的。後來，在不同的領導層和所有權或其他什麼原因下，他們逐漸放棄了合作夥伴模式，並試圖建立一個更面向低端市場的直接管道，持續了幾年，這讓合作夥伴感到非常失望。因此，在我們完成收購幾天后，當我們參加最初的成長大會時，我的合夥人排隊，他們基本上不是要對我大喊大叫，而是想說，我們多年來一直被忽視，你們這些人。

The innovation has slowed down and, some of the basic tools and things that we need, we have been getting, and these guys haven't really been listening to us and.

創新速度已經放緩，我們需要的一些基本工具和東西，我們已經得到了，但這些人並沒有真正聽取我們的意見。

I hadn't fully understood that during the diligence process. I was thinking we could, dump some gas on the fire and really get that partner thing rocking right away, and they wanted, they wanted some service first and so we've worked really hard over the course of this year to to listen to them, prioritize their needs, and begin delivering them, and we have in fact delivered a bunch of them. And the feedback I got at our grow conference two weeks ago was, way to go, we really appreciate it and.

在盡職調查過程中，我並沒有完全理解這一點。我當時想，我們可以火上澆油，讓合作迅速步入正軌，但他們想要的是先獲得一些服務，所以今年我們非常努力地傾聽他們的意見，優先考慮他們的需求，並開始滿足這些需求，事實上我們已經滿足了其中很多需求。兩週前我們在發展大會上得到的回饋是，做得好，我們非常感謝。

And I think that the the partner morale and enthusiasm for what we're doing is rising beautifully right now.

我認為，目前合作夥伴的士氣和對我們所做工作的熱情正在顯著提升。

And and I think, some of these partners work across different tools and then just keep and that's not the only thing that they do. They also work with other partners and I think, they're turning our back our way more excited about what we're doing. So.

而且我認為，有些合作夥伴會使用不同的工具，然後保持合作，但這並不是他們所做的全部事情。他們也與其他合作夥伴合作，我認為，他們正在逐漸改變我們，並對我們正在做的事情感到更加興奮。所以。

I was probably polite when I talked about last year's partner performance. It was weak, compared to what I was counting on. It's probably the primary difference in the results versus what I'd planned, but, having just pressed the flesh and spent, 3 days with a whole bunch of them, I have a really good sense for a re-acceleration in 2026 based on what we've done and based on Several deliverables that are coming out over the next number of months. So I don't think it's a permanent or terminal problem. I think it's difficult when you do an acquisition to really know all the sentiment and all the momentum around everything that's going on in the business, and I still would have done the acquisition, I'm still happy with it, still excited about where we are.

我談到去年合作夥伴的表現時，可能還算客氣。與我預期的相比，它表現不佳。這可能是結果與我計劃的主要區別，但是，在與他們中的許多人進行了面對面的交流並相處了3天之後，根據我們已經完成的工作以及未來幾個月即將推出的幾項成果，我對2026年重新加速發展有非常清晰的認識。所以我認為這不是一個永久性的或致命的問題。我認為，在進行收購時，很難真正了解企業內部所有正在發生的事情以及相關的各種情緒和發展勢頭，但我仍然會進行收購，我仍然對此感到滿意，仍然對我們目前所處的位置感到興奮。

It there just was a little bit of a one step back before we could move forward.

只是在前進之前稍微退了一步。

Understood.

明白了。

Thank you for all for taking my questions.

感謝各位回答我的問題。

Thanks, Scott.

謝謝你，斯科特。

Jason Cryer, Craig Hallam.

傑森·克萊爾，克雷格·哈勒姆。

All right. Can you guys hear me okay? Yes. Okay, great.

好的。你們能聽清楚我說話嗎？是的。好的，太好了。

Thank you. So Joe, look, you just held this this user conference, just curious, any takeaways from customers as far as what the current environment feels like, any changes to purchasing decisions, you had admitted in the last question that like you're not blaming the macro or anything, but just give us a tone for how things feel out there.

謝謝。喬，你看，你剛剛舉辦了這場用戶大會，我很好奇，從客戶那裡得到什麼反饋，關於當前環境的感受，購買決策是否有任何變化？你在上一個問題中承認，你並不是指責宏觀經濟或其他什麼，只是想讓我們了解目前市場的整體氛圍。

I think they're pretty decent, I've said to you before, generally speaking, our customer base fixed the nasty things in life. So, we're not doing high-end retail here or dining or, all the consumers are a little soft or that's really not us. When you're, air conditioning doesn't work or it's cold in your house or you have a broken window, you call our guys and they take care of it. So We're not that economically sensitive. When we don't deliver, it's mostly our fault. I really can't. I know it's probably better people for you to tap into the the macro. We really, even if the macro were crappy, we could still crush our numbers with great execution. It's really down to us. So, having said that, just talking to people, I think the market's fine. I don't. I don't really think there's any, I mean, obviously that it's a bifurcated market, the highest end of the consumer, owns stocks and is watching them go up and is excited about it and seems to be, a little softness at the other end. I mean, it seems to be a general observation, but I don't think that's affecting Thrive's results.

