What Thryv Holdings, Inc. told the SEC could break it.

Thryv's Marketing Services segment depends on third parties to supply paper and to print, publish and distribute its directories; failures by those vendors could disrupt that business.

“In our Marketing Services segment, we depend on third parties to supply paper and to print, publish and distribute our directories.”

Thryv serves most digital-service clients from third-party data centers (primarily AWS) and relies on third-party developers, hosting and a third-party order-entry/payment-processing solution for its Thryv Platform; outages or non-renewal could disrupt service and revenue.

“serve most of our digital service clients from data centers operated by third-party providers, primarily Amazon Web Services.”

Thryv is terminating its declining Marketing Services solutions (still 41.3% of 2025 revenue) by end of 2028 and must convert those clients to Thryv Platform SaaS to offset the revenue loss — a major execution/transition risk (with potential SaaS goodwill impairment flagged).

“during 2025, 41.3% of our revenue was derived from our Marketing Services offerings. During the year ended December 31, 2024, we made the strategic decision to terminate our Marketing Services solutions by the end of 2028 and accelerate the conversion of Marketing Services clients to our Thryv Platform solutions.”

Australia was ~13% of Thryv's total revenue in 2025 (down from 15.3% in 2023), the only foreign country over 10%, concentrating international exposure in that single market.

“Revenue from customers located in Australia was approximately 13.0 %, 14.4 %, and 15.3 % of total revenue for the years ended December 31, 2025, 2024, and 2023 , respectively.”