Ladies and gentlemen, thank you for standing by, and welcome to the Wag! third quarter 2022 earnings call. At this time, all participants are in a listen only mode. After the speaker's presentation, there'll be a Q&A session. To ask a question during the session, you need to press star one on your telephone. I would now like to turn the call over to your host, Dawn Frankfort. You may begin. Good afternoon, everyone, and thank you for joining Wag!'s conference call to discuss our third quarter 2022 financial results. On the call today are Garrett Smallwood, Chief Executive Officer and Chairman, Adam Storm, President and Chief Product Officer, and Alec Davidian, Chief Financial Officer. Before we get started, please note that today's comments include forward-looking statements. These forward-looking statements are subject to risks and uncertainties and involve factors that could cause actual results to differ materially from those expressed or implied by such statements. A discussion of these risks and uncertainties are included in our SEC filings. Also, during the call, we may present both GAAP and non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measures are available in our earnings release, which we issued today. The earnings release is available on the investor relations page of our website and is included as an exhibit in the form Form 8-K furnished to the SEC. Lastly, you can find our earnings presentation posted on our IR website and with the SEC. With that, let me turn the call over to Garrett. Thanks, Dawn. Good afternoon, everyone, and thank you for joining us to discuss our third quarter 2022 performance. We had another record quarter with revenue up approximately 161% to $15.4 million from the prior year, and Adjusted EBITDA loss improving to $461,000 from the last quarter, which was only possible with the hard work of our team at Wag!. Our performance this quarter is a testament to our value proposition in the non-discretionary pet care industry and our ability to build upon our growth in the years ahead. Today, we'll be discussing our financial results for the third quarter, as well as reiterating our compelling growth strategy that positions us to deliver predictable and sustainable financial performance for the remainder of 2022 and beyond. After another exceptional quarter, we are raising our 2022 guidance for both revenue and Adjusted EBITDA. I want to reiterate our mission here at Wag!, where we believe that being busy shouldn't stop you from owning or taking care of your furry family members. Our mission is simple. We solve the guilt and stress of owning a pet. We exist to make pet ownership possible and to bring joy to pets and those who love them. We're building a strong, non-discretionary, consumer-branded, premium pet care platform that is transforming the pet industry by simplifying caring for the pets you love. The $44 billion pet wellness and service industries are fragmented and largely offline, and we are consolidating these industries online and through our mobile app as we rapidly evolve into the number one pet wellbeing platform in the U.S. Our business is diversified and has proven to be a return to normal post-pandemic need. A fundamental and imperative part of our business model is trust, as 75% of pet parents are not home while a service is being delivered, and we will continue to build on this trust to drive high-frequency utilization of our non-discretionary services. I will now cover a high-level overview of our third quarter performance before turning it over to Adam Storm, President and Chief Product Officer, who will give an update on our strategy and key 2022 initiatives. Alec Davidian, Chief Financial Officer, will discuss our third quarter results in more detail, our capital allocation, and our guidance for 2022, which again, we raised today. Our momentum continued this quarter with record revenue increasing over 160% to $15.4 million, compared to $5.9 million in the third quarter of 2021. We achieved an impressive Adjusted EBITDA loss of $461,000 from $2.6 million loss in the same period last year. We're keenly aware this is not the time or place for growth at all costs and are instead striking a balance of growth, margin, and profit. Additionally, take rate improved to 61% compared to 43% in the third quarter of 2021, which was driven by the continued diversification of the platform, including Instant Pay, walker revenue, and wellness that apply upward pressure to take rate. These were notable accomplishments and underscore the resiliency and diversification of our business model. During the quarter, we saw platform participants grow to 473,000, an increase of 22% from last quarter. Wag! Premium penetration for the quarter was 53% versus 50% last quarter, achieving the long-term target penetration rate we set out at the launch of the program two and a half years ahead of schedule. Wag! Premium penetration is key to the platform resiliency, as pet parents who subscribe to Wag! Premium are paying an additional $9.99 per month and use Wag! services 7-8 times per month versus 4-5 times a month for non-subscribers. On this note, we are actively testing Wag! Premium pricing, benefits, and possible other value adds to maintain the long-term target and provide value to the pet parents who rely on Wag! each and every week. Continued Wag! Premium