我覺得他們相當不錯，我之前也跟你說過，總的來說，我們的客戶群解決了生活中那些棘手的問題。所以，我們這裡不做高端零售，也不做餐飲，因為這裡的消費者都比較挑剔，或者說，那真的不適合我們。當您的空調壞了、家裡很冷或窗戶破了的時候，您可以打電話給我們，我們會幫您解決。所以我們對經濟情勢就沒那麼敏感。如果我們沒能準時交付，那大多是我們的錯。我真的做不到。我知道對你來說，從宏觀角度來看可能會更好。即使宏觀經濟情勢糟糕，我們仍可透過出色的執行力大幅提升業績。這真的取決於我們自己。所以，綜上所述，和大家交流之後，我覺得市場狀況良好。我不。我真的不認為有什麼問題，我的意思是，很明顯這是一個兩極分化的市場，高端消費者持有股票，看著股價上漲，並為此感到興奮，而另一端似乎有些疲軟。我的意思是，這似乎是一個普遍現象，但我認為這不會影響 Thrive 的結果。

Okay, appreciate the thoughts nonetheless. Wanted to just follow-up on the vertical sales emphasis, the HVAC stuff as we look out over the next several quarters, how does this manifest in fundamentals like is this drive NRR? Does this curb churn, or is this grow R like maybe you can walk through what we should expect over the next several quarters.

好的，感謝你的想法。我想就垂直銷售重點，特別是暖通空調（HVAC）方面，進一步探討一下，在接下來的幾個季度裡，這會在基本面方面如何體現，例如這是否會推動淨收入率（NRR）？這種做法會抑制人員流動，還是會像您一樣推動成長？或許您可以談談我們未來幾季應該預期的情況。

Yeah, I think it will certainly be gradual, we're not, we got a pretty big company with a pretty big customer base, so we can't just, it isn't going to instantly be all vertical all the time, but Jason, the thing that we're trying to do is move from $4000 a year per customer to 80, and as I mentioned, the run rate of our premise sales team is more like $6000 right now. And the overall numbers lower in part because of some of the conversions of legacy marketing services and some of these people have come over at much lower price points and I mean just for the avoidance of doubt, our sales force isn't even calling on them. We don't really.

是的，我認為這肯定會是一個循序漸進的過程。我們公司規模很大，客戶群也很大，所以我們不可能一下子就全部轉向垂直領域。但是，傑森，我們正在努力的目標是將每位客戶的年收入從 4000 美元提高到 80 美元。正如我之前提到的，我們現場銷售團隊目前的年收入約為 6,000 美元。整體數字下降的部分原因是傳統行銷服務的一些客戶轉化，其中一些客戶以更低的價格加入，我的意思是，為了避免任何誤解，我們的銷售人員甚至沒有主動聯繫他們。我們其實沒有。

We don't really call on anybody at much under about $350 to $400 a month, that, that's they're sort of inert just just doing their thing. We're not really working that group very hard, so it's hard to get much NRR out of people who aren't even calling on.

我們通常不會找月收入低於 350 到 400 美元的人，因為他們基本上處於被動狀態，只是做著自己的事。我們並沒有真正努力開發這個群體，所以很難從那些甚至不打電話的人那裡獲得多少淨推薦值。

So anyway, back to what's going to happen with verticals. I think these, early sales in the verticals that we're working have been coming in.

總之，我們還是回到垂直領域未來的發展方向吧。我認為我們正在努力開拓的垂直領域，早期銷售業績已經有所提升。

More like the 8,000 that we're going for like right now. So we're ending up making larger sales and we're selling to a little bit larger businesses, which is ultimately our goal. This might surprise you, but a solor who has less than $500,000 of revenue is (Inaudible) than a business with say a million dollars or 12 or 15 of revenue that has 1,012 employees. And you know in our base we still have, a reasonable number of these soloreos and that's where some of the churn noise comes from. So what the vertical push is allowing us to do and as well as a number of other things that we're doing in our whole go to market data strategy.

更像是我們現在努力達到的8000人左右。因此，我們最終實現了更大的銷售額，我們的客戶也越來越大，這正是我們最終的目標。這或許會讓你感到驚訝，但收入低於 50 萬美元的個體戶（聽不清楚）比擁有 100 萬美元或 12 或 15 萬美元收入、1012 名員工的企業更糟。你知道，我們基地裡仍然有相當數量的獨奏者，這就是一些人員流失噪音的來源。所以，垂直方向的推動使我們能夠做到很多事情，以及我們在整個市場推廣數據策略中正在做的許多其他事情。

We're putting our sales resource against a little bit bigger businesses. These are not giant companies. We're talking about 10 employees, 15 employees, but we're calling on those little bit bigger employees that are, excuse me, a little bit bigger businesses that are a little bit more stable, and the vertical program is allowing us to really get traction there because sometimes when you call in a bigger business they'll say, oh, I already have a CRM.

