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Rover (ROVR)

Participants
Aaron Easterly Chief Executive Officer, Director, Co-founder
Brinlea Johnson Investor Relations, Managing Director at The Blueshirt Group
Brent Turner Chief Operations Officer
Tracy Knox Chief Financial Officer
Charlie Wickers Vice President of Finance
Matt Condon JMP Securities
Maria Ripps Canaccord
Ralph Schackart William Blair
Lauren Schenk Morgan Stanley
Tom white D.A. Davidson
Lamont Williams Stifel
Call transcript
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Operator

Good day, ladies and gentlemen. And thank you for standing by. Welcome to the Rover First Quarter 2022 Earnings 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. time, Ms. like this conference turn At to over instructions] I to would the [Operator Johnson. Brinlea

Brinlea Johnson

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

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

like XXXX that statements the Before remind ongoing of Act within we expressions. call, believe, and words: will, similar Safe assume, expect, will forward-looking Securities Harbor the to begin, provisions of identified by on make Reform certain the I'd everyone this Litigation management

to on our based that other future subject and its year unknown opportunity. Rover, industry are market to of assumptions specific investments and of bookings with about GAAP strongly known that particular, from SEC Rover's uncertainties. performance review those domestic our statements of in regarding that in forward-looking revenue, implied XXXX the you warrant upside, expense in filed a will future first materially forecasts, and expressed events could and initiatives, forward-looking guidance, uncertainties risks marketing SEC relate the only as are encourage the international and redemption, information Rover market expectations, such management, impacts current Form These section obligation the statements. and differ or statements XXXX files March Factors We except XX-K percentage marketing and are today. XXXX, assumptions risks subsequent forward-looking with those beliefs and statements Forward-looking in events conditions, described or and and projections, financial results to of and performance, our statements platform, cause financial actual forward-looking this XX-Q. reflect its In for statements trends our to those and second speak update to These to and as XXst, no our by undertakes these that estimates, Rover quarter Form, quarter on as as and then law. or the and financial full required circumstances, of disclosed and Risk non-GAAP

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

these otherwise noted, measures started. superior as Co-Founder this Unless metrics QX the call CEO. QX will XXXX compare with GAAP not we'll to substitute a website. I considered unaudited provided during GAAP and We of comparable non-GAAP which measures our of we of Investor is reconciliation, today's posted financial in section call, measures Finally, course non-GAAP GAAP a will over Aaron turn for The get financial the most let's reconciliation to or financial News non-GAAP audited presentations and Easterly, the unaudited on Relations measures. provide And and investor all Events to the to metrics that, the should non-GAAP XXXX measures. call. discuss and under presentation be in and

Aaron Easterly

high the with Overall, turn impact our am to Despite the it to today. for will end from including high I over you variant, our by and recent And financials Then results. guidance you our and with I'll non-financial pleased the And of you through discussing I XXXX slightly guidance. of first-quarter walking thank joining more our Thank Brent to the the highlights. by us begin COVID, the Brinlea. exceeded bookings first Omicron conclude then provide will everyone in Tracy details range. results level earnings investments. on our quarter. business marketing

a of grew a $XX.X to GBV revenue million. million First-quarter was up $XXX.X Booking Value, XXX% Gross XXX% a year-over-year or

were XXX EBITDA was enterprise EBITDA $XXX, Rover, an up adjusted on a XX.X building remained year-over-year. which million, was improvement XX% to margin bookings New focused we a adjusted value. At long-term $-X.X

During the important that areas significant first that we strides quarter, made in goal. to are two

by been marketing strong but a would our TAM In have who forward, made QX, our who to variance. we the investments, unit ray do given process First, slower front. opportunity so this anticipated be marketing ongoing to This going due drive than to expect to in disruption has expand will COVID growth. of channels broader economics, on so to And want much team cost-effectively. material the using our progress

viewed and the Europe, footprint, year our In in grow our an in prior. element X% just as value of Canada international important growth we eight Second, long-term QX, saw to sales of GBV, international countries compared X% creation. we and to

to progressed, us our the recovery business enabled Europe. re-accelerate scaling has COVID in has As in it investment

While there we opportunity drive in in a has coming to significant We hope this gains. still and the sheet, percentage build of untapped, data is players the the market on believe to capabilities are Rover balance progress small Europe, quarters. large technology and

that sources of call, that, the instead, industry impact earnings have not largely the happen the remained XXXX in performance start did As This had entered our and, XXXX. And towards of longer-term in we with would pandemic on belief trends our exciting. other we the have noted traction Rover very additionally and uncertainty XXXX our business commenced by pet ended underlying goals. QX strong macroeconomic the Despite with emerged.

