• Bumble Inc. Announces Third Quarter 2021 Results

    Источник: Nasdaq GlobeNewswire / 10 ноя 2021 16:05:03   America/New_York

    Total Revenue Increased 24% to $201 million
    Bumble App Revenue Increased 39% to $142 million
    Raising Full Year 2021 Revenue and Adjusted EBITDA Outlook

    AUSTIN, Texas, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Bumble Inc. (NASDAQ: BMBL), the parent company of Bumble and Badoo, today reported financial results for the third quarter ended September 30, 2021.

    “In the third quarter, we delivered strong revenue growth and successful execution across our strategic priorities including driving user engagement, expanding into new markets, launching innovative product and safety features, and improving our overall monetization,” said Whitney Wolfe Herd, Founder and CEO of Bumble. “We will continue to provide our customers with differentiated, innovative and compelling ways to find the connections they seek and to advance our mission of creating healthy and equitable relationships.”

    Third Quarter 2021 Financial and Operational Highlights:
    (All comparisons relative to the Third Quarter 2020)

    • Total revenue increased 24% to $200.5 million.

      • Bumble App Revenue grew 39% to $142.5 million.

      • Badoo App and Other Revenue declined 3% to $58.0 million.

    • Total paying users increased to 2.9 million.

    • Total average revenue per paying user ("ARPPU") increased to $22.97, compared to $19.38.

    • Net loss was $10.7 million and net loss margin was (5.3)%, compared to net loss of $22.8 million and net loss margin of (14.1)%.

    • Adjusted EBITDA was $54.5 million, or 27.2% of revenue, compared to $53.7 million, or 33.1% of revenue.

    “Our strong results reflect continued growth in paying users and ARPPU. We also grew adjusted EBITDA year over year while continuing to make disciplined investments in product, marketing, and our people,” added Anu Subramanian, CFO of Bumble. “We believe we are well positioned for the fourth quarter, given our ongoing product and market leadership combined with the operating leverage in our cost structure. Based on these factors, we are raising our full year 2021 outlook for both revenue and adjusted EBITDA.”

    Key Operating Metrics:

    (In thousands, except ARPPU) Three Months
    Ended
    September 30,
    2021    		  Three Months
    Ended
    September 30,
    2020    		 
    Key Operating Metrics      
    Bumble App Paying Users  1,532.6   1,282.1 
    Badoo App and Other Paying Users  1,333.4   1,457.7 
    Total Paying Users  2,866.0   2,739.8 
    Bumble App Average Revenue per Paying User $30.99  $26.67 
    Badoo App and Other Average Revenue per Paying User $13.75  $12.98 
    Total Average Revenue per Paying User $22.97  $19.38 

    Balance Sheet:

    As of September 30, 2021, total cash and cash equivalents were $291.6 million and total debt was $623.6 million.

    Financial results will not be final until Bumble files its quarterly report on Form 10-Q for the period. Information about Bumble's use of non-GAAP financial measures is provided below under “Non-GAAP Financial Measures.”

    Financial Outlook:

    Bumble anticipates total revenue and adjusted EBITDA for the fourth quarter and year ending December 31, 2021 to be:

    Fourth quarter 2021:

    •       Total revenue in the range of $208 to $211 million.
    •       Adjusted EBITDA in the range of $53 to $55 million.

    Full year 2021:

    •       Total revenue in the range of $765 to $768 million.
    •       Adjusted EBITDA in the range of $205 to $207 million.

    Actual results may differ materially from Bumble’s financial outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.

    With regards to the adjusted EBITDA outlook provided above, a reconciliation to GAAP net earnings (loss) has not been provided as the quantification of certain items included in the calculation of GAAP net earnings (loss) cannot be calculated or predicted at this time without unreasonable efforts. 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, and the non-GAAP adjustment for certain legal, tax and regulatory reserves and expenses depends on the timing and magnitude of these expenses and cannot be accurately forecasted. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on its future GAAP financial results.

