Thryv Holdings, Inc. and Subsidiary
Thryv Holdings, Inc. and Subsidiary INTERIM FINANCIAL REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 Thryv Holdings, Inc. and Subsidiary Index to Interim Financial Report Page Financial Statements Condensed Consolidated Statements of Operations 3 Three and Nine Months Ended September 30, 2019 and 2018 (unaudited) Condensed Consolidated Balance Sheets 4 At September 30, 2019 (unaudited) and December 31, 2018 Condensed Consolidated Statement of Changes in Shareholders' (Deficit) Equity 5 Nine Months Ended September 30, 2019 and 2018 (unaudited) Condensed Consolidated Statements of Cash Flows 6 Nine Months Ended September 30, 2019 and 2018 (unaudited) Notes to Condensed Consolidated Financial Statements (unaudited) 8 Management's Discussion and Analysis of Financial Condition and Results of Operations (unaudited) 25 2 Financial Statements Thryv Holdings, Inc. and Subsidiary Condensed Consolidated Statements of Operations (in thousands) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue $ 359,766 $ 449,426 $ 1,129,023 $ 1,369,374 Operating expenses: Sales and marketing 88,582 113,760 278,420 372,730 Cost of services (exclusive of depreciation and amortization) 115,541 152,418 383,382 485,929 General and administrative 33,071 68,677 129,988 206,089 Depreciation and amortization 50,471 66,703 155,285 200,445 Total operating expenses 287,665 401,558 947,075 1,265,193 Operating income 72,101 47,868 181,948 104,181 Other income (expense): Interest expense (23,666) (19,870) (71,068 ) (65,855) Other components of net periodic pension (cost) credit (16,111) (1,437) (19,797 ) 4,022 Loss on early extinguishment of debt — — (6,375 ) — Income before provision for income taxes 32,324 26,561 84,708 42,348 Provision for income taxes (10,931) (6,878) (32,912 ) (11,642) Net income $ 21,393 $ 19,683 $ 51,796 $ 30,706 The accompanying notes are an integral part of the condensed consolidated financial statements.
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