TallTrader
2 years ago
Rover inks deal with Petco similar to Walmart deal...
Petco and Rover are expanding their partnership with a new initiative that will surface Rover’s pet-sitting services on Petco.com.
Petco was an early investor in Rover, a Seattle company that went public in August through a SPAC merger.
The deal between Petco and Rover is similar to the partnership Rover inked with Walmart, which also promotes the company’s services on its website.
Rover’s marketplace connects pet owners with service providers who can board, walk, or otherwise care for their pets, often when they’re at the office or on a trip.
It’s been a rough start to 2022 for Rover, with shares down nearly 50% amid a broader market dip for tech stocks. Shares of Rover were down more than 10% on Wednesday.
https://www.geekwire.com/2022/rover-inks-deal-with-petco-as-shares-of-pet-sitting-company-continue-falling/
TallTrader
3 years ago
Rover, World’s Largest Network of Pet Sitters and Dog Walkers, Goes Public
Rover begins trading on Nasdaq under the ticker “ROVR” after completing its business combination with Nebula Caravel Acquisition Corp.
Rover is the leading online marketplace for pet care, with more than 500,000 pet care providers across North America and Europe
Rover received approximately $270 million in gross proceeds, net of redemptions
SEATTLE, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Rover Group, Inc. (Nasdaq: ROVR) (“Rover”), the world’s largest online marketplace for pet care, today begins trading on The Nasdaq Global Select Market. Rover’s common stock and warrants will trade under the ticker symbols “ROVR” and “ROVRW”, respectively. This follows the completion of Rover’s previously announced business combination with Nebula Caravel Acquisition Corp. (Nasdaq: NEBC) (“Caravel”), a special purpose acquisition company sponsored by True Wind Capital.
https://finance.yahoo.com/news/rover-world-largest-network-pet-120000067.html
TallTrader
3 years ago
Rover Reports Second Quarter 2021 Financial Results
Rover Q2 Earnings Release
Q2 Bookings and GBV
Q2 Bookings and GBV
Q2 Bookings and GBV
Q2 GBV of $134 million, Rover’s highest GBV quarter ever
Q2 new bookings of ~228,000 at ~$9 average customer acquisition cost
Q2 net loss significantly narrows
Achieves Adjusted EBITDA profitability for the first time
Company raises full year 2021 guidance
SEATTLE, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Rover Group, Inc. (“Rover” or the “Company”) (NASDAQ: ROVR), the world’s largest online marketplace for pet care, today announced financial results for the second quarter ended June 30, 2021 reported by A Place for Rover, Inc. prior to its merger with Nebula Caravel Acquisition Corp. on July 30, 2021.
https://finance.yahoo.com/news/rover-reports-second-quarter-2021-200500019.html
TallTrader
3 years ago
Rover Reports Strong First Quarter Data Showing Signs of Rapid Acceleration and Post-Pandemic Recovery
• Growth Drivers Include Return to Travel and New Booking Surge for Daycare Services from “Pandemic Puppies”
• March 2021 GBV (Gross Booking Volume) was up 67% vs 2020 and continued to approach 2019 levels
SEATTLE, WA – April 23, 2021 – Rover.com, the world’s largest online marketplace for pet care, released key data signaling significant demand for pet services in the first quarter of 2021. The findings highlight the company’s growth trajectory, which has been impacted by the return to travel and the phenomenon of “pandemic puppies.”
“Delivering trusted care for both new pet parents and those returning to travel is an essential part of furthering Rover’s mission,” said Rover CEO, Aaron Easterly. “We are encouraged to see that pet parents are turning to Rover to find loving care for their furry family members.”
New pet care bookings on Rover have returned to pre-pandemic levels. During the last week of March 2021, Rover had its highest volume week of new bookings since Christmas 2019, and significantly more new bookings than any week in 2020.
Pet parents are planning for travel:
Rover saw both an increase in the duration of bookings on the platform and the time between booking and the service being delivered. This is typically tied to overnight services such as pet boarding and house sitting.
• Stay length for overnight services is returning to seasonal norms: the average stay length in Q1 2019 and 2021 was ~4 nights.
• Requests for services are being made further in advance: the median lead time for pet care requests in March 2021 was up ~15% over March 2019.
Pandemic puppies fuel growth in pet care services:
Pet ownership and spending per pet has been steadily rising in the US over the past several years, but in 2020, the rate of US pet adoptions nearly quadrupled to 35% compared to 9% in 2019. The “pandemic puppy” boom is a real phenomenon and is one of the many growth drivers for Rover.
• Of all the new pet profiles added to the Rover platform in Q1 of 2021, the percentage of puppies is up 38% over Q1 2019. Existing Rover users added ~30% more puppies to their profiles in Q1 of 2021 than they did in Q1 of 2019.
• In March 2021, new customer bookings for puppies were up 24% relative to the same period in 2019.
• New customer daycare bookings for puppies in Q1 2021 was up 64% over the same period in 2019, a historic high.
Growth in pet care bookings was strong across the United States:
While the exact rate of recovery continues to vary somewhat by locale, Rover is seeing strong growth across all of the most populated states:
• For all bookings, California, Florida, New York and Texas are up 45%, 42%, 44% and 69% respectively month-over-month from February to March. Historically, the seasonal trend is about a 20% increase during the same timeframe.
https://www.sec.gov/Archives/edgar/data/1826018/000119312521128063/d170593d425.htm
TallTrader
3 years ago
Conference call transcript with Rover management.
DA Davidson came out of this call and put a $17 price target on NEBC.
CORPORATE PARTICIPANTS
Brinlea Johnson, Managing Director, Blueshirt Group
Adam Clammer, Founding Partner, True Wind Capital
Aaron Easterly, Co-Founder and Chief Executive Officer, Rover
Tracy Knox, Chief Financial Officer, Rover
Brandon Van Buren, Partner, True Wind Capital
Brent Turner, Chief Operating Officer, Rover
CONFERENCE CALL PARTICIPANTS
Maria Ripps, Canaccord Genuity, Inc.
Tom White, D.A. Davidson
Ron Josey, JMP Securities
Brian Fitzgerald, Wells Fargo
Tom Champion, Piper Sandler
Nick Bacchus, Raymond James
Seth Basham, Wedbush Securities
Edward Yruma, KeyBanc Capital Markets
Lauren Schenk, Morgan Stanley
Steph Wisnick
Ashim Mehra, Baron Capital
Kamal Mattikar, Deutsche Bank
https://www.sec.gov/Archives/edgar/data/1826018/000119312521088632/d111136d425.htm
TallTrader
3 years ago
Rover, the World's Largest Network of Five-Star Pet Sitters and Dog Walkers, Announces Plans to Become a Public Company via a Merger with True Wind Capital's SPAC, Nebula Caravel Acquisition Corp.
- Over 2 million pet parents have booked a service on Rover with more than 500,000 pet care providers across North America and Europe
- Transaction values the combined company at an enterprise value of $1.350 billion and is expected to provide approximately $325 million in gross cash proceeds to the Company that will enable continued investment in growth, market expansion, and product development
- As part of the transaction, additional investors have committed to participate in the transaction through a $50 million private placement of common stock
- Investor call scheduled for February 11, 2021 at 3:00 p.m. ET
https://www.prnewswire.com/news-releases/rover-the-worlds-largest-network-of-five-star-pet-sitters-and-dog-walkers-announces-plans-to-become-a-public-company-via-a-merger-with-true-wind-capitals-spac-nebula-caravel-acquisition-corp-301226679.html
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