我們正將銷售資源投入與規模稍大的企業的競爭中。這些都不是巨型公司。我們說的是 10 名員工、15 名員工的公司，但我們聯繫的是規模稍大、更穩定的企業，垂直行業計劃讓我們能夠真正取得進展，因為有時當你聯繫一家規模較大的企業時，他們會說，哦，我已經有 CRM 了。

Because you know we obviously we offer a CRM, but what they often are not happy with is how they're managing their overall marketing, how they're measuring their marketing, how they're doing with social media. A lot of them are befuddled with the answer engines concerned about trying to make sure that they're coming up high in the in the answer engine results and don't really have an answer for that. They need some help. There's there's a number of elements there. Some of them are doing. Search engine marketing with, some guy out of the trunk of his car and it's okay but not that great. They want to professionalize it and they want to be able to measure how it works. So we're a great answer in all those areas and so increasingly what's happening is we're sitting in alongside of other people's CRMs and we're we're doing the marketing and they're doing the back office stuff and. So I think you said, what will we see? I think you will see steady improvement in our poop. I think just, the things that have drug us closer to $4000 I won't say we're all the way through, but we're through a lot of that. I, and I think that, our sales organization have a lot to sell now. We've built out the product line a lot. And I think we'll be able to make larger sales to customers on which we'll make higher margins, have lower churn, and you can see it when you look at that quality metric beginning to really settle in and move, and I don't focus as much on the absolute gross cost amount. I'm focused on building that quality metric because there's a little bit of noise in our base from some of those conversions, so. Anyway, that hopefully gives you some sense for, the vertical strategy. Jason.

因為你知道，我們當然提供客戶關係管理系統（CRM），但他們通常不滿意的是他們如何管理整體行銷、如何衡量行銷效果以及他們在社群媒體方面的表現。他們中的許多人對答案引擎感到困惑，他們關心的是確保自己的答案在答案引擎的搜尋結果中排名靠前，但他們對此沒有真正的答案。他們需要一些幫助。這裡麵包含很多要素。他們中有些人正在這樣做。搜尋引擎行銷，就像有人從汽車後車箱拿出一些東西來推銷，效果還可以，但也沒那麼好。他們希望將其專業化，並且希望能夠衡量其效果。所以我們在所有這些領域都是一個很好的解決方案，因此越來越多的情況是，我們與其他公司的 CRM 系統並肩工作，我們負責行銷，他們負責後台工作。所以我想你是問，我們將會看到什麼？我認為你會看到我們的便便情況穩定改善。我認為，讓我們離 4000 美元更近一步的那些事情，我不會說我們已經完全解決了，但我們已經解決了大部分。我認為，我們銷售團隊現在有很多東西要賣。我們已經大大擴展了產品線。我認為我們將能夠向客戶進行更大幅度的銷售，從而獲得更高的利潤率，降低客戶流失率。當你觀察品質指標開始真正穩定下來並有所改善時，你就能看到這一點。我並不太關注絕對毛成本金額。我專注於提升這個品質指標，因為我們的數據基礎中存在一些來自轉換率的雜訊。總之，希望這能讓你對垂直策略有所了解。傑森。

It gives me great sense. Thanks, Joe. I appreciate it.

這讓我很有感觸。謝謝你，喬。我很感激。

(Operator Instruction) Arjun Bhatia, William Blair.

（操作說明）Arjun Bhatia，William Blair。

Perfect, thank you. This is Linda Lee on for Arjun Bhatia. Thanks for taking the question. With the on board of CTO Sean, for a little over a month now, Joe, what are the early strategies in the works to achieving operational efficiency, product acceleration, and also AI innovation?

太好了，謝謝。這裡是琳達李，為您報道阿瓊巴蒂亞。感謝您回答這個問題。Joe，CTO Sean 加入公司已經一個多月了，目前正在製定哪些早期策略來實現營運效率、產品加速和人工智慧創新？

Yeah, AI, I mean, he, Sean, Sean's all AI all the time, and the guys he's bringing in are all AI all the time too, and, not that our team wasn't, we were doing a really good job with AI, but he's taken it to another level. I mean, he's, focused on it and I think really inspecting what we expect, making sure, they have.

是的，人工智慧，我的意思是，肖恩，肖恩一直在研究人工智慧，他引進的人也一直在研究人工智慧，並不是說我們團隊做得不好，我們在人工智慧方面做得非常好，但他把人工智慧提升到了另一個層次。我的意思是，他很專注於此，我認為他真的在仔細檢查我們所期望的，確保他們已經做到了。

At the ready, all the tools that they want that they're using them, looking at how they're using them, and so I expect the output of that to be as we as we stand across 2026.

