Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

As a result of the Sensis Acquisition, we reviewed our segment reporting based on the information used by the Chief Executive Officer, who is also the chief operating decision maker (“CODM”), to assess performance and allocate resources subsequent to the Sensis Acquisition. As a result of this review, we determined that the Company manages operations using three operating segments which are also its reportable segments: (1) Marketing Services, (2) SaaS, and (3) Thryv International.

During the three months ended March 31, 2021, the Company adjusted its methodology of classifying certain revenue between products of its SaaS segment. The current and prior three months ended March 31 reflect the current methodology.

The following tables summarize the operating results of our reportable segments (in thousands):

	Three Months Ended March 31, 2021
	Marketing Services		SaaS		Thryv International		Total
Revenue	$	227,933	$	37,251	$	15,422	$	280,606
Segment EBITDA	98,631		316		5,986		104,933

	Three Months Ended March 31, 2020
	Marketing Services		SaaS		Thryv International		Total
Revenue	$	286,722	$	31,848	$	—	$	318,570
Segment EBITDA	110,078		2,701		—		112,779

A reconciliation of total Segment EBITDA to the Company’s Income before benefit (provision) for income taxes is as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Total Segment EBITDA	$	104,933	$	112,779
Interest expense	(15,672)		(19,930)
Depreciation and amortization	(19,718)		(37,823)
Other components of net periodic pension benefit (cost)	453		(201)
(Loss) on early extinguishment of debt	(299)		—
Impairment charges	—		(98)
Restructuring and integration expenses (1)	(9,234)		(9,845)
Transaction costs (2)	(10,546)		(6,534)
Stock-based compensation (expense) benefit	(1,971)		6,064
(Loss) from remeasurement of indemnification asset	—		(3,801)
Other	369		900
Income before (provision) for income taxes	$	48,315	$	41,511

(1)For the three months ended March 31, 2021, the Company incurred $0.6 million of severance expense, of which none was a result of the COVID-19 pandemic. For the three months ended March 31, 2020, the Company incurred $3.3 million of severance expense, of which $1.0 million was a result of the COVID-19 pandemic. In addition, the Company incurred losses on disposal of fixed assets and capitalized software and costs associated with abandoned facilities and system consolidation.

(2)Consists of direct listing, Sensis Acquisition and other transaction costs.

The following table sets forth the Company's disaggregation of revenue based on services for the periods indicated (in thousands):

	Three Months Ended March 31,
	2021		2020
Marketing Services
PYP	$	112,911	$	137,387
IYP	64,095		74,946
SEM	34,432		49,708
Other	16,495		24,681
Total Marketing Services	227,933		286,722
SaaS
Thryv Platform	25,900		25,268
Thryv Add-ons	11,351		6,580
Total SaaS	37,251		31,848
Thryv International
PYP	5,713		—
IYP	6,570		—
SEM	2,001		—
Other	1,138		—
Total Thryv International	15,422		—
Total Revenue	$	280,606	$	318,570