Earnings call transcript Q1 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and thank you for standing by. Welcome to the Rover First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised, today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Walter Ruddy, Investor Relations.

You may begin.

Walter Ruddy

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

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

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

travel begin, investments call, within everyone XXXX and future market that liquidity, and the and other macroeconomic, including non-GAAP events, public financial financial future we of results Securities profitability margins, guidance, management opportunities statements market provisions growth anticipated like industry harbor Act forward-looking and and and prospects, the GAAP targets, in of marketing future and certain and Before performance conditions. and to operating and business metric non-U.S. initiatives, opportunities, safe Litigation growth, and I’d this U.S. factors may other and on remind trends, Reform expected expectations strategies, and make health expansion XXXX partnership

and beliefs information to no based forecasts as We management. our speak Form or and March statements of risk and by XXXX, expressed assumptions XX-K XX, Form under actual on unless implied uncertainties known elsewhere included XX-Q. during duty are results the on the upcoming projections Forward-looking are of call, and and law. All materially and only XXXX and cause estimates, uncertainties this quarter those expectations, to and the and current update that in or required differ filed statements in could subject unknown risks from performance risks today factors to first our undertake including forward-looking

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

can The measures. investors.rover.com. reconciliation financial posted non-GAAP reconciliations the certain most and discuss historical the also most found at financial to under Events, measures measure GAAP non-GAAP directly will Presentations We be GAAP in comparable and comparable News supplement directly

For reconciliation of XXXX Non-GAAP directly forward-looking supplement, financial otherwise provided measures non-GAAP be forward-looking most or not superior any should the comparable in or this will all call. in compare XXXX reconciliation substitute not GAAP QX financial a GAAP Unless non-GAAP to the reasons we metrics a considered measures discussed the to have noted, we measures. for QX measures. as

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

Aaron Easterly

us give the thank Walter you start take few on detailed for bookings questions. XXXX to Thanks, Brent earnings quarter outlining our everyone high-level guidance a by results joining wrap will Charlie prepared investments. and and by then additional over we turning through and remarks the our call before today. and our to walking provide highlights financials I before details will first the

expectations. had outstanding surpassing We first our an quarter,

guidance As a and increasing are for EBITDA the our adjusted result, we revenue year.

$XXX,XXX was booking EBITDA was EBITDA. ever million, adjusted with X% our QX $XXX or positive gross revenue quarter while and was value million, $XX First margin, adjusted first

negative marketing is Beyond significant adjusted We through positive the EBITDA an flow This these quarter managing was top level highlighted expenses. incremental revenue of following: ago. to year margin invested by XX% adjusted results, first, we improvement of efficiently the a the from in margin on had X% remaining EBITDA. focused while

bookings new XX% saw of Second, year-over-year. we increase solid XXX,XXX, a customer

business believe and growth growth that are to pleased of at rate We customers in the new our a continued scale natural our that outpaces has with the category.

efforts are outpacing customers additional acquired improvements believe our our bookings partially ABVs last Expected value We per during the experience. and driven performance ongoing cohort record increased. and customer by customer. customer improve proposition Third, year’s from quarter to attributable these our to revenue higher

while Additionally, been now has incremental the have to we’ve pace, pre-COVID have net seen the that record no customers pandemic. continued customers expected their would recovered there have also at revenue the new trends we

had we non-U.S. markets. XX% year-over-year. have our was sustained growth GBV strong QX up in Fourth,

Importantly, the that Rover And parents as with play pet gains designed to cost-effective expertise. suite U.S. and same are going of driving economics to in drive a to harnesses. our improvements to to We our led needs our this leashes intended of out feedback and to meet incorporating customers providers, deepen more launched pet addition aggressive starting care allows Gear, in initiatives us of a of in part from are collection parents, growth awareness unit relationship unique They finally, share market to day-to-day Europe. we even believe and the forward. our be

We accomplishments are opportunity this quarter, there’s of lot proud and the a team’s remains. that of

With everyone over pet including past We parents U.S. approximately in the pet-owning love care, million trusted million and pet. have for significant further of to nearly pet have a book a loving it alone, helped experience our the months. unconditional making opportunity in the X million XX we parents new possible to households XX X mission of

and Our for an exciting opportunity QX strong, objectives. operating we further our long-term see performance progress was towards

and performance. I’ll the discuss that, to call Brent bookings With turn over to operational our

