Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

As a result of the Thryv Australia Acquisition, the Company reviewed its 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 acquisition. As a result of this review, the Company 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.

The Company does not evaluate performance or allocate resources based on segment asset data, and, therefore, such information is not presented.

During the year ended December 31, 2021, the Company adjusted its methodology of classifying certain revenue between products of its SaaS segment. The years ended December 31, 2021, 2020, and 2019 reflect the current methodology.

The following tables summarize the operating results of the Company's reportable segments:

	Year Ended December 31, 2021
(in thousands)	Marketing Services		SaaS		Thryv International		Total
Revenue	$	797,493	$	170,498	$	145,391	$	1,113,382
Segment Adjusted EBITDA	318,230		(14,004)		46,297		350,523

	Year Ended December 31, 2020
(in thousands)	Marketing Services		SaaS		Thryv International		Total
Revenue	$	979,611	$	129,824	$	—	$	1,109,435
Segment Adjusted EBITDA	358,804		13,035		—		371,839

	Year Ended December 31, 2019
(in thousands)	Marketing Services		SaaS		Thryv International		Total
Revenue	$	1,292,795	$	128,579	$	—	$	1,421,374
Segment Adjusted EBITDA	468,934		12,165		—		481,099

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

	Years Ended December 31,
(in thousands)	2021		2020		2019
Income before income tax (expense) benefit	$	134,314	$	41,238	$	53,566
Impact of ASC 842	—		—		(534)
Interest expense	66,374		68,539		92,951
Depreciation and amortization expense	105,473		146,523		206,270
Other components of net periodic pension (benefit) cost	(14,829)		42,236		53,161
Impairment charges	3,611		24,911		5,670
Restructuring and integration expenses (1)	18,145		28,459		40,290
Transaction costs (2)	25,059		20,999		6,081
Stock-based compensation expense (benefit)	8,094		(2,895)		14,119
(Gain) loss from remeasurement of indemnification asset	(1)		5,443		4,093
Other	4,283		(3,614)		5,432
Total Segment Adjusted EBITDA	$	350,523	$	371,839	$	481,099

(1)During the year ended December 31, 2021, the Company incurred $4.7 million of severance expense, of which none was a result of the COVID-19 pandemic. During the year ended December 31, 2020, the Company incurred $11.7 million of severance expense, of which $5.0 million was a result of the COVID-19 pandemic. In addition, during the years ended December 31, 2021, 2020 and 2019, 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.

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

	Years Ended December 31,
(in thousands)	2021		2020		2019
Marketing Services
PYP	$	365,966	$	443,315	$	605,952
IYP	239,531		280,750		339,416
SEM	129,606		167,770		232,345
Other	62,390		87,776		115,082
Total Marketing Services	$	797,493	$	979,611	$	1,292,795
SaaS
Thryv Platform	$	107,318	$	100,548	$	104,327
Thryv Add-ons	63,180		29,276		24,252
Total SaaS	$	170,498	$	129,824	$	128,579
Thryv International
PYP	$	46,859	$	—	$	—
IYP	55,198		—		—
SEM	18,966		—		—
Other	23,814		—		—
Thryv Platform and Thryv Add-Ons	554		—		—
Total Thryv International	$	145,391	$	—	$	—
Total Revenue	$	1,113,382	$	1,109,435	$	1,421,374

The following table sets forth the Company's total long-lived assets by geographical region:

(in thousands)	December 31, 2021			December 31, 2020
United States	$	149,878		$	204,045
Australia	25,516			—
Total long-lived assets	$	175,394		$	204,045
Percentage of long-lived assets held outside of the United States	15		%	—		%