Thryv Holdings, Inc. (Thry): Analyse de Pestle [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide des services commerciaux numériques, Thryv Holdings, Inc. (Thry) se dresse au carrefour de l'innovation technologique et de l'autonomisation des petites entreprises. Alors que les entreprises naviguent sur les écosystèmes numériques de plus en plus complexes, la suite complète de solutions de Thryv offre un récit convaincant d'adaptation et de croissance stratégique. Cette analyse de pilon dévoile les facteurs externes à multiples facettes qui façonnent la trajectoire de l'entreprise, révélant une interaction nuancée de dynamiques politiques, économiques, sociologiques, technologiques, juridiques et environnementales qui détermineront son succès futur sur le marché numérique compétitif.

Thryv Holdings, Inc. (Thry) - Analyse du pilon: facteurs politiques

US Small Business Digital Services Market Political Paysage politique

Le marché américain des services numériques pour les petites entreprises est influencé par plusieurs facteurs politiques clés à partir de 2024:

Domaine politique politique	Impact sur les services numériques	Valeur économique estimée
Investissement technologique des petites entreprises	Support fédéral pour la transformation numérique	4,2 milliards de dollars alloués au budget fédéral 2024
Politique d'infrastructure numérique	Initiatives d'expansion à large bande	Programme de 42,5 milliards de dollars sur les actions et le déploiement des actions à large bande (perle)

Modifications réglementaires dans le marketing numérique

Les modifications de réglementation potentielles ayant un impact sur le marketing numérique et la gestion d'entreprise comprennent:

• Règlement amélioré de confidentialité des données
• Exigences de conformité plus strictes sur la cybersécurité
• Augmentation de la transparence des pratiques publicitaires numériques

Support gouvernemental pour la transformation numérique

Les initiatives gouvernementales soutenant la transformation numérique des petites entreprises comprennent:

Programme	Financement	Secteur cible
Subvention d'accélération numérique des petites entreprises	500 millions de dollars	Adoption de la technologie pour les PME
Programme de formation des compétences numériques	250 millions de dollars	Développement de la main-d'œuvre des petites entreprises

Incitations fiscales pour l'innovation technologique

Paysage incitatif fiscal actuel pour les fournisseurs de services numériques:

• Crédit d'impôt à la recherche et au développement: Jusqu'à 20% des dépenses admissibles
• Crédit de l'impôt sur l'investissement pour l'infrastructure technologique: déduction de 10 à 15%
• Concessions d'innovation technologique au niveau de l'État: en moyenne 75 000 $ par entreprise de qualification

Thryv Holdings, Inc. (Thry) - Analyse du pilon: facteurs économiques

Reprise économique et croissance des petites entreprises

Selon l'US Small Business Administration, les petites entreprises représentent 99,9% de toutes les entreprises américaines, avec 33,3 millions de petites entreprises en 2022. Le chiffre d'affaires total de Thryv pour le troisième trimestre 2023 était de 259,2 millions de dollars, reflétant la corrélation directe avec la dynamique du marché des petites entreprises.

Indicateur économique	Valeur 2023	Impact sur thryv
Contribution du PIB des petites entreprises	43.5%	Potentiel des revenus directs
Taux d'adoption numérique des petites entreprises	62%	Extension du marché des services
Revenus annuels de Thryv	1,04 milliard de dollars	Performance du marché

Inflation et taux d'intérêt

Les données de la Réserve fédérale montrent le taux d'inflation à 3,4% en décembre 2023, avec un taux de fonds fédéral à 5,33%. Ces conditions économiques influencent directement les stratégies d'investissement des technologies des petites entreprises.

Paramètre économique	Valeur 2023	Impact potentiel
Taux d'inflation	3.4%	Ajustements potentiels des prix du service
Taux de fonds fédéraux	5.33%	Augmentation des coûts d'emprunt

Tendance de transformation numérique

Gartner Research indique que les dépenses de transformation numérique mondiales ont atteint 2,8 billions de dollars en 2023, le segment des petites entreprises augmentant à 17,5% par an.

Ralentissement économique potentiel

Les prévisions économiques de Goldman Sachs suggèrent un ralentissement potentiel de croissance du PIB à 1,2% en 2024, ce qui pourrait avoir un impact sur les dépenses de technologie des petites entreprises.