penetration demonstrates the compounding nature of our business and propels the predictability and sustainability of our revenue. The deep-rooted trust we have created in our business model leads to high frequency utilization. Our LTV to CAC for the third quarter increased to 8-to-1, demonstrating our sustained return to normal trend coming out of COVID and a testament to our strong view that Wag! is a non-discretionary post-pandemic need. This quarter, we saw over 70% organic user acquisition rate and significant growth and awareness for our platform via strategic partnerships and performance marketing initiatives. During this quarter, we also recognized significant interest in the pet caregiver gig. As a result, the average price that pet caregivers are paying to join the platform rose from around $29.95 in Q2 to around $41.50 in Q3. We continue to believe we have the best gig in America, which is why there are more than 400,000 pre-approved pet caregivers who are delivering value to the community each and every day. At the current economics, we continue to have negative supply-side CAC. We will continue to manage supply and demand on a market-by-market basis. As the world returns to normal, we expect the pet caregiver pricing to adjust to reflect not only the delightful nature of the gig, but also the availability of gigs and local network effects. Before turning the call over to Adam to discuss our growth initiatives, I will summarize Wag!'s differentiated position in the pet care industry. One, we are a trusted on-demand digital marketplace, and our goal is to be the leading platform for premium pet care, leveraging our strong consumer brand and efficient business model to drive long-term growth and shareholder value. Two, Wag! is a multifaceted platform that's consolidating the fastest-growing secular growth areas within the pet industry. This includes our mobile-first subscription-based pet platform, the largest pet insurance marketplace in the U.S., and what we believe is the best gig in America. Three, with more than 75% of pet parents away while services being delivered, we found that the ability to access on-demand and recurring dog walks, pet sitting, training services, and much more across 5,300 cities in all 50 states is a way in the door with premium pet parents across the U.S. We are becoming the button on the phone for the paw, a place where pet parents trust with their pet's health and wellbeing. We are extremely excited about the growth in our business, including the wellness category, which is a major catalyst as pet parents are finding the ability to chat with licensed pet experts 24/7, pet wellness plans, and the ability to shop pet insurance, an obvious value add in a world full of options. With that update, Adam will provide more color on our strategy. Thanks, Garrett. I will now walk through the five top-level elements of our 2022 strategy to drive long-term shareholder value. One, accelerate growth in existing markets. Two, expand premium subscription offerings. Three, platform expansion. Four, opportunistic M&A. And five, operating scale. As we've mentioned, we see significant opportunity to accelerate growth in existing markets as people resume to more normal activities post-pandemic and utilize our expanded offerings, including the increasing return to office trend, which is a primary Wag use case. Over the quarter, we saw 47% of people back in office per Kastle data, which is the biggest jump we've seen to date. We anticipate this return to office tailwind to continue through 2022 and 2023, allowing us to sustainably grow within existing markets and capture additional shared wallet through the compounding effects of our premium subscription and additional product lines. In addition to the increased return to office trend, we are also in the early days of influx of new pet parents, with one in five people adopting a pet during the pandemic. As these new pet parents return to office and normal activities, we believe Wag!'s nondiscretionary services will be an integral part of how these new pet parents care for their furry family members. Finally, we see the secular trend of the humanization of pets, with people developing close bonds with their pets during the pandemic increasing, which in turn leads to pet parents being more inclined to spend money on their furry family members. Our second growth driver is to expand premium subscription offerings now that we have achieved our long-term target of 50% Wag! Premium penetration. We are now considering premium pricing tiers, subscription tiers, and product bundling to capture more wallet share, grow revenue, and drive additional value to the pet parent. As a reminder, Wag! Premium subscribers receive a 10% discount on all services, VIP customer support, and unlimited 24/7 expert pet advice, which drives customer satisfaction and retention and willingness to upsell to our expanding set of products and services. As we emphasized last quarter, we're focused on maintaining Wag! Premium penetration in the coming quarters, as well as launching new and exciting product lines to drive long-term engagement. Over the quarter, we continued testing in the Wag! Premium Benefits Center and found that the number one thing pet parents are looking for help with is choosing food for their specific pet's needs, age, and activity