While more travel confidence of to provide detail on noting we pet to to making bookings And centered on the within book of the hand unconditional call vast mission; our to worth I'd operational the and about now, possible it parents pet. companies trends everyone that our of love the their a and a we remain for experience majority it's optimistic Brent other Overall like needs. over future month performance. seeing, of in though, some our are service are cautiously have

Brent Turner

Thanks, performance like in on of the the relates as call. more Aaron, to implement Then it spending. business change communicate to color I'd to and greetings regarding reporting that a by first marketing our start the adding to bit everyone I'll plan we a QX.

care can perhaps result traction customer to scale. which continued performance our total year-over-year QX have as in strong In pet indication record. million, an most bookings with a QX demonstrate parents We X.X this worldwide is notably, also marketplace, Rover's acquisitions an this material XXX,XXX XXXX. view we increased alongside of customer We XX% view to new were both worldwide our new and providers that increasing QX accelerating of as as from were United quarter in in in European become acquisitions saw quarters. growth growth in results customer these XX% new we of to Canada. both acquisitions future the strong customer Most signs contributors acquisitions States, increase but encouraging regions We

we CAC customer communicated QX that previously, to the the of to QX in as $XX acquisition with cost, last Turning intention year. compared activities backdrop, compared marketing Against entered XXXX. increasing to year in increased worldwide when to significantly $X

calculation CAC. our QX channels. and with efficiencies increasing a to The this campaigns. concentrated bit has has transition paid of give While disclosure going year, see past the percentage of we of release earnings strong in CAC, across deliberately away our beginning investment, context we on our direct a now little change majority been dominating to a direct revenue. marketing customer when And appropriate to we're of during on response two Instead, existing to focus of more our marketing is the we're organic years been which as cost acquisition, from continue the spending reporting disclosing going in are

evaluating to On higher points QX of marketing to expenses was some investment basis trend. However, companies on a the plan to percentage QX excludes in as from beginning revenue along their in return stock-based expect In how or as our with demand-generation. revenue classify metric leverage CAC. and The video, drive that as the revenue reflective in non-GAAP seasonally, XX additional brands color of marketing, well QX Rover XXXX Although strategy some on compensation, percentage believe do They're at we our expect XXX looking capture XXXX. away seasonality future. adjusted these XX% percentage be and as are marketing a to to is Long we of to creative a advertising similar to marketing note, like important is revenues. media would spending up as thought is I types of this XX%. provide will ROI as more and our measurable percentage of ahead, which spending, dynamics of be QX. Rover, a historically in Therefore, we social, appropriate to despite expenses on Included the lager and Omicron, that awareness impact the expense focus And of between we again expenses term revenue line, non-GAAP of as

Specifically, marketing existing a Easter of investments. carries our break to because our I'd QX portion and over the to timing. of spring turn to now briefly revenue like

video, Further, tests to testing on spending social We channels. on as we execute similar in report we pleased increase the are QX our expect additional QX, continue quarters we learning and conducted and our QX that to expect conduct based in that road-map. to also of results in we future to

XXX,XXX equally QX term and initiatives, the ease. the a QX record, long for also our are year-over-year are repeat of And you marketing remains further that headwinds were made While we are upside excited XX%. excited progress while performance, about macroeconomic this which with about pleased new we as believe bookings, in customer increase we

this channels financial turn execute to to date investment to conclusion, customers building quarter. the we walk in pleased back of through with over is continues the In performance. now CRM scale. to it leverage continue attracting results our to our and new And way our and cost I'll results strength to our of the to marketplace. Rover customers nicely, Tracy We are our efficient invite

