Rover's second quarter revenue increased to $58.5 million
Rover Group, Inc., the world’s largest online marketplace for pet care, recently announced financial results for the second quarter ended June 30, 2023.
According to a news release, second quarter 2023 highlights include:
- Revenue increased 35% to $58.5 million, compared to $43.4 million in Q2 2022.
- GBV grew 25% to $266.1 million, compared to $212.8 million in Q2 2022.
- Total Bookings increased 20% to 1.7 million, compared to 1.4 million in Q2 2022. New bookings increased 7% to 279,000, compared to 260,000 in Q2 2022. Repeat bookings increased 23% to 1.5 million, compared to 1.2 million in Q2 2022.
- GAAP net loss and net loss margin were $0.3 million and 0%, including a $6.9 million non-cash impairment charge and a $1.9 million employee retention credit during the quarter, compared to a GAAP net loss and net loss margin of $3.6 million and 8% in Q2 2022.
- Adjusted EBITDA and Adjusted EBITDA margin were $10.5 million and 18%, compared to $4.2 million and 10% in Q2 2022.
“Rover delivered a strong quarter, reporting 35% revenue growth and bottom-line margin expansion,” said Rover co-founder and CEO, Aaron Easterly, in the news release.
“Our product improvements and expanded marketing efforts drove strong overall performance, while our European markets are showing inspiring progress," he said. "Our significant bottom line margin improvement stands out this quarter, demonstrating the operating leverage inherent in our business. We are incredibly proud of how our team is executing and remain confident in achieving our long-term targets.”
Outlook
"As a result of our strong second quarter results and a more encouraging outlook for the remainder of the year, we are again increasing both our revenue and Adjusted EBITDA guidance for 2023,” said Charlie Wickers, Rover CFO. “While we are retaining potential macroeconomic and health impacts in our forecast, we now expect the peak timing of a recession impact to occur in the mid first half of 2024 versus the previously modeled mid second half of 2023.”
Read more in the company's news release and visit the investor relations page.
About Rover
Founded in 2011 and based in Seattle, Rover (NASDAQ: ROVR) is the world’s largest online marketplace for pet care. Rover connects pet parents with pet care providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits. To learn more about Rover, please visit https://www.rover.com.
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