Earnings call transcript Q4 2022

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Operator

Good day. And thank you for standing by. And welcome to the Rover Fourth and Full Year 2022 Earnings Results Conference Call. [Operator Instructions] As a reminder, today’s conference call is being recorded.

I would now like to turn the call over to your host, Mr. at Markets. Relations Investor Ruddy, VP Capital Walter Please sir. go ahead,

Walter Ruddy

we you joining afternoon. earnings discuss today the after call, is release Rover's investors.Rover.com. close, on our Good announced results. be to in results this the XXXX fourth for at issued year our us Investor Thank press website discussing full quarter In which market will available and Relations

be our available this call replay this recorded is Investor from Relations reminder, live being after website a Investor As and our webcast will for from shortly Relations is and being website call.

this With me Operating on is Officer at Chief the Brent Financial and Chief call Executive Co-Founder; Officer Chief Turner, Rover. Wickers, President afternoon and Easterly, Charlie and Officer; Aaron

and market management public update today provisions statements forecast based speak statements upcoming of unless by and the Form beliefs financial business Form health prospects, other on and expressed and events, materially on market risks will those unknown XXXX also make under Before that and the We and the I'd domestic macroeconomic, our XX-Q of cause and factors other duty this could only included GAAP trends, guidance, results, and marketing our and we Act caption repurchase and law. travel from or required implied current call, and begin, expansion to XXXX, certain international uncertainties to factors as These Safe All program, call XX-K. XX, within that to like estimates, of risks, Harbor no the statements non-GAAP Litigation operating everyone to Reform our known forward-looking Securities undertake November future differ management. subject conditions profitability XXXX expected filed partnership in including and forward-looking investments performance uncertainties forward-looking the and share these strategies, and are actual future and statements results during in assumption and and projections, growth expectations, initiatives, regarding liquidity, performance risk opportunity. industry future including statements opportunities, and of in or the growth, on remind

are You on future should of as performance. they not undue guarantees forward-looking not statements reliance place

in sources. presentation information is derived publications from Certain third-party the referenced and

We information. have verified independently such not

We News directly measures our the also comparable measures historical discuss certain to Investor reconciliation directly found most non-GAAP & GAAP non-GAAP section be Presentations in can the Events to on posted comparable Relations the under most measure supplement financial reconciliation in website.

QX legal measure announced the reconciliation previously and XXXX, the of directly amount adjusted EBITDA was And administrative EBITDA supplement superior For comparable to considered updated noted, financial from the for loss XXXX full year metrics measures. substitute an and will XXXX and or equity a be the not as all financial Non-GAAP to change to most non-GAAP the in provided forward expense reflect in call. we our non-GAAP and investment. XXXX the forward-looking XXXX provided adjusted amid our not we should fair measures to measures looking on of otherwise of disclosed in compare calculations of any quarter Unless reasons have third exclude this our the method GAAP metrics non-GAAP GAAP or value beginning calculations general QX, reconciliation settlement.

Aaron now Co-Founder Easterly, With to that, the over I'll CEO. let's get started. call and turn Aaron?

Aaron Easterly

outlining walking the then I comments through prepared ahead. everyone we and a guidance the then investments. our will before take Brent remarks provide and will on few quarter level and start joining by high full to for to our results, today. financials some will the questions. wrap by then additional the call detailed turn you on bookings our Thanks, detail us provide up Charlie highlights year year give earnings XX fourth Walter. and Thank I

range. fourth while year or cap $XXX adjusted end off gross value and great our EBITDA $XXX million above the quarter guidance adjusted revenue revenue margin. high year was million was up and of EBITDA of year-over-year just $XX XX% Rover Our million shy both with Full at and a booking was

fourth the revenue of value quarter, gross million in proud Turning we of, quarter, had forward of margin. repeating net to we income $X.X XX% look of or the the million, and million and I'm milestone recorded a future. adjusted $XXX $XX note, to of in EBITDA million booking $XX.X Of

with several Behind focus team, work of who executed hard areas. important the results our these against impressive

