{ "docId": "019de517-81a2-754c-8d0b-c9b614f3a4fd", "docSlug": "3c6b363e84fca9cb02da9dadffa21e91", "documentTitle": "Rover | Results Presentation Deck | 19 slides", "authorId": "rover", "authorName": "Rover", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7744917, "pageNumber": 2, "pageCount": 19, "prevPage": 1, "nextPage": 3, "slideType": "disclaimer", "function": "front_matter", "density": "overcrowded", "nDataPoints": 2, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de517-81a2-754c-8d0b-c9b614f3a4fd/2", "deckHref": "/decks/019de517-81a2-754c-8d0b-c9b614f3a4fd", "deckJsonHref": "/decks/019de517-81a2-754c-8d0b-c9b614f3a4fd.json", "deckAnchorHref": "/decks/019de517-81a2-754c-8d0b-c9b614f3a4fd#slide-2", "components": [ { "bbox": { "h": 0.02, "w": 0.06, "x": 0.89, "y": 0.94 }, "kind": "image", "text": null, "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9cf80cc7-351e-49dd-8b8c-2855b75cba8e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.01, "x": 0.963, "y": 0.94 }, "kind": "legend", "text": "2", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e041bd73-7ecc-42fc-ba42-969482fa0d8b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.77, "x": 0.025, "y": 0.879 }, "kind": "paragraph", "text": "All key business metrics, all interim period financial measures, and all non-GAAP financial measures presented in this presentation have not been audited.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "23c08dab-a3b2-498f-957b-5f172563699c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.21, "w": 0.949, "x": 0.025, "y": 0.65 }, "kind": "paragraph", "text": "On our earnings calls, we provide Adjusted EBITDA and Adjusted EBITDA margin guidance and occasionally discuss long-term targets or near-term expectations for non-GAAP measures such as Adjusted EBITDA margin, Contribution margin, and non-GAAP operating expenses (on both a dollar and a percentage of revenue basis). We have not provided the most directly comparable forward-looking GAAP measure to these forward-looking non-GAAP financial measures or a reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable GAAP measure as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation, income tax, change in fair value, gain or loss from equity method investments, and cost of revenue. For example, the non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price that are not currently ascertainable. Accordingly, a reconciliation of these forward-looking non-GAAP metrics to their corresponding GAAP equivalent is not available without unreasonable effort. Because these adjustments are inherently variable and uncertain and depend on various factors that are beyond the Rover's control, Rover is also unable to predict their probable significance. Rover's management also believes that it is not feasible to provide accurate forecasted reconciliations for long-term targets for non-GAAP measures as those targets are not tied to any specific time period.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8671e7e3-575c-414a-8182-a0ccc737c2b8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.949, "x": 0.025, "y": 0.099 }, "kind": "paragraph", "text": "See slides 5 - 9 for Rover's historical generally accepted accounting principles (\"GAAP\") results, including net income (loss), revenue, cost of revenue, operating expenses and cash provided by (used in) operating, investing and financing activities, slides 10-11 for a reconciliation of historical GAAP net income (loss) to Adjusted EBITDA and historical GAAP net income (loss) margin to Adjusted EBITDA margin, and slides 12 - 18 for a reconciliation of the other non-GAAP measures to their most directly comparable GAAP measure.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "916d0f02-9331-4e24-a4a0-2bcf93d0de08", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.14, "w": 0.949, "x": 0.025, "y": 0.48 }, "kind": "paragraph", "text": "Beginning with the three months ended June 30, 2023, Rover redefined Adjusted EBITDA to omit the impact of a $6.9 million impairment loss on intangible assets and goodwill and to reflect the impact of a $1.9 million employee retention credit that was recorded within other income (expense), net on the condensed consolidated statements of operations for the three months ended June 30, 2023 and the nine months ended September 30, 2023. Rover did not have any impairment loss on intangible assets and goodwill or record any employee retention credit during the nine months ended September 30, 2022. Rover believes the adjustments described above are not indicative of its core operating performance and are useful to investors by enabling them to better assess its operating performance in the context of current period results and provide for better comparability with its historically disclosed Adjusted EBITDA amounts.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "91c2ce6a-fdf1-46c5-8794-6a8fb41d1429", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.259, "w": 0.949, "x": 0.025, "y": 0.199 }, "kind": "paragraph", "text": "In addition to results determined in accordance with GAAP, this presentation contains the historical non-GAAP financial measures Adjusted EBITDA, Adjusted EBITDA margin, Non-GAAP Contribution, Non-GAAP Contribution margin, Non-GAAP operations and support expense, Non-GAAP marketing expense, Non-GAAP product development expense, Non-GAAP general and administrative expense, and Free Cash Flow that we publicly disclose from time to time in earnings call and elsewhere. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Rover believes that the use of these non-GAAP financial measures provides useful information to investors and others in understanding and evaluating Rover's operating results and, in the case of Free Cash Flow, Rover's liquidity. Non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of Rover's results as reported under GAAP. For more information on: (1) how Rover defines and uses Adjusted EBITDA, Adjusted EBITDA margin, Non-GAAP Contribution, Non-GAAP Contribution margin, Non-GAAP operations and support expense, Non-GAAP marketing expense, Non-GAAP product development expense, and Non-GAAP general and administrative expense; (2) why Rover considers these important measures; and (3) their limitations, see the section titled \"Non-GAAP Financial Measures\" in Rover's earnings release dated November 6, 2023, and the section titled \"Management's Discussion and Analysis of Financial Condition and Results of Operations-Non-GAAP Financial Measures\" in its Quarterly Report on Form 10-Q to be filed for the quarter ended September 30, 2023.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "eb6e1e60-2564-4f6c-ab3f-bc53dd3bc392", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.037, "w": 0.38, "x": 0.077, "y": 0.04 }, "kind": "title", "text": "Legal disclaimer", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8e46f2de-51c7-4aac-99b2-d53b0c4b619f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }