Mike Mougias VP, IR
Manish Joneja CEO
John Toth CFO
Steph Wissink Jefferies
Maria Ripps Canaccord Genuity
Nick Jones Citi
Call transcript
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Ladies and gentlemen, thank you for standing by. And welcome to the BARK First Quarter Fiscal Year 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Also, please be advised, that today’s conference is being recorded. Instructions]. [Operator like conference now speaker to hand Mr. today, to would over the your I President Relations. of Vice Mougias, Mike Investor Thank you, please go ahead.

Mike Mougias

Good BARK’s afternoon, first to quarter fiscal everyone XXXX earnings and welcome call.

CFO. Manish its call. and on after will our replay and today be being a entirety Joneja, and the me call is are John Joining the Toth, of Today's website, made conference webcast shortly CEO, webcast available

Relations release found issued press a Investor this on covering be and can financial was Additionally, the results afternoon, our website. company's

begin, SEC non-GAAP statements. on today's on refer we to management's regarding measures. are differ. that and you filings the cause factors subject future like information of release. press the remind certain affect future during could or outcomes. in Before financial Also, are for that are on discuss actual I of to to Please The financial more to could results will would following based also some uncertainties outcomes our risks contained current and results information today's forward-looking expectations measures made this Reconciliation afternoon's and non-GAAP statements call we to call, our and

like XX. that ended everyone to would our year fiscal I Lastly, remind March

will consist to Manish. quarters are in XXXX, calendar turn call over the With now the fiscal We XXXX that, last three XXXX. currently calendar and of of which of quarter first the let me

Manish Joneja

call trading partners support. our BARK continued good And thank for joining the everyone. first Thank under Mike. and afternoon, earnings I for contributions Thanks, and like would you ticker. customers employees, to also our

mission, we performance the to long-term Toth, ultimately financial highlight capture to benefitting and take through believe uniquely I more over CFO then that from will positioned detail. share turn our why BARK’s is to the BARK’s and a recent call in you shareholder the reiterate value. walk John deliver I market BARK we Given first tailwinds this is call, to are will earnings durable share secular opportunity

with XXXX robust some to begin a strong quarter. our but Fiscal We let's saw our top-end in the key range. in revenue growth guidance first shipments, to off start. First is subscription from of highlights great total

was margins healthy and by costs. a top-line Our customer gain strong acquisition

our fact, subscription the is quarter period. over to that fiscal quarter doubling back going lower were despite during costs last XXXX, customer base In acquisition our time

the at subscriptions core an quarter, in year. Looking million, in X.X a segment to a impressive $XXX We the active in XX% over to more period delivered XX% added total year-over-year. shipments increase business subscriptions in detail. same new our Revenue million. at XXX,XXX quarter, We million increase X.X direct-to-consumer compared bringing subscriptions record last last came the

was drove cents Our value our cross growth, up which order also capabilities to in over reflects the last last in compared to year. add-to-box $X significant Average quarter, $XX.XX versus a for selling million increase XXX% feature accounting $X.XX year. revenue also

to was Turning retailers revenue products increase Total a performance is This as broaden presents as and of to new encouraging awareness these Lowes. us convert for BARK growth of our in segment million, BARK partners monthly partners Revenue driven sales opportunity such by $XX.X segment existing year-over-year, both this from to a as subscribers. to Amazon. XX% as commerce customers well Costco Target, helps such in includes and an business, which as

million had X partner, individual in XX success million. between have retail $X have and $X with at To recent skews We lot date, single a segment. this falling a in of million sales $X topped

for our XX% also our the plus. acquired of year-over-year basis, $XX.XX, in raising from environment customers a had up gross Our X industry costs we quarter. thereby top-end On a with which X% We $XX.XX to basis. an X achieved came particularly we our pleased delivering the total previous of gross in This customer first maintaining was a payback value, at the the at margin $XXX.X margin months costs, down which last for year. was were quarter the while for on a in range CAC in quarter higher our media guidance acquisition healthy million, from came additionally, revenue best at low,

opportunity. positioned lapping comparison isn't we BARK are with costs. BARK’s changed this the that view, normal as all dogs newer and we the on as story. first step believe to nine year, broader the in a our mission a happy. not back, reiterate However, immense our to relevant is I and simple extremely resulted our would years fiscal than customer [Indiscernible] of ago from acquisition to are in pleased for Taking start call has market in opportunities COVID the like which we strong those were Nonetheless, impacts lower strongly since capitalize are make

