Q1 2022 Rover Group Inc Earnings Call
Good day, ladies and gentlemen, and thank you for standing by and welcome to the Rover first quarter 2022 earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During this session you will need to press Star then one on your telephone keypad.
At this time I would like to turn the conference over to MS. Brynn Levy Johnson.
Good afternoon. Thank you for joining us to discuss <unk> first quarter 2022 earnings result in this call we'll be discussing the results announced in our press release issued today after the market close which is available on our Investor Relations website at investors <unk> Dot com.
A reminder, this call is being webcast live from our Investor Relations website and is being recorded and will be available for replay from our better relations website. Shortly after this call.
With me on the call. This afternoon is Aaron easterly Chief Executive Officer, and co founder Brent Turner, President and Chief Operating Officer, Tracy Knox, Chief Financial Officer, and Charlie with Curry VP of finance at mover.
Before I begin I'd like to remind everyone that management will make certain forward looking statements within the safe Harbor provision of the Securities Litigation Reform Act of 1095 on this call identified by the words expect believe will assume ongoing and similar expressions forward looking statements are based on <unk> current expectations estimates forecasts and <unk>.
<unk> and our belief and assumptions of management and relate to our future financial performance such as our second quarter 2022, and full year 2020, Q financial guidance transfer, our GAAP and non-GAAP marketing expense as a percentage of revenue marketing investments and initiatives bookings upside.
Impacts our warrant redemption, other but future events and industry and market conditions and forward looking statements about rover its platform and its domestic and international market opportunity.
These forward looking statements are subject to known and unknown risks and uncertainties and assumptions that could cause actual results or performance to differ materially from those expressed or implied in the forward looking statements.
Strongly encourage you to review this information that river files with the SEC regarding specific risks and uncertainties. In particular those that are described in the risk factors section of <unk> Form 10-K filed with the SEC on March 21, 2022, and those that will be disclosed in our first quarter Form 10-Q.
These forward looking statements speak only as of today <unk> undertakes no obligation to update these statements to reflect subsequent events or circumstances, except as required by law.
You should not place undue reliance on our forward looking statements as they are not guarantees of future performance.
Finally during the course of today's call, we will discuss audited unaudited GAAP unaudited non-GAAP financial measures. We provide a reconciliation of these non-GAAP measures to the most comparable GAAP measures in the Investor presentation, and non-GAAP reconciliation, which is posted under news and events presentations on the Investor Relations section of our website.
The non-GAAP financial measures provided should not be considered as a substitute for or superior to GAAP financial measures unless otherwise noted we will compare Q1 2022 metrics to Q1 2021 metrics in this call.
And with that let's get started I will turn the call over to Aaron easterly co founder and CEO .
Thank you Bradley and thank you everyone for joining us today.
I'll begin by discussing our high level of first quarter 2022 earnings results and to non financial highlights.
Now I'll turn it over to Brent to provide you with more details on our bookings and marketing investments.
Tracy will then conclude by walking through the financials and our guidance.
Overall I am pleased with our results in the first quarter. Despite the impact from Covid, including the recent omicron variant the business slightly exceeded the high end of our guidance range first quarter revenue of $27 8 million was up 128% year over year gross booking value or <unk> grew 137%.
<unk> to $153 7 million.
New bookings were up 76% to 179000 and adjusted.
EBITDA was negative $4 $8 million, which was a 19 point adjusted EBITDA margin improvement year over year.
At Rover, we remained focused on building long term enterprise value.
During the first quarter, we made significant strides in two areas that are important to that goal first given the Tam opportunity and our strong unit economics, we would want to expand our marketing investment but to do so cost effectively.
This process has been so much slower than anticipated due to the ongoing disruption by Covid variance in Q1, our team made material progress on this front and going forward, we expect to have a broader array of marketing channels, we will be using to drive growth.
Second we have viewed our international footprint, Canada in eight countries in Europe as an important element of long term growth and value creation. In Q1, we saw our international sales growth of 7% of GBP compared to just 3% in the year prior.
Covid recovery has progressed it has enabled us to reaccelerate our investment in scaling the business in Europe . While there are small players in Europe , we believe a large percentage of the market opportunity is still untapped and Rover has the balance sheet technology and data capabilities to drive significant gains we hope to build on this progress in the coming quarters.
