Rover (ROVR)

Ralph Schackart William Blair
Maria Ripps Canaccord
Tom white D.A. Davidson
Lamont Williams Stifel
Call transcript
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Good day ladies and gentlemen. Thank you for standing by and welcome to the Rover's Fourth Quarter and Full Year 2021 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your host today Brinlea Johnson of Investor Relations. ahead. go Please

Brinlea Johnson

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

afternoon the call Chief Aaron our on is Chief being Relations our Investor Ricker, Officer for Executive and and is recorded Tracy Finance As call. will Officer, from replay Brent this shortly With a Financial Relations and is Website live from President of reminder, after Easterly, this being webcast this available and call and Charlie be Rover. me VP Chief Turner, Officer Knox, Co-Founder, at Operating website

in XXXX of to these as subsequent or These XX, the for undertake that statements performance remind to described expectations I with November Before make current forward-looking statements I begin, regarding reflect specific year events perspective law. and no on SEC are forward-looking except obligation to this like the related risks Form and views December financial conditions final update Rover's our as as with risk certain in industry filed well you would opportunity. encourage our we that results files Rover, market be circumstances, of by the will statement in differ that information actual and financial are our call XXXX such on as apply guidance, and future management everyone review SEC to to future and could particular, those market forward-looking from or implied uncertainties, to that forward-looking statements expressed XXXX. these Rover statements. strongly forward-looking filed materially We factors statements XX, uncertainties platform to Rover's These its subject those reflect that the required and to events about cause section in the today XX-K risks ended as and and

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

which with Also note, dramatic to Rover's most over while year results I this are call, and of unless on Therefore, compare Finally, audited is CEO, comparison And otherwise the These investor and all QX XXXX to QX under measures and noted, We website. reconciliation section Investor non-GAAP measures GAAP non-GAAP our should we most to will during non-GAAP superior measures. and that of presentation GAAP metrics we'll XXXX our financial provide will the year GAAP course measures. and XXXX. full in financial not or provided over measures to levels non-GAAP unaudited year full Aaron. posted as is unaudited it the XXXX considered News a financial improvement, Events Aaron pre-COVID let's a in of to call. get to be substitute the for turn started. to year the a relative to and Relations during Easterly notable today's discuss shows Co-Founder comparable what

Aaron Easterly

critical you XXXX across pandemic and year aspects everyone there'd XXXX, and COVID quarter with of outlining our it in the operations. headwinds, turn easing five we half earnings our year, today. on are business results reform a had the Overall, over bookings, you by in in our discussing delivered understanding Brinlea. you believed marking Brent of am business then multiple conclude details Turner Knox key through to than ways Tracy which over for that to we thank team had thrilled This by the time expected. a to more provide by with second material the metrics unit financials Rover's the Well model guidance. walking over million results booking fourth despite our and the was profitability. us of better revenue, business opportunity. Then and I thank general begin be will year full believe value I versus economics And and up followed grew I $XXX joining key XXX% XXXX. XX% of Revenue I'll XXX% XXXX and or performance acquisition many and GBV XXXX. costs, XX% customer Gross up including over was year over will

Omicron, million. largest up excited up both and Despite average with $X.X bookings business strong by of scale GBV over $XX.X cash quarter we we leverage full $XXX positive QX about a positive operating Fourth XXXX, report fourth Additionally, as revenue to operations. EBITDA GBV first generate really XXX% as the an our adjusted was quarter in generate from well our year million, and total driven in to increasing over XX% increase I booking QX ever, the million we XXXX. as reporting values. quarter am of ability our

In profitability long quarter, continue term fourth term, third Rover's consecutive marketing adjusted the our positive not million profitability approximately gains delivered as for $X leverage While business EBITDA. of we enterprise manage we the and to scales. the operating recent value, quarter demonstrate in short adjusted of strong EBITDA

confidence in goals. Now long to ability our realities like highlight give to five our I'd that key achieve term us

expect the are in to backdrop large growing US digital tailwinds. towards noticeably per all category Rover faster pet positive. The over incredibly from a services benefits continue. expected pet in of will spend industry is these business operates pet an and grow in market time, we general rapidly increases the shift than is trends. segment of with a high, all-time several our ownership natural Rover First, at

moats. the leader Second, competitive category with clear strong are we

data network assets and fuel technology Our effects. proprietary

of the data our service years a broad and allows to have providers. improve set collecting unique We on algorithms. XX matching and spent optimize This us marketplace

gross are expanding. in margins up to and expanded Third, XXXX. XXXX In XX% non-GAAP high XX% from our our margins

gross impact have not We seen our inflation margin.

