Deep Dive: Jeff Moore Discusses Thryv Holdings
This was Jeff's first time joining the show, and we got to hear his pitch on an underfollowed small-cap called Thryv Holdings. Here are the questions we asked him on the show:
What does the legacy marketing services business entail? (Some color on the financial picture here might be helpful also)
Do you think there is a floor to the Yellow Pages customer/revenue decline?
Can you explain what the Thryv platform is? Who are their target customers?
What has your experience been like with the platform? Did you look at any other offerings?
How will they reach that projected 200,000 subscribers? All from cross-selling the platform to the Yellow Pages customers? Or any other forms of customer acquisition?
Thoughts on management/ownership
What’s the current valuation? How much do you think the SaaS business should be worth if it meets its projections? How much is the legacy business worth?
Thoughts on the debt. Looks like it’s ~$600-$700M depending on if you include pension liabilities. What’s the rate on that? Will they have the cash flow to pay that off? How will the warrants help?
Do you think this could be an acquisition candidate?
What’s the biggest risk to Thryv as an investment? What could go wrong?
Wrap up: Will you actually get a tattoo if the price hits $250?
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Disclosure: The author and podcast guests are not your financial advisors. Ryan Henderson and Brett Schafer are general partners and portfolio managers at Arch Capital. Clients of Arch Capital may hold securities discussed on this show.