As we noted in our Q4 earnings call. We entered 2021 with a belief that the pandemic and its impact on our business would have largely ended by the start of 2022.
This did not happen instead other sources of macroeconomic uncertainty have additionally emerged disc.
Despite that Rover commence 2022 with strong performance and traction towards our longer term goals and the underlying trends in the pet industry remain very exciting.
While we are cautiously optimistic about some of the trends other travel companies are seeing is worth noting that the vast majority of pet parents book within a month of their service needs.
Overall, though we have confidence in our future remains centered on our mission, making it possible for everyone to experience the unconditional love of the pad.
Now I'd like to hand over the call to Brent to provide more detail on our bookings and operational performance.
Thanks, Erin and greetings to everyone on the call.
Ill first start by adding a bit more color regarding the performance of the business in Q1.
Then I'd like to communicate a reporting change that we plan to implement as it relates to our marketing spending.
We have continued to demonstrate strong performance in our marketplace, perhaps most notably total bookings increased 81% year over year to $1 2 million, which is a Q1 record we.
We view this result, as an indication of rover's, increasing traction with both pet parents and care providers as we scale.
In Q1 worldwide, new customer acquisitions were 179000 in.
An increase of 76% from Q1 2021.
Most of our customer acquisitions were in the United States, but this quarter. We also saw accelerating growth in European new customer acquisitions alongside strong growth in Canada.
We view these results as encouraging signs that both regions can become material contributors to worldwide, new customer acquisitions in future quarters.
Turning to customer acquisition cost.
As communicated previously we entered the year with the intention of increasing marketing activities significantly when compared to last year against that backdrop worldwide CAC in Q1 increased to $16 compared to $7 in Q1 2021.
While we are deliberately increasing our marketing investment we continue to see strong efficiencies across paid and organic existing channels.
And now to give a little bit more context on our change in reporting beginning with our Q3 earnings release. This year, we're going to transition away from disclosing CAC.
Third we're going to focus on marketing as a percentage of revenue the.
The disclosure of CAC, which is a calculation of the direct cost of customer acquisition.
Has been appropriate during the past two years when the dominating majority of our spending has been concentrated in direct response campaigns. However.
However, rubber strategy is to leverage video social and similar media and creative types to drive measurable ROI. Despite their lager return dynamics.
Although some companies classify this spending is awareness or brand spending at Rover. These expenses are important to capture as a way of evaluating our investment and demand generation there.
They are included in our advertising expenses line, along with the expenses historically thought of as CAC. Therefore, we believe that marketing expense as a percentage of revenue will be a more appropriate metric to focus on in the future and we plan to do that again beginning in Q3.
On this note looking ahead I would like to provide some additional color on how we expect marketing as a percentage of revenue to trend.
In Q1, 2022, non-GAAP marketing, which excludes stock based compensation was 25% of revenue up 400 basis points from Q1 2021.
Long term and adjusted seasonally we expect non-GAAP marketing as a percentage of revenue to be between 18% and 25%.
The higher Q1 percentage is reflective of the impact of omicron as well as seasonality on our revenues specifically a portion of our revenue carries over to Q2 because of the spring break and Easter timing.
I'd like to now turn briefly to our existing marketing investments. We're pleased to report that based on the results of tests that we conducted in Q4 and Q1.
We expect to increase spending in Q2 on our video social and similar channels. Further we also expect to conduct additional testing in future quarters as we continue to execute our learning roadmap.
While we are excited about the progress made in our new customer marketing initiatives. We are equally excited about repeat bookings, which were 984000 for Q1, a year over year increase of 82%.
And while we are pleased with this record Q1 performance. We also believe that further upside remains in the long term as macroeconomic headwinds ease.
We continue to leverage our CRM channels as in a cost efficient way to invite our customers back to the marketplace.
In conclusion, we are pleased with the results of our investment to date and the strength of our results. This quarter Rover continues to execute nicely, attracting new customers and building scale and now I will turn it over to Tracy to walk through our financial performance.
Thanks Brent.
Begin today by providing an overview of our financial results for the first quarter of 2022, followed by guidance.
Unless noted otherwise I'll be comparing our first quarter results to the same period in 2021.