their based are providers and care operating. prices empowered Our of pet to marketplace of their pet customization shut own mass specifics is the about care on

these requirements. believe naturally which Fourth, we increase model been hedge. inflation, with experience be that prices Our natural a will has inflation our business has limit

attracting number providers, not increasing is parents and facilities pet based new care on Our service and locations. of pet ability an building more retaining to

or dynamic. of Omicron, As acquisition in driven spend a being marketing highs, all-time to our gross both by by to gross trajectories Despite values. recently all-time low costs acquired such are per portion ran expenditures. near acquisition drives over have profit customers flow, cash increasing an which at low profit capital customer reinvested and revenue dynamics. material optimized as Customer lifetime economics incremental Delta into opposed XXXX, of customer translate and And driven time, we for mouth expect unity and free finally, strong word we per high customer

LTV of XXXX ever. combination us incredibly expect we some optimistic While heading these stronger to ahead costs allows We're about gains and acquisition in of acquisition marketing, continue customer low of than the us. to Rover's to opportunities into scale reinvest the high efficiently. customer

can in needle to making now a confidence possible our have our call the We operational bookings in to it for provide high like the mission, believe experience unconditional everyone our move hand over ability more And Brent, detail pet. performance. to and to the of execute I'd on and we to love

Brent Turner

QX bit few the comments customer that another of about XXX,XXX the to of In greetings XX% XXXX. a full everyone steady were more a QX, XXXX specifically, new of and areas acquisitions also of an regarding call. Omicron with the provide color from emergence QX, year of performance Put like to the Aaron acquisition. growth but QX on I'd the I'd to investment start and customer to half of Thanks worldwide over business new notwithstanding for XXXX. back the like for in increase quarter. roughly way, the was recent

new are our in is majority the QX call, worth small United that amount both of States. meaningful the acquisitions, COVID customer a cooling acceleration Canada. alongside however, saw As in acquisitions a our dynamics we currently We case roughly results. mentioned customer on noting in in QX growth believe very that explain vast of It European

CAC in QX quarter. a the customer in up compared was to previous and step to in worldwide from acquisition Turning modest $XX QX $XX XXXX, costs $XX

with mentioned keeping efficient as call, acquisition the organic durability As word our have new of we mouth continued Rover in our customer customers of every channels is and tell goes service we single and others validation about The ensure very increase been experiences on costs in their helpful a which we well. enthusiasm strong QX amazing believe spend. of our that marketing efforts very to

shed I platform However, things the embrace investments XXXX. like our make meaningful XXXX improvements and few marketing on to to opportunity an about marketing compared approaches. XXXX additional light that would more made to to marketing efficiency our as especially we to today, pandemic We and measurement say during a

in marketing pandemic the is our would goal improve that our of to Here, efficiency paid the investments period. make post

improvements our in also channels fantastic for our these of the investments to the to acquisitions provided XX%. a XX% $XX less XXXX We total XXXX. new a $XX, Worldwide pandemic. were XXX,XXX with XXXX while that run of acquisition of worldwide year customer ranking full social dramatic sense spending reduction and from near were approach returns significant and search. We during customer up made organic compared and made early overall cost reduction improve This to video combined cost

into move financial acquired the an exciting improvements, recently with of combination especially these customers, create XXXX, we us. As for performance our in strong prospect

our at accomplish new that to unit able acquisitions me of are than be to pre XXXX expect norms. we Specifically, record levels better economics customer

and discussing stayed for summer stays. X% QX to backdrop, XXX,XXX as XXXX. ramping to travel down narrate QX bookings, Before to with that slightly Repeat tends peak bookings We bookings values flat up however due during total GBV compared high it the experienced helpful approximately summer then to bookings higher in to were longer of in volumes. were historically up seasonally the not seasonal XX% holidays, QX $X.X travel. average Total in QX associated in XXXX. million booking before of is bookings, duration booking for QX total again in differences Against QX QX compared step peak starts.