The new the First, we we marketplace in mix, attracted to level including opening signs XXXX, acquisition. Bright up our XXX,XXX, positive to Horizons customer expanded And continue we're momentum record as up employer channel. customer in in drive vehicle a number deal the were sponsored the year, year-over-year, marketing ever, showed of highest Rover a Rover this bookings Group QX. this to customers care new excited distribution XX%

acquisition marketplace. significant business to GoodPop, coming the we the of within the training from continue And now the ecosystem. of also customers expect an our with drive we year. millions single obtains digit in GoodPop We which revenue integrate its as Rover added to a percentage offering in

and unit cohorts record continued ABVs. In year, expect to date. performance, past the we on take improving expected have to trajectory, for XXXX’s be focused This is experience, result resulting booking there highest a future Second, we of the opportunities rate the our in LTVs have strong and gains.

prudent our the quarter and grew see factors is to year, strong in end demonstrating the was believe our for strong growth. Fourth, just leverage as UK and compared GBV XX% but core normalization. could adjusted margins was XX% Adjusted increasingly half Europe business. fixed related more GDP growth evident the to second QX. we not was during year EBITDA business Full external much prior. the Fourth operating for evidence that the France. impact US continues margin plan near of If year the to EBITDA year-over-year economic XXXX, we're Third, particularly international to the is XX% full grew in our Rover XX% Further to in of in marketing phenomenon. and cost effect a the the look we business. we year, health

includes our base grow cash, also financial of While generate we impact million authorized light achieve strong to has confident remain buyback results, to and pleased long factors, objectives. in and from In operating profits, these term term announce we're our XXXX external our our board a $XX potential ability our outlook, program. long case

in in of technology, services, assets our the to reinvest in organically through business opportunities order in in of stewards to general, capital to for customer company's acquisition. drive either to our and As expansions accelerate To to best calculate deploying do pursue our strategically, stockholders. is our select committed value long-term lean are we improvements or a new combination so, organically,

opportunity, in create cash flow, for in stockholders. our forward sheet, the market and we As an investment concern opportunity strong in business our business to saw needs we looking balance value valuation, reinvest current our market for

expect team's to the produced dynamics. and year. We market overall progress of the All-in-all, dependent proud but results program commence this Rover be the shortly, I'm execution will upon this

As for we opportunity look by plans. forward, energized there's Rover our we're immense and

and to to call on Now provide bookings our I'll detail hand performance. operational more Brent over the

Brent Turner

regarding on an year, outline and from the call. and bit XXXX. expect volumes. to more expenses, turn for the provide what I'll of providing Thanks, both marketing us Aaron, start everyone then a I'll booking and full color regarding driving business performance then and the to hello, of in the by quarter

Finally, year. our priorities I'll investments say coming product a during our few XXXX for things about and the

XX% including With the regard to bookings, year-over-year, platform. significant bookings Total to in repeat XXX,XXX business generate increased continue bookings. on we XXXX, new and new

passed New anniversary QX year-over-year, of the were we demonstrating pent-up of X% as XXXX peak bookings demand. for continued specifically growth up our

intention marketing low in but of end Turning now revenue, XX% of QX. expenses, at the XX%. increase accelerate to during prior marketing regarding XXXX, comments consistent in was non-GAAP of marketing with our to target XX% from up to still This QX our XX% was QX, expense range our

full marketing YouTube, approach year, linear XXXX. was channels as video expense of XX% up non-GAAP as XX% This the well funnel the increased during and such XXXX. during as as streaming versus compared reflected linking more television, forward to implementation year testing change and For

linear term. additional area this particularly is will expansion and success further We And as build To testing TV streaming progress provide made of progress additional tools. right excited short [inaudible] converting move understanding conclusion channels. I'm of growth this We that over XXXX, mix and advertising channels was marketing ongoing value conviction plan on color, to between these our videos about XXXX the measurement we our our committing from enabled XXXX to while significant in the a spending. for partner can our in One our refining into bring Rover. reached video the to bit bookings such continue after media testing campaign by more medium we as ongoing that parts to

employer promising announced solid start off Our partnership space that channels Bright is and with providing evidence a additional the specifically, potential. benefits distribution previously has Horizons to generally,