    Conference Call and Webcast Information

    Bumble will host a conference call and live webcast to discuss its third quarter 2021 financial results at 4:30 p.m. Eastern Time today, November 10, 2021. To listen to the live conference call, please dial toll free (833) 362-0206 or international (914) 987-7675, access code 1288039, approximately 10 minutes prior to the start of the call. A webcast of the call and other information related to the call will be accessible on the Investors section of the Company’s website at https://ir.bumble.com. A webcast replay will be available approximately two hours after the conclusion of the live event.

    Definitions

    Bumble App Average Revenue per Paying User is calculated based on Bumble App Revenue in any measurement period, divided by Bumble App Paying Users in such period divided by the number of months in the period.

    Bumble App Paying User is a user that has purchased or renewed a Bumble subscription plan and/or made an in-app purchase on the Bumble app in a given month. We calculate Bumble App Paying Users as a monthly average, by counting the number of Bumble App Paying Users in each month and then dividing by the number of months in the relevant measurement period.

    Badoo App and Other Average Revenue per Paying User is calculated based on Badoo App and Other Revenue in any measurement period, excluding any revenue generated from advertising and partnerships or affiliates, divided by Badoo App and Other Paying Users in such period divided by the number of months in the period.

    Badoo App and Other Paying User is a user that has purchased or renewed a subscription plan and/or made an in-app purchase on the Badoo app in a given month (or made a purchase on one of our other apps that we owned and operated in a given month, or purchase on other third-party apps that used our technology in the relevant period). We calculate Badoo App and Other Paying Users as a monthly average, by counting the number of Badoo App and Other Paying Users in each month and then dividing by the number of months in the relevant measurement period.

    Predecessor refers to Worldwide Vision Limited and its consolidated subsidiaries. Worldwide Vision Limited operated the trade of Bumble Inc. prior to the consummation of the acquisition (the “Sponsor Acquisition”) on January 29, 2020 of a majority stake in Worldwide Vision Limited by a group of investment funds managed by Blackstone Inc.

    Successor refers to Buzz Holdings L.P. and its consolidated subsidiaries from the Sponsor Acquisition to the initial public offering on February 16, 2021 and to Bumble Inc. and its consolidated subsidiaries after the initial public offering.

    Non-GAAP Financial Measures

    We report our financial results in accordance with GAAP, however, management believes that certain non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. These measures include: adjusted EBITDA, adjusted EBITDA margin, free cash flow and free cash flow conversion. We believe adjusted EBITDA and adjusted EBITDA margin provide visibility to the underlying continuing operating performance by excluding the impact of certain expenses, including income tax (benefit) provision, interest (income) expense, depreciation and amortization, stock-based compensation expense, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, interest rate swaps and external investments, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business and tax receivable agreement  liability remeasurement benefit, as management does not believe these expenses are representative of our core earnings. In addition to adjusted EBITDA and adjusted EBITDA margin, we believe free cash flow and free cash flow conversion provide useful information regarding how cash provided by operating activities compares to the capital expenditures required to maintain and grow our business, and our available liquidity, after funding such capital expenditures, to service our debt, fund strategic initiatives and strengthen our balance sheet, as well as our ability to convert our earnings to cash. Additionally, we believe such metrics are widely used by investors, securities analysis, ratings agencies and other parties in evaluating liquidity and debt-service capabilities. We calculate free cash flow and free cash flow conversion using methodologies that we believe can provide useful supplemental information to help investors better understand underlying trends in our business.

    Our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as substitutes for analysis of our operating results as reported under GAAP. Additionally, we do not consider our non-GAAP financial measures as superior to, or a substitute for, the equivalent measures calculated and presented in accordance with GAAP.

    Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) is defined as net earnings (loss) excluding income tax (benefit) provision, interest (income) expense, depreciation and amortization, stock-based compensation expense, employer costs related to stock-based compensation, foreign exchange (gain) loss, changes in fair value of contingent earn-out liability, interest rate swaps and external investments, transaction and other costs, litigation costs net of insurance reimbursements that arise outside of the ordinary course of business and tax receivable agreement liability remeasurement benefit.

    Adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.

    Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures.

    Free cash flow conversion represents free cash flow as a percentage of adjusted EBITDA.

    Operating cash flow conversion represents net cash provided by (used in) operating activities as a percentage of net earnings (loss).

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements reflecting our current views with respect to, among other things, our operations, our financial performance, our industry, the impact of the Coronavirus Disease 2019 (“COVID-19”) on our business and other non-historical statements, including without limitation the statements in the “Financial Outlook” section of this press release. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believe(s),” “expect(s),” “potential,” “continue(s),” “may,” “will,” “should,” “could,” “would,” “seek(s),” “predict(s),” “intend(s),” “trends,” “plan(s),” “estimate(s),” “anticipates,” “projection,” “will likely result” and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include, but are not limited to, the following:

    • our ability to retain existing users or attract new users and to convert users to paying users

    • competition and changes in the competitive landscape of our market

    • our ability to distribute our dating products through third parties, such as Apple App Store or Google Play Store, and offset related fees

    • the impact of data security breaches or cyber attacks on our systems and the costs of remediation related to any such incidents

    • the continued development and upgrading of our technology platform and our ability to adapt to rapid technological developments and changes in a timely and cost-effective manner

    • our ability to obtain, maintain, protect and enforce intellectual property rights and successfully defend against claims of infringement, misappropriation or other violations of third-party intellectual property

    • our ability to comply with complex and evolving U.S. and international laws and regulations relating to our business, including data privacy laws

    • foreign currency exchange rate fluctuations

    • risks relating to certain of our international operations, including successful expansion into new markets

    • affiliates of Blackstone Inc.’s (“Blackstone”) and our Founder’s control of us

    • the outsized voting rights of affiliates of Blackstone and our Founder

    • the inability to attract hire and retain a highly qualified and diverse workforce, or maintain our corporate culture

    • changes in business or macroeconomic conditions, including the impact of COVID-19 (and other widespread health emergencies or pandemics) and measures taken in response, lower consumer confidence in our business or in the online dating industry generally, recessionary conditions, increased unemployment rates, stagnant or declining wages, political unrest, armed conflicts or natural disasters

    For additional information on these and other factors that could cause Bumble’s actual results to differ materially from expected results, please see our Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2021, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

    About Bumble

    Bumble Inc. is the parent company of Bumble and Badoo, two of the world’s highest-grossing dating apps with millions of users worldwide. The Bumble platform enables people to connect and build equitable and healthy relationships. Founded by CEO Whitney Wolfe Herd in 2014, the Bumble app is one of the first dating apps built with women at the center, and the Badoo app, which was founded in 2006, is one of the pioneers of web and mobile dating products. Bumble currently employs over 800 people in offices in Austin, Barcelona, London, and Moscow.

    For more information about Bumble, please visit www.bumble.com and follow @Bumble on social platforms.

    Source: Bumble Inc.

    Investor Contact
    ir@team.bumble.com

    Media Contact
    press@team.bumble.com



    Bumble Inc.
    Condensed Consolidated Balance Sheets
    (In thousands, except share and per share information)
    (Unaudited)