a wellness Our customer and health. value. dogs retention product core particularly differentiating highly into team with that relationships their high expand as service, build our lifelong food help is and lifetime happy and advisors and new categories we and like us asset, strives This parents,

a addressable As will less our a and BarkBox halo with markets customers have had positive newer are categories, discretionary. on experience, effect which have products our are larger

apparent industry ongoing its market flip. million humanization serve and we of X.X significant is BARK dog, opportunity the are benefit spending much that BARK U.S. to in On on from. food, amongst only the health family. tailwinds. more for to secular share we side, grow Furthermore, an Internationally we own them Dog benefit trend a members viewing broader money verticals. parents Z. figure Globally, pets, an of ownership XX Today continues durable grow a often and home and time millennials a healthy million. to higher. is pets the Gen is presents their continue fun, across our to at more of households as This that continue from which estimated This the particularly

satisfaction. experiences happy that our end, which uniquely So scores have tides? BARK our the satisfaction First, team, experience on around been X asset past customer highly an customer we positioned years. customer personalized to why incredible is capitalize complete XX% for rising ensures these To delivers have and and

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Third, we're the brand. dog vertically only integrated

marketplace are manufactured BARK us. product third-party our designed, distributed is not by selling products. categories a and of are All brand, a we

sell Foot reach to awareness. parents sells dog further happy to our products way sneakers We in In and same marketplaces to Nike its Locker. are the that all brand raise

value the across is these However, businesses. proposition different

For with partner we brands example, iconic like other Warner regularly and Brothers NBA. the

as alone social categories. multiplier launch than million extremely in Peloton, X it Instagram and Beyond BarkBox powerful, the of higher that has and larger. than pet followers last To us force or a is exceeds Our lifestyle more margins X to traditional is as are handle a presence, followers context, across figure products put that market X serves marketplace, media which to as iconic brands times which various and and Opi channels new a Meat, significantly [ph] for such

ones Lastly, we and Petco but top mentioned the with we also retailers PetSmart leverage direct like addition partnerships are before. only channel. consumer, to We in sell I to products

You as BarkBox cost Pet Donuts line can growth buy in toys Island the the Dunkin walking in of and waiting through for food shown Target.

expansion add To shareholder do on and of following marketplaces. like opportunities will these opportunities; products; categories. optimizing value? increasing to but intend first, on that some end, new time long-term new to two, and each deliver our four, touch existing these to strategies: categories; three, presence So expansion focused enhancing cross one, in selling on any scaling retailers spend the additional growth product capitalize we we remain how I on into on other and key our I'd

more a product are than We just dog company.

suite only are categories, the health offering a the pet and home. products X We spanning food, fun, company and of the parents dogs

data increases applying our our the categories, learnings average have of and and value. fun We replicating in had the in the lifetime success newer category customers are we into drive our order by value extend

these an BarkBox in replicate Eats. that our success Bark daily the we personalized Bright for success our effect in is to us such and still created new plan delivered specific across and we enable BARK are portion highly from and will are a your early halo days, confident we have as dog needs. progressed While Eats categories, initiatives meal

a to parents supplements. Our their wellness quality create plan high with understand and other dog kibbles, consisting and toppers of meal work dog advisors

and matures. and ongoing generally BARK market over billion Our presents amending to a alone, personalized the the puppy, share This is dog business with in by nutritionists at United bag the plus price wellness the customers, dog Currently, kibble of with dog's a product maintain supplements different navigating as States in and significant senior. label their more highly opportunity kibble creating of market a market a our limited indicating time meal mass premium point. on $XX or plans personalization the capture consists and relationships their

customers confident are existing as We data play from business this category. our in we our ability leverage our to and scale

year. magnitude rollout in full of of plan enable a will is in line the to markets infrastructure the the priority, and with reach national end product key Given more investing opportunity, which fiscal each us our for by

Eats a products We well. also number have recent as our enhancements in made of

First, the more with packaging we a redesigned to identity. consistent brand be

will BarkBox add home customers, process in same subscriptions. X.X for We dental This allow from also dog’s product The true feature launched Bright current clicks. for each subscribers of as is enable million their proprietary us easy Super to an our well which Chewer into existing couple like and our products dashboard our will as act a [ph] Bed. to active existing

of are early the numbers of cannot While still early reception extremely days, provide this We we Eats. with time. pleased specific it’s

is Most marketing acquisition our date, far we mouth. month August to by it stronger. encouraging notwithstanding strongest was of even customer of The July data our early will Eats been minimal has like fact that However, looking have be is dollars. through from spent the and word

and Carly progress Eats success. us months. for One its in new the about All Strife over of and our categories forward these coming we updating on founders to all, leading long-term you excited dedicated our to is are look is

