Pet Humanization and Premiumization Driving Spend

Public Comparables - Operating Metrics Name Agg.Value (SMM) Revenue CAGR EBITDA Margin CY19'-22' CY2022 E SS EBITDA Margin CY2022 E AV / Revenue AVSS EBITDA CY2022 E Fetch $1,350 28% 17% 30% 6.7x CY2022E 22.3x Comparables Airbnb $114,623 8% 10% 31% 18.7x 60.3x Chewy $44,281 29% 3% 11% 4.2x 40.0x Etsy $28,897 38% 30% 33% 13.3x 40.3x Fiverr $9,169 48% 16% 25% 26.5x N.M. Match $45,878 16% 41% 41% 14.2x 34.6x Mean Median $48,570 28% 20% 28% 18.2x 43.8x $44,281 29% 16% 31% 16.4x 40.2x Rover 1. Market Data as of 1/20/2021 2. EV/ SS EBITDA >100.0x shown as not-meaningful. 3. Chewy excluded from AV / Revenue Median and Mean 4. Match CAGR represents CY20' - 22' growth 33

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