Thryv Holdings, a company long synonymous with the fading legacy of print directories, has been quietly building a powerful SaaS engine under the hood. The transition hasn't been smooth, and many analysts remain skeptical, clinging to the familiar narrative of a print dinosaur struggling to adapt. But buried deep within Thryv's latest earnings transcript lies a subtle clue, an almost invisible shift that hints at a potentially explosive future.

The number? A seemingly innocuous 8%.

That's the percentage of Thryv's SaaS clients who now subscribe to two or more paid "centers" – modular software solutions addressing different business needs. A year ago, this figure was practically zero. This isn't just a blip on the radar; it's a seismic shift in client behavior, a powerful indicator that Thryv's platform strategy is gaining real traction.

Think of it like this: Thryv is offering a buffet of delicious SaaS solutions, and clients are no longer satisfied with just a single appetizer. They're coming back for more, loading up their plates with multiple offerings. Why? Because they're seeing the value, the interconnectedness, the power of a holistic platform over isolated point solutions.

This seemingly small uptick in multi-center adoption has the potential to fundamentally reshape Thryv's growth trajectory. Imagine a flywheel effect: as more clients embrace the full platform, ARPU rises, net dollar retention skyrockets, and the overall economics of the business become increasingly attractive.

Why 8% Could Be a Catalyst for Growth

Thryv's recent refinancing, securing more favorable debt terms and extending maturities, also speaks volumes about the growing confidence in the company's SaaS strategy. Lenders, traditionally focused on the declining Marketing Services business, are increasingly recognizing the power and potential of Thryv's SaaS operations.

While debt reduction remains a priority, the company's announcement of a share repurchase program alongside its earnings release sends a clear signal: Thryv is bullish on its future, and it believes its shares are significantly undervalued.

The ghost in Thryv's machine – the rapidly evolving SaaS business – is no longer a whisper, a faint possibility hidden in the shadows. It's a growing force, gathering momentum, and the 8% figure is a potent symbol of its awakening. This is a company on the cusp of a transformation, and those who dismiss it as a relic of the past may soon find themselves swept away by a tidal wave of SaaS growth.

SaaS vs. Marketing Services Revenue

Thryv's transformation is evident in the shifting revenue mix. The chart below depicts the hypothetical growth of SaaS revenue and the decline of Marketing Services revenue, based on management commentary and guidance. The crossover point, where SaaS becomes the majority of revenue, is anticipated in the coming years.

"Fun Fact: Thryv's name is a play on the word "thrive," reflecting the company's mission to empower small businesses to succeed in the digital age."