Our this value channel future. partnerships by we're and to earliest our customer the in days, generate in excited for the very opportunity our the accelerate about business in customers

continue experience pet development, providers for improving platform we product and both XXXX, to Rover Turning in in invest to care parents. the

providers. For matching more with pet efficient parents, parents and care pet we focus in easier platform on making to our use

during people We up out estimate additional excited this with XXXX providers. allows via book which sitters product early to more reach parents on care are apps our to successfully multiple that will contact an particularly Rover mobile the easily about feature XX,XXX of pet improvement. success We to

we care monitoring For quickly. XXXX improvements. and we the of trust safety problems can expanded address so specifically, number spot potential capabilities our a more on implemented providers, we and In platform,

remain As ways. we development customer we experience XXXX, look improving to several focused forward on product in in

intuitive parents with We process the will and pet to booking easier make more providers. continue care book to it to simplify for

how overall value of book building effectiveness bookings of will we our helping team Rover progress more of about repeat results Rover will good our improve naturally the we platform. and providers customer new to learn driving care customers to all both unlock The proud well into make our We stuff our and quarter. continues further and execute appropriate understanding We're and in platform. scale. this will the to And allow services. the our integrations And

the Charlie to I'll over performance. detail financial hand provide on to further Now call our

Charlie Wickers

XXXX start guidance. for and full Brent. an of providing results overview by Thanks, I'll followed our fourth the year by financial quarter

our and full discussed, leverage as and our As showing QX. the have our both we achieving with are and year. year focus we year And net cash. income including the consistent profitability, GAAP to finished of on we have we on quarter finished goal that significant tremendous expense QX with results importantly, exceeded continue of strong the $X.X guidance Brent in Aaron Further, generating million progress already

XX%. $XXX full revenue the was For million, year, up

ABV and EBITDA was XX% earnings bookings QX million, on was our million growth. provided during back GBV adjusted range our up call. guidance $XXX $XX.X of While the both above nearly strong

million, and up For $XX fourth GBV average XX%. was Brent increase in detailed the by The in as quarter, increase revenue the an $XXX in revenue booking driven was values million, XX% up and bookings rates. growth cancellation primarily in improvement while was

XX% peak the main increase has the Our moderate price up contributor. fourth was service was rate growth in quarter of core increase QX, year-over-year. of per ABV with as driver in overnight continued ABV to $XXX, since an The average being growth expected This XXXX. services

XX.X%, XXXX partially quarter fourth in onboarding in provider driven was $XX rate year-over-year. revenue, in QX, QX, higher basis $XX an improvement points Our to increased by growth of fees. XXXX Non-GAAP XXX from million contribution by offset cancellation million

changes. and our We thus environment, generally believe expenses. cost is right structure to significant operating for sized don't anticipate Moving the

labor While dynamic conscientious in we headcount the in trended management. that have market expenses costs our through have upward, navigated

they mentioned, fixed our attractive will the in returns. produce consider is core will cost investment we and and Aaron incremental path as if preferred remain agile expect we investment However, business

of our increase to personnel revenue of quarter, increasing prior compared and and platform. the a or the XX% For the year scaling as revenue, $X fourth demand from is provide to in non-GAAP an in the result XXXX. quarter compared appropriate on were of order up of of expenses QX, flat to million third staffing support of The operations XX% level drive XXXX we

a as term. at percentage this the We revenue medium or to expect remain level in non-GAAP of support and Operations below

QX, revenue leverage million XX% XX% see in to XXXX. continue of product revenue XX% expenses of compared and general $XX.X or XX% in were which million or QX, were development to to non-GAAP or in million XX% of administrative We $X.X revenue, quarter QX, $X.X $X of in non-GAAP expenses, million or Fourth compared million $X revenue or XXXX.

last as As the on grow of million of company and million, $X.X XXXX previously non-GAAP basis our resulted cost from revenue in year into and to or investments increasing revenue XX% the was EBITDA with through XX%, a of periods, And paired moderated keeping spend margin adjusted year. of a we since that anticipate within $XX.X have an public strong the flow EBITDA. QX fixed percentage QX, a EBITDA and cost range, in adjusted business and revenue The from we up target ramped full a of including mid-XXXX. to can our we only G&A In marketing demonstrated modest, decline discussed, as improvement recent EBITDA during investments. cost absolute modestly incremental incremental scales. fixed to levels Adjusted our margin adjusted or