As a reminder, our discussion of expenses will cover non-GAAP amounts, which excludes stock based compensation expenses.
Revenue in the first quarter was $27 $8 million up 128%, while first quarter <unk> was $153 7 million up 137%.
Our first quarter revenue exceeded our guidance driven by strength in bookings in Europe and continued increases in seasonal ABB.
Brian already discussed bookings, but I want to give a little more color on ABB.
First quarter ABB was $132 up 31%.
Actually driven by a 15% average increase in price per service with a SKU of higher increases in overnight services.
We believe this is due to a continuation of the more significant provider initiated price increases that started in Q2 of 2021 and as a result of our extended stay billing feature which rolled out in Q4 of last year.
Moving to expenses cost of revenue in the first quarter was $7 8 million or 28% of revenue compared to $4 2 million or 34% of revenue in the prior year period.
The 600 basis point improvement was largely driven by the scaling of revenue and leverage achieved on the portion of costs that are more fixed in nature, namely amortization of internally developed software and certain technology platform.
non-GAAP marketing expenses were $7 million in the first quarter up 173% over the prior year as we've continued to ramp our marketing investment and mid and upper funnel channels as noted earlier by Brian.
First quarter, non-GAAP operations, and support expenses were $5 million or 19% of revenue compared to 18% of revenue in Q1 2021, driven by hiring ahead of the seasonal increases we expect for summer travel.
We continued to see leverage in non-GAAP product development expenses, which were $5 2 million.
Our 19% of revenue for the quarter compared to 34% of revenue in Q1 2021.
First quarter, non-GAAP general and administrative expenses were $9 2 million or 33% of revenue compared to $6 1 million or 50% of revenue in Q1 2021.
The increase year over year in expense as a result of the investment needed to support our transition into the public markets. While the decline on a percentage basis is due to our scaling of revenues from our Covid depressed Q1 2021.
In addition, there was a sequential decline in expense from Q4 of $900000.
The sequential.
The decline is due to the onetime costs in Q4 related to our secondary transaction.
Moving on to other income and expenses in Q1, 2022, we recorded a $4 $6 million gain as we accounted for the remaining change in the fair value of the derivative warrants aligned with a redemption in January 2022.
This change in fair value flows through other income during the period, resulting in a total net loss of $8 $1 million.
Now that the warrants have been redeemed they will have no further impact to other income loss.
Adjusted EBITDA was negative $4 $8 million or a margin of negative 17%.
Up from the adjusted EBITDA margin of negative 36% in Q1 of last year.
The improvement in adjusted EBITDA margin resulted from strong revenue paired with ongoing operational expense efficiencies during the quarter.
From a liquidity perspective, our total cash cash equivalents and investments of $279 million remained flat from Q4.
In summary, our business delivered strong top and bottom line results during our seasonally low and omicron impacted period.
Now turning to guidance.
For the second quarter of 2022, we expect revenue of $41 million to $43 million.
And adjusted EBITDA of breakeven to $2 million.
This guidance reflects expected ongoing growth of 67% to 76% in our top line, while continuing to invest in marketing initiatives ahead of the summer travel season.
For the full year 2022, we are reiterating prior guidance and expect revenue of $160 million to $180 million and adjusted EBITDA of $17 million to $21 million.
We last had the chance to update you on March seven which was nine weeks ago.
In that period of time, we have seen increasing case counts in the northeast and continuing ebbs and flows in other regions.
The low end of our guidance continues to assume material impact from new variants. In 2022. In addition to the full year impact related to armor crop.
The high end of our revenue guidance assumes no material impact from new variance, but does include modest modest ongoing impacts.
The midpoint of our adjusted EBITDA range implies an 11% adjusted EBITDA margin approximately flat with the full year 2021, and is inclusive of a normalizing investment and marketing are scaling investment in product and a full year of public company costs.
Looking ahead, we continue to be very excited about the underlying health of the business the unit economics, and our ability to drive positive increasing adjusted EBITDA.
I'll now turn the call over to the operator for questions.
Thank you ladies and gentlemen, if you have a question once again, if you have a question or comment at this time. Please press Star then one on your telephone keypad.
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Again, if you have a question or comment at this time. Please press Star then one on your telephone keypad.