Moving on.

is priority our scaling and and business. toy continue second treat Our optimizing subscription to

you about our engages data. deepen learn month. and and valuable insights Team XXX,XXX with your per Happy passionate Our We the connection helps with provides us which customer dog, customers and over

data of then part Our this to leverages and inform decisions development design creative product the flywheel. as team

cross Our toys is Historically, enhance and our has utilize focused treats. third to to add-ons. recommend data-centric this priority model to selling on opportunities just

the and a meaningful is Eats This us lifetime on to are value this Home we we features. products as opportunity customer. including extend grow a opportunity scaling value However, look the of and by average additional order for and add Bright as

As our capabilities, our last I us additional add-to-box we quarter. our We partnerships to execute as distribution. on XXX% machine by increased on anticipate products enabling retail growth focused across and learning all these mentioned, priorities and brand revenue improve we effectively. are increasing more And fourth, we continue

of brands Brothers, some with unique and licensing We roll Netflix, more. and These deals. truly secure partnerships, signed collaboration we of exciting Dunkin privilege brand Studios, will have drive out partnering priority next a had awareness types iconic we Recently, Donuts key BARK a year. NBA, continue opportunities Universal of will the sales. Warner which to and raise remain with the new including and incremental These

channels of our FY’XX opportunity BARK looking to start and products channels in sales visibility is us the great also to subscriptions. off for presence are immense. convert In for is monthly to additional summary, We retail. expand and onetime a market creates These to the raise

the between us relationship make to supporting or home all from unique office. the be happy, we and home, and bond parent each back is dogs many of mission at in and obsess Our while dog work over

a business of disciplined Our enables of market I’m or retailer. execution traditional proud base scale to to and determination our results. team's strong dogged this us brand effectively obsession beyond towards customer deliver that

over call progress to ecosystem. look our as I scale John. We turn that will and to we you forward the on updating continue BARK to will we With the execute

John Toth

XX-Q you which The of S-X beginnings S-X, last BARK, new the for one. we significant been as today. associated employee This Thanks, today options. with our the tomorrow, lot Friday, but the everyone public have of really past a is filing our with begin with truly our a Manish. joining we And thank And There us our is life SEC at transaction. filed company. filing registers a

running As mentioned, in XXXX. Manish ground fiscal the quarter ended we XXXX, the quarter first hit June the of XX,

With the the by As all for simultaneously rising as this metrics quick difficult last significant last COVID on this to we healthy year-over-year summary profitably see surge in comparisons existing many that subscriptions quarter able this results that We other unit the strong acquired CAC outbreak new revenue we is we the in in comparisons spite retaining year. were customer we economics media the customers, relatively rates of quarter year-over-year given business faced best while continued health also Nonetheless, are to given said, time more our companies base. of U.S. pre-COVID performance expected. to this than our quarter’s our better is are dominated of the year. during key the all levels. margins The or illustrate maintain track and growth

million, total P&L, we $XXX.X for year others full the XX% are our and at year-over-year. experiencing. quarter affirming are We the notwithstanding top headwinds shipping was a and the that Starting the increase guidance, revenue of freight

represented $XXX by to shipments. last growth was XX% which our This of direct-to-consumer was quarter, subscription up XX% increase revenue compared primarily driven Our segment last roughly year. XX% in million, a

value average $XX.XX to business. order was the reflect of up Additionally, year-over-year. AOV play results subscription $X.XX our continued performance These largely

over of expect add-to-box our Home Remember, the to Bright as that gives like more is retention our order revenue, we growing AOV over fact subscription. of an increase However, strategy times customer time. products a with in time. meaningful and Bright per This value for our AOV confidence and Home ability to us both a grow to Eat and Eats over play coupled average become contributors subscription two