levels. We plan to hone in on this need and continue to develop our holistic approach to the Wag! Premium ecosystem. Third, we are focused on platform expansion and diversifying the products and services within the platform, including the recent launch of a full suite of drop-in products, including 20-, 30-, and 60-minute options across all markets in the U.S., and multi-day bookings, which enables pet parents to book multiple services for the same day, such as drop-in visits when a pet parent is away from home for an extended period of time. This simplicity of choice drives both retention and frequency and feeds into Wag! Premium. The upward pressure we have seen in take rate is driven by these high margin products and services, and we continue to focus on the growing surface area of the platform to deliver long-term margin expansion and predictable revenue streams. We're thrilled about the opportunity to dig deeper into the wellness category with the expansion into veterinary clinics, including software to simplify prescription medicine and food through our acquisition of Furmacy, as well as our partnership with Babylist, the leading vertical marketplace for new parents. We remain thrilled with our partnerships with Tractor Supply and Petsense, we announced last quarter and continue to grow our relationships in the fourth quarter. Fourth, prioritizing growth in our business through opportunistic M&A. Last quarter, we announced Wag!'s entry into an agreement to acquire Furmacy, Inc., which was completed in October after receiving regulatory approval. We are extremely excited about the opportunity this provides to expand our reach in the pet wellness category and feel that this is the first step in demonstrating our commitment to diversification, which is a compelling part of our long-term growth objectives. As a reminder, Furmacy's mission is to deliver pet health directly to your front door. Furmacy does this by empowering veterinary clinics with easy-to-use pharmacy software, giving them the ability to prescribe pet medication instantly and have it delivered to the pet parent's door the same day and usually in less than a few hours from a local warehouse. With the closing of this transaction and an eye towards the future, we're well-positioned to sustain strong performance and effectively compete in the marketplace. The final element of our strategy is operating scale. This quarter we saw improvement in margins across the board, proving the scalability of our online platform that connects pet parents with the highest quality Pet Caregivers. Our customer acquisition unit economics, seen in our 8-to-1 LTV CAC ratio, continued to be well ahead of our targets for the period. Adjusted EBITDA margin improved from 7%- 3% loss from Q2 to Q3 2022, demonstrating our improving efficiency as we scale. We continue to be intensely focused on businesses and opportunities that have low fixed costs, low OpEx, and a rapid ability to scale. We continue to be bullish on software-enabled marketplaces that have structurally high EBITDA margins. The healthy fundamentals underpinning our growth and platform expansion positions us well for Q4 and beyond. We will continue to be disciplined operators and remain hyper-focused on managing growth, margin, and profit. With that, let me turn the call over to Alex. Thank you, Adam, and thank you everyone for joining our third quarter call. Our focus on being the number one premium pet services platform to pet parents has allowed us to achieve a record quarter once again, with continued platform diversification and growth in both service and wellness revenue. I'll start by diving into our third quarter results, followed by updates on our 2022 guidance. In the third quarter, we achieved the highest quarterly revenue in our company's history at $15.4 million, totaling $37.8 million revenue year to date. In three quarters, we have nearly achieved our initial 2022 full year revenue estimate of $41.8 million, as stated in our initial investor deck in April 2022. This increase translates to approximately 3x revenue growth for both quarter-over-prior-year quarter, as well as Q3 2022 year to date versus Q3 2021 year to date. The growth in revenue was primarily driven by success in our diversification of revenue streams, including items such as wellness, Wag! Premium, Instant Pay, pet caregiver services, as well as increased pet parent engagement and return to office trends. Pet parents continue to demand access to various pet services via our platform and have a strong interest in wellness services, showing particular interest in doing the best by their furry family friends. This is evident with wellness contributing to 62% of revenue in Q3 2022. As Garrett indicated, we have become so much more to our pet parents than just their go-to walking, sitting, boarding, and training platform. The trust we built through our traditional on-demand services coupled with the digital age of our platform, have become evident via our growth in multiple service categories. Platform take rate was 61%, up from 43% from the same period last year. This is primarily driven by a 85% growth in gross bookings from Q3 last year, arising from continued diversification of the platform, applying upward pressure to the platform take rate. Turning to expenses during the third quarter. This quarter includes