Tracy Knox

by overview I'll results begin comparing first noted quarter our followed Thanks, an same of quarter Brent. the in I'll XXXX. by results of our XXXX, otherwise, providing Unless period the financial first today be to guidance. for

of our amounts, up reminder, in $XXX.X stock-based million, GBV will a $XX.X quarter while cover first quarter Revenue was exclude was million, discussion first XXX%. which up non-GAAP compensation expenses. the As expenses XXX%,

I seasonal exceeded more to Europe a already quarter discussed bookings, bookings by driven color and Our give our but little guidance, first in on strength in want Brent revenue continued increases ABV. ABV. in

was continuation price of in out the XXXX, result largely our a with per more increases this and QX higher in is in which of First extended year. feature, increases stay started XX% $XXX, average XX%, as of that We believe rolled services. billing a overnight service, of significant up in skew driven last by to price increase a quarter the ABV provider-initiated due QX

are or the million, in $X.X to of to in channels as period. the leverage Moving platform was XX% point XX% revenue million scaling more of marketing marketing first expenses. The developed noted earlier nature, of in we've the revenue internally or by in software Brent. the in as by portion first revenue and the largely prior achieved quarter, million, to over namely revenue, amortization on investment improvement Cost of was costs. costs mid prior-year the expenses ramp of of and year, and that Non-GAAP basis certain compared quarter XXX% continued $X $X.X driven XXX our funnel technology were fixed up upper

seasonal $X of the driven increases to revenue summer expenses in First travel. support expect compared XXXX, XX% million for operations by and QX were revenue non-GAAP we or ahead hiring XX% of of quarter

We of XXXX. continued revenue of or product $X.X for to in expenses million to development XX% quarter were XX% revenue QX compared the see which leverage in non-GAAP

scaling or in First revenue million or administrative $X.X were general of increase quarter, million needed investment due public on while QX expense is XXXX. XX% to QX COVID revenues XX% and compared year-over-year a a decline transition depressed non-GAAP result $X.X the into in our of from percentage to XXXX. revenue our our is of markets, of The the basis the support expenses to

transaction. was from is the QX of due related costs The our sequential In QX addition, decline $XXX,XXX. to a onetime sequential expense in secondary to decline there in

in of XXXX, the income the change for This other other we $X.X resulting January in loss income of we as in derivative XXXX. In Net flows to total a and aligned with on accounted gain million warrants the million. change expenses. the fair Moving recorded period redemption QX a fair $X.X through their value during in value remaining

EBITDA income year. strong margin during cash, other revenue Omicron in the was of with top have QX. from last will business EBITDA the adjusted warrants negative equivalents efficiencies and in From that period. been loss. from flat to total margin no or $XXX they XX% million redeemed, of of million XX% The results improvement summary, bottom-line have low Now In negative resulted our seasonally a in paired perspective, cash impact our up negative ongoing EBITDA adjusted from QX margin the further $-X.X of during remains investments quarter. liquidity strong expense operational and impacted delivered and our adjusted

the of This marketing expected guidance, $XX expect season. million. XX% break-even summer Now for of while the turning top-line our to travel EBITDA $XX we second in XXXX, of quarter reflects invest to to XX% adjusted guidance to million of ongoing and $X revenue growth to in of initiatives ahead continuing

range and normalizing with that full update of EBITDA to our million include of guidance to$XXX Company revenue on and investment modest the new expect a full to and scaling For we related EBITDA had XX% from chance Xth, assumes million. from counts ongoing impact regions. adjusted are we period last no to EBITDA and flows in XXXX, to flat ebbs XXXX addition a new the in of year March implies $XXX full end Northeast low The of XXXX time, ago. million the but variants midpoint to impact end revenue a $XX impacts. investment margin, is continuing We reiterating which assume continues year Public variants, prior material Omicron. high $XX our of of increasing was guidance The and marketing, you In product, an full-year million, in adjusted seen the weeks in our guidance other case impact in have does The and costs. inclusive of approximately adjusted year of material in the nine

very be business. to turn about health to over continue ability now positive I'll adjusted questions. unit increasing drive economics, for and of excited the underlying call we the ahead, that the the Looking Operator EBITDA. our The

Operator

from [Operator first Securities. comment Instructions] from Our or Boone you. JMP the line Thank question comes of Andrew

line is open. Your

Matt Condon

on Condon two And just here. Hi, me guys. Matt for here for Andrew.