offset to In and from return. requested. our our among marketplace delivered customers that short, importantly, product carefully experience the repeat marketplace that our often several year. through were were yet we to from through quite engineering a have Most our new product enhancements and now most some like to productive share and the owner teams fully pre-pandemic listen during has provider strong performance Here, highlights from customers XXXX. shortfall investments customers I'd

For marketplace provider point example, take get overnight requests improvements and we a providers that implemented tips subject to or started, the newer our care highlighting our functionality job their without addressing enhanced them tip appreciated beginning owners apps. rate. of out at to for days end We reduced the providers. community. of customers addressing entrance to listings a to enables new we major pain for by our care being their help partial for care rolled provider capability These of providers their of of tipping businesses stays, to owner a usability We friction better all a made care always and to across do their pay are

rescaling customers with our our focused Finally, and team, excellence team at trust, is meeting primarily our safety operations touch. while on every

retooled example, and process be For in employee been has to momentum. This critical training onboarding completely we have preserving friendly. our our remote

marketplace policies We make are to also making improvements to our safer.

goals I'll checks with to a we example, are our our the background put short, walk performance. our enhanced service investments now in the pleased our Rover basic XXXX, the every add-on it have to financial we be in to in execution Tracy new of For an we as and pursue of compulsory And XXXX. check. position provider over feel for to to In to through versus results date turn to continue upgraded quality we

Tracy Knox

first strong and the XXXX, in and comparable a our adjusted the relevant otherwise, quarter our fourth Brent. global of to of more the periods financial year in and today impact full results I'll pandemic. XXXX a year XXXX, for full due by EBITDA I'll begin year achieved results overview and full flow. be our highest revenue to level, of cash of and the also to fourth by Unless year XXXX free positive noted period followed had comparing At of providing the we Thanks, guidance. the quarter same an

Now year let fourth me in the was into XXXX. up $XX Revenue prior quarter XX% million get over up from the the and details. XXX%

of XX% year XXXX. quarter fourth full were XX% highest was the While up came revenue GBV Rover's revenue GBV prior $XXX XXXX XXX% quarter million in history. quarter XXXX. any the ABV, repeat in over over in up color of remainder XX% growth ABV pet Fourth XXXX material to million a and guidance to Further rate by period that year structure $XXX duration despite on the bit top higher ABV. COVID from parent half bookings at bookings. providers give bookings, attribute in surge the in variant the December. little of implemented more had our increase for a and prices new the in the to I Brent the the want XX% the change that XX% end with XXXX. set of range up longer but in compared we prior and the since Omicron customers We in versus already we our of $XXX discussed take of We increases approximately which back and acquired care new over over quarter was for to mix our January, the

or that year XXXX. portion basis the fixed achieved and in and compared and as of to XXXX, expenses. of XXX driven of to cost QX developed a the or on to revenue driven improved improvements XXXX and primarily background XXX by of leverage When million and XX% scaling the costs. point was points, XX% compared $X.X well as certain QX revenue by claims of expenses, prior million of check technology nature QX or in basis amortization more of to in quarter The percentage XX% as on of compared in software revenue $X.X Moving customer million revenue platform fourth platform namely, are $X period revenue costs the was costs cost of improvement revenue technology revenue internally

was the ramp items, transaction expense investment. our this which non-GAAP to due as Non-GAAP our to the continued in of the be employees, the and marketing required expense year, of marketing I were SEC. the catch significantly other $X.X over delayed prior we and discussing amounts, fourth increased XXX% compensation As closing turn annual by stock-based QX line include investing granting in spec equity to expense subsequent million filings quarter expenses grants the by our will we've up which

in our channels, we primarily of mentioned, word Brent strength mouth have search As and free seen organic acquisition listing.

by improving XX% a point and million quarter increasing revenue more We our for even revenue and stack expenses XX% the base. development operations on XX million excluding to efficient, and quarter XXX XX.X% and and million administrative compensation stock-based revenue revenue to QX in support general or of and secondary $X.X QX or expenses, revenue improvement is leverage of As QX to XXXX in XX% our from marketing the QX result, of QX is and XXXX. QX non-GAAP were included XX% XXXX. compared quarter related revenue expenses QX Fourth in in $X.X revenue of $XX.X XX% in very basis achieved million product of leverage saw XX% XXXX expenses. non-GAAP non-GAAP both XX% which or of Fourth offering onetime compared down XX% of transaction The to in points of driven expense in remained of the compared XXXX. were revenue revenue has XXXX $X.X XXXX were