a number of one-time transaction costs in aggregate of $39.5 million, which I will exclude for the purposes of like for like comparison to the prior year. Cost of revenue, excluding depreciation and amortization, were $1 million or 7% of revenue, compared to 15% of revenue in Q3 2021. The improvement in Q3 2022 is driven by the scalability of our business, combined with an increase in service offerings with higher margins. Platform operations and support expenses were $5.6 million or $2.8 million excluding transaction costs. This equates to 18% of revenue compared to 43% in Q3 2021. The improvement in Q3 2022 is driven by the operational excellence and scalability of our technology infrastructure and realization of investments made in both technology and support processes. Sales and marketing expenses were $11.3 million or $9.2 million excluding transaction costs. This equates to 59% of revenue compared to 54% in Q3 2021. This is primarily attributed to a $4.7 million increase in partnership activity as we invest in launching with new partners, together with a $1.3 million increase in personnel-related compensation and marketing team consultants and marketing agency partners. G&A expenses were $23.8 million, or $3 million excluding transaction costs. This equates to 19% of revenue compared to 34% in Q3 2021. While G&A costs have increased in dollar terms as a result of investment in public market infrastructure and investing in talent, a decrease as a percentage of revenue year-over-year demonstrates our ability to scale revenue versus G&A costs. Our approach has been and continues to be grounded in prudently managing our G&A expenses while continuing to strategically invest in the business. Adjusted EBITDA, which is an important profitability measure that we use internally to manage the business, improved $2.1 million to an adjusted EBITDA loss of $461,000. This compares to an adjusted EBITDA loss of $2.6 million in Q3 2021. Turning to our balance sheet, we ended the third quarter with over $28 million in cash and cash equivalents. Our balance sheet remains strong in the context of our operating burn and puts us in a strong position to comfortably fund our growth objectives, while also maintaining flexibility to pursue strategic M&A when we believe the opportunity aligns with our goals. As you saw in our Q2 earnings release, we have entered into an agreement to acquire Furmacy subject to regulatory approvals. We obtained all necessary approvals and closed this acquisition in October. We are incredibly excited with this acquisition and have already welcomed Furmacy team members to Wag! and have built a strong alignment of values since the beginning. Furmacy's proven track record in providing high-quality prescription services to pet parents, coupled with their deep industry expertise, makes them the right partner for Wag!'s next chapter of diversification and broadening reach into the pet food and medicine market segment. Now I will comment on our updated guidance for fiscal 2022. As you heard from Garrett, we are very pleased with the strong performance we saw during the third quarter and our ability to provide solutions to pet parents. As a result, we are raising the guidance we previously provided in our Q2 earnings release. Our revised guidance assumes a continued trend in return to office as measured by the Kastle back-to-work measure and continued platform diversification. For full year 2022, we now expect total revenue in the range of $51 million-$52 million, an increase of 155%-160% year-over-year, and a 7% improvement versus our prior forecast at the midpoint of the range. Adjusted EBITDA loss in the range of $5 million-$6 million, a 39% improvement versus our prior forecast at the midpoint of the range. We are very pleased with our record performance this quarter and remain confident in our diversified and efficient business to produce sustainable growth for the remainder of 2022 and into 2023. With that, we will now take Q&A. Ladies and gentlemen, if you have a question or a comment at this time, please press star one one on your touchtone telephone. We'll pause for a moment while we compile our Q&A roster. Our first question comes from Jeremy Hamblin with Craig-Hallum. Your line is open. Thanks so much, congratulations on the strong results. I wanted to just start by seeing if we could get a little more detail on the wellness platform, which really seemed to have some explosive growth. I think by my math, 62% of revenue is about $9.5 million. I wanted to see if you could provide some color as to, you know, whether or not you're getting more of that growth that's coming from your insurance marketplace, versus, you know, pet expert care. Absolutely. Jeremy, good to connect. Thanks for the time. I think generally we're seeing a lot of excitement around our suite of wellness products. As a reminder, wellness, we classify as a few different things. It's standalone Wag! wellness plans. It is our 24/7 expert pet advice, which for Wag! Premium members is bundled in as a kind of free benefit. And then it is Pet Insurance Compare, which are the largest pet insurance marketplaces in the U.S., from our understanding. I would just generally say last quarter, we certainly saw more and more pet parents looking for pet insurance help, and that was certainly a catalyst for growth. Got it. In