Thryv Holdings, Inc. (NASDAQ:THRY) Q1 2023 Results Conference Call May 4, 2023 8:30 AM ET

Company Participants

Cameron Lessard - Head, IR

Joe Walsh - Chairman and CEO

Paul Rouse - CFO

Elise Balsillie - CRO

Conference Call Participants

Rob Oliver - Baird

Arjun Bhatia - William Blair

Scott Berg - Needham & Company

Zach Cummins - B. Riley Securities

Ross Kesselman - CJS Securities

Operator

Hello. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Thryv Holdings, Inc. Q1 2023 Earnings Call. [Operator Instructions]

Cameron Lessard, Head of Investor Relations, you may begin.

Cameron Lessard

Thank you, operator. Hello, and good day to everyone. Welcome to Thryv's first quarter 2023 earnings conference call. On the call today are Joe Walsh, Chairman and Chief Executive Officer; Paul Rouse, Chief Financial Officer; and Elise Balsillie, our Chief Revenue Officer from Thryv Australia. A copy of our earnings press release and investor presentation can be found on our website @thryv.com or in the Investors' section at investor.thryv.com.

Please acknowledge, comments made on today's call and responses to your questions may contain forward-looking statements about the operations and future results of the company. These statements are subject to the risks and uncertainties described in the company's earnings release and other filings with the SEC. Thryv has no obligation to update the information presented on this conference call. Finally, our speakers will reference certain non-GAAP financial measures, which we believe will provide useful information for investors. Reconciliation of those measures to GAAP will be posted on our website.

With that introduction, I would now like to turn the call over to Joe Walsh.

Joe Walsh

Thank you, Cameron, and thank you all for joining our call. I'm pleased with our Q1 performance. Our continued focus on optimizing our predictable, scalable and repeatable model to drive revenue growth, while improving the bottom line is evident in our results. Every success metric is steady or increasing year-over-year and showing solid performance versus our expectations. This gives us strong predictability and durable smart growth.

Our first quarter SaaS revenue grew 24%, which was at the top of our guidance. SaaS subscribers ended the quarter at 54,000, an increase of 15% year-over-year. This is attributable to our best-in-class software platform and continued strong sales velocity. We are seeing each month yielding better results than the prior month. Everything from qualified leads to demos to conversions, it's all up into the right.