XXXX, As of discussed adjusted full earlier, million we achieved EBITDA. year $XX.X for the

call. have from been $XX.X in single flow XXXX, $XX.X $X.X cash a free in adjusted with transfer million free processor, flow, on QX We $X.X and operating In also activities the $XX cash activities, cash flow. of adjusted generated transition, of were our Absent processor cash line to discussed of it and EBITDA. would million impact payment net cash net free to from a we $X.X of requiring EBITDA, million of roughly negative million XXXX our due our XXXX comparison, balance cash equivalents million from generated million of inclusive and operating payment cash which transition

XXXX. sheet, balance and Moving at QX, at to to million investments the from increased million cash yearend our cash, $XXX equivalents $XXX

As at highlighted in generation, with strong combined view Aaron our gives level. us our while repurchasing balance also in ability invest shares business, sheet attractive of to our cash the an forward earlier, confidence

need balances current cash from to we time, do increase a this levels. not see at Additionally,

As assessment adjustment authorized XX-month an our will $XX be program ongoing such, executed Alongside repurchase that subject conditions. board our a share authorization, this market has to have million of made we the net the to mechanism business. believe RSU tax withhold are and cover the for employee right administrative both a change this buyback investments from payments vesting. [inaudible] for to on We

we during delivered and business the bottom excited strong our line top are quarter are summary, about year. In direction we results and the And headed.

to guidance. turning Now

for context positive QX, both of overperformance and the and we and growth progress to top discussed the year Aaron year bottom come. balance line our to the and demonstrating excited the disruptions are impact as mentioned, we Brent Given full XXXX, for In continue such adjusted might to concerns results several travel due to toward EBITDA our Aaron recession macro health our or target a margin. incorporated other as public disruptions. guidance, factors XXXX mild our into moderate that and we

bottom are the assumptions the in business Our spread. the of severity forward guidance regular end along macro and the of performance range, both guiding layered the top with into each the variations in

assume seasonality. to with continue also We XXXX, for rates cancellation in adjusted QX, line elevated

range, Additionally, our our structure cost line with annual more flat marketing a our levels, QX target growth has cost since year that structure was QX aligned for approximately in of investment, XXXX full and G&A inclusive with year. which last been modest normalized of includes

And $XXX increase over million, EBITDA XXXX. $XX XXXX. adjusted year in million revenue million, EBITDA a adjusted full up revenue million to be the midpoint would the XX% For of XXXX, we $XX $XXX million $XX.X to which from in of expect at of

the first in $X $XX $XX over midpoint seasonally nature to million million we million revenue, which the XX% would quarter, the million negative low be at adjusted XXXX QX. QX, reflecting For in EBITDA, $X in increase revenue negative and a to of expect

with you goals. now questions. we to executing discuss to will against open Operator, the look in the margin marching overall our Q&A? to And QX. turn forward for to XXXX our growth look to In it forward excited top long-term in about in With summary, performance company while of in progress our XXXX. can we drive the are We towards working up order priorities line, that,

Operator

Instructions] [Operator

Canaccord. Ripps of Maria from comes question first Our

Maria Ripps

thanks much taking Great, my questions. for so

on you you're length First, frequency, provider in customer maybe stay, calling update the an terms from what's of environment macro sorts any anything on share either impact seeing of could or cetera that's et behavior, stay out. pricing, of

Aaron Easterly

a side, couple this the to we're good macro hear seeing Maria, Hi, is your on voice. Yes, of things. Aaron,

with pricing. me Let start

experimentation, are months. do through see we slowdown price price that of discovered process the Charlie in the the of increases We've XX rate sensitivity As noticeably marketplace. course over mentioned, we also the of some the last seeing

last So seen have over of travel regards broader less to and the prices higher acquisition. generally that rebooking but it's amount current we large amount in With new risen months, impact, say of XX macro hard strength stuff, seeing relative are have there's quickly to the higher sector. would customer the a a we

see own category statistics, if TSA positive we there, at and bookings you If you our January, just we look signs although so bit growth. a in Expedia may at little be sluggish, looked

hit macro Our peak is second in the year side, the probably half the sometime. modeling, impact we'll our thinking that the of

