Rover Investor Update
Trended Adjusted EBITDA Reconciliation
Three Months Ended
Dec 31,
2021
ROVER GROUP, INC.
Adjusted EBITDA Reconciliation
(unaudited)
Revenue
Adjusted EBITDA reconciliation:
Net income (loss)
Add (deduct):
Depreciation and amortization
Stock-based compensation expense
Interest expense
Interest income
(3)
Change in fair value, net
Other (income) expense, net
Income tax (benefit) expense
(1)
(4)
Merger and acquisition-related costs
Transaction-related expenses (5)
Adjusted EBITDA
Net income (loss) margin (6)
Adjusted EBITDA margin
(7)
(2)
*Rover
$
$
Jun 30,
2021
24,482
(2,806)
3,608
1,147
703
(4)
26
(331)
151
2,494
(12%)
10%
$
$
$
Sep 30,
2021
35,153 $
(84,537) $
3,638
994
1,534
(19)
83,580
116
36
1,280
6,622
(240%)
19%
$
Note: 2022 results have not been audited. See Legal Disclaimer for additional information
38,006
33,885
3,868
7,919
18
(22)
$
$
(39,654)
91
55
220
1,263
7,643 $
89%
20%
Mar 31,
2022
27,824
(8,146)
3,428
4,310
18
(139)
(4,579)
256
11
80
(4,761)
(29%)
(17%)
$
$
$
Jun 30,
2022
43,371
(3,632)
2,897
4,834
24
(658)
532
(227)
410
(1) Depreciation and amortization include amortization expense related to capitalized internal use software, which is recognized as cost of revenue (exclusive of depreciation and
amortization shown separately) in the consolidated statement of operations.
(2) Stock-based compensation expense includes equity granted to employees as well as for professional services to non-employees.
(3) Change in fair value, net includes the mark-to-market adjustments related to the Earnout Shares and Warrant liabilities.
(4) Merger and acquisition-related costs include accounting, legal, consulting and travel related expenses incurred in connection with the merger and business combinations.
(5) Transaction-related expenses include costs related to our secondary offering in the fourth quarter of 2021.
(6) Net income (loss) margin is net loss divided by revenue.
(7) Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.
4,180
(8%)
10%
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