Thryv Holdings Inc (NASDAQ: THRY) saw its stock price surge 5.10% in Friday's pre-market trading session, following the release of its impressive first-quarter 2025 earnings report. The company's successful transition to a SaaS-focused model and strong financial performance have sparked investor optimism.

The earnings call revealed several key achievements that likely fueled the stock's rise. Thryv reported a robust 50% year-over-year revenue growth, with a 24% increase when normalized for its recent Keep acquisition. Notably, the company reached a significant milestone with SaaS revenue now accounting for 61% of total revenue, underscoring its successful pivot from marketing services to a SaaS-centric business model.

Further bolstering investor confidence, Thryv announced strong subscriber growth of 37%, bringing its total subscriber base to 96,000, or 111,000 when including Keep subscribers. The company also achieved a record-high net revenue retention rate of 103%, indicating high customer satisfaction and effective cross-selling strategies. Additionally, the successful integration of Keep's partner channel has enhanced Thryv's market reach and product offerings, positioning the company for continued growth in the competitive SaaS landscape.