      September 30, 2021  December 31, 2020 
    ASSETS      
    Cash and cash equivalents $291,575  $128,029 
    Accounts receivable  44,953   41,595 
    Other current assets  83,540   81,387 
    Total current assets  420,068   251,011 
    Right-of-use assets  11,700   11,711 
    Lease receivable  1,106   1,069 
    Property and equipment, net  13,942   16,833 
    Goodwill  1,540,112   1,540,915 
    Intangible assets, net  1,743,389   1,812,410 
    Deferred tax assets, net  14,654   — 
    Other noncurrent assets  4,238   3,319 
    Total assets $3,749,209  $3,637,268 
    LIABILITIES AND BUMBLE INC. SHAREHOLDERS’ / BUZZ HOLDINGS L.P. OWNERS’ EQUITY      
    Accounts payable $11,536  $23,741 
    Deferred revenue  39,042   31,269 
    Accrued expenses and other current liabilities  104,760   180,986 
    Current portion of long-term debt, net  2,588   5,338 
    Total current liabilities  157,926   241,334 
    Long-term debt, net  620,998   820,876 
    Deferred tax liabilities, net  —   428,087 
    Tax receivable agreement liability  381,152   — 
    Other liabilities  125,346   62,190 
    Total liabilities $1,285,422  $1,552,487 
    Commitments and contingencies      
    Bumble Inc. Shareholders’ / Buzz Holdings L.P. Owners’ Equity:      
    Class A common stock (par value $0.01 per share, 6,000,000,000 shares authorized; 129,241,580 shares issued; and 129,241,580 shares outstanding as of September 30, 2021)  1,292   — 
    Class B common stock (par value $0.01 per share, 1,000,000 shares authorized; 20 shares issued and outstanding as of September 30, 2021)  —   — 
    Preferred stock (par value $0.01; authorized 600,000,000 shares; no shares issued and outstanding as of September 30, 2021)  —   — 
    Limited Partners’ interest  —   1,903,121 
    Additional paid-in capital  1,470,451   —  
    Accumulated deficit  (42,813)  — 
    Accumulated other comprehensive income  173,229   180,852 
    Total Bumble Inc. shareholders’ / Buzz Holdings L.P. owners’ equity  1,602,159   2,083,973 
    Noncontrolling interests  861,628   808 
    Total shareholders’ / owners’ equity  2,463,787   2,084,781 
    Total liabilities and shareholders’ / owners’ equity $3,749,209  $3,637,268 



    Bumble Inc.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share / unit information)
    (Unaudited)

      Successor   Predecessor 
      Three Months
    Ended
    September 30,
    2021    		  Three Months
    Ended
    September 30,
    2020    		  Nine Months
    Ended
    September 30,
    2021    		  Period from
    January 29,
    through
    September 30,
    2020    		   Period from
    January 1,
    through
    January 28,
    2020    		 
    Revenue $200,509  $162,300  $557,439  $376,587   $39,990 
    Operating costs and expenses:                
    Cost of revenue  56,627   43,523   155,171   102,017    10,790 
    Selling and marketing expense  55,105   37,744   151,654   104,511    11,157 
    General and administrative expense  45,726   47,958   215,631   128,120    44,907 
    Product development expense  24,231   12,860   84,197   29,915    4,087 
    Depreciation and amortization expense  27,022   25,404   80,882   65,749    408 
    Total operating costs and expenses  208,711   167,489   687,535   430,312    71,349 
    Operating earnings (loss)  (8,202)  (5,189)  (130,096)  (53,725)   (31,359)
    Interest income (expense)  (5,962)  (4,919)  (19,612)  (14,704)   50 
    Other income (expense), net  3,773   4,021   15,495   3,474    (882)
    Income (loss) before income taxes  (10,391)  (6,087)  (134,213)  (64,955)   (32,191)
    Income tax benefit (provision)  (280)  (16,737)  435,837   (19,143)   (365)
    Net earnings (loss)  (10,671)  (22,824)  301,624   (84,098)   (32,556)
    Net earnings (loss) attributable to noncontrolling interests  (3,786)  (35)  (26,198)  (99)   1,917 
    Net earnings (loss) attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners $(6,885) $(22,789) $327,822  $(83,999)  $(34,473)
    Net earnings (loss) per share / unit attributable to Bumble Inc. shareholders / Buzz Holdings L.P. owners                
    Basic earnings (loss) per share / unit $(0.06) $(0.01) $1.60  $(0.03)    
    Diluted earnings (loss) per share / unit $(0.06) $(0.01) $1.56  $(0.03)    



