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Rover Source : A Place for Rover , Inc May 17 , 2021 16:05 ET Rover Reports First Quarter 2021 Financial Results • Recent Data Shows Signs of Rapid Acceleration and Post - Pandemic Recovery • • Q1 New Bookings of ~ 102,000 at $ 7 Average Customer Acquisition Cost • Strong Q1 Gross Bookings Value of $ 65 million March Gross Bookings Value increased 67 % Year - Over - Year SEATTLE , May 17 , 2021 ( GLOBE NEWSWIRE ) -- A Place for Rover , Inc. ( " Rover " or the " Company " ) , the world's largest online marketplace for pet care , today announced financial results for the first quarter ended March 31 , 2021 . " We are pleased with our first quarter results and are very encouraged by recent data and the signs we are seeing in the market , ” said Rover co - founder and CEO , Aaron Easterly . “ In the first quarter and continuing into May , we have seen an uptick in both Gross Bookings Value ( GBV ) and bookings as COVID vaccines roll out . We believe Rover is well positioned to capture the resurgence in pet care demand as people resume traveling and return to work . " First Quarter 2021 Financial Highlights : ( Unless otherwise noted , all comparisons are relative to the first quarter of 2020 ) : • Total revenue of $ 12.2 million , compared to $ 17.0 million . • Total bookings of ~ 643,000 , compared to ~ 925,000 . During the last week of March 2021 , Rover had its highest volume week of new bookings since the week prior to Christmas 2019 , and significantly more new bookings than any week in 2020 . • Customer Acquisition Cost ( CAC ) of $ 7 , compared to $ 39 on new bookings of ~ 102,000 , compared to ~ 109,000 . • GBV of $ 64.7 million , compared to $ 86.8 million . • GAAP net income / ( loss ) of ( $ 10.6 ) million , compared to ( $ 20.5 ) million . • Adjusted EBITDA of ( $ 4.4 ) million , compared to ( $ 12.3 ) million . First Quarter 2021 Business Highlights : • For all bookings , California , Florida , New York and Texas are up 45 % , 42 % , 44 % and 69 % respectively month - over - month from February to March 2021. Historically , the seasonal trend has been a ~ 20 % increase during the same timeframe . Rover expects the exact rate of recovery to continue to vary by locale . • • Stay length for overnight services began to return to historical seasonal norms : the average stay length in the first quarter of 2021 and 2019 was ~ 4 nights . Requests for services are being made further in advance : the median lead time for pet care requests in March 2021 was up ~ 15 % over March 2019 . • The “ pandemic puppy ” boom is a real phenomenon : of all new pet profiles added on Rover , the percentage of puppies is up 38 % over the first quarter 2019 . • Existing Rover pet parents added ~ 30 % more puppies to their profiles than they did in the first quarter of 2019 . • New customer daycare bookings for puppies was up 64 % over the first quarter of 2019 , a historic high . On February 10 , 2021 , Rover entered into a definitive business combination agreement with Nebula Caravel Acquisition Corp. ( Nasdaq : NEBC ) ( “ Caravel ” ) . Caravel is a publicly traded special purpose acquisition company sponsored by True Wind Capital . The transaction values Rover at an enterprise value of approximately $ 1.350 billion .