他們已經準備好了所有需要的工具，並且正在使用這些工具，觀察他們如何使用這些工具，所以我預計到 2026 年，其成果將與我們目前的情況一樣。

The pace of development against our product roadmap, I think will quicken. It's been quickening already. We're we're doing a good job, but I think you're going to see it go faster, and I'm excited about that because there are a bunch of things these larger customers were working for working with are looking for that I think we'll be able to deliver quicker with with this thinking and this approach that he's bringing. The second thing I'd say about Sean.

我認為，我們產品路線圖的開發速度將會加快。速度已經加快了。我們現在做得不錯，但我認為你會看到進展更快，我對此感到興奮，因為這些大客戶一直在努力爭取的東西，以及他們所尋求的東西，我認為憑藉他帶來的這種思維方式和方法，我們將能夠更快地交付。關於肖恩，我想說的第二件事。

his recent background with Boomi was all about, integrations and making software work together and as you move up market as we are now doing, you must be able to work and play well with others. You've got to be able to have interoperability because, a going concern, even one with 12 or 15 employees that has some workflows doesn't want to change them all in order to embrace your tool, even if your tool is great. And so you've got to be able to dovetail with what they're doing. And as he's often, saying to me, Joe, this is a solved problem.

他最近在 Boomi 的工作經驗主要集中在整合和使軟體協同工作上，而隨著我們像現在這樣向高端市場發展，你必須能夠與他人良好地合作和相處。你必須具備互通性，因為一個正常運作的企業，即使只有 12 或 15 名員工，也不願意為了接受你的工具而改變所有工作流程，即使你的工具很棒。所以你必須能夠與他們正在做的事情協調一致。他經常對我說：“喬，這個問題已經解決了。”

It's something we can handle. Don't worry about it. And I just really appreciate that confidence there, and Sean is just an incredible leader, and he will lead our tech organization in a way that I think will create high morale, his sort of NPS scores, if you will, that he gets his morale scores. When he leaves the team are exceptional, and I think we'll just have a faster road map with a bunch of happy campers and our development teams.

這是我們能應付的。別擔心。我非常欣賞這種自信，肖恩是一位傑出的領導者，他將以我認為能夠提升士氣的方式領導我們的技術團隊，他的 NPS 分數（如果你願意這麼說的話）將會很高，他的士氣分數也會很高。他離開後，這支隊伍非常出色，我認為我們會更快地推進項目，團隊成員和開發團隊也會都非常開心。

Awesome.

驚人的。

And with the new vertical product in home services, are you approaching the product development in a similar way as with Thrive for HVAC, where you work with the industry leader in the market in creating that product? How should we think about this product road map in the future in terms of vertical play?

對於家庭服務領域的新垂直產品，你們的產品開發方式是否與 Thrive for HVAC 類似？在 Thrive for HVAC 中，你們是否與產業領導者合作開發該產品？從垂直領域的角度來看，我們該如何看待未來的產品路線圖？

Yeah, I think, it's, we, as we, we've got these powerful automations that are kind of if, when, processes, and it's a question really of working with a leader.

是的，我認為，我們擁有這些強大的自動化功能，它們類似於「如果」、「何時」之類的流程，而這實際上是一個與領導者合作的問題。

In the space and understanding what best practices are, what they do, and once you get inside of home services, whether it's electrical or roofing, they start to get to be pretty similar. There can be some nuances around insurance or, some other details, but they, there are a lot of similarities, you're not starting from scratch.

在這個領域，了解最佳實踐是什麼，它們的作用是什麼，一旦你深入了解家庭服務，無論是電氣還是屋頂，它們就開始變得非常相似。保險或其他一些細節方面可能會有一些細微差別，但有很多相似之處，你並不是從零開始。

So that team are working hard.

所以那個團隊很努力。

I was talking to the leader of the team last night about The sales organization's ability to actually digest the pace that he thinks his team can run out and cranking these verticals out. So we, it's a chicken or egg problem initially we needed the verticals and now he's turning them out and it has a roadmap to turn them out maybe faster than we can train on them and absorb them. So that's we're thinking about how to manage that and how to deal with that, but yeah, so they just find a a strong. Business and spend time with them and map it out.

昨晚我和團隊領導談到銷售部門能否真正理解他認為團隊能夠以怎樣的速度推進這些垂直領域的工作。所以，這就像是先有雞還是先有蛋的問題。最初我們需要垂直訓練，現在他正在生產這些訓練器材，而且他制定了生產路線圖，生產速度可能比我們訓練和吸收的速度還要快。所以我們正在考慮如何管理以及如何應對這種情況，但是，是的，所以他們只是找到了一個強大的。做生意，花時間與他們相處，並製定計劃。

Awesome.

驚人的。

Thank you.

謝謝。

Thank you very much, appreciate it.

非常感謝，感激不盡。

(Operator Instruction) Zach Cummins, B. Riley Securities.

（操作員說明）Zach Cummins，B. Riley Securities。

Thanks. Good morning. I appreciate you taking my questions. Joe, I wanted to start off, just a little more focused on these answers based engines. I know it's been a big concern for many publishers and small businesses around visibility of their websites within this evolving dynamic. So can you talk a little bit more about what Thrive's doing to make sure that your customers are remaining visible within these answers-based engines.