XXXX, increased as relative improvement the new G&A was include by see related our we on operations a well expenses headcount a services, support these While needed which the company professional public as to to increase did offset public in as company. insurance DNO expenses, program, additional leverage

net million. merger, Moving QX which total period the on fair through and $XX.X the the flows warrant values resulting with and income In in resulted million. the $XX.X a of fair of XXXX, liabilities other This other associated counted of in for other income income QX to earn values in income out expenses. during changes in change

no fair under adjustments will value cash requirements, our the on balance cash remaining with loss. year of top flow our method, for equivalence line were liability and for XXXX in CapEx XXXX, warrants with ended have summary we both aligned of strong other and January equity redemption. the bottom cash to in recorded million million $X delivered final business income is impact their further approximately on out with and The the performance during $XXX our our it earn sheet. Now free that minimal and accounted In the

XXXX, first adjusted to expect million. revenue $X the of $XX and of turning $XX of million $X we million guidance, to negative Now for EBITDA million quarter to

low As a period. revenue reminder, QX is our seasonally

QX. QX Additionally, higher revenue estimated due Easter soften resulted holiday demand to into Furthermore, is cancellation million actual versus which and of portion in early Omicron's persistence XXXX, early QX start stays mid booked in year a of be in $X April in will April reduction upon result holiday an likely the the rate. the a this in recognized GBV late to of

revenue for gross also of margin effect through revenue EBITDA on the has line flow noticeable quarter. reduced high a Given this to bottom our and the adjusted

For $XXX it uncertainty longer million EBITDA of we expect we and revenue million bring XXXX, has $XX more had varied in anticipated. continues pandemic persisted $XX and to near million. originally of to year million and term. the the medium of full than $XXX And Overall, to the adjusted

back we ability $XXX the underlying ultimately like the flow. excited adjusted economics, our continue be would to had said, positioned to result, million a guidance in lower end include new Omicron. the year variants our ongoing high but revenue to from assumes We positive we in drive business, With that assumes material material of in free the related potential cash believe that XXXX, exceeding half originally full it of full about addition hoped, variants, and impact modest very new the to revenue unit if well pandemic ended end in from XXXX of had deliver reduction year health impact be guidance the we our of XXXX. and the As does The impacts. to revenue no EBITDA revenue

to my Aaron I Charlie transition I address you want for the and plan continued news it Before on moment did for the regarding the CFO year, and take to enough Charlie at X. Rover all how have opportunity CFO it us retirement much of I'm your enjoyed team, turn his amazing time to help a that, support. leader leadership to turn set a to this beyond want strategic we watch with committed employees the my mind, to outstanding continues Q&A, announce position grow. our of to I I've And this and financial transition. seamless back to the I today ensuring emphasize it to company. and impress open and our over excited build am his and upcoming to I'll thank his leadership skills. shareholders Rover, continue acumen, to up prosper back September And can't Aaron Wickers With talented Aaron. I to

Aaron Easterly

changed Thank Rover day you, joined. the Tracy. part you being better again for that our team. for And thank the of you

knew your come day is I fruition. sad that to before incredibly to to be see While role Rover full-time last still was actually likely retiring, it

are for We the dedicated thankful years you company. the five have to

who Your you truly person. commitment up open company you is a we all as have Operator, done. to are to that testament Q&A? it the can We a now appreciate for please


Now, Ralph of from the first from coming Blair. question Schackart line William [Operator instructions]

Your line is open.

Ralph Schackart

And afternoon. the question. thanks taking Good Hi. for

that guidance, sure just fully to appreciate on question, want I First make this.