especially Just just success have marketing are guys testing pick the and some boarding? which talked can your with where just quarter, note, you subscription in here? ones subscription, another in just skew of your success up going to you the then if of sense, on some about given makes you going in you're And that be spend can forward the towards thoughts Thanks. give on competitors about talk what channels just and your maybe seeing that

Brent Turner

Brent Turner question. Matt. the here. I Hey, appreciate

we test We social, formats the results -- mentioned demand. on the linear are in I encouraged drive of the in think testing with are intent -- video We've QX. in we may pretty as did have tests currently some to QX. like done in We're some We on of QX. We and all -- testing about on video, streaming the some script, YouTube trying the up early those going. stood in late channels

Aaron Easterly

Aaron. is This

to to to with subscription, customer up value offering of would billed make lot success said, other right expect late In Dog and pricing, On go-forward about the With days, that. of to there's recurring we That's subscriptions, our rolling we good sure to people Dog we've Walking Anything we a we packaging, exchange out. pricing the sign regards allowed regards we a value revenue these like of for that for test with our models. so have it around to is that broader that to continue a that the a Walking basically want question forms proposition regards as auto XXXX, with second piece just say be already subscription I'd Dog basis. seen on business. XX% Walking

Matt Condon

Great, thanks guys.

Aaron Easterly

you. Thank

Operator

Thank you.

from of or Ripps Maria comes Canaccord. Our the from line comment question next

open. line Your is

Maria Ripps

Thanks strong my congrats questions numbers. and on for taking

year about then First, Dog a I more balance related sort expecting can work about return you the maybe you're talk of of seasonality can have to for that, to what follow. the and behavior compared Walking normalizing talk in context and broadly quick And pre-COVID? to of recovery you

Aaron Easterly

our you for and Thanks so taking the with holiday. to and related into our then quarter thanksgiving typically travel, regard QX often is summer business slowest higher Easter ramps see And that seasonality, QX again, largely QX, to well are is spring Maria. by of longer sometimes with QX, bit QX the but today. and time leisure for mix is non has increase Hi stay regards With little and a overnight Sure. then services these of bulk break travel, to see typically driven the travel, and the a has Christmas because sometimes we seasonality and which ramp as durations. in that's an than sales, volume transaction actual less

up So higher. lines Walking. to to service continue in absolute to at regards to of return regards a work, in booking Dog modestly regards least be on With early to it's in work QX, having softness, not little Walking, see other see to bit with QX. return we develop seen of acceleration the but the opinion some QX, regards to a business the a to terms. to we average values Dog to With strong consistent broad down But tend With it. as relative a with share too

Maria Ripps

growth evolution and so is of talk you more some I around very that then much. Got and all you terms the the already? talk internationally awareness? investments helpful. to about you in color your need international brand that in Can that's type you where secondly, embedded of stand markets product guidance And about your it, those just maybe And markets. accelerate Thank can appreciate your maybe broadly, of

Aaron Easterly

So, it by-market. little varies bit a

position think to U.S. similar the is Canada in more I our

other currency and those investments European include in the those the go-forward guidance, nascent. opportunities to and We a ourselves regards of as there. make see on may investments our that we we accelerate have unfold in countries further, we have our in have some to U.K., the a our accelerate acquisition are language improve those to up over in there in investments, looking to areas opportunity growth some basis, to took support marketing, and including on the set there. strong the internationals spending to and awareness although customer of off, additional like around strength organic how drive are level events we looks With required of attempted better some to more of it pandemic language paid the revisiting Overall,

Maria Ripps

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

Aaron Easterly

Thank you.

Operator

Thank you.

