Thryv Holdings (THRY) Notes

1/11/2021 Update

  • Good article laying our the bull case
    • 2 companies.
      • 1 bad company that is in secular decline.
      • 1 SAAS company that looks cheap.
      • John Paulson is pushing for the company to spin off the good company.
    • Bad business is $1.1BN in revenue declining 20% per year. Yellow Pages.
  • Management:
    • The company is run by Joe Walsh. He owns over 6% of the company via call options. So, it’s fair to say that he wants to see the stock do well. Previously, he built a competitor to the Yellow Pages, sold it to a larger company, then grew it more, then sold that to a public company.
  • John Paulson asked about potential spin-off:
    • Whole company is being valued right now on cash that its generating.
    • Thryv will be the platform that many businesses uses to run its business. Going to be a great asse