terms of looking at, you know, what you're doing with your Pet Caregivers and kind of the access, platform access fee, which ticked up quite a bit. Are you thinking about keeping that as a one-time fee? What types of consideration to potentially making that a monthly or quarterly fee, you know, $2 a month, let's say, to stay on the platform to really ensure that you're in sync with your PCGs, that wanna stay active versus those that, you know, might lapse after, let's say, you know, six or 12 months? Yeah, absolutely. Taking a step back, we are certainly seeing across the U.S. a different, what we'll call Jeremy, a return to normal. You know, New York City certainly seems to have opened up pretty quickly and aggressively, maybe compared to San Francisco. That difference has led us to see a different level of engagement by market for Pet Caregivers. Believe it or not, you know, we still believe it's the best gig in America. I don't know a lot of people who don't wanna go out at two o'clock on a Tuesday and walk a Goldendoodle. We've seen a strong interest in becoming a member of the community and building a business on Wag! as a Pet Caregiver. As a result, we're then able to test dynamic pricing to participate in the platform as a function of supply and demand equilibrium. Meaning if we're seeing a significant amount of demand and not enough supply, we'll rebalance the other way. If we're seeing a lot of supply and not as much demand, we'll rebalance the other way. To your point about possibly introducing ongoing, you know, a subscription-like product or a recurring revenue fee for caregivers I would just take a step back and say we have a suite of products that caregivers use today. One would be something like Instant Pay, which allows them to have instant withdrawal of their funds, as a really fast-growing, you know, part of our business that we're excited about. There are other mechanisms that we capture kinda dollars from caregivers, but I wouldn't say it's out of the question to think that at some point there could be, you know, additional ways that we provide value to people who are building their business on Wag!. Great. Last one real quick from me. So the Q4 guidance, it looks like it implies like $13.2 million-$14.2 million. You know, a little bit of a step down sequentially from what you had in Q3. You know, now last year in Q4, you had you know a pretty nice step up, I think even when backing out the timing of the acquisitions. You know, just want to get a sense, is there a seasonality in play here to you know to consider in that or other factors in the you know in which you're guiding to those levels? No, I think that's right. I would just say we're definitely being thoughtful, and probably a little conservative on how we think about seasonality. I mean, there's three things that are probably gonna happen this quarter, you know, just when you think about consumer behavior. One is more people will move from daytime services to overnight services as they travel. As a reminder, we really want the whole family to be traveling. Someone staying home with a pet, they don't normally revert to a sitting and boarding-like product. We're certainly interested in how travel will perform this quarter. Finally, as people think about their pet's needs in this environment, certainly it is not totally clear to us if they'll be forced to prioritize family over pet in some circumstances. Where I'm going with that is specifically pet insurance, pet health, pet wellness plans, and the subscription product are really, we believe, you know, important core decisions for your pet. When it comes to maybe the holidays and you're thinking about Christmas presents or Hanukkah presents, whatever it might be, and you have to make a decision, we think people will generally opt to support their family. We're excited about today's print. We're excited about, you know, kind of where we think the next couple of months are gonna go, but there's definitely some conservatism baked in. Got it. Thanks so much for the color, guys. Congrats. One moment for our next question. Our next question comes from Matt Koranda with Roth. Your line is open. Hey, guys. Good afternoon. Thanks for the questions here. Just wanted to spin back to the services revenue for just a moment if we could. I mean, north of 300% growth year-over-year, if I'm calculating it right here. Wanted to see, is there any way you can unpack that just between sort of the insurance marketplace revenue stream versus kind of the wellness plans and all other items within the services line? Then just how sustainable is it to assume that you can like 2x or 3x that segment year-over-year over the next few quarters? It just seems like a really breakneck growth pace, which is great. Just wanted to kinda get a sense for like, how do we level set and normalize, or think about kind of normalized growth into heading into 2023? Yeah. Appreciate the time as always. Thank you for being here. We aren't separating out wellness, and again, the reason is a bunch of things. You know, there's seasonality in that business. There are new product lines we're experimenting with in that business. I think we mentioned on the call, we're gonna begin experimenting pretty aggressively with Premium bundling, Premium pricing, Premium benefits, Benefits Center. That is a very dynamic part