Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Segment Reporting Information, by Segment

The following tables summarize the operating results of our reportable segments:


	Three Months Ended September 30, 2021
(in thousands)	Marketing Services		SaaS		Thryv International		Total
Revenue	$	213,210	$	44,800	$	39,280	$	297,290
Segment EBITDA	96,231		(5,508)		11,636		102,359


	Three Months Ended September 30, 2020
(in thousands)	Marketing Services		SaaS		Thryv International		Total
Revenue	$	208,504	$	31,821	$	—	$	240,325
Segment EBITDA	66,733		2,561		—		69,294


	Nine Months Ended September 30, 2021
(in thousands)	Marketing Services		SaaS		Thryv International		Total
Revenue	$	643,938	$	123,437	$	101,568	$	868,943
Segment EBITDA	277,546		(7,311)		33,810		304,045


	Nine Months Ended September 30, 2020
(in thousands)	Marketing Services		SaaS		Thryv International		Total
Revenue	$	767,553	$	94,954	$	—	$	862,507
Segment EBITDA	289,423		10,785		—		300,208

Reconciliation of Earnings Before Interest, Tax, Depreciation, and Amortization from Segments to Consolidated

A reconciliation of the Company’s Income before income tax (expense) benefit to total Segment EBITDA is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Income (loss) before income tax expense (benefit)	$	49,426	$	(24,395)	$	130,212	$	49,744
Interest expense	16,546		15,609		51,388		53,551
Depreciation and amortization	31,049		35,454		80,675		110,883
Other components of net periodic pension (benefit) cost	(273)		30,175		(998)		31,312
Loss on termination of leaseback obligations	—		—		3,409		—
Impairment charges	—		1,184		3,611		19,414
Restructuring and integration expenses (1)	2,312		6,710		15,036		23,902
Transaction costs (2)	3,987		4,913		19,973		14,679
Stock-based compensation expense (benefit)	2,340		1,289		6,232		(4,195)
(Gain) loss from remeasurement of indemnification asset	(404)		(540)		(1,248)		3,878
Other	(2,624)		(1,105)		(4,245)		(2,960)
Total Segment EBITDA	$	102,359	$	69,294	$	304,045	$	300,208

(1)During the three and nine months ended September 30, 2021, the Company incurred $1.9 million and $3.0 million of severance expense, respectively, of which none was a result of the COVID-19 pandemic. During the three and nine months ended September 30, 2020, the Company incurred a total of $3.3 million and $10.6 million of severance expense, respectively, of which none and $5.0 million, respectively, was a result of the COVID-19 pandemic. In addition, during the three and nine months ended September 30, 2020, 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, Thryv Australia Acquisition and other transaction costs.

Disaggregation of Revenue

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Marketing Services
PYP	$	106,931	$	79,395	$	313,595	$	355,942
IYP	58,914		68,169		184,013		212,436
SEM	31,887		40,247		98,521		130,905
Other	15,478		20,693		47,809		68,270
Total Marketing Services	213,210		208,504		643,938		767,553
SaaS
Thryv Platform	27,268		24,935		79,966		74,466
Thryv Add-ons	17,532		6,886		43,471		20,488
Total SaaS	44,800		31,821		123,437		94,954
Thryv International
PYP	10,159		—		31,112		—
IYP	16,105		—		39,742		—
SEM	5,642		—		13,671		—
Other	7,243		—		16,903		—
Thryv Platform and Thryv Add-Ons	131		—		140		—
Total Thryv International	39,280		—		101,568		—
Total revenue	$	297,290	$	240,325	$	868,943	$	862,507