謝謝。早安.感謝您回答我的問題。喬，我想先從這些基於答案的引擎入手，稍微多關註一下。我知道，在這種不斷變化的環境中，如何提高網站的可見度一直是許多出版商和小型企業非常關心的問題。那麼，您能否再詳細談談 Thrive 為確保您的客戶在這些基於答案的搜尋引擎中保持可見性所採取的措施？

Oh, I'd love to. That's great. Yeah, we spent a lot of time understanding what the answer how the answer engines operate, what makes them bring back results, and so on, and you know I'm not today going to go through every detail of that with you, but, all in all, we think it's a really good thing for us, Zach. It's a tailwind for us. Because remember we have been competing with Google for years.

哦，我很樂意。那太棒了。是的，我們花了很多時間去了解答案引擎的工作原理、是什麼讓它們返回結果等等，你知道我今天不會跟你詳細講解每一個細節，但總而言之，我們認為這對我們來說是一件非常好的事情，扎克。這對我們來說是順風。因為別忘了，我們與Google的競爭已經持續了好多年。

If you go back, 20 years, we had, more traffic than Google did. We were the giant thing with Yellowpages.com and dex knows and Super Pages, and you know we had these big sites and we still have these big sites and they still have a lot of traffic, but over time Google spent a lot of time trying to compete with us and basically take away as many of those references as they could. And all of a sudden with the answer engines, Google's just hammer lock on all things search is broken, and they still, are they the majority for sure, still the majority. But now these answer engines often go and they look at yellowpages.com or dexnos or Super Pages or are similar sites in New Zealand or Australia, and they bring those authoritative answers back out of that content and and. Not getting it from Google and Google can't have any influence on what that search result is. So you know we've got That really is a pioneer in the internet age sites of these online Yellow Pages directories with with very authoritative, very detailed, very rich content about small businesses in Tupelo, Mississippi or Rapid City, South Dakota that you never really embraced Google, and those answers are popping right up in these answer engines, which is awesome for us. It's allowing us to, deliver more value than we might have without this. So that's good.

回顧20年前，我們的流量比Google還多。我們曾經是黃頁網站、Dex Knows 和 Super Pages 的巨頭，你知道，我們擁有這些大型網站，現在仍然擁有這些大型網站，它們仍然有很多流量，但隨著時間的推移，谷歌花費了大量時間試圖與我們競爭，並儘可能多地奪走我們的搜索結果。突然之間，隨著搜尋引擎的出現，谷歌對搜尋領域的絕對壟斷地位被打破了，而且他們仍然佔多數，當然，他們仍然佔多數。但現在這些答案引擎經常會造訪 yellowpages.com、dexnos、Super Pages 或紐西蘭或澳洲的類似網站，並從中提取權威答案。不是從谷歌獲取的，而谷歌也無法影響搜尋結果的內容。所以你知道，我們擁有互聯網時代真正的先驅，這些在線黃頁目錄網站擁有非常權威、非常詳細、非常豐富的關於密西西比州圖珀洛或南達科他州拉皮德城小型企業的信息，而你從未真正接受過谷歌，但這些答案卻直接出現在這些答案引擎中，這對我們來說太棒了。它使我們能夠創造比沒有它時更大的價值。那很好。

And then secondly, remember we build and host websites for people, some 54,000 or something like that at the moment and more coming in every day and we're really good at this. We understand how to create sort of a knowledge graph in a way that the answer engine is looking for, and we understand how to do AEO answer engine optimization. How to make sure that everything about the way we present a small business' information both on their site and even off site if we're working with them in social or some of the other listings management areas that we care for customers and some of our add-ons.

其次，別忘了我們為人們建立和託管網站，目前大約有 54,000 個網站，而且每天都有更多網站加入，我們非常擅長這個。我們知道如何以答案引擎想要的方式建立知識圖譜，我們也知道如何進行 AEO 答案引擎優化。如何確保我們在小型企業網站上以及在社群媒體或其他我們關心客戶的清單管理領域（包括我們的一些外掛程式）中展示小型企業資訊的方式都符合客戶需求？

And we can optimize them and help them do better, and that story I mentioned briefly about the partner who had the dentist, in addition to just, going with Thrive, he had also authorized doing some of these extra things, and that 27 leads overnight was like a shot for that guy. He was really excited about it because he basically turned the spigot on and let us do our thing, and the answer engines are a part of our thing now, so. I would say if you offered me a world where, I had the answer engines or not, I mean, I would take them all day and twice on Sunday. I mean it's really been great for us and I don't mind Google loosening their grip just a little bit on everything.