Our first question or comment comes from the line of Andrew Boone from JMP Securities. Your line is open.
Hi, guys, Matt comment then on here for Andrew and just just two from me here just to pick up the marketing spend in the quarter.
Can you just talk about where you guys are seeing success, and what channels, and maybe which ones youre going to be testing going forward here and then just on another another note just given some of the success that some of your competitors have talked about subscription can you just give your thoughts on subscription and if that makes sense, especially with your skew towards boarding thanks.
Hey, Matt Brent Turner here.
I appreciate the question.
We are.
I think we may have mentioned in the script.
Script, we are currently testing.
Channels like video.
Social.
Video in all formats streaming and linear you too with the intend on trying to drive demand.
We did some of those test in Q4, we said some of the test up in late Q4, we've done some testing in Q1, we're pretty encouraged about the results early going.
This is Aaron on the second piece I would say that we already have a subscription like offering with regards to our dog walking business.
In late 2019, we allowed people to sign up for basically recurring dog walking that would just be auto build on a go forward basis.
That's about 50% of our dog walking revenue. These days. So we've seen a lot of success with that with regards to the broader question around other forms of <unk>.
Packaging and pricing subscriptions as you said, we expect to continue to test.
<unk> models anything with regards to subscription we wanted to make sure that the customer value proposition is right and that there is a good value exchange before rolling it out.
Great. Thanks, guys.
Thank you you bet.
Thank you. Our next question or comment comes from the line of Maria <unk> from Canaccord. Your line is open.
Thanks for taking my questions and congrats on strong numbers.
First can you talk about sort of what kind of seasonality you expect in for the balance of the year compared to pre COVID-19 and maybe related to that can you talk about sort of dog walking recovery more broadly in context of return to work and sort of normalizing behavior and then I have a quick follow up.
Sure Hi, Mary Thanks for taking the time today.
With regards to seasonality our business is largely driven by the seasonality related to leisure travel and so typically Q1 is our slowest quarter and typically has a higher mix of non overnight services that ramps into Q2 with the <unk>.
Spring break and Easter holiday and then you see Q3 ramp again, which has the bulk of summer travel.
And then in Q4, we often see an increase as well with regards to sales, but sometimes the actual transaction volumes a little bit less in Q3, and that's because for Thanksgiving and Christmas travel, sometimes there's a longer stay durations.
The average booking values tend to be higher.
With regards to return to work, we continue to see some softness at least relative to the other service lines with regards to dog walking.
With regards to Q1, it's down modestly as a share of the business up in absolute terms.
But consistent with not having seen a broad return to work in Q1.
With regards to Q2, we see a little bit of acceleration.
Joaquin, but too early to develop a strong opinion on it.
Got it that's very helpful. And then secondly, I appreciate all the color around your international markets can you, maybe just talk about sort of the type of investments that you need to accelerate your growth internationally and that is that embedded in your guidance already and maybe more broadly can you talk about sort of with some of those markets then in terms of product ever.
<unk> and brand awareness. Thank you so much.
Sure.
So it varies a little bit by market I think our position in Canada is more similar to the U S. We have a strong level of awareness in the U K some of the other European countries or more.
<unk>.
With regards to the investments we have attempted to include those in our guidance. Although there are opportunities to accelerate further we may accelerate some spending to drive additional.
Growth.
As we see events unfold over there.
Overall, the investments required in international is around currency and language and marketing.
We took the opportunity.
The pandemic to kind of make investments in those areas to better set itself better setting ourselves up on a go forward basis and it looks like that those have paid off including revisiting some of our language support and looking on how to improve our strength in organic customer acquisition there.
Got it that's very helpful. Thank you very much.
Thank you.
Thank you. Our next question or comment comes from the line of Ralph <unk> from William Blair. Your line is open.
Good afternoon. Thanks for taking the question I just wanted to go back in some of your comments, we talked about ABB I think you're up about 15% year over year was that primarily just.
A mix shift in some of the services and maybe just sort of more broadly.
Can you remind us if you're starting to see any inflationary impacts.
On the supply side either.
Essentially some of the costs going up potentially them looking for opportunities to raise rates in the inflationary environment.
The marketplace, where we respond to that type of environment.
Sure Ralph Thanks, Sir Thanks for joining us today.
