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As a listed company, Rover’s business continued to rebound in the first earnings report

Posted on August 10, 2021 by William
Rover’s total booking value (GBV) reflects the total value of services booked on its platform in a given time period. The measure reached an all-time high of US$134 million in the second quarter, an increase of 18% from the second quarter of 2019 before the pandemic. (Rover Graphics)

issued As the first earnings report of a listed company, Rover reported that the total bookings in the second quarter were US$134 million, the highest quarterly total in its history, reflecting the increase in usage of its online pet care market as travel in certain parts of the world began to recover.

This translated into quarterly revenue of US$24.5 million, an increase of 3% from the US$23.8 million in revenue in the second quarter of 2019.

Rover said that data from two years ago provides a better benchmark than data from a year ago. During the pandemic in the second quarter of 2020, its second-quarter revenue plummeted to $5.4 million. The closure of global travel and the rise of remote work have greatly reduced the need for pet sitters and dog walkers.

Rover’s quarterly net loss narrowed to US$2.8 million from US$12 million two years ago.

“We are encouraged by the strong new customer volume and the continued travel recovery throughout the quarter and July. At the same time, we are closely tracking the impact of COVID-19 and Delta variants, as we have recently seen a slight increase in the number of cancellations,” the The company’s chief financial officer Tracey Knox said, In Rover’s earnings report.

Rover raised its full-year revenue forecast from 100 million to 105 million U.S. dollars to 102 million to 110 million U.S. dollars. The company said that compared with its previous guidance of EBITDA losses of 2 million to 7 million U.S. dollars, it has adjusted EBITDA to “break-even to the low-single-digit multi-million range Inside”.

The quarter’s performance record is as of June 30, after Rover last week became a public company through a merger with a special purpose acquisition company. Therefore, the cash balance of US$103 million in its earnings report does not reflect the additional US$240 million it raised on the stock market debut.

Rover CEO Aaron Easterly stated in the earnings report that the company “driven the growth of our core service offerings and reported a record number of new customers driven mainly by organic channels.” He said that with the cash injection, Rover feels “it can seize future opportunities well.”

Related: Rover’s new listing, repaid a $8 million PPP loan, helped pet custody companies survive the pandemic

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