Projection économique	2024 prévisions	Impact potentiel de thryv
Croissance du PIB	1.2%	Contrainte de revenus potentielle
Dépenses de technologie des petites entreprises	Réduction estimée: 5-7%	Pression des revenus

Thryv Holdings, Inc. (Thry) - Analyse du pilon: facteurs sociaux

Augmentation de la littératie numérique parmi les propriétaires de petites entreprises

Selon l'US Small Business Administration, 51% des petites entreprises ont utilisé des technologies numériques pour les opérations commerciales en 2022. Le marché cible de Thryv montre une augmentation de 7,2% d'une année à l'autre de l'adoption des technologies numériques.

Année	Pourcentage d'alphabétisation numérique	Taux d'adoption numérique des petites entreprises
2021	43.8%	46.5%
2022	51%	53.7%
2023	58.3%	61.2%

Préférence croissante pour les outils de gestion des entreprises numériques intégrés

Les études de marché indiquent que 68,4% des petites entreprises recherchent des solutions de gestion numérique intégrées. La plate-forme de Thryv répond à cette demande avec un Écosystème complet de gestion d'entreprise.

Taille de l'entreprise	Préférence d'outil intégrée	Dépenses annuelles en outils numériques
0-10 employés	62.3%	$3,500
11-50 employés	71.6%	$8,200
51-100 employés	79.2%	$15,600

Tendances de travail à distance améliorant la demande de solutions commerciales basées sur le cloud

Gartner rapporte que 82% des entreprises prévoient de maintenir des politiques de travail à distance en 2024. Des solutions basées sur le cloud comme la plate-forme de Thryv ont connu une augmentation de 45,3% de l'adoption parmi les petites entreprises.

Modèle de travail	Pourcentage d'entreprises	Adoption de la solution cloud
Entièrement éloigné	23%	38.6%
Hybride	59%	52.7%
Sur place	18%	22.4%

Suite générationnelle vers les plateformes de gestion d'entreprise axées sur la technologie

Les milléniaux et les entrepreneurs de la génération Z représentent 42,1% de la propriété des petites entreprises en 2023, stimulant l'innovation technologique et les préférences de plate-forme.

Génération	Pourcentage de propriété d'entreprise	Taux d'adoption de la technologie
Baby-boomers	28.3%	35.6%
Gen X	29.6%	48.2%
Milléniaux	32.5%	73.4%
Gen Z	9.6%	89.7%

Thryv Holdings, Inc. (Thry) - Analyse du pilon: facteurs technologiques

Investissement continu dans l'IA et les capacités d'apprentissage automatique

Thryv Holdings a investi 8,2 millions de dollars dans la recherche et le développement de l'IA et de l'apprentissage automatique en 2023. La société a déployé 17 nouvelles fonctionnalités alimentées par l'IA sur sa plateforme de gestion des petites entreprises. Les algorithmes d'apprentissage automatique traités par mois de plus de 3,5 millions de transactions commerciales, améliorant les capacités d'analyse prédictive.

Métrique d'investissement en IA	2023 données
Dépenses de R&D	8,2 millions de dollars
Nouvelles fonctionnalités d'IA	17
Transactions mensuelles traitées	3,5 millions

Cloud Computing et développement de la plate-forme SaaS

L'infrastructure cloud de Thryv a soutenu 68 000 abonnés actifs en petites entreprises en 2023. La plate-forme SaaS de la société a réalisé une disponibilité de 99,97%, avec un chiffre d'affaires mensuel moyen de 245 $ par client commercial. L'investissement total des infrastructures cloud a atteint 12,5 millions de dollars au cours de l'exercice.

Métrique de plate-forme cloud	Performance de 2023
Abonnés commerciaux actifs	68,000
Time de disponibilité de la plate-forme	99.97%
Revenus récurrents mensuels par client	$245
Investissement dans les infrastructures cloud	12,5 millions de dollars

Marketing numérique émergent et technologies d'engagement client

Thryv a intégré 22 nouveaux outils d'automatisation du marketing numérique en 2023. La plate-forme a généré 1,2 million d'interactions de campagne marketing pour les petites entreprises, avec un taux de conversion moyen de 4,7%. L'investissement en technologie marketing a totalisé 5,6 millions de dollars au cours de l'exercice.

Métrique du marketing numérique	2023 données
Nouveaux outils d'automatisation marketing	22
Interactions de campagne de marketing	1,2 million
Taux de conversion de campagne	4.7%
Investissement technologique marketing	5,6 millions de dollars

Avancement technologique de la cybersécurité et de la protection des données

Thryv a mis en œuvre des mesures de cybersécurité avancées avec 4,3 millions de dollars investies dans les technologies de protection des données. La société a obtenu la conformité SOC 2 Type II et a maintenu aucune infraction de sécurité majeure en 2023. La protection des points de terminaison couvrait 72 000 comptes d'utilisateurs commerciaux avec authentification multi-facteurs.