我們可以優化它們，幫助它們做得更好。我之前簡單提到過的那個關於合夥人的故事，他除了選擇 Thrive 之外，還授權進行了一些額外的操作，結果一夜之間獲得了 27 個潛在客戶，這對他來說簡直是晴天霹靂。他對此感到非常興奮，因為他基本上打開了閘門，讓我們放手去做，現在答案引擎也變成了我們工作的一部分。如果給我一個世界，無論我有沒有答案引擎，我都會毫不猶豫地選擇它們，甚至週日還要花兩天。我的意思是，這對我們來說真的很好，我不介意谷歌稍微放鬆一下對所有事情的控制。

Understood. And my one follow-up question is just around balancing RO expansion with looking for ways to continue to grow the customer base.

明白了。我還有一個後續問題，是關於如何在擴大 RO 業務的同時，尋找繼續擴大客戶群的方法。

Obviously RO expansion has been the bigger driver here in recent quarters and it looks like that's going to continue to be the case as you get more quality customers within that fast customer base. But can you just give us a sense of Maybe when we hit that inflection point and we start to see stabilization in in that gross customer count and and maybe you're getting a little more of a balanced contribution from both customer growth and RO expansion.

顯然，RO業務的擴張是近幾季來的主要驅動力，而且隨著快速成長的客戶群中優質客戶的增加，這種情況似乎還會持續下去。但您能否為我們描述一下，也許當我們達到那個轉折點，開始看到客戶總數趨於穩定，並且客戶成長和 RO 擴張的貢獻更加平衡的時候？

Yeah, look, it's, we have a bunch of very specific initiatives underway to build our business outside of the zoo, but if we were just to rush out there naked and TRY to do it, we would be just like any other software company and we'd be dealing with.

是的，你看，我們正在進行一系列非常具體的舉措，以在動物園之外發展我們的業務，但如果我們只是赤身裸體地衝出去嘗試，我們就會和其他任何軟體公司一樣，面臨同樣的問題。

Cost of acquisition that you didn't play well with the lifetime value, and so we've had a real The almost unfair advantage by having this gigantic customer base of people that like us who take our phone call, talk to us, and we're leveraging and so let me answer your question this way. If we started, let's just say we didn't add any customers, we just replaced churned customers and just hung out where we are, we could still take this business from, the Whatever it is, a little less than 500 million revenue we're running at right now to 8 or 900 million revenue just by doing what we've talked about, growing the ARPU in the base. So we have, you're going to see us grow very strongly and do a very good job, even before we add anything. And then in terms of of adding, we're obviously managing the economics of the adding, making sure that the.

你們的獲客成本與客戶終身價值不成正比，因此我們擁有一個龐大的客戶群，他們喜歡我們，會接我們的電話，和我們交談，我們利用了這一點，這讓我們換個方式來回答你的問題。如果我們一開始不增加任何新客戶，只是替換流失的客戶，保持現狀，我們仍然可以把公司目前的營收（無論多少，略低於 5 億美元）提升到 8 億或 9 億美元，只需按照我們之前討論的方法，提高基礎客戶的 ARPU 即可。所以，你們將會看到我們發展迅猛，而且即便在我們增加任何東西之前，我們也會做得非常好。然後，就新增業務而言，我們顯然要管理新增業務的經濟效益，確保…

The model of our cost of acquisition to lifetime value is right. And when you make larger sales to a little bit larger businesses, that's all a lot easier.

我們的購置成本與生命週期價值比模型是正確的。當你向規模稍大的企業進行更大額的銷售時，一切都會變得容易得多。

So we're working on processes internally to do that, but I would say, at the moment we're not pushing really hard for really any subg growth in the next short period of time, the next few quarters. We're getting strong growth by making sure. All those customers that we brought over are getting, visits, a lot of cases in-person visits, or, in some cases it could be online visits, via Zoom visits, but we're spending time with them, making sure they understand what they have, and talk to them about their options to do more, and that's super productive for us right now. Our sales force is really happy because they're they're writing a lot of business doing that.

所以我們正在內部製定流程來實現這一點，但我想說的是，目前我們不會在接下來的短期內，也就是接下來的幾個季度裡，大力推動任何亞克級成長。我們透過確保各項措施來獲得強勁成長。我們帶來的所有客戶都會得到拜訪，很多情況下是親自拜訪，或者在某些情況下是透過 Zoom 進行線上拜訪，但我們會花時間與他們交流，確保他們了解自己擁有什麼，並與他們討論他們可以採取的更多措施，這對我們來說目前是非常有成效的。我們的銷售團隊非常高興，因為他們透過這種方式拓展了許多業務。

So we don't have an emphasis on pushing that number up. I wouldn't be in your modeling. Saying we're going to put huge gains in the short run on that base. I think over the long haul we will, but in the shorter run right now we're pretty focused on bedding down and and engaging and growing the ones that we've brought over.

所以我們並不著重提高這個數字。我不會從事你的模特兒工作。也就是說，我們將在這個基礎上短期內取得巨大收益。我認為從長遠來看我們會的，但就目前而言，我們主要專注於安頓下來，並讓已經引進的員工參與進來，發展壯大他們。

Understood. Well, thanks for taking my questions.