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

open. Your line is

Ralph Shackart

and if starting Good Tracy, any makeshift side, afternoon. want on the the Thanks the inflationary When for services? talked raise I opportunities some more you taking for supply respond rates, the the go you're back inflationary potentially you up, just either ABV, looking was of to type question. that costs environment, a broadly, environment? comments. to some of in up remind us maybe going potentially on that can XX% the to impacts just them primarily I And of of to will about marketplace how about or some year-over-year, see Thanks. your think, just

Tracy Knox

Thanks seeing We We're again for but by us in QX. increasing service last definitely today. We're did joining significant that some Ralph. there. increases say Sure, up providers. pricing it in I see stepped would the that's more year, seeing set

to the pronounced some board, but across other due overnight it inflation we're rationale that's seeing in or and that, can't most reason, I pinpoint their services. whether exact for So

Ralph Shackart

give just campaigns? you country-by-country to perspective get some change then but the some from how maybe leverage And the marketing Would the know you either able it's maybe on be brand campaigns the of domestic or Great. -- resonating? the international early, can versus on obviously, marketing might I just to how have Okay. is front,

Brent Turner

We Hey of with progress we're To Ralph, about Great start seeing bit good a this quite our feel Canada. growth in Turner Brent Canada, question. here. far.

customer broad new record, in we just was following country think and growth what in a sets I Rover both then are that entry, record and about just in and I also is content interesting we awareness of marketplace. of aided than and view. done XX% think the a fairly Europe, the us Rover which has blog I QX practice In awareness unaided for aided awareness our have made of us the good and XX% ahead standpoint where feel it's is in we was about similar some letting faster terms which that a the in up and marketplace to the really XXX%, brand in the the creating Canada, aided taking Europe of from Europe our XX% we market are QX make and opening got QX unaided look, the communicate led who presence that and in and in how snapped the what is investments a allowing and before resonating. of has between stats -- work of we brand bouncing to we've our from quickly unaided it's that

Aaron Easterly

work that make appropriate nature. this of -- but more commentary a are Aaron. Hello, consumed investments accelerator dynamic. little to investments. be advertising and are of those is language then that's in the pushing kind acquisition helpful. A There's to of the is country-specific then locally, regards that. And with color sure more on Hope investments customer fixed The the on organic bit are and really little they in localize marketing of fixed bit cost in content to a technology

Ralph Shackart

is, much. That you very thank

Operator

you. Thank

Lauren question Morgan line or comment Stanley. Schenk of comes next Our from the from

line open. Your is

Lauren Schenk

Great. are sources Thanks. there prepared said other you And your some in uncertainty. remarks, Aaron, macroeconomic of

terms GVV on that whether had or Thanks. of on you can on think bit the holiday, you this Just revenue. remind And a July sort versus between impact Tracy, little us just business fourth be then not the with of wondering XQ different that's XQ and elaborate far? pieces moving the in if any

Aaron Easterly

effects. Lauren. some inflation. me sources has the uncertainty, of I'll part to I'd in dynamic known with are some With start and that on Hi, -- you effect there. piece inflationary first call. let then parts is some some say, take macroeconomic the U.S Great The the in unknown regards

of generally inflation subtle so which hedge, to have inflation. that the natural economy to visibility or not marketplace their have a climate. suppression, half prices, Whether and environment with second in broader something providers on tend the that we drift kind something adds in Fed the seen effects There on geopolitical macro demand also prices as the of service or particularly longer-term up that yet. of cost We visibility may living slowing of a increase perfect we tightening too, less European as don't the year, economic how well The growth. is affect is have in as has instability

As a reminder, our periods. business is really heavy which in the second our is half of the biggest year,

And so the it's expected far. the a that the of come for seen so revenue relatively small portion year we've marketplace through

Tracy Knox

year the the of And on many forecasting Xth Lauren. second. first Hi, up the stays actually Monday, second in guess know or the on July, around tripped We This question. that best question and our so that's a is will the of past. some great start it's

see the likely in will you'll get So GBV to come QX, pushed largely the in QX. revenue but

Lauren Schenk

you. Thank

Operator

you. Thank

from Davidson. Mr. from comes white D.A. question Our comment Tom or next

open. is line Your

Tom White

of the on lower first the new by Do you couple And million, year. full that channels payback terms think I a timing, been held might find quarter will to you've to up of guidance, those lag beat funnel for talked the follow slow questions. leaving think you some demand a How but more should seasonally of be shifts a about kind channels relative then outlook be going that with us. on fast testing? in travel just a etc., Thanks my than performance. to share quarter Maybe quickly. it's other pure back in kind of performance and able I Omicron that here Great. to sort brand just coming about snapping we taking on with travel there you one appreciate companies of guess and is fast lot the or spend there? oriented pretty spend

maybe Just into there's full-year? the curious holding baked whether of kind some conservatism,