of the business that we're excited about, and there are many kind of important pieces to it. To your point about kind of ongoing and future growth rates, look, I think we generally said that our long-term growth target was, you know, 40%+. We're certainly far ahead of that in 2022, and we continue to be very bullish on the category in general. I think the two reasons for that are, we believe fundamentally that we're targeting a premium pet parent. You know, these people are, you know, not really concerned about booking, you know, two, three, four, seven services a month and also bundling that with a premium and with the pet insurance purchase and with the wellness plan and whatever else. Finally, it's really non-discretionary. When you're forced to go back to the office or you're traveling, you don't really have a choice. Like, if your family's out of town or your family's not there or your kids are in school, you really need a Wag!. We continue to be very bullish on just the long-term prospects we originally laid out in our investor deck I think about a year ago. Got it. And then just any preliminary thoughts on sort of how you begin to tier the premium service? I thought it was an interesting comment that we could start to see that. Is that essentially are you tiering it to help with some of the onboarding for more active pet parents into the premium service? What's the purpose behind that? And then just any thoughts on sort of how you might kind of split out different services and wellness plans into different premium offerings? Yeah. I mean, it's a great question. Look, just again, think about the platform. We're building the platform for the premium pet parent. We've told everyone it's the button on the phone for the paw. It amazes us that there's no button on the phone for the paw today in today's kind of dynamic digital era of iPhones and Androids. When you think about premium is really the glue that holds all these products together, you know, whether it's a dog walk or a sitting or a boarding or a training or a pet insurance purchase or a wellness plan. Premium is how we think about this kind of bundling of products and services for unique pet parents. What we're finding as the platform is scaling so rapidly, and you can see, I think platform participants, Matt, grew something like 22% quarter-over-quarter. You know, people have different needs. If you're a pet parent and you exclusively use Wag! for walking, you might have different needs than a pet parent who uses us for sitting and boarding and walking and wellness. We think as the platform scales, we'll need to better identify and serve each of those unique cohorts. I think that's what you can expect from premium. I don't want to give you too much more because generally anything we do in the next year will be copied two or three years later. you know, we're excited about the opportunity to really deliver pet parents unique value, to identify the cohorts that are using us, and to provide additional value as we bundle in these additional platforms. I'd also say it's tied into Furmacy, right? Furmacy is the prescription engine for the business at some point. Great. Appreciate that detail, Garrett. I'll leave it there. Thank you. One moment for our next question. Our next question comes from Rohit Kulkarni with MKM Partners. Hey, thanks. Hey, congrats on the quarter, and nice to hear from you. Maybe a big picture on just the competitive environment. How do you think that has evolved now that you've had the IPO and perhaps there are more you're more under the spotlight in a way? Maybe just talk through how you think competitive environment has evolved or where you see the biggest kind of focus areas from your standpoint? Well, first off, Rohit, always a treat. Thank you for being here. Look, we are just operating like we operate regardless of the environment or regardless of just kind of where we are as a business. We're passionate people about the products we're building. We're operationally efficient. We believe we're operationally excellent, frankly. We're gonna do what we say we're gonna do. I think all those things you'll see in this quarter's results. You'll see it like you saw last quarter's results. We think that we're just not really gonna change the pace of evolution of the business. We're innovating quickly. We're launching products and services that people love, unlike our peers who have had to exit categories that are not a fit. We're continuing to drive outsized returns on the small bets we make and the things that we're pushing forward. In general, I think our goal is to be ahead of everyone, and I think we've demonstrated that in the last year with you know, the products and services we've pushed out to the ecosystem. Okay, cool. Then on marketing, maybe talk about how has LTV to CAC you know kind of trended for you over the last few months, and where do you see that going in terms of kind of it clearly feels that the internal marketing is leading to more people in the marketplace on both sides. Perhaps talk about how you're thinking about that? It's an interesting environment for performance marketing and for partnerships, frankly. Kind of two things we're seeing separately. One is in this market, we're seeing a lot of interest in Wag as an add-on as people return to normal. You saw that with Tractor Supply and