Brent Turner

I’ll on of booking marketing the expenses to and I’ll by Thanks, performance the more the everyone marketing and volumes. on our driving begin move providing then Aaron strategy. business of hello and the to commentary call. execution

about our QX, I’ll quarter. new significant during say investments from generate we In repeat business the things product platform. the and few a to continued Finally,

and totaled a XX% Total bookings year-over-year XX% XXXX. Repeat versus increased QX year-over-year. X.X XX% bookings XXX,XXX, up were bookings new million, increase

with pleased performance. bookings new our particularly are We

April, outpaced Rover observed category the marketplace through the demand we category Although sluggish nicely.

year positively due also by the soft Omicron was to last XXXX QX over impacted growth Our the wave.

of to XX% revenue to target marketing in Turning range of middle non-GAAP QX, XX% our marketing, expense was in XX%. the of

previous our in around conviction more gaining we nascent returns are call, stated channels. As we the marketing our for

small demand. in amidst efforts our marketing even category As we swings result, a are expanding

advertising we in next plan we on For test build that results example, with United States, the in concluded positive door QX. to of a

We meaningful to video a as such refresh the spend across which this we represented leverage deploy in approach linear new a test-and-learn channels YouTube our also order testing. on kicked Further, methodology. rapid more some other television. video development and and streaming of increased of to YouTube, of additional plan We off creative

We results also concluded on plan our first QX. in YouTube test we UK to in that with the positive build

we like the airing global about into integration first of started Workin’ Rover’s expansion our excited are CBC, show, feedback would Last, always its on are Moms, engineering Rover, providers quarter. our on pet from in its Netflix, parents improvements we led Finally, to comments current Canada and the television season and in considering and platform. to I about on which teams’ the saw the strong few by make product, marketplace a contributions In April. care to

We the most financial that business. powerful X-sided returns into also improvements marketplaces, in if believe directly for and translate conceived properly, executed

nuts to platform new enabling to effectiveness rates next parents report backdrop, boosted to customers that demand. to happy care to pet simplify on an the incremental months. XX matches help industry booking are we outpace to QX that our projected care increase Rover and over are XX,XXX Against of customer upwards, investments have have us on continued and new succeed flow conversion providers between investments further repeat how providers the and Investments the help to booking acquisitions acquire customer understand Rover

be mentioning these in operations, contributors teams these worth from performance to trust platform additional similar that the is also and are of to recent on the coming anticipate It scalability we benefits investments expect quarters. in safety the which and our improvements financial from performance the We our future. in top of

quarter this drive as to of both customer We building bookings our results are while team and proud repeat new our continued scale.

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

Charlie Wickers

providing followed Thanks, results by our of for overview an start guidance. quarter, by financial I’ll Brent. the

Aaron adjusted scale first improvement significant year-over-year. strong, the to margin continue was As adjusted as our toward targets. leverage EBITDA demonstrates EBITDA, significant margin a achieving our with of long-term including ever in possible forward stated, driving positive This the we QX quarter step the

was up XX.X% QX XX% in driven million, a in increase XXXX. For was in while primarily revenue $XX XX.X% million, from the by rates the XX%, quarter, X% $XXX The improvement an growth and was in to XX%. up ABV in revenue cancellation increase GBV bookings,

there a in QX our improvement which XX% and and continued the in increase mix from QX XXXX owner positive provider cancellation recognized an in to XXXX, take impact upward rate in from XX.X% Additionally, shift benefited rate was from fees. side the

$XXX, first up was year-over-year. Our ABV quarter X%

increase As average in The of unit continued an of expected, price this to has growth rate of per service. main was ABV moderate. growth driver

disease and Our and lapped points observed versus in basis an first first we XXXX measurement cancellation XX.X% improvement following rate of of have as third-party trends we the the data. XXX Omicron quarter quarter was

our to on prior rate points approximately rate to in has XXX basis an margins in XXX to improvement meaningful calls, cancellation points tended adjusted in As as is EBITDA. equate cancellation basis discussed

to of effectively. approach the our managing Moving able we drive to disciplined costs expenses, team, marketing efficiently in while to invest growth to due were