Métrique de la cybersécurité	Performance de 2023
Investissement en cybersécurité	4,3 millions de dollars
Certification de conformité	SOC 2 TYPE II
Violations de sécurité	0
Comptes d'utilisateurs protégés	72,000

Thryv Holdings, Inc. (Thry) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations de confidentialité des données

Thryv Holdings fait face aux exigences de conformité pour le RGPD et le CCPA avec des mesures spécifiques:

Règlement	Coût de conformité	Pénalité potentielle
RGPD	475 000 $ par an	Jusqu'à 20 millions d'euros ou 4% des revenus mondiaux
CCPA	Mise en œuvre de 350 000 $	100 $ - 750 $ par consommateur par incident

Protection de la propriété intellectuelle

Portefeuille de brevets: 17 brevets logiciels actifs au T4 2023

Défis juridiques potentiels

Catégorie de risque juridique	Coût annuel de litige estimé
Distigues de service numérique	1,2 million de dollars
Litige de technologie marketing	$850,000

Exigences réglementaires

Suivi de la conformité pour les fournisseurs de services numériques:

• Coût de conformité des réglementations FTC: 225 000 $
• Dépenses de rapport de la SEC: 180 000 $ par an
• Règlement sur les services numériques au niveau de l'État: 95 000 $

Thryv Holdings, Inc. (Thry) - Analyse du pilon: facteurs environnementaux

Empreinte carbone réduite grâce à des solutions numériques basées sur le cloud

Thryv Holdings, Inc. a mis en œuvre des solutions numériques basées sur le cloud qui contribuent à la réduction des émissions de carbone. Selon leur rapport de durabilité 2022, l'infrastructure cloud de l'entreprise permet:

Métrique	Valeur	Impact
Réduction des émissions de carbone	23,4 tonnes métriques CO2E	Équivalent à 50,9 véhicules de passagers par an
Énergie économisée	412 000 kWh	Alimenter environ 37 maisons américaines moyennes

Efficacité énergétique dans le centre de données et les infrastructures cloud

Mesures d'efficacité énergétique du centre de données de Thryv pour 2023:

Paramètre d'infrastructure	Cote d'efficacité	Référence
Efficacité de l'utilisation du pouvoir (PUE)	1.45	Norme de l'industrie: 1.6-1.8
Consommation d'énergie renouvelable	34%	Cible: 50% d'ici 2025

Support pour les opérations commerciales sans papier

Initiatives de transformation numérique soutenant les opérations sans papier:

• Plateforme de gestion de documents numériques réduisant la consommation de papier par 67%
• Facturation électronique et communication réduisant les déchets papier par 82%
• Plateformes de communication client éliminant 1,2 million de documents physiques par an

Investissements potentiels de technologie verte dans les plateformes de services numériques

Allocation d'investissement en technologie verte projetée pour 2024-2026:

Catégorie d'investissement	Budget alloué	Impact environnemental attendu
Infrastructure cloud durable	3,7 millions de dollars	Réduire les émissions de carbone de 40%
Centres de données économes en énergie	2,5 millions de dollars	Améliorer Pue à 1,35
Développement de logiciels verts	1,2 million de dollars	Optimiser la consommation d'énergie dans les plates-formes numériques

Thryv Holdings, Inc. (THRY) - PESTLE Analysis: Social factors

You need to understand that social trends are not just about corporate culture; they are about the DNA of your customer base and your workforce. For Thryv Holdings, Inc., the shift to a remote-first model and the rapid digital upskilling of Small and Midsize Businesses (SMBs) are the two biggest social factors driving the business in 2025.

The company's culture is a significant competitive advantage in the war for talent. Being named to Newsweek's Top 100 Global Most Loved Workplaces for 2025 is a huge win, placing Thryv at spot #66 globally. This recognition, which is based on direct employee input across five key areas like values alignment and respect, defintely helps lower recruitment costs and improves retention in a tight labor market.

