On November 6, 2023, Rover Group Inc (ROVR, Financial), the world's largest online marketplace for pet care, released its financial results for the third quarter ending September 30, 2023. The company reported a significant increase in revenue and a positive shift in net income compared to the same period last year.
Financial Highlights
Rover Group Inc (ROVR, Financial) reported a 30% increase in revenue to $66.2 million in Q3 2023, up from $50.9 million in Q3 2022. The company's GAAP net income was $10.5 million, a significant improvement from the net loss of $15.5 million reported in the same period last year. Adjusted EBITDA also saw a positive shift, reaching $17.5 million compared to $10.2 million in Q3 2022.
Other key highlights include a 25% growth in Gross Booking Value (GBV) to $266.4 million, and a 20% increase in total bookings to 1.8 million. The company also reported an 8% increase in new bookings and a 23% increase in repeat bookings.
Company Outlook and Share Repurchase Program
Based on the strong performance in Q3, Rover Group Inc (ROVR, Financial) has increased its revenue and Adjusted EBITDA guidance for the full year 2023. The company also announced that its board of directors has approved an extension of its share repurchase program with an additional $100 million, bringing the total authorized amount to $150 million.
For Q4 2023, the company anticipates revenue in the range of $64 - $66 million, a YoY increase of 25% at the midpoint of the projected range. Adjusted EBITDA is expected to be in the range of $17 - $19 million, a 28% margin at the midpoint of the projected range.
For the full year 2023, Rover Group Inc (ROVR, Financial) anticipates revenue in the range of $230 - $232 million, a YoY increase of 33% at the midpoint of the projected range. Adjusted EBITDA is expected to be in the range of $46 - $48 million, a 20% margin at the midpoint of the projected range.
The company's strong performance in Q3 2023 and its positive outlook for the rest of the year demonstrate the effectiveness of its business model and its strong market position.
Explore the complete 8-K earnings release (here) from Rover Group Inc for further details.