明白了。謝謝您回答我的問題。

Thank you.

謝謝。

(Operator Instruction) Matthew Swanson, RBC.

（操作員說明）Matthew Swanson，RBC。

Oh great sorry, great, thank you for taking my questions. I really appreciate the quality fast client metrics, new disclosure, as you mentioned, reducing a lot of that noise. Can you just talk a little bit more maybe as a follow-up to that last answer of the trends you're seeing within that cohort, especially now that we've got to 77% of the client base. The assumption would be that that group is going to start to be, much more broadly reflected in the business results overall so just kind of trends that you're seeing in that group relative to, the overall business.

哦，太好了，抱歉，非常感謝您回答我的問題。我非常欣賞高品質的快速客戶指標和新的資訊揭露方式，正如您所提到的，這減少了許多幹擾因素。您能否再多談談上次回答之後您觀察到的該群體的發展趨勢，特別是現在我們已經涵蓋了 77% 的客戶群。可以假設，該群體的情況將開始在整體業務成果中得到更廣泛的體現，因此，你在該群體中看到的趨勢相對於整體業務而言也是如此。

I'd love to, and I really, Matt, I appreciate the question because it's really at the heart of this, I think sometimes people look at our business and they have a hard time really perceiving it because it's in transformation and you see the top-line revenue bouncing around based on the pub schedule. With within the print business as it runs off and and then there are customer bases and customer groups in some cases that came over in clumps, some of which are pretty far below the spend levels that we're we're spending time with our field sales force and so it creates noise in the numbers and you're like, okay, what's the pattern here? And so I think if you look at these customers spending $400 or more. They tend not to be so open doors. They tend to be, businesses with multiple employees and you know a little bit of billings, they're actually kind of real companies and so you know they tend to churn less and their willingness, their interest, their ability to buy more tools from us, buy more software from us, and utilize it is greater.

我很樂意，而且，馬特，我真的非常感謝你的提問，因為它確實觸及了問題的核心。我認為有時人們看待我們的業務，很難真正理解它，因為它正處於轉型期，你會看到總收入隨著酒吧的營業時間而波動。在印刷業務中，隨著業務的不斷發展，一些客戶群和客戶群成群結隊地湧入，其中一些客戶的消費水平遠低於我們與現場銷售人員投入時間的水平，因此這會在數據中造成乾擾，你會想，好吧，這裡的模式是什麼？所以我覺得，如果你看看那些消費 400 美元或以上的顧客。他們往往不會敞開大門。他們往往是擁有多名員工的企業，而且你知道，他們也有一些帳單要處理，他們實際上是真正的公司，所以你知道，他們的客戶流失率往往較低，他們購買更多工具、更多軟體並加以利用的意願、興趣和能力也更大。

And so we find we're able to talk to somebody in the business who's managing, the marketing or managing the software and we're able to, work with them and talk with them about that. So that's very rewarding for us and A lot of times these businesses are also succeeding. They themselves are growing and so, year over year over year they have more revenue, they have more resources, and they have a greater ability to buy more. And it's a virtuous circle where our offerings are helping them get leads and grow and build their order book and with that growth they then can buy more stuff. They start getting more and more employees and they can put them on Workforce Center and all these other kind of virtuous circle things, so. That's pretty much what we talk about every day in the company and what we're working on is these customers that we're actually able to spend time with and work and we have kind of a little bit of a sort of an unwritten rule that you know we're we're trying to service.

因此，我們發現我們可以與公司裡負責行銷或軟體管理的人員交談，我們可以與他們合作並與他們討論這些問題。所以這對我們來說非常有回報，而且很多時候這些企業也都成功了。它們本身也不斷發展壯大，因此，它們的收入逐年增加，資源也更加豐富，購買力也更強。這是一個良性循環，我們的產品和服務幫助他們獲得潛在客戶、成長並建立訂單簿，而隨著業務的成長，他們就可以購買更多產品。他們開始擁有越來越多的員工，他們可以將員工納入勞動力中心以及其他各種良性循環系統。這幾乎就是我們公司每天討論的內容，我們正在努力做的就是服務好這些客戶，我們能夠花時間與他們相處，我們還有一些不成文的規定，那就是盡力為他們服務。

Those very tiny customers through, online channels and chat and so on and really not spend as much time with them because it's obviously our time is super expensive, so we're spending time with the larger businesses where we think there's upside to grow. So, I think you will see over the over the coming quarters that quality metric is what we've accomplished.

我們透過線上管道和聊天等方式與那些規模很小的客戶溝通，但不會花太多時間在他們身上，因為很明顯，我們的時間非常寶貴，所以我們把時間花在了我們認為有成長潛力的大型企業上。所以，我認為在接下來的幾個季度裡，你會看到我們在品質指標方面取得了怎樣的成就。

And you're going to see that thing steadily building and you know they're buying multi-product, their spend levels are good, their turn levels are fairly low, and I think you'll see us building on that and and that's really the the the core of what we've established here through this process.