Total million, a period the $XX.X revenue fiscal same increase segment. was XX% Turning year. Commerce to to compared the last

that results line costs This mentioned with top-line healthy by XX.X%. the freight to was a were were quarters, anticipating solution profit term strong cost Total increases gross and is costs. the short not that are accompanied previous Our million, On we resulted which margin continued discipline. in in despite earlier. freight $XX.X of heightened in shipping the note, gross

strategically. we to And challenges these responding are so

accelerating fulfillment and assets by diversification. First, investment further in self-managed

advantage we're actively our network who certain selective third, more focuses of our of optimize effectively managing about the timing economies of shipments take managing costs. of to Second, to being shippers, more scale. And by were

this headwinds. freight the situation expect grown rates the to We profile to a year. to responding fiscal we and with this profit quarter, situation continue team are will Nonetheless, be the us guidance enviable monitor and pleased having these and our throughout margin to very last headwind position gross our job terrific of a putting us in affirm done has our allowing despite and

during Moving on, quarter. we the acquired XXX,XXX new subscriptions

from up Our to $XX.XX cost low X% a our acquisition quarter, subscriptions X which with advertising LTV and COVID the new with XX% same year. previous customer came $XX.XX, Total these the $XX.X at achieved last expense in healthy however, very period high associated from down was margin gross marketing This coupled resulted we in driven the of in million. CAC of times. of

high are And with retention, started. new which online, coming and our we drives products As just relationships dogs lifetime parents, getting high our Manish with lifelong build mentioned, we their value.

customers resulted quarter to subscription hitting the monthly overweighting for delta last subscribers the this was year was quarter the the last coming of the behavior significant overall It churn growth which X.X% anniversary, of that COVID subscriber same average is shipping number turn their anniversary surge year, year. subscriptions in significant different there putting at cohort. behavior the typically number cohort the of X.X% is not this any is The was there other Our shipment on the base. quarter same a disproportionate Because during in we so of surge this of X-year of to at for and the time, new due occurred versus see from majority in This when churn ago. same pressure a time quarter a subscribers significantly primarily for their just cohort.

business prior monthly mix. reasonable believe churn its baseline current BARK average is we For X% commentary, subscription with a for

as increasingly vary over than necessity to individual longer begins one include term as expect us. but Eats from Bright, more We quarters, And and purchase more number to which two, product mix from this subscribers one this products. product baseline are the decrease

roughly we As approximately is how aligned of this our in by lifetime, reasonably equals a months, churn. retention told peers churn which look to customer average we XXX-day which churn defined of more is we've shipment for if this preceding And accurate subscription approximation that the X.X%. a it monthly active quarter, be X.XX do during a XX.X metric lower. churn basis, divided with define an the subscriptions, use also on is X of terrific a look company. We basis, as as would somewhat churn. at we inverse a primarily subscription it basis, note, in at subscription the be on period We If even received may a follow-on report or been churn space of shipment which would our XX.X%, punitive a because our opposed be dog as definition

on G&A rate. versus $XX $XX a fulfillment roughly our increased and costs higher $XX.X Moving ago. shipping of as the million of sales, as higher year due a the million for well of half period volume increase this total from was quarter combination million, was to same in in

related of of associated attributed to investments our roughly our people businesses is this cross non-cash our in build charges. in details The included to support $XX and all XX-Q. million balance several accounting And new a fees the transaction million with $X selling including over and technology Another initiatives. items, is to of variety is in

million. by offset Moving associated down outstanding with basis, in the was quarter with non-cash notes, the $X.X you which a and is the Interest debt. associated on million, loss for exclude convertible transaction, other onetime million to income our largely non-cash expense, Net and was P&L. warrant loss charges of of of quarter, GAAP the $XX closing and on extinguishment million value costs if $XX.X $X.X

$X.X in which expectations. line with is our was Finally, million, adjusted EBITDA negative

positive For and this investment investment less expense spend businesses strength positive, marked in our ability last vertical time. subscription is people of encouraging invest new guidance our quickly model. provided technology, initiatives, point back make view, income marketing to last we fulfillment. This over of businesses in believe products, growing is the this new scale newer our which to for in worth disciplined I will and with One our investment my and year, in net EBITDA additional in us, profitably. the and which demonstrates like would play in It year. that play size year an adjusted was In of that with demonstrates scale investment exceed December year segment the is business as last we noting investment in is our new

the strategically our opportunities. a disciplined on very we opportunities which balance to $XXX optimize in quickly to affords seek in ended the intend to us high invest this approach maintain the ROI capital our to Turning continue to and sheet, with allocation quarter ability cash, efforts million front. ROI We to