our and decreased in XX% decreased support schedule. While consolidation revenue and efficiency expenses, provider operations to approximately a also a of Non-GAAP as specifically beat to of was started line as year-over-year quarter-over-quarter percentage revenue, ahead the by we yielded our majority driven in strength from outsource and bottom operations. single $XXX,XXX of XX%

even low XX% percentage Consistent the our resulted to remaining Brent from marketing during generally of of year-over-year, operating expense middle with a period. improvement revenue demonstrating that our which environment, an in growth our is right-sized the items. target revenue XX% our believe of seasonally our structure for in modest continue we efficiency As cost was and mentioned, non-GAAP to comments, prior range expense in XX% as

loss million margin EBITDA of a last in Adjusted adjusted $X.X of or margin the year. QX up XX% EBITDA negative was of a or from X%, $XXX,XXX of

remain adjusted investments showing a moderate with potential ability and to along profitably. marketing in fixed leverage increases improvement within of scale strong and of our our result target to Our range. in our committed the cost We margin business was strong the EBITDA spend revenue,

thanks quarter. to total total, repurchased in discipline top million. to the at an of prepaid, to mid-March continuing $X was compared investments have renewals sheet, the million was like the shares $X its approximately cash our grow scaling quarter. the the purchase at their whole annual year margins. to of program million Rover million cash, by The inception continued would business balance aggregate a Moving end decrease $XXX driven In give repurchase Through we fantastic of as equivalents during and on from million X.X line XXXX. contract the through dedication price May our team of for business our spend and bottom $X.X to X, end deliver results while for in to million I our $XXX for stock primarily of and and

Now turning guidance. to

still is in are Aaron of As though we to we discussed, us. excited our that front performance year date, of much by recognize the

are As it or other upside guidance. raising related in we or to continuing to year we such, recession disruptions health public over-performance impacts concerns more include for than modeled our guidance incremental a travel. in mild QX while to of may our to mild later occurs account new and our full is result to that potential recession A moderate increased macro

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

For which increase million $X $X midpoint adjusted and revenue $XX million in million in would EBITDA. XX% a XXXX, the second to expect the in QX to at we quarter, over million $XX be revenue,

our to during overall QX. connecting forward the our In with while look to forward priorities to to summary, drive top We quarter goals. execute continuing in you and line against the excited progress we performance again growth long-term look are discuss toward marching year margin our in our to this about

that, with will questions. can you Q&A? it we open for turn And now Operator, to up

Operator

Our Thank you. with Instructions] Davidson. from comes White Tom first [Operator D.A. by question

is line open. Your

Tom White

maybe will guess, maybe if on I supply see more Great. make caregiver continue Thanks the when out you of look remarks, to growth, guys bit unpack explain platform as caregivers, be over April. I you maybe engagement the I first, or to some category maybe Maybe beyond, do you’re gain seeing? relationships deeper in landscape the you thought my one. this to demand two, number just mentioned share more then ways them. sluggish Could prepared little That just you what key need caregiver taking for questions. side that what And and market I with the that a Thanks. investments drive you heard, the secondly, with would year of could. just and in

Brent Turner

it’s Tom, questions. Thanks Hi, the here. Brent for

that is we benefits to the succeed speaking, general, of are On from really platform terms work pain amount to don’t parents. on continue strategy that our standpoint. move gotten – in investments they of the the as of of acquiring we platform, of of a think calls our make the lot pet understand how a they to helping we’ve in in in terms suppliers supply that of care the Generally working side, providers general marketing the said we need, previous such that points do have lot I – in ahead in with platform front to and them in have the they unlock a that to

I we’ve think job not points over them. of job a increased pain the those done how and done as leverage conviction good them, good to addressing that past but of year, our in anticipating a we’ve we’ve communicating

to new terms customer. metrics, are that in Google we use that helped product to and sort double providers that low conversion across XX%. how category. it be we see those observed us care happy under – our – lot in basket toward though, from our we a observable if were volumes we QX, with outpace that talking a volume year this makes that in We have the were as I’m of demand, – terms recent platform. those as category we been to Google down the the terms our standpoint continue the And have own Trends go – that, improvements terms our said so that QX sense. We of predictive call. in the particularly, about – are sort of over And of making that responded digits, what basket leverage of time, in terms to changes as the of platform, towards The investments understand demand XX% relates pretty rates we category, to a in use how on to sure in of