    Bumble Inc.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      Successor   Predecessor 
      Three Months
    Ended
    September 30,
    2021    		  Three Months
    Ended
    September 30,
    2020    		  Nine Months
    Ended
    September 30,
    2021    		  Period from
    January 29,
    through
    September 30,
    2020    		   Period from
    January 1,
    through
    January 28,
    2020    		 
    Cash flows from operating activities:                
    Net earnings (loss) $(10,671) $(22,824) $301,624  $(84,098)  $(32,556)
    Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:                
    Depreciation and amortization  27,022   25,404   80,882   65,749    408 
    Changes in fair value of interest rate swaps  (46)  1,828   (2,789)  1,828    — 
    Changes in fair value of contingent earn-out liability  5,221   19,100   77,659   19,100    — 
    Non-cash lease expense  1,390   1,323   4,247   3,585    410 
    Deferred income tax  30   16,460   (441,811)  22,046    26 
    Stock-based compensation expense  23,763   8,942   99,502   13,118    4,156 
    Net foreign exchange difference  556   (180)  (6,865)  4,981    (198)
    Other, net  603   2,143   4,478   2,531    31 
    Changes in assets and liabilities:                
    Accounts receivable  20,784   (6,710)  (4,954)  (9,196)   (17,599)
    Other current assets  155   (9,435)  (5,284)  (23,688)   (2,175)
    Accounts payable  (4,509)  6,458   (13,124)  (6,679)   12,984 
    Deferred revenue  1,713   4,889   7,773   20,690    289 
    Legal liabilities  (8,004)  (9,645)  (45,631)  (13,125)   (521)
    Accrued expenses and other current liabilities  (13,432)  (1,899)  (42,525)  (15,807)   31,439 
    Other, net  318   986   271   6    — 
    Net cash provided by (used in) operating activities  44,893   36,840   13,453   1,041    (3,306)
    Cash flows from investing activities:                
    Capital expenditures  (3,836)  (2,347)  (9,388)  (5,779)   (1,045)
    Acquisition of business, net of cash acquired  —   —   —   (2,801,262)   — 
    Other, net  28   (316)  31   (447)   16 
    Net cash used in investing activities  (3,808)  (2,663)  (9,357)  (2,807,488)   (1,029)
    Cash flows from financing activities:                
    Proceeds from issuance of Class A common stock sold in initial public offering, net of offering costs  —   —   2,358,371   —    — 
    Payments to purchase and retire common stock  —   —   (1,018,365)  —    — 
    Purchase of Common Units from Pre-IPO Common Unitholders in the initial public offering  —   —   (973,289)  —    — 
    Proceeds from exercise of options  545   —   545   —    — 
    Proceeds from repayments of loans to related companies  —   —   —   41,929    — 
    Debt issuance costs  —   —   —   (16,281)   — 
    Limited Partners’ interest  —   553   —   2,334,785    — 
    Proceeds from term loan  —   —   —   575,000    — 
    Repayment of term loan  (1,438)  (1,470)  (207,534)  (2,875)   — 
    Net cash provided by (used in) financing activities  (893)  (917)  159,728   2,932,558    — 
    Effects of exchange rate changes on cash and cash equivalents  (638)  3,034   (535)  (3,685)   813 
    Net increase (decrease) in cash and cash equivalents and restricted cash  39,554   36,294   163,289   122,426    (3,522)
    Cash and cash equivalents and restricted cash, beginning of the period  252,021   140,059   128,286   53,927    57,449 
    Cash and cash equivalents and restricted cash, end of the period  291,575   176,353   291,575   176,353    53,927 
    Less restricted cash  —   258   —   258    258 
    Cash and cash equivalents, end of the period $291,575  $176,095  $291,575  $176,095   $53,669 