We're definitely seeing increasing in pricing that set by the service providers.
We're seeing more significant increases there we did see some last year.
But I would say that it stepped up again in Q1.
So whether that's due to inflation or some other Houston.
I can't pinpoint the exact rationale for that but we're seeing it across the board and most pronounced in overnight services.
Okay, Great and then just maybe on the international front can you maybe just give some perspective.
It's early obviously, but how the brand is resonating.
With the marketing campaigns have you changed the country by country or versus some of the leverage you might be able to get from domestic marketing campaign.
Hey, Ralph Brent Turner here Great question.
We feel good about our progress thus far.
To start with Canada, we're seeing quite a bit of growth in Canada, I think new customer growth in Q1 was up 220%.
Which is a Q1 record.
Such a Q1 record for us and it's following faster than just the opening of the country in our view.
In Europe , we feel good about how our.
Our brand is resonating.
I was just taking a look at we got some.
Aided and unaided awareness.
And from Europe .
And it's interesting that youre a fairly quickly from a.
From both on the aided and unaided awareness standpoint has snapped a similar too.
To where we are in Canada about 11% unaided.
And bouncing between 20 and 40%.
And aided and I think what we make of that is that the work that the Rover blog has done before market entry and then and then the investments we've made in our content practice have really.
Led the presence of the marketplace in terms of letting.
Creating create broad awareness of the Rover brand and also.
Allowing us to communicate what and who we are ahead of the marketplace.
This is Aaron.
Bit of color commentary on that.
The investments in content marketing and the investments in organic customer acquisition.
Really.
Kind of fixed cost technology investments there is a little bit of work to localize language and make sure that they are appropriately appropriate to can be consumed locally, but those are more kind of fixed in nature and then the pushing on the accelerator with regards to advertising has been more of a <unk>.
Country specific dynamic I hope that's helpful.
Thank you very much.
Yes.
Thank you. Our next question or comment comes from the line of Lauren shrink from Morgan Stanley . Your line is open.
Great. Thanks. Thanks, Ernie you said in your prepared remarks, there are some other sources of macroeconomic uncertainty just wondering if you can.
Elaborate a little bit on that and whether or not you think thats had any impact on the business. Thus far and then Tracy just remind us what the July 4th holiday sort of the different moving pieces between <unk> and <unk> in terms of <unk> versus revenue.
Yes.
I'll take the first piece there hi, Laura.
Great that youre on the call with regards to sources of macroeconomic uncertainty I would say let.
Let me start with inflation the inflationary dynamic in the U S.
Is in some part.
Unknown and factored in some parts of known effects, we have generally seen service providers increase their prices, which ads as kind of a natural inflation hedge so the prices in the marketplace tend to drift up with cost of living and inflation.
Whether or not that has several longer term effects on demand suppression.
Particularly in an environment of a slowing economy or fed tightening is something that we don't have perfect visibility to yet.
The broader broader macroeconomic.
Climate is also something in the second half of the year, we have less visibility to as well as geopolitical instability, how that may affect our European growth.
As a reminder, our business is really heavy in the second half of the year, which is our biggest periods and so it's a relatively small portion of the expected revenue for the year that we've seen come through the marketplace. So far.
Hey, Lauren.
And the second question around fourth of July Great question, We know Thats tripped.
Some forecasting in the past.
This year, it's on a Monday and so our best guess is that many of this days will actually start the first or the second so youll see that <unk> come in largely in Q2, but the revenue will likely get pushed to Q3.
Great. Thank you.
Yes.
Thank you our next question or comment.
Coming from Mr. Tom White from D. A Davidson your line is open.
Great. Thanks for taking my questions I guess one on the.
Just kind of shift here to more brand oriented spend or.
Just kind of channels other than kind of pure performance.
Maybe share with us how should we think about kind of the payback on that spend relative to performance and in terms of timing will there be sort of a lag. There do you think you might be able to find.
Some kind of lower lower funnel demand would those new channels that you've been testing and then just a follow up on the guidance.
You beat.
You beat the first quarter outlook by a couple million dollars held the full year.
I appreciate that it's seasonally slow quarter et cetera, but.
A lot of the travel companies talked about omnicom kind of coming in fast and leaving fast.
