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- Seasoned Net Revenue Retention Fell From 103% To 93% (worsened) — Established SaaS clients (2+ years tenure) are now downgrading and canceling faster than the company can upsell them, reversing prior-year expansion momentum.
- Stock Price Decline Triggered Goodwill Impairment Test (new) — Sustained market-cap declines forced a quantitative impairment test in Q1 2026; while no charge was recorded, $253.8 million of goodwill remains at risk.
- Abl Facility Borrowing Capacity Fell To $5.7 Million (worsened) — Available liquidity under the ABL Facility dropped from $18.1 million to $5.7 million as the borrowing base (tied exclusively to declining Marketing Services assets) contracted.
Thryv's SaaS pivot stalls as client retention weakens and stock decline triggers impairment test
Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read
Key Changes
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Seasoned Net Revenue Retention fell from 103% to 93%, indicating established SaaS clients are downgrading and canceling faster than the company can upsell them—a material reversal in cohort health for the company's most mature customers.
MD&A: Seasoned NRR verify on EDGAR → -
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SaaS client count declined 14% year-over-year as the company shifted strategy from acquisition to monetizing existing clients, while the conversion program that previously drove growth now runs at less than half its prior pace (18,000 conversions vs 44,000 prior year).
MD&A: Client Metrics verify on EDGAR → -
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Sustained stock price declines triggered a goodwill impairment test in Q1 2026; no charge was recorded this quarter, but $253.8 million of goodwill remains at risk if the stock continues to fall or industry trends worsen.
Risk Factors: Goodwill Impairment verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jun 17, 2026 5:26 PM