quarter for Finally, XXXX. second of to the guidance

approximately million. We revenue expect $XXX total of

with is team team deliver very on invest the proud to long-term XXXX, maintaining and to eager the summary, way year, initiatives. we’re great to doing. full of revenue sheet working our exciting we economics excited to The out that a plan balance unit growth be the For In reiterating in our and value. reporting December public be well margins EBITDA healthy company guidance. to are growing and work this I'm on our provided laid a enables in have subscription, we and solid are us we shareholder executing and previously intelligently

intact remains thesis much Our very robust. and

And X and market cycle the the nearly followers with We only market. are brand huge agnostic million are tide called we the active a rising million for X over subscribers. social on dog and

for a to We that scale call and unit strong opportunity we question strong our customer food. those sticky I'll With us over have and new market over high a time, visible profitability business that margin, and like deep segments will economics the answer. have introduce to that, leverage forecastable relationships into turn products the horizon. model, enormous And


line Your first of Wissink Instructions] Steph [Operator the from Jeffries. comes question from

is Your open. line

Steph Wissink

And detail your through you're the afternoon, you just important I way to reporting be And that. versus Good you. it for churn. some Thank everyone. going peers. for of it's John, compartmentalize Thank thank that on you think really

through So some question about little just bit can how customers. this your my And of seeing CAC the be I'm we if first initiatives year. in fiscal a benefits CAC. should thinking to balance forward relates the to curious actually you're of about you acquire talk going

John Toth

Thanks actually fortunate We're Steph. from over quarter prior CAC, quarter down very this X%. the hear Good that to was you. our

we a nimble good very have that's So managing at channels. really team across

And even We breaking and our been for pursue of continue to X even past even X quarters, in the we've in X. operating months. goal breaking X

track don't for gift CAC it is So terribly we're QX, up giving which our sort of in QX much season. expect to on the calendar fiscal move

a but average You always see place bit, for up it good like we're little right now. go feel the a in we year,

Steph Wissink

-- helpful. unpack little That's call. about great. very on the Okay, a was Can and Eats the my dog to her make second then wanted apologize self-known early of some the wanted Eats your bit conference talk I to learnings And Betty you the thing business. just

talk if bit I to little just you want could. about So Eats, a about

Manish Joneja

premature us for is this your right very CAC. basically to for Eats now. not Manish. breakdown is Hey, month, Steph. turning strong still out all July share And even all to stronger. any share we It’s almost be It’s was can What with

we're mouth, doing faster. scaling through of You're word it

to is fiscal launch the plan year. by end of the Our nationwide

rest So we we nationwide, And do for actively part our plan are now. that We of not right to are able marketing of that's year. nationwide. can fiscal ship

Steph Wissink

G&A. Okay, is you well just great. quick Last the John, really one for as one on

think assumptions run-rate? a the changes balance help use kind You reasonable year? to through of and quarter run-rate good can of you for your first as the us If any the

John Toth

adjustments some We related will Q in more the with following on up to the detail be transaction.

We're for our transaction This costs of balance the EBITDA, the perspective, But have So investment is the of Eats, --running lingering through speaking we're affirming year for growing machine operational because year. technology an guidance adjusted teams P&L. operationally, us. we're from we growing learning. an some Bright the for and EBITDA the for

in where this suggested. to think where line it be. quarter’s line in want we end up be. going with And we had to quarter is want where And to this we So with guidance it we're

Steph Wissink

John. Okay,

shipping That out Just is you're be your is costs the that inflationary. that would calling clarification, for in SG&A, correct?

John Toth

That's wouldn't SG&A. right. Shipping But as fulfillment is it's I inflation. real up packages. We and is characterize just more reason it ship in volume. The

everybody So but we the grew shipments SG&A last we increases seeing driver was are XX% the this rate in as U.S. is year. for over on fulfillment, over shipping and increase in quarter the

So the just sense? more moves that ship that It's make Does number related. opposite packages. revenue

Steph Wissink

you Okay, very much. clear. very Thank


comes from Maria next Your question of line the from Canaccord. Ripps

Your open. line is

Maria Ripps

markets food and when I to on cross maybe results. us on there? in of think sell quarter Eats you follow seen great And would are wanted point congrats your cycle of you've with marketing? of just start a good where Can you you where today of as Great, kind company a with the can public what the And up supporting is uptake you share talk logistics do rollout sort about first sort available? to sort and Eats. investment in be