Tom White

Great, nice very of you thank and Okay. much the year. start

Operator

Carpenter [Operator JPMorgan. Instructions] with Our next question comes from Cory

open. is line Your

Danny Pfeiffer

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

you For the real of rates guide? return you on reducing work. how about within cancellation what any trends? cancellation second, Thanks. companies by pursue, remote the office color talk about estate then on you’re talk the and first on any many And around XQ means one, can as rate flexibility how assumptions making your drove seeing we’re savings cost in more Can in improvement if in on trend office will

Aaron Easterly

Yes. most With structure, or regards you. employees Tell hi. for work policy, from we hearing a in-office said Danny, Cory, from nice operate to we the where hybrid part. in can come home

need look are could have we’re some We that changes at as teams But then although change and doing we the and now. people and major how collect a are other more as doing. have be data to employees present We themselves. opportunistically big near-term, lease would full multiple to we don’t company in they obligations some don’t in We on a remote. right it how to expect the our office we expect week that are to evolve that see per required days opportunities

Charlie Wickers

take the to this been could for up previously, XX to improvement, there And is regards one where months to of things things Every stay pretty – was the ability to going their rate the is were of until that favorable Danny, adjust Charlie. a the place cancellations pet About cancellation parents to With cancellation supposed way that XX couple the providers the they and introduced we start. change have policies. on. rate day all was ago,

over those of rate in modestly. bit stricter providers introduction more policies cancellation of with helped rates the that’s time, little burn improve cancellation the and a With setting

hint as I on to well. tried on call this and the In addition to that,

year third-party in macro bit that wastewater that amount the correlation of had and to cancellation is period that – a we QX we there last the during ago over rate, high last in trend observed rates seen our pandemic of have tick the was the in see as and year, to started disease years, to of of And played out a tools. since down were year. the we lot and the to what saw trends One able our And between change same. relative the relative with change this the we quite data couple of pretty cancellation started relative our a

Danny Pfeiffer

Thanks, guys.

Operator

comes Eric next Our Instructions] [Operator question from Sachs. with Sheridan Goldman

Your line open. is

Eric Sheridan

how happen standpoint. some so what Thanks and far. marketing of references much out from and of any and from to away near-term may the to year, about possibly in lifetime about And or that in lifetime frame looking better questions. about some you’ve there a may thinking forward business a projecting time platform not value the you’re help us thinking for over you’re certainty consumer of the made be talked so value, churn that unpack the results? higher increasing so in you way you’re is before what should upward Can the about remainder for then economics volatility Thanks the Obviously, either downward you taking and couple the release, of inputs the multi-year or driving return and create that about thinking seeing today customer you’re understand to work, learning talked could travel, your unit around we much. better customer how travel, you’ve that how the

Aaron Easterly

Sure.

Let the first. me start with piece second

moderate mild headwinds look data it’s such As on Charlie even leisure recession and continue level, alluded, QX. that moderating like in travel high further growth QX some year-over-year plan the travel. seems it will will moderate bookings, the at leisure for a prudent When do there a and into we at TSA, we to Expedia to to be maybe think from is

of think So that’s case. our kind I baseline

that to business, would between there to possible, much services. daytime that, regards think is our services shift a although, services that’s year-over-year very and we and our seen return a daytime we accelerate work, have not with much possibility of mix that Now our overnight

to effect on hasn’t So going it big during in way, is happen, but QX. a an that if that eye happened we will yet keep

presentation, though ready cohorts return confidence to say those us as price to for of that, But seen that pre-pandemic, customer. say, we’ve seen on yet. gone. not we range chance With normal, look even of just to to we X:X want we we I to X% although issues, not per on the the the typically, CAC the actual side side well historically, our period gives we’re pre-COVID returning we’ve cohorts think the That usage increasing to would And with kind predictability And LTV both to target at is that you in in also steadiness for sure I the bookings regards or clockwork-like at the the LTV what gains of a us, has for COVID saw X:X something have that. a investor gives X-year optimism and looked ratios. X% if range as

everything like principles. feel seeing operating is long-term we we’re consistent our So with