So or of you last the talked back not about, in ended Omicron half had I'm sorry, been, it year. COVID

environment. the variant contemplate, recall be continuation another clear I guide million of I but COVID would've of add you or prolonged more $XXX about think contemplates end low would that'd guess from of Any be annualize a end roughly You Thanks. that you guide, a million $XX so guess about the if or in great. the more COVID it done, could to the to want just headwind I sort XXXX, low plus of

Tracy Knox

Sure. Thanks, Ralph.

waves. does absolutely it ongoing assume a of couple variant So ongoing

it million, that have impact two by So Omicron would impacted more QX three $X annually. we to estimate about times but

that. months So for XX to XX next XX the is

by The end end of went assumes waves. is we or vaccine One And the of the So would of completely end helpful of to the high the be fully think rolled summer. It year we was over we that last one into was year. another those would low two guidance projected might still pandemic. that the things XXXX be happen. be the of to the when the second by back out impacted guidance variant ongoing had projected by two would thing end pandemic

not not pandemic So Omicron was the the impact but on only over had top. we

things. is that, that we're three is incorporates see ongoing guidance to the pandemic modest and going the One from that. impacts ebbs So flows from and

Omicron year. the causes the variation year that and is third, potential is second that high a this into low Does which what which help? full The impact, and between factored more is, couple the is for the is the the variants

Ralph Schackart

Okay, I Thank that's help. you. It I just a up, follow a, could please. does.

sort sitting activity going work, are what states in the just of with you're cancellations? just activity the, activity with you. early-ish So mandates and, easing kind and I terms of are seeing we're to March, guess curious now what of seeing curious, the people just back customer that, base here strictest Thank and in you're

Tracy Knox

in through Maybe ask what guidance of account just seen on, ago, bit week into say February, end like the recent a I'll on the I Aaron we And to more had what Sure. but expand takes we've a seeing weeks. of been can as little

Brent Turner

definitely are Omicron see as recovery starting and we're seeing ramp seasonal to from well. We

We continue than better industry is TSA the travel by data. measured perform to

still on future. good trajectory in the a some So uncertainty but


from coming from the question, next of Maria Canaccord. line Ripps Our

line open. is Your

Maria Ripps

on questions luck on forward wanted taking and outlook. full your Charlie be new for follow Thanks couple going questions. year to of congrats here, A best Tracy, Great. your I just role. my of up first

sort the what's from kind So, of your incorporating got full full investments. standpoint, I quick both there invest any, Are in outlook? from benefits follow have other you outlook any And revenue paid a year year embedded that those what then your up. marketing maybe in investments and of are

Tracy Knox

Sure. Thanks, Maria.

back items, us line And it re-ramping targets was terms continue think ended We you have that In is are, think revenue. what's We XX% term to of embedded the at do the things XX%. XX% there operating expect XXXX, that spend, of range. more in in marketing. I one around within three our are if expense guidance, to in longer

It the numbers. And and the we're launch tech periods. then noted those you those in be product enhancements and to go product we'll takes forward will re-ramp, we the be throughout this benefit as going then out we in enhancements two somewhere year. year and also investing between So get

So be our those last benefits go from the includes product that And forward. we benefit guidance investments product year. the enhancements the from made the, will

the component you that line expenses pop was to third than of Public did, that and And one the the comp. also and the item. secondary in we increase saw G&A QX, G&A half had just The stock is transaction then was spec in Company a we that related the costs part about the, that due we million dollars. And the

see If you things loaded, Company cost. expense stripped can the, mostly those the two fully you Public loaded the out, what fully with the was G&A

Maria Ripps

Thank you. Hopefully Got it.

Tracy Knox

That's helpful. ahead. Go Yep.

Maria Ripps

incrementality And question the I my That's you. of maybe talk just is couple then thing very consumer with is, standpoint should secondly, this helpful. way partnership? guess your about about this and going think here, what is, platform? economics to a we questions be PETCO of Thank different can you in sort your is, And from partnership on how one core of can and see any consumers of sort from second the

Brent Turner

Brent the Maria, for Hi, thanks This is and question.

And that is one risk of easy replicate. We're don't partnership will package do to think asset has us. the we pet lot envision it in services. a general unique initial Rover we built and general customers excited will not incremental their We part to vital a be promote, not So to in benefit Petto deal for being we profitable. profitable those within be expect think particularly really care were of as that

that that the the and we element space, companies are us. by PETCO, approached players sign to is of feel honored Rover strategies. for like feel in when as pet be optimism a when So industry come large like to important forward their an We innovating go they view a

Maria Ripps

you Great. Thank so the much call. for


gentlemen, star And to remind, question, ask as a like press one. for you'd please if Lisa and

question, line from Our of white Tom D.A. the next from coming Davidson.

is Your line open.