Maria Ripps

very that less And the is the macro you you. prioritizing And factors That's you're XXXX? Thank some could about to then across that product, aggressively more of Could environment profitable, are uncertain. invest you and given it. helpful. marketing international. talk about you of thinking then Got cause investments sort or maybe in how but

Aaron Easterly

there And expansion new as and there and regions continue on in new could well. enter new just countries, to the example. out for both see some some finally, product possibilities effective, could product acquisition see inclined our to think that continued we the more cost we sustained multiple So our in where there product years; we invest less. the see In that or so new cycles channel marketing geographically, be fixed are case could we organically. over side. engineering go be could our side a We can we be on increase investments we up spend In that M&A the of roll our offering we'd opportunities multiple we investment attractive returns case enter could

a to us on we newer pull Hope back product see a macro continue helpful. the marketing we're for. planning could that what little recession. much is tight If that pull side, bit. and we're that's we we less are channels the than pretty mild could environment if slower generally partnerships could we the could go bit, if planning hold for effective, don't those distribution And worse moderate things little have back a as perspective. year-over-year from If to Some

Operator

question the Our of of comes Ralph Blair. line William next Schackart from

Ralph Schackart

the Good afternoon. taking for And question. thanks

I mid just the on around is in some range XXXX terms and revenue, XX% speaking. the full roughly year somewhere guide, contemplate or question the XX% so around First QX, think

strong in the implied curious sort QX guidance is So what's of just that guide.

sort Just you question the And potentially a called a that first follow just conservatism, then have year that's seeing you're environment out the of with what that for full perhaps now. recessionary and potentially up. I

Aaron Easterly

Sure. Ralph. When hitting have way. good we're it It's intentionally not macro modelled now. your we Sure. hard Hi, we to the the huge that voice. hear evidence at look right business of Yes, definitely impact, seeing

that we're ramp environment more challenging towards year. be assuming into the a So there'll general half second a of macro the

suppression are little in a the reminder, of some we're a it, a the expect a and of this effects modeling for growth As also little as a had impact the says the year macro bit for we rates of increasing last Omicron probably QX weird, piece. higher, be because little year leftover but goes we bit on to bit that overlap the the year, seeing would kind is kind of of period we

Ralph Schackart

but more in around you could you the be for if that is remarks then new just great. that'd some Thank Bright the acquisition. that get anything out, really And Horizons prepared talked impact color the about new distribution provide And haven't deal, you. strong Great. and

Brent Turner

your prepared it's more we Brent. to allowed to not Ralph, Yes, good hear are say remarks. beyond Hi, the It's voice.

a future. a not what on look a to as in some but we've returns early the gotten partnership. roadmap And think about like successful we this of the excited are bit can little in momentum result it, partnerships of also only marketplace the We

we're And like. partner look so a this Horizons excited about and as and what Bright can year

Operator

question the line Boone Andrew Securities. of Next comes from of JMP

Andrew Boone

is maybe of taking far so you just terms about more you brand one double for test, talk my Good brand guys terms seen thoughts sounds have on bit spend. Can more like guys then and the investments thanks what the key click afternoon, spend for any the justification of around ramping and of in XXXX It awareness? in little XXXX, that and of a questions.

Brent Turner

Andrew, on the for Hi, it's Brent. call. being Thanks

friends our for not of neighbors a this to the on philosophy that space, in going side, new the businesses So brand new to challenge build we It's the family not key around concept. trying in a compete now with challenge like back a are ours. category business with

will awareness from not the standpoint. other number can for philosophy customer spending brand have to demonstrable feel decision acquisition last happened accountable going see unit accelerations spend our year to new we to hand, we On money strictly we that did made What a we we with are of economic internally that drive hold tests. a that we comfortable that is

story we're streaming TV, and have do new at acquisition standpoint best very the it category offered from interested TV, tell of a same in linear to us development felt the that to with format YouTube, and customer chance time. advertising video our the combination

those quite economic are One year, performance channels lot the seeing because the we return of get why a of development a want. not the a the in you market conviction we tests bit a bit we category to that do. are in. come the themselves of hitting that that to people But you're there's reasons of Because are quite getting while learning, so longer take last takes to unit want; we those media source have did of learning we creative was

us. And are the those for decisions right so

it economic we short, use to our unit think doing constructs. in And can we're So, we it's other do. when that falls a it good money because compared of things within