Eric Sheridan

the Great. Thanks color. for

Operator

question Canaccord. [Operator Maria next from comes with Instructions] Our Ripps

open. Your line is

Maria Ripps

Great. Thanks my for questions. taking

you a year what could in in demand of and relative are full touched environment It this you the improving. its guidance? share terms bit, to was a more initially impact what like things you contemplated and little seems maybe color your on on seeing First, but on are bit little macro

changes then you And of quick have a are follow-up. the specific of behavioral bit So, could sort customer seeing? I that maybe some you little unpack a

Aaron Easterly

other thought regards have voice. what pretty hear to to close your Hi of in relative and some be year-over-year the relatively baseline data as was year, happen a be going the third-party generally seems to on plan, the backed as TSA with what companies Maria, we that we the kind the actual seeing darn the demand basis. travel-related softness And sources. it’s of to other versus well up including we some in seen are With category good to

been more some surprises prior positive side to There being the surprises operational a So, on little have been some have there on the efficient. COVID cohorts. bit

overall our We we year. in some forecasted of out pretty But is demand modeled. the similar environment what have kind team we product this of to than returns seen the had better point

Maria Ripps

and And product to sort additional more secondly, sort the talked enabling you those or on about think any Great. years? of maybe seamless how a we new And then efforts? there can cadence should have booking few around next color of safety offerings about coming trust the improving the experience features you platform share the and platform. over of Is

Aaron Easterly

every say, every we month. expect I releases to frequently, couple like roll enhancements our would weeks, Sure. product or of

Some forms terms frequently. in accepting less we to noticeable that of use mix, have in expect bets those our certain product of to some of nature roll a be rollouts limited geographies out And little cases. tests often barely or would certain may bigger larger the in changing in customers bit then to but are initial

We our we core drive our a quite that investments expect can business while. for in product via return

make size by wasn’t think our of work the was the I tough just we the on view decisions bothered business. pandemic. we that core to the done were the in had optimizing of our And terms team during product

is there to So, run. room

Brent Turner

don’t like along. bit Maria, and that Brent. feel we for the we be still to just add, that. like We of top to to far trustworthiness the feel side, matching that the platform. a the make jumping drive on on this that could investments We kind a of We platform will while. business additional investment usability the contributors keep perception I on the more on we to of are that is the the doing continue of on wanted financial that side, quite trust there can and both of is

Maria Ripps

Got it. That’s very Thank helpful. much. very both you

Operator

Boone next Our from JMP with Andrew [Operator question comes Securities. Instructions]

Your line open. is

Andrew Boone

Hi. questions. Good for afternoon. my Thanks taking

should we touch on year? go about of international. to I wanted investments How the some then that seeing You guys think And talked the about for are categories remainder marketing marketing traction. and

in outperforming? terms that guys of you you give in Thanks to and you on can of terms highlight and much. areas that seeing traction want continue broadly in or geographic see just you like double-click so are are sounded it what anything to Europe, product strong think us more an I update

Brent Turner

the Yes. Hey Thanks for Brent. on being it’s Andrew, call.

We can feel can not that are funnel like felt wins continue our is that the our we with we that even video, channels, has those sluggishness with search we most to far. running pretty necessarily that we are marketing are place, a hope is excited related that expanding in particularly the unit continue with by pleased we hope we That not the demand, bolstered thing – The degradations economics And we general we little the on are continue upper doing or thus our years product have gotten activities. in about things the doing and is past. to in been which category little how have helped that. us front, that

happen things keep are there that particularly general, some of in keep economy make doing that and expanding would practical. the less obviously, to plan our But our Now spend up-funnel to that is could in it.

of We reminding we acquisition. worth not purposes. new hold to for run limits, run everything customer pure media it’s any we customer awareness you do marginal – cost Now, that run we CAC

business And the why feel that demonstrate a the extent terms. to so way good those running we we have like demonstrable decision that’s on inside it, we a to are