Travel snapping back pretty quickly just curious whether there is some conservatism maybe kind of baked into the holding full year.
Yes.
Hi, Tom Brad Turner here I really appreciate the question.
Yes.
The payback for the.
More what we would call mid power you called brand oriented spend is definitely longer we're certainly able to find some lower funnel demand when we do that but if you really really think about a travel business and the number of weeks that the typical.
<unk>.
The family is in the market for travel.
Once you do the math.
Not we're not.
Really trying to do that what we're trying to do is create a conversation or create a memory such that we are.
Part of the consideration for <unk>.
Their pet care when they do travel.
With that being said over the years, we've run enough of these campaigns that we sort of understand what the response curve looks like and we feel like we're getting better and better at calling those campaigns early in terms of where theyre going and so.
That.
That enables us to make decisions about whether to continue or whether to increase spend for those kinds of <unk>.
Campaigns earlier, so I would I would think about a longer rich.
The return period, but we have we've spent quite a bit of time and investment.
Platforming from a data standpoint in a way that makes us able to test and make decisions fairly quickly.
And with regards to the guidance.
Say that.
In the first quarter, we saw strength on several fronts, we slightly exceeded the high end of our revenue guidance due to strengths on ABV and take rate.
We've seen.
A little bit to fewer transactions on a per customer basis for the newly acquired customers. This year from an LTV perspective.
The ltvs of customers, we acquired this year seem to be trending to our best ever or close to it. So overall positive at slightly lower year over year on transactions per that could be a mix thing that could be individual getting sick with COVID-19 or service providers gain sick with COVID-19.
That also could be some of the macroeconomic effects.
So we think.
It's appropriate to give the guidance range. We gave I will say that we are cautiously optimistic about what some of the other travel companies are saying that theyre seeing in Q3 and Q4.
So that's the reason to be optimistic, but we tend to see that booking your rover Cedar is wanted the last thing you do before you travel, it's less likely to be booked months in advance in the way that.
Flight to Europe might be for example.
Yes, it makes sense thanks for the color.
Thank you again, ladies and gentlemen, if you have a question or comment at this time. Please press Star then one on your telephone keypad.
Our next question or comment comes from the line of Lamont Williams from Stifel. Your line is open.
Hi, Thank you for taking my question.
So let me just.
First on the extended stay feature could you just give a little bit more color on how that.
Affected or what was the impact on ABB.
And overall.
Bookings and then secondly on the.
The booking window Erinn, let me just add it was it's about a month has that changed at all.
We've seen what's happened with bookings over the summer and with less.
Travel is that kind of normal normalized.
It will increase a little bit.
Hello, Matt.
So I think we've talked about as a combination the impact of <unk>.
Providers, increasing their prices along with the extended day billing feature.
That resulted in ABB has been up 31% year over year, the largest piece of that increase was driven by the price per service.
Okay.
And then Charlie Richard do you have any detail on the extended billing feature in terms of the number of nights or the number of units per booking.
Yes, Mark the way to think about that feature.
It allows the provider either.
At the time of pickup or during the stay itself to extend the stay by up to a half day.
On a fractional basis.
Of course add additional days if the stays good.
Lot longer but on a half day basis on a fractional and that really allows her to that late pick up or that early drop off dynamic that might take place in the state is actually take place.
On average on a fractional basis, it's less than a half.
Two any.
Any state Thats on the platform.
Half a day sorry.
This is erin good to hear your voice.
With regards to the booking window the booking windows on average maybe about three weeks right now the vast majority happened within a month at the intended service delivery.
Sometimes shorter for our daytime services.
That is up versus the traffic Covid, where everything was kind of booked last minute.
But it still gives us visibility into.
The bulk of staff within a month.
Not necessarily super predictive beyond that.
Okay, great. Thank you.
Thank you I'm showing no additional questions in the queue at this time I would like to turn the conference back over to management for any closing remarks.
Well. Thank you very much for attending our Q1 earnings call.
We are excited about the future of the company in the quarter. We've made progress on some key priorities for us and are on track to meet our goals for the year, we believe that everyone deserves the unconditional love of the pack and we look forward to continuing to operate against that mission.
Ladies and gentlemen, thank you for participating in today's conference. This concludes the program you may now disconnect everyone have a wonderful day.
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