你會看到這種情況穩步發展，而且你知道他們購買多種產品，他們的消費水平很高，週轉率相當低，我認為你會看到我們在此基礎上繼續發展，而這正是我們通過這個過程在這裡建立的核心。

That's really helpful and then I just wanted to kind of combine two comments that we made earlier in the call. At one point we were talking about there's some regions that, in the SMB space never like fully adopted things like Google and now we're rolling out AI and optimize search and I just, I was curious about.

這真的很有幫助，然後我想把我們之前在通話中提到的兩個問題結合起來。我們曾經討論過，在中小企業領域，有些地區從未完全採用像谷歌這樣的技術，而現在我們正在推出人工智能並優化搜索，我對此感到很好奇。

First you develop the products and then also how do you go to market with some of this, brand new cutting edge technology and businesses that might be a couple of generations behind technology wise and really like letting them know or like perceive kind of what the value to them is going to be from this.

首先你要開發產品，然後你還要考慮如何將這些全新的尖端技術推向市場，以及那些在技術上可能落後幾代的企業，並讓他們了解或感受到這些技術對他們的價值是什麼。

We were just talking about this yesterday. You don't go around, walk in there talking about.

我們昨天才剛討論過這個話題。你不能到處閒逛，走進去談論這些。

Automation and AI and you know blowing their mind, you make it pretty simple, and you know you talk to them about their ads and listings in the directories, making sure they're right, making sure their listings are correct all across the web, making sure they have a good hygiene.

自動化和人工智慧讓他們大吃一驚，你讓一切變得非常簡單，你知道，你和他們談論他們在目錄中的廣告和列表，確保它們是正確的，確保他們的列表在整個網路上都是正確的，確保它們具有良好的衛生習慣。

Basic website and a good foundation. You keep it all pretty basic and straightforward, but like that ad in the old days for the tomato sauce, Ragu you know it's in there. I used to say it's in there if they have questions about any of these latest things, you can explain it's in there. I mean, AI is right in there and it's it's available, but we don't lead with that. You can intimidate a customer. Really quickly with a bunch of acronyms and throwing around all kinds of fancy terms. So we TRY to build it up off of a foundation and marketing Center is an amazing foundation, for a century people have been saying, I know a lot of my advertising is wasted. I don't know what it is.

網站基礎完善，架構合理。你把一切都做得相當基礎和直接，但就像以前番茄醬 Ragu 的廣告一樣，你知道它就在那裡。我以前常說，如果他們對這些最新的東西有任何疑問，答案都在那裡，你可以解釋一下。我的意思是，人工智慧就在那裡，而且它就在那裡，但我們並沒有把它當作首要任務。你可以恐嚇顧客。語速很快，夾雜著一大堆縮寫詞和各種花俏的術語。所以我們努力在現有基礎上發展壯大，而行銷中心就是一個了不起的基礎。一個世紀以來，人們一直在說：“我知道我的許多廣告都浪費了。”我不知道那是什麼。

And within Marketing Center, you can tell exactly what works. We are able to put call tracking numbers on offline things, online things, everything you do, you can take a look at heat maps for your website, bounce rates for your website. You can put widgets on your website, chat tools, every which way somebody can come at you. We can measure it and facilitate it and improve it through marketing center and for a lot of people, the money they spend on outreach to TRY to make the phone ring and bring in more leads is near and dear to them, and the promise of having a way to optimize it and measure it and then tie it back to their order book, even for somebody, in Rapid City, South Dakota, that's something that's an exciting prospect and we just TRY to keep it. Keep the jargon out of it. And remember we've got a guy that's been in Rapid City, South Dakota for 140 years.

在行銷中心，您可以準確地知道哪些方法有效。我們可以將通話追蹤號碼添加到線下活動、線上活動以及您所做的每一件事中，您可以查看您網站的熱圖和跳出率。你可以在你的網站上放置小工具、聊天工具，以及任何可能有人攻擊你的方式。我們可以透過行銷中心來衡量、促進和改進它。對許多人來說，他們花在推廣上的錢，為了讓電話響起來，帶來更多潛在客戶，是他們非常重視的。即使對於遠在南達科他州拉皮德城的人來說，能夠優化、衡量並將其與訂單簿聯繫起來，也是一個令人興奮的前景，我們只是努力保持這種前景。避免使用專業術語。別忘了，我們這位先生已經在南達科他州拉皮德城生活了140年。

Maybe not that exact guy, but as a company we have, we started in 1,886, so we have that relationship. We're there, we're already working with them and those flyover places we do really well in those flyover places.

或許不是和那個人本人，但我們公司成立於 1886 年，所以我們和他有淵源。我們已經在那裡了，我們已經在和他們合作了，在那些高架橋地區，我們做得非常好。

Did I answer your question?

我回答你的問題了嗎？

There are no further questions at this time.

目前沒有其他問題了。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

謝謝各位的出席。您現在可以斷開連線了。