Aaron Easterly

this But subcategories have that strength. GBV of there international, was Andrew, year-over-year regards we much and did take rate seen a also exchange into say Aaron. fluctuations. With XX% a lot faster. have we grown to grew is account

we that Europe, bookings relatively year-over-year Europe, late so performance. great So, for we really grew example, CACs wanted the And to CAC for to. are in support type XXX% in provide of

the probably dynamics excited are less the about that we the of international underlying most and Additionally, more numbers marketplace. thing of the so in is

decisions in more but step-up, in the in marketplace acquisition terms more actually unit information algorithms when economics. to the make that the have economics. we power and we can past can we pet to not how drivers get happens, deploy the just with when ourselves and to see that surface see to aggressively And We capital to in are scale seen start engine unit can deterioration the good that really drive that that we starting that of And a enough parents no of Europe. revenue, customer on

that have So, degree growing and we even better. even differentiation cement that is to fast, by stronger share our degree foundation great competitive drive position the the to that’s and to feels gains the which been

Andrew Boone

you. Thank

Operator

One moment next question. for our

question William comes with Blair. next Schackart Ralph Our from

Your open. line is

Ralph Schackart

Good evening. I have two questions, please.

on First, maybe, sort I through you cancellations, perhaps draw can I can comment how that that, guess And progressed that trended of follow-up. the extent the QX about maybe then linearity a that to just there? how quarter? And during any line the talk on you have should of trend

Charlie Wickers

early booking all A start bookings the stay it it’s in QX as a lot Ralph, decrease improvement year-over-year to With a regards from mean to a lot With that rate, saw a quarter quarter quarter. up of means throughout rest of we the to cancellation What as dynamic of Hi of QX, regard to itself. the towards were bit especially built quarter that starts. the we pretty regards roughly started it’s on basis, to improvement does January Charlie. end exited Omicron. with the at were that we long. linearity get we lapping And the XX.X%, the within standpoint,

trend far, it’s how too So soon to going holding, but to land. call is

Ralph Schackart

Aaron, had maybe, sort kicks you you question made on previous deploy of increasing scale point Thank an quickly into color, at Just capital, And that I that capital scale, of the sort a economics. where rate on engine guess you. strong just or how Europe, and the at Great. you Europe? move once really some in, could Are at you underlying comment yet? are the could you sense comments get you any unit of

Aaron Easterly

Sure.

Our on scale depends market.

little Canada and still bit nascent. very more is Germany So, is a developed. UK

though really it’s typically and have more even Spain UK, unit We the good really evolution Germany, small in seen a of see gradual base. growth France, in economics. We a off

would providers are service they are providers, of I more European things service likely contact because up it’s We I of acquisition. more maturity And we people in back. likely feel come book are up can any say, more drift basically to those like kind are percentage People them. in of So, they full really word-of-mouth see if tandem, likely and have reached to But markets. good, multiplicative. yet them our to a people go they customer think contact – don’t all as

there happy. So, but makes the think look is trends that we more us so run room to the there, really good, fact

Ralph Schackart

Thank Okay. That’s helpful. you.

Aaron Easterly

Sure.

Operator

One moment question. our next for

question Schenk with comes Morgan from Stanley. Lauren next Our

Your open. line is

Lauren Schenk

you Great. the on new customers Any that our you. follow-up testing quarter you the Thank update some pricing maybe were a there strategies bit were something have and seeing, bounce I on on particularly better? Thanks. thought we a it talked, sensitivity I tests. around think call on you just running last out little to on some

Brent Turner

good Hey to It’s Lauren, it’s you. hear Brent.

So are continuing lot test, to not update. listen, we a to

are increasing is there conviction our that We elasticity. price

sure higher from We is a were revenue the off complicated are that standpoint The the that about. providers, around but go we make out that that trying bad one. as thing for test not a lower where a do leverage units. out one not lower not there as better a to sure to feel figure to we that We to of are update to price if not between slightly have trade more worse is units results result marketplace and in set an a is and the insight price good our we do we world trade-off make, how

Lauren Schenk

you. Thank

Operator

time. turn And the Easterly not any remarks. for this any call closing to showing to Aaron I am at back over questions like further would I

Aaron Easterly

next We your excited to and appreciate to again. Thanks Rover’s ongoing interest unfolds in the quarter. are all the how about earnings more share Thank QX the in year business, you we for call. listening

Operator

gentlemen, and conclude today’s presentation. this Ladies does

now disconnect have may and wonderful a You day.

Rover Group Inc - Ordinary Shares (ROVR) 8 May 232023 Q1 Earnings call transcript