Manish Joneja

Maria. This Manish. Hey, is

we But data in Eats, and mentioned, category for days. the assume our relationships that. and So given early never as the still play can success

do we the We Coast optimistic has successful about right a much perspective, being ship competitive East larger nationwide from a are play. now. Eats time From

to be serve economics allow able the country. to unit Our us

East basically helps the and to West still across are we Although country. working serve

marketing the so about in but you if We you And have discover the made of entire the actively terms we it first question. second will XX Eats, investment. states. into not we are available, That's obviously serve

Eats, that we do We we'll now. year. In it be of right really next breaking doing believe apart terms don't

Maria Ripps

effort? very talk are building Got partnerships? in helpful. important How quick That's sort sort of a retail it. Can about your And your follow of have those of seen you just maybe And recognition up. you have -- where in sort brand studies sort suggest stronger regions any broader or any sort retail you presence? you that would of have done of brand

Manish Joneja

So It multiple making we customer. profitable from partners, and all segment that Lowes, coming. helps awareness. work We direct-to-consumer to us all them. our with even from happy, you we of think we raise a a partners, we the you're product partners’ It's if those customer partnership more means that commerce rollback announced there's retail and perspective, serve which always design serve or will In backwards the those I business. not mission

So we have data to of don't break in the right don't -- I conversion. down now terms

I think a seen into awareness percent brand cohorts direct-to-consumer convert we country don't scale serve your we've basically of the question around partnerships would across yet. we that not is that raised what different but over subscription? the breakdown, to have So the where do

Maria Ripps

very Got it. That's much. you very helpful. Thank


Citi. Our from line from of the final Jones Nick question comes

Your line is open.

Nick Jones

for commerce thanks follow questions. the Great, taking a Maybe up on the segment.

do ramp seeing with? I then And you to have If maybe material you question. sales. maybe retailers the is look can start second frame of And you what what then there partner, Thanks. many terms once opportunities in a partner like

John Toth

the locations And retail our of et the in days in of rolling that a total to profitable retail, Hey, sure It’s business. early We PetSmart, see as and revenue. as John. of lot to DTC like Petco, is the Nick, just we hear a all cetera about out always we it we're big as good to want room some run see make you. We XX% have names from Lowes. to the baseline but Target of

a So with DPC The fast up room a run. is business. keep growing to problem has lot to it of

XX% always helpful? to at revenue it be that range. Is that total be we about expect So -- of

Nick Jones

Yep, that's helpful. And maybe --

Manish Joneja

Let me add one more to that, Nick. thing

and down consumers are were our the and serving strategy viewed expansion as awareness allows businesses, national of we profitable international aside retail road asset advantage when ready. us can another life So from inform for that for

partners, think we is So and of asset like terms like can actually other retail the how fashion. on that about that's something partnerships, expand in we Costco

Nick Jones

it. Got a unique. your taking then back, step really And maybe categories are

back I their the time are think it's kind outside spending are can really home. with of delta a of comps, some of the of going the category, lapping out people because but bring other dog e-commerce screen, of lot on house, stepping dogs less a in variant tough the players people maybe

So kind I uncertainty or and are were half of before? guess dogs any the are chugging Thanks. kind on bringing still landscape is back of looking thoughts at you into the builds? on the people how COVID you current as home things see they guys along any pullback Do

Manish Joneja

than that So is we're been million dogs XX injection a there less that are than placed. those there primary And point million. with right line. less households are X had of in on X million, points few now, One our

if think you higher sell opportunities, categories sell, and about and which different up critical. very home, has Now, AOV, food are those about TAM injecting cross into highest health,

seen these us. agnostic cycles hitting we've are being industry So that of

that are actually Now than CAC lower XXXX. the results today that we that is out you're that’s of seeing -- shared we

We are of CAC LTV X. basically

acquiring customers more essentially. are the throughout that We valuable box are

quarter good last that are of because actually one strong those So COVID the we've tailwinds that of last well. was as seen. our quarter, And really

in COVID look tailwinds a to we’re positive. our net extent. or So And addition just pretty can a in lives, lives, how this not the been bullish COVID it's on these of it's that's you on our is of happening get not at isolated for and years, unraveling large all dogs kind much as dogs actually

Nick Jones

Great. Thanks questions. the for taking


participation. conference concludes for your Thank This today's you call.

now may You disconnect.