Aaron Easterly

Andrew. is Aaron. This

maybe spend comment, additional pretty term loosely. that one lose piece summarizing we is brand the there, would Just

response more with to accountable of holding a our still metrics. but we're marketers as higher media mix, the traditionally brand our of portion channels We are using some associated it

Andrew Boone

XXXX. of question? can a the follow that that, tie if Ralph's grew of a So, go back into to bit in they of new kind bookings. like you half mid-single as we little Just up Looks digits,

macro think you on have we guys down we should that then that think about a XXXX pass mike. and and we or much. there? efficiency slowdown guide bookings step in the think that incorporated, about so repeat line is about new the the the marketing in As bookings I'll pressures Thanks for more

Brent Turner

question? standpoint, let in that pick absolutely a financial It Can from like are a efficiency, I but every remembering fall bookings free. Andrew, up. may, look drive that last it's Yes. me half that new take we worth that is the that bookings we, remembering back worth about that month it

we And performing is bookings up step to well divided a so that quite from possible but channels, advertising it unit economic as new step by from also standpoint, up are for channels that and efficiency go expense to up. an

going suppression So One see something modeled is like the has where where wave COVID sound or that piece an it. question would repeat, side. on say little about which like as the we're back of terms not half we us the it as modeling we're I on to to both has a from decisions effect new marketing efficiency an we're to some think in new second that, have both I our demand. in it when by of frequency bit appear impact, making dissimilar impact come a additional and well on people how falling it

Operator

Our Stifel. of Lamont the Williams next question line comes from of

Lamont Williams

thanks Hi, question. the for taking

new uptick the in a you in we had rate. December bit that and the rate. know seasonality, about a Have some cancellation off of on touch trend the the an little of I we year? weather kind And some and little to over? in there's come cancellation wanted thinking we bit then are how issues seen Just saw

Charlie Wickers

What of the a the events as or that Charlie. With regards event Hey, year-over-year, down bit little elevated did been the from didn't for we We impact that a was had it which see while we Lemon, to levels rate, to related anticipating. it's weather an cancellation COVID. at out. weather played trending material are see of we

that And down a to bit. little so see trend we're starting

thinking going QX full effectively As with flat be we to going headed forward. on or similar minus QX levels we're we're cancellation that for with assumptions to year year. regards plus into And our seasonality basis, this the of the rate

Aaron Easterly

One additional comment longer term to piece. that on the

have wave over reduction the cancellation has COVID on the seen year; in have We our that a past a we rates. impact

So has versus, population, prevalence compared and of impact lessened. to negative the our business COVID on the the

to that in continue, been view on we're So year thing a taking more out, of a were times if a rates trend so we've terms the But couple approach of we'd see COVID surprised as half year positive that to wait that. cancellation front, a of a out. and

Lamont Williams

great. just secondly, in of is differences helpful. of That's that rural, Okay, Urban, to call anything seen? anything you've domestically terms out And geographical that there sort.

Brent Turner

that Not noticed decelerating Brent. it’s have far. Lamont, noticeably Hi, we is that marketplace accelerating thus or the

Aaron Easterly

And was to regards question rates just cancellation with or business that with that, with Lamont, overall specifically. the

Lamont Williams

sorry. business, Oh, an overall just with

Operator

Our next Schenk. line from question comes the Lauren of

Lauren Schenk

continue to but throughout to you're expecting that Great, thank to is assume slow ABV you. I it safe the year And sort of maybe outlook answer, guess a how sort ‘XX that if should range? of it ‘XX we in Is think growth the then remain question is about guidance for this the positive? assuming Is year? tougher is you're what but sort ‘XX. travel backdrop you. for travel sorry, sort below recession, of you assuming some below Thank assume, of to your are to that fair