Brent Turner

is demand I would - we're But appreciate you The Hi, What about they of said, lower here. create question. that. business trying pet mid-power, that call do when to is once more years, understand we we've a do such really, the we the some really and what the -- run better at that find for really to for we these or -- travel. travel better longer. a of brand-oriented the in going. market math, those like, We're the the and With over that. when early think if weeks response feel a payback is we're really part do certainly travel, the the for their do family call definitely you Yeah. typical what you spend, funnel the we able Tom. that number Brent Turner where curves getting terms campaigns to they're being we are looks conversation we're consideration memory enough do the that trying campaigns like of of care in and a calling create not

kinds of to continue increase to those And campaigns spend so that about earlier. or enables us decisions for whether whether to make

decisions longer would data test return have a us of I but makes to fair standpoint in bit a spent able time investment and platforming quite a think a about period, that way make quickly. we So from and

Aaron Easterly

revenue little on to customers ever the the customers or fronts. seem transactions year several say the And an bit and From saw exceeded to slightly with acquired our We best close acquired LTV guidance, basis fewer of it. this the we we rate. due end a of year. on our trending strength per be LTV this customer take to that to for perspective, strength quarter high We've seen a guidance ABV on the regards in first I'd to newly

of getting lower be service on but some with the year-over-year that providers thing, positive, -- being that an per a with or be sick overall that COVID transactions COVID, So could mix also could slightly sick could macroeconomic be effects. individual

seeing appropriate they're it's some think other say give. the cautiously to QX optimistic we that travel are we I'd companies that saying of about we in So are QX. the guidance and range what get

to be your advance travel. the months reason might Europe likely is a before you be So, It's tend flight that thing Rover way less one your booking we to optimistic, last to and do see the that to example. for but booked that's in be, sitter of

Tom White

Yeah, makes color. for sense. Thanks

Operator

[Operator Instructions]. Thank you.

Stifel, Our next is from line from of or Williams Lamont comment line open. question the comes your

Lamont Williams

just you seen, on and it that it's you bookings. happening just bit? the secondly the Thank more that little does Aaron, for feature, first more over Has month. the all window, changed know bit at what's was question, to I said how travel ABV Stay my could it overall you about taking that summer And color and on we've affected little just the normalized most give was bookings of Extended a what as a then booking impact is or the kind with a on -- increase what's start or

Tracy Knox

Lamont. Hi

as I a being think XX% of piece resulted about day driven of year-over-year, the price we've increase the billing extended And impact if billing prices the combination, booking. know the up that terms with that of I you Turner, ABVs increasing was in per feature along the by number then the the in their of number or largest don't any extended of per feature providers on service. have nights detail talked units

Brent Turner

actually stays that a by basis, the at the a up They the to stay to think a to when on allows really might place. stay than is way the feature that half-day lot platform. add less on stay but fractional. dynamic day fractional for days drop-off sorry. course, pickup get half either the take could, about any take a fractional it the additional time it's that late of And early itself, that a stays day, of basis, allows if on On Half the a to pickup on that average, Lamont, half place Yeah. that's or a provider, extend during a on the basis. longer, or

Aaron Easterly

is now. three on weeks hear vast the the regards Aaron. about Good window's service booking booking This intended With Lamont. average Hi, to voice. your majority a happen to of maybe within window, delivery. right the The month

month of shorter bulk is last That predictive up COVID Sometimes our versus still it not booked super but necessarily within the was beyond gives where for into stuff that. daytime visibility minute, us a the and services. traffic everything

Lamont Williams

Great. Thank you. Okay.

Operator

any for over the in back no additional I'm sure remarks. the management time. to closing you. turn at I'd Thank this questions like conference queue to

Aaron Easterly

very you QX thank our Call. attending for Well, much Earnings

on about the to goals of We are to forward progress unconditional believe quarter We that we've track we deserves mission. that the against In and priorities a us pet. for the our everyone look company. the love operate year. on key of excited to And are continue for some meet the made future

Operator

thank you today's wonderful conference. and Ladies may gentlemen, This for have the participating a disconnect. now day. in Everyone program, concludes you