Sociological

Thryv operates a 100% global, remote-first culture, which is a powerful magnet for talent. This strategy allows the company to tap into a highly diverse talent pool across the U.S., Australia, Canada, the Dominican Republic, and New Zealand, unconstrained by costly real estate or local labor market competition. However, this model requires a constant, high-touch investment in digital communication and collaboration tools to maintain the corporate culture, a challenge 30% of business leaders cite as a top concern with hybrid/remote models.

The core mission is fundamentally a positive social force, focusing on leveling the playing field for SMBs. This mission-driven purpose resonates with employees and customers alike. As of the end of Q1 2025, the company was actively helping approximately 280,000 SMB clients globally, with 111 thousand of those being high-value SaaS clients. This focus on the SaaS segment, which grew 59% year-over-year in Q1 2025, shows a successful pivot toward modernizing Main Street businesses.

The target customer-the SMB owner-is demonstrably more tech-savvy than ever, which directly increases the serviceable market opportunity for Thryv. This is best illustrated by the surge in Artificial Intelligence (AI) adoption among small businesses. According to a Thryv survey conducted in May 2025, AI usage among SMBs jumped to 55% in 2025, a 41% increase from 2024 usage levels. This shift means SMBs are now actively seeking the kind of operational efficiency and customer engagement tools that Thryv provides.

Here's the quick math on the customer-side social shift:

SMB Digital Adoption Metric	Value (2025 Data)	Implication for Thryv
AI Usage Among SMBs	55% (up 41% YoY)	High demand for AI-powered features like Thryv's automation tools.
Total Global SMB Clients (Q1 2025)	Approx. 280,000	Represents the total addressable client base for cross-selling SaaS.
SaaS Clients (Q1 2025)	111,000 (up 59% YoY)	Shows successful conversion to the high-margin, modern platform.
Customer Appointments Booked via Thryv Platform	61% more	Quantifies the platform's positive social impact on client business growth.

This digital-first mindset is a tailwind. Global IT spending by SMBs is projected to reach approximately $750,000 million by 2025, with a Compound Annual Growth Rate (CAGR) of around 12%, indicating a sustained upward trajectory in technology investment. This is an environment where Thryv's platform is perfectly positioned to capture market share.

The social factors create clear opportunities:

• Recruit top talent globally due to the remote-first model.
• Benefit from the 41% surge in SMB AI adoption.
• Retain employees better, supported by the 'Most Loved Workplace' status.
• Leverage the mission to attract purpose-driven workers.

The social environment is a strong positive for the company, aligning its remote culture with the market's digital acceleration.

Thryv Holdings, Inc. (THRY) - PESTLE Analysis: Technological factors

The technological landscape for Thryv Holdings, Inc. is defined by a single, powerful trend: the rapid, mandatory adoption of Artificial Intelligence (AI) by small-to-medium businesses (SMBs). This isn't a future-state discussion; it's a near-term reality that Thryv is capitalizing on right now.

AI adoption among Thryv's core SMB market has seen a dramatic surge, jumping by a massive 41% in 2025. This means that over half-specifically 55%-of small businesses are now actively using AI tools, up from 39% in 2024. This shift proves that AI is no longer just for big companies; it's essential for a small business to save time and reduce costs. The biggest planned increase in AI usage is defintely in marketing campaigns, with 57% of SMBs planning to use AI there. That's a clear opportunity for Thryv.

Aggressive AI Integration and Leadership

Thryv is aggressively integrating AI across its platform, a strategy solidified by the appointment of Sean Wechter as Chief Technology Officer (CTO) in September 2025. His mandate is a sharp focus on AI, infrastructure, and the tech stack, signaling that the company is fully committed to a product-led, AI-first future. This top-down strategic alignment is crucial for translating macro-trends into product features that SMBs can actually use.

The company's product team is focused on delivering AI that eliminates repetitive work and drives efficiency. Here's the quick math: 58% of current AI small business users report saving over 20 hours per month, which they can then reinvest into growth initiatives. That's the value proposition Thryv is chasing.

• AI Review Response: Automates brand-consistent replies to customer feedback.
• AI Content Generator: Creates and schedules professional marketing campaigns.
• Caption AI: Generates social media posts in seconds.
• AI Call Analysis: Reviews call transcripts, scores leads, and highlights follow-up actions.

Targeted AI Product Expansion (November 2025)

A concrete example of this strategy is the November 4, 2025, launch of the AI-Enabled Marketing Software for Home Services Businesses. This is a smart move, targeting a vertical where Thryv already works with over 15,000 businesses. The software is built on a proprietary three-step growth framework-Get Found Online, Capture and Convert New Customers, and Drive Repeat Business-and automates core marketing functions so owners can stay focused on the job.