Aaron Easterly

is Hey, Aaron. Lauren, this

travel So, regards of what travel with you economic the, impact And we're to let outlook, moderate see first, the typically the take to would first, that type assuming with the mild second environment. part me recession. the

higher cheaper or not people that travel lower down, flight in to the middle terms travel people for a is cheaper than would I more it's decide worth people stay as decide as now noting of that income to most think right versus only we're really well to take Airbnb. the impact that or degree assumptions hotel to income impacted they at to part probably decisions probably a the trading

sense expecting regards some mix ABV services things we that are blended makes to to walking, that see daytime down. to shift that our that If but change piece, to might would to anything where a on back that a of and happen baseline assumption. could provider, could could pull show service add to Charlie, is With we growth the shift of there mix prices, profile but different down, dog are a like if that overall experiments it first more have we you the that? slow that run average,

Charlie Wickers

With wrap from of think Yes, the about it's a quarters. now decelerating just been continue about it and to perspective, with up that for we growth, Aaron. to to six decelerate, that rate to going regards ABVs, modeling it's assume to

to So expect we continue. that would

Aaron Easterly

or inflationary wouldn't go expect zero backwards the in still we environment. operating an be it But to we're in that case

Lauren Schenk

Okay, then understood. you're just supply from that on their And the seeing Thanks. any changes side? side

Brent Turner

supply still about we we it services, that are, it, continue Lauren. refine good pressure. The we're really fundamentally to we And the tweak all no doing across different. strategy nothing but feel where No, and

Operator

Our the Goldman next Eric Sheridan Sachs. with question line of comes from

Eric Sheridan

those number think can user try monetize costs? sort would base? would to a to lower attempted trying follow of solve Would the to that's you're market for you been you goals you what asked. to Would you go How set are that prepared degree greater of necessarily, questions. two we of about know but that of the you be think taking potentially the trying we partnerships when about to one? to acquisition during for But should idea Thank strategies. end I be, the announce today, remarks, sort out this be Maybe to the of broader existing what I partnerships think industry ups attempt to be so things teased nothing understand have of a types

could travel own or on as referenced, than window prior the you've greater advance earlier earlier industry. elements of be of booking anything because we your you've you've booking Have then calls, could happening And be dates you or where travel the longer are of window there run length with seen normal either than seen periods seasonality? in bookings that might plans actually the where in before, of and/ bookings counter seen Thanks. prior have to and

Aaron Easterly

their for neighbors it years, they regards need one and XX% owners market, question, been generally of challenges Rover’s with ten the of Eric, pet shadow when Hey, with dog primary first out which of they're to the has is when is educating historically view that use friends, we care business, that your town. for family, the

out at partnerships effective of So we or with people cost XX%. or way industry a as these acquisition partnerships distribution have the of look to that of customer in types

educating as option. Rover the So cost would effectively even that of thinking kind be not XX% people of an about otherwise

effective Cost call to increased In There can usage partnered effectively be it. brands. just the we with known secondary get may like an be customer thing addressing directly repeat type in subsidizes like we a We or customer little goals. basis employer sure But to see some unlikely key the something primary and of a a the per as goal. degree, standard it cost to bit primary of are a in tertiary a that manner. make very are is category building. So is could seeking cases we're on some front to hope of

Charlie Wickers

to two day regards a and an to booking year-to-date on windows, of with lead that to And time works three above from perspective. in booking questions weeks just slightly average a average, puts out regarding increasing we of an half XX%. increase, days an about your us windows, the seen terms have about That

Operator

from line question of Cory Our comes Carpenter JPMorgan. next the with

Danny Pfeiffer

for guys, have just on Danny is Hey, this ones. quick Pfeiffer Carpenter. Corey two I

out daytime Thanks. on back any initiatives sort you as uptick have in any of smaller Can to is, returning US you first and anything? Europe kind XX%. the you're about people starting seen and office. about of is And there you different planning versus that maybe talk The more maybe what's or international, are services second, just grew

Aaron Easterly

the Sure. bit up of line gain service seen we has a Looks drop be during in sometimes tick dog but a Danny of our services, done to can typically little most like walk, drop but used the drop with and in been in house day. service substitute in that have boarding. in, our lot mix, the regards sitting is daytime or a a segment as for

result of So within it's base. has on drop massive in appropriate think a up in, call of been it's based not slight happening say work be notch return to services, yes, a it daytime probably that most what we there the would but in fact to our some I customer