Petsense. You saw that with Babylist. I think we're overall very excited about the possible partnerships in 2022 and 2023, and obviously beyond. Performance marketing is just a really dynamic and changing environment right now. Our belief structurally is that the market will continue to evolve. There will most likely be a significant pullback in ad spend across different ecosystem players, and that'll give us a chance to lean in. You saw 8-to-1 LTV to CAC this quarter. I think it was similar last quarter. We're just kind of testing waters across a number of different mediums with different efficacy. We could definitely say that the market is changing pretty rapidly. Okay. Sounds good. Thanks, guys, and congrats. One moment for our next question. Our next question comes from Brian Dobson from Chardan. Your line is open. Hi. Good evening. Thanks for taking the question. As you're thinking about premium subscription penetration, the growth there is very impressive. Do you see a natural top to that penetration level, or how do you expect that to call it evolve over the longer term? Yeah, absolutely. Adam, you wanna talk about premium? Yeah, I'd be happy to. Yeah, when we launched the premium product in the first place in early 2020, our target penetration rate was 50%. That was the goal we set for ourselves. We're gonna launch a bunch of, you know, new value add benefits into the ecosystem to achieve that 50% target, just based on kind of all the cohort metrics we look at and engagement. Now that we've hit that 50% mark, our perspective on premium is changing a little bit from penetration being the primary metric that we drive towards, moving towards pricing and bundling like Garrett alluded to. Pricing, making sure the monthly versus annual plans are priced correctly for all of the different products and services that are serving as your entry point to the ecosystem. Bundling, as wellness and health-related services get larger and become a more meaningful part of the ecosystem, thinking about health-specific bundles that lean towards, you know, a set of value adds that are better for that health-conscious customer. That's kind of our perspective there, is to maintain penetration at 50% or so and then monetize the network incrementally better. Yeah. Excellent. Thanks. That's helpful. Would you mind expanding on some of your key strategic partnerships with brands like Tractor Supply or Kimpton? You know, how do you see those relationships impacting customer acquisition cost over time? I mean, it's a fantastic suite of brands. You know, I think Kimpton Hotels is one of the most pet-friendly hotel brands in the country. Tractor Supply is America's largest rural retailer, and performing just exceptionally for their customers. Very customer first. Hal, I think, comes from The Home Depot, and Mary is just a phenomenal retail executive. We generally wanna align ourselves with brands that we think take care of pets, take care of pet parents, and help get us into the house, frankly. We'll continue to build out those relationships, think about additional ways to be present in store, online, through loyalty programs, et cetera, et cetera. I think really this is just the start. Excellent. Thanks very much. One moment for our next question. Our next question comes from Jason Helfstein with Oppenheimer. Your line is open. Thanks. Two questions. I do apologize if they're already asked, just jumping around multiple calls. Can you help us understand what% of customers use more than one service in the quarter? And maybe how that compares with last year, just the evolution of customers you know, taking more than one service, starting with one and kind of growing. I guess the same idea with frequency. Is there a way to think about, kind of, you know, number of purchases per, you know, week, that you're seeing today versus, you know, nine months ago or a year ago, just to understand those two variables. Thank you. Hi, Jason. Good to talk to you. Look, our. I think we shared early on our long-term rebooking rates, kind of people that book a first service, then go on to book another service, continues to be above 90%+. Once you kind of try it, you keep on buying it, so to speak. We haven't disclosed multi-service booking rate, just because that's pretty changes pretty aggressively quarterly based on sitting and boarding, drop-in and weather, believe it or not. Incremental weather changes customer behavior. Meaning if you're in Miami last quarter, you probably went from using a lot of walking to a lot of drop-ins. It's difficult to give you an exact answer there. I can just generally say, we're excited about the trend we're seeing. In terms of frequency and customer behavior, you know, look, the average pet parent's using us 4-5 times a month. That really hasn't changed. Premium pet parents continue to be that 7+ number. That really hasn't changed. What we're just seeing is kind of more customers falling into that premium cohort, if that makes sense. Thank you. I'm not showing any further questions at this time. I'd like to turn the call back over to management for any closing remarks. Thank you all for the time. We're excited to continue to build this business and become the button on the phone for the paw for millions of pet parents. Everyone has a great day. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.