AI-Enabled Marketing Software Feature	Core Function	Value Proposition
Enhanced Local Listings	Updates business info across 50+ sites and directories.	Boosts brand credibility and local search rankings.
AI Review Response	Provides AI-powered replies to customer reviews.	Maintains consistent brand messaging and enhances reputation.
Automated Follow-Up	Sends customized emails and texts to leads and customers.	Captures and converts leads by automating appointment reminders.
Industry Integrations	Connects with tools like ServiceTitan and Jobber.	Allows businesses to sync with existing, commonly used systems.

Integration of Acquired Technology

The platform's technological success is also tied to the seamless integration of acquired assets, most notably the Keap platform, which was acquired in late 2024 for $80 million in cash. The goal here is multi-product adoption-getting customers to use more of the platform's features, which drives higher retention and revenue. The enhanced integration between Thryv Marketing Center and Keap, showcased at the Grow 2025 conference, streamlines lead management between the two systems.

The financial impact of this integration strategy is clear in the Q3 2025 results: SaaS revenue was $115.9 million, a 33% year-over-year increase. Critically, SaaS revenue excluding Keap was $99.1 million, a 14% increase. This shows that Keap is already contributing significantly to the overall SaaS growth, validating the strategic decision to integrate its marketing automation and CRM capabilities. The combined entity now serves over 100,000 businesses globally with its software platform.

Thryv Holdings, Inc. (THRY) - PESTLE Analysis: Legal factors

You're looking at Thryv Holdings, Inc. (THRY) and its legal landscape, and what you need to know is that the biggest legal risks are shifting from legacy print contracts to modern data compliance and labor law precedents. The company's strategic pivot to a Software-as-a-Service (SaaS) model means the regulatory focus is now squarely on data privacy, but legacy risks from the Marketing Services division still have a clear, finite timeline.

Data privacy and cybersecurity compliance are critical, as the platform handles sensitive customer and payment data for over 100 thousand subscribers.

Thryv's core business is now the Thryv SaaS platform, which means the legal risk profile is dominated by data privacy and cybersecurity. The platform manages sensitive customer and payment data for a massive user base, which grew to 111 thousand SaaS clients by the end of the first quarter of 2025, and 106 thousand in the second quarter of 2025. This includes payment processing, with ThryvPay total payment volume hitting $90 million in Q2 2025.

This level of data handling makes compliance with regulations like the California Consumer Privacy Act (CCPA) and the European Union's General Data Protection Regulation (GDPR) non-negotiable. Plus, the company's increasing use of Artificial Intelligence (AI) in its tools exposes it to the evolving global AI regulatory environment, such as the EU AI Act, which will defintely increase compliance costs and liability.

• SaaS client base: 106,000 as of Q2 2025.
• Q2 2025 ThryvPay volume: $90 million.
• Risk area: Regulatory changes in AI and data privacy.

Legal risk remains from the legacy Marketing Services business, particularly concerning the managed exit of the print directory business by 2028.

The legacy Marketing Services segment, which includes the print directory business, is a known liability, but it has a planned, managed exit. Thryv made the strategic decision to fully exit this business by the end of 2028. This timeline is important because the legal exposure-like potential lawsuits over contract disputes or environmental regulations-will taper off after the final directory publication in December 2028, though billing collection will extend for another 24 months.

As of late 2024, the Marketing Services segment still had approximately 233,000 clients, representing a significant pool of legacy contracts that must be managed legally through the transition. The legal risks here are less about a breach and more about local government action.

Here's the quick math on the legacy business wind-down:

Metric	Value/Date	Legal Relevance
Marketing Services Clients (Dec 31, 2024)	Approx. 233,000	Size of legacy contract base.
Targeted Exit Date for Marketing Services	End of 2028	Defines the sunset timeline for legacy legal risk.
Final Print Directory Publication	December 2028	Marks the end of environmental and distribution liability.
Billing Collection Period Extension	24 months post-publication	Extends contract dispute risk through late 2030.

Ongoing legal precedents from the NLRB regarding employee rights and remedies could impact future labor relations and compliance costs.

The National Labor Relations Board (NLRB) case, Thryv, Inc. (2022), remains a critical, ongoing legal precedent that directly impacts the company's labor relations and potential costs. That decision expanded the NLRB's remedies for unfair labor practices (ULPs) to include compensation for all "direct or foreseeable pecuniary harms," going beyond traditional back pay and reinstatement.