Brent Turner

actually trajectory best with for of we get later Europe. is pretty you with grow more a Do and relative I category along happy there, us you maybe presence helping been we're acceleration behavior and probably as of Hi, in international, with of versus tailwind a about sort there say as sort We've to Europe stage the a more dynamics we growing think pretty category that. our to the scaling respect drive around awareness conviction seeing understood the to what to are where in maybe alone, think talk the United to is want early States think we in the going of footprint continued international? of what us travel it

Operator

Our the next DA of Tony at question from line Davison. White comes

Tony White

US just Could my secondly, EBITDA for the could to taking going time they're for of on point talk just about a And how how profitability. one. question. the if maybe tracking to bit marketing thanks I economics, calendar like for profitability your ‘XX Thanks. frame a is unit things US Great, to maybe consolidated little Two, bit the the international in affect sort kind you it international you relative of in efficiencies, comparable as then how us company? operations, can of relates international at

Charlie Wickers

take With the is this with and Brent I'll top I'll second. impact, first to Tom, the take Hey, consolidated the start regards Charlie. just line. will

year, of of exited last we As moved GBV. about had from X% international about to X% GBV

pretty implied with there just is business so international growing that, fast. it's of that And kind

international dollars lot a the bookings because share still result, a And of at marketplace. a leverages to marketing contribution more we'll we in new from rate. pace. really core faster that, With are so have to expect here contribution as and of to And EBITDA business international a business on faster the of XXXX, grow the the its therefore, bit

it the business? continuing what then think ahead down about we forward we're operations to it's, on investment. and regards for the opportunity an do about from so really So, we we're pedal is basis, to and way against support need perspective go marketing to putting excited that And a how with are international much to the put

Brent Turner

levels of market loyalty, or critical of and standpoint, economic our out economies evolutions marketplace could by the Operate from I similar business less of There of it's that -- we unit lot just wanted a we investments. leverage Hey, scale. a very some a to Europe, Tom, more when a thought. exactly our to metrics, in we that we lot the we variances. particularly tech are same that similar And see wrap had similar up as would saying hypothesis similar way that went has Brent. a played

where Our our able a think with push blog we But and learning bit I SEO little mature international of were US profile ahead and asset, unit drive during operation. in business because efficiently time, they're were asset, we a our to it. the rates is right more publishing our our more We up at picked because existing leveraging assets, similar. this lot now, are they're that able this awareness to growth economic is to leverage international able similar, we're to time is share

quite this way we're has the with So us. for out pleased played

Tony White

was heard it on on I I if caregivers. up question supply. maybe fees for follow about prepared onboarding I the up something raising one follow if in could, Maybe know earlier thought don't great. I Okay, remarks the

guys about balance, caregivers misread supply. of of pressures and how about marketplace, between kind curious thinking in and the I I Forgive influx from reflects just whether just demand or or and just balance the that of rather macro But maybe Thanks. you're supply you me if inflationary marketplace an the generally say seeing should that. kind feeling

Charlie Wickers

demand background try versus fee, last to just additional everybody I'll right And checks we're made the cost before, stepped being a the had that that feel we was incremental check of provider switched think is the we has goal remarks, business. With a layer background could background check there. regards hit overall I you. Tom, spot onboarding With regards right provider and as what there. choice a the optional for up We think primary the result. of it of that a to supply that for up the balance, trust was our we cost. an prepared beginning this And We great Yes, the like make. move to was on substantially to referring with that, is in to that which to year, of provides an enhanced

undersupplied. We don't dynamic any marketplace that micro that have suggesting is level we're

Thank I closing for the Easterly you. this call questions will at any turn back showing remarks. I'm time. over further no Aaron to

Aaron Easterly

excited ahead. get to story. more on the We to a our continue you about time year the for of joining hear appreciate Thank And you all we're today. us We up wrapped great and Rover XXXX. taking updates

Operator

you Thank all conclude you. conference. for this gentlemen, does Thank and Ladies participating. today's

You great Have a now disconnect. may day.

Rover Group Inc - Ordinary Shares (ROVR) 27 Feb 232022 Q4 Earnings call transcript