Tom White

one then a a, guess on to your last end nice in the I Congrats you about the role, and a Aaron. I feeling, XXXX. with, congrats the bit Tracy and entering balance kind talked of it, and over Charlie. of it's by kind supply of large a of the of new feel marketplace, problem a several I your year I quick for you from one hoping really market first the amount optimization guys. was what had really follow market retirement months, Thanks the and good kind but, talk could, end Great. about sort of I understand, a, of in marketplaces and I for, is and, number on marketplace caregivers all for could lot about kind the yours. of like anywhere around and guys moving like have over little from up from work And of stuff. of a country you've work the couple had to last of due the years home people that

spots. how guidance. and, higher talk be And the you just appropriate caregivers about in, in So, right a in of so on supply travel about then kind the Thank maybe just and and having about thinking prices little reflected can secondarily comment bit a little that how kind on, bit about might maybe gas you. the impact you're of how feeling you're of

Aaron Easterly

Good questions. Tom. Sure. Thanks

with than side high better the and we've appropriately. we we're like in level one the scale the that we're been caregivers. supply the feel the are on start me around well in business Let years positioned first to positioned

anything, the moving headwinds the new we around country. don't ones business. how in and dimensions how manage it. activate feel can and we service see quickly better about couple to people And, get we a than providers So gotten involved the there's about we we our smarter that. in We've past, doing them have any if that's seen positive additional And so

as pets build supply people more is business country We out less historically services of that they're around Rover our if has also their when with, on In may of their is neighbors the new we for think quickly which something lean to have believe move a pretty the been people positive care and side, to primary of and to they side new network the because on on to us method it general social too. seek book begin provides are demand can move, likely away. location the a friends, in owners family, of

So cat nicely. the or business on of because offering an the puts the half supply that share someone a drop talking to changes, box a The, cat to nicely even larger science more where customers. food. even time we're in continues about first continues grow to share a side scales in is boarding increase. the only it's comes through hour last attached admin than cat for cat our supply bookings litter our that an And service The involve typically of out

And can customers a so a service service many single in day. given provider

we it easing is I affect expertise. engage think than prices the area our probably amount people that up as feel around would prices is to probably country supply travel in probably of prices that I being question move good business to affect our that gas So definitely we important gas well ticket understand we say will travel position are and the may the the head-winds said, to around exactly more can is gas function our our dynamics or of With to is, for that second country, positive prices. case ticket regards assumption prices the the business. about that amount our is actual the that dynamics in travel, not a a not or pandemic go the how baseline may think the overall the travel beyond economy. relates


Got it. you. Thank


question from Stifel. from Lamont final Williams Our comes

now open. is Your

Lamont Williams

the know how last year question. talked lines? are taking new next for, about is, there any guidance new for reflected we service I thanks about anything thinking quarter grooming is you Hi. the for How, and for services?

Brent Turner

you including be Come other new we from player scale as offerings. how think what that revenue That that industry. Thanks guidance term we're are us have question, incremental a for And that being come categories offerings. from that and we're positions we very only in considered today perspective of said and businesses additional to Yeah, we uniquely our the Lamont. service other those when or or, in may given that not would do. the positioned we only the doing? into does long unique expand Hi,

Lamont Williams

you. kind start they've a that's through and Okay. as seen And to entered come to, have then question. March, cancellation Thank separate rate February of the you normalize this, Have,

Brent Turner

from We And the start QX, it we did did least the continue informed guidance. Lamont, what see that's in it perspective. rate Charlie is has partly of this at see Hey, a our year. and cancellation through elevated that

elevated it, a reference which as way pandemic it norms, at relative has XX%. all So remained typically was up XX%. nine the to just to pre QX is

Lamont Williams


you. Thank Okay.


a showing Mr. any I'm remarks. time. at further easterly for call I no will back this And Aaron also questions to closing

Aaron Easterly

unity incredibly with update on of position appreciative fourth everyone And a We the the we deeply about Thanks over leverage powerful privileged performance as again, Rover's the full forward quarter. look and incredible to, the, natural business competitive excited time and the We year, we for economics. have the remain future. tailwinds taking the we again, scale to future


Please and for Thank participation. gentlemen for you at today. your conference

You disconnect. may now