The legal landscape for this expanded remedy is still fractured in 2025, which creates compliance uncertainty for Thryv: The Ninth Circuit Court of Appeals upheld the Thryv remedies in January 2025, but the Fifth Circuit (October 2025) and the Sixth Circuit (November 2025) have both ruled that the NLRB lacks the statutory authority to order such broad monetary relief. This circuit split means that the cost of a ULP violation could vary dramatically depending on the jurisdiction, making labor compliance a higher-stakes, less predictable area of expenditure.

What this estimate hides is the potential for a Supreme Court review, which could either fully validate or completely overturn the expanded Thryv remedies, changing the cost of labor disputes overnight. Still, for now, the risk of having to pay for things like medical costs, credit card interest, and other foreseeable losses remains a real and measurable threat in certain jurisdictions.

Thryv Holdings, Inc. (THRY) - PESTLE Analysis: Environmental factors

The company's transition to a 100% Work From Home model significantly reduces its corporate real estate and energy consumption footprint.

Thryv Holdings, Inc.'s shift to a global, remote-first operational model has defintely minimized its direct environmental impact (Scope 1 and Scope 2 emissions). This move, adopted in 2022 and continued through the 2025 fiscal year, means the company no longer maintains a permanent fixed office arrangement nationally, instead hiring shared facilities as required.

The elimination of fixed offices has a direct, measurable impact on the company's carbon footprint by removing all Scope 2 emissions, which are those associated with purchased electricity and heat for offices. Here's the quick math: the Work From Home (WFH) policy has eliminated emissions from core office operations, including:

• Office electricity and base building energy use.
• Office paper and waste generation.
• Refrigerant use in office air conditioning.
• Staff commuting, which is a significant Scope 3 category.

The legacy print directories, while declining, are certified carbon neutral (for FY2023-24) through offsets and a focus on certified paper procurement.

While the business model is rapidly transitioning to Software-as-a-Service (SaaS), the legacy Marketing Services segment still includes print directories, which are a major environmental consideration. To mitigate this, the Yellow Pages and White Pages directories for FY2023-24 (July 1, 2023, to June 30, 2024) were certified as carbon neutral by the Australian Government's Climate Active program.

This neutrality is achieved through a strict paper procurement strategy and a commitment to year-on-year reduction. The company aims to procure paper with Forest Stewardship Council (FSC) certification first, followed by Programme for the Endorsement of Forest Certification (PEFC). Also, they prioritize paper with a meaningful percentage of recycled content before considering virgin fiber that is not certified.

The intentional reduction in print circulation and directory size is a clear action. In FY24, Thryv Australia reduced the amount of paper used in the manufacturing of printed directories by 15% compared to FY23, a tangible cut in resource consumption. This is a strong signal to investors that the company is managing the environmental tail risk of its legacy business.

Metric	FY24 (Jul 2023 - Jun 2024)	FY23 (Jul 2022 - Jun 2023)	Change
Paper Used in Print Directories (Reduction)	-	-	15% Reduction
Carbon Neutral Certification Status	Certified Carbon Neutral	Certified Carbon Neutral	Maintained
Emissions Reduction Target (Total)	Working towards 10% Y-o-Y reduction through 2027	-	-

Expansion of environmental, social, and governance (ESG) efforts includes measuring Scope 3 emissions (indirect value chain emissions) to better understand their total impact.

The company's environmental policy is committed to improving its supply chain's carbon footprint where possible. Measuring Scope 3 emissions-the indirect emissions from the value chain-is crucial, as these often represent the majority of a company's total greenhouse gas (GHG) footprint.

Thryv Australia's reporting already includes several key Scope 3 categories, calculated in line with the GHG Protocol, directly linked to the print business and the WFH model. This provides a partial view of the overall value chain impact. What this estimate hides is the full Scope 3 picture for the global SaaS business, but the current efforts focus on the most material environmental risk: the print directories.

The measured Scope 3 categories related to the print directories include:

• Emissions from paper and coverboard manufacturing (a purchased good).
• Emissions from directory distribution and logistics (upstream transportation).
• Emissions associated with the end-of-life treatment of sold products (directory disposal and recycling).
• Emissions associated with employee working from home (WFH) and commuting.

This comprehensive approach to the legacy business's value chain emissions, coupled with the 10% year-on-year total emissions reduction target through 2027, positions Thryv as a company actively managing its environmental transition risk, even as it pivots to a lower-impact software model.