    Bumble Inc.
    Reconciliation of GAAP to NON-GAAP Financial Measures
    (Unaudited)

    Reconciliation of Net Earnings (Loss) to Adjusted EBITDA

      Successor   Predecessor 
    (In thousands, except percentages) Three Months
    Ended
    September 30,
    2021    		  Three Months
    Ended
    September 30,
    2020    		  Nine Months
    Ended
    September 30,
    2021    		  Period from
    January 29,
    through
    September 30,
    2020    		   Period from
    January 1,
    2020 through
    January 28,
    2020    		 
    Net earnings (loss) $(10,671) $(22,824) $301,624  $(84,098)  $(32,556)
    Add back:                
    Income tax (benefit) provision  280   16,737   (435,837)  19,143    365 
    Interest (income) expense  5,962   4,919   19,612   14,704    (50)
    Depreciation and amortization  27,022   25,404   80,882   65,749    408 
    Stock-based compensation expense  23,763   8,942   99,502   13,118    336 
    Employer costs related to stock-based compensation (1)  2,438   —   2,438   —    — 
    Litigation costs, net of insurance reimbursements (2)  2,019   (8,365)  3,794   (7,365)   — 
    Foreign exchange (gain) loss (3)  (2,011)  3,964   (10,650)  4,921    523 
    Changes in fair value of interest rate swaps(4)  (46)  1,828   (2,789)  1,828    — 
    Transaction and other costs(5)  2,208   3,996   18,232   51,848    40,345 
    Changes in fair value of contingent earn-out liability  5,221   19,100   77,659   19,100    — 
    Changes in fair value of external investments  (14)  —   (333)  —    — 
    Tax receivable agreement liability remeasurement benefit (6)  (1,687)  —   (1,687)  —    — 
    Adjusted EBITDA $54,484  $53,701  $152,447  $98,948   $9,371 
    Net earnings (loss) margin(7)  (5.3)%  (14.1)%  54.1%  (22.3)%   (81.4)%
    Adjusted EBITDA margin  27.2%  33.1%  27.3%  26.3%   23.4%


    (1)Represents employer portion of Social Security and Medicare payroll taxes domestically, National Insurance contributions in the United Kingdom and comparable costs internationally related to the settlement of equity awards.
    (2)Represents certain litigation costs, net of insurance reimbursements associated with pending litigations or settlements of litigation.
    (3)Represents foreign exchange (gain) loss due to foreign currency transactions.
    (4)Represents fair value (gain) loss on interest rate swaps.
    (5)Represents legal, accounting, advisory fees and certain other costs related to our offerings, including the Sponsor Acquisition, our IPO and the Reorganization, and the secondary offering.
    (6)Represents changes in tax receivable agreement liability due to tax rate changes and unrelated to exchanges of Common Units for Class A shares.
    (7)Net earnings margin for the nine months ended September 30, 2021 includes a $441.5 million tax benefit related to the reversal of a deferred tax liability due to a restructuring of the Company’s international operations.



    Reconciliation of Net Cash Provided By (Used in) Operating Activities to Free Cash Flow

     Successor   Predecessor 
    (In thousands, except percentages)Three Months
    Ended
    September 30,
    2021    		  Three Months
    Ended
    September 30,
    2020    		  Nine Months
    Ended
    September 30,
    2021    		  Period from
    January 29,
    through
    September 30,
    2020    		   Period from
    January 1,
    2020
    through
    January 28,
    2020    		 
    Net cash provided by (used in) operating activities$44,893  $36,840  $13,453  $1,041   $(3,306)
    Less:               
    Capital expenditures (3,836)  (2,347)  (9,388)  (5,779)   (1,045)
    Free cash flow$41,057  $34,493  $4,065  $(4,738)  $(4,351)
    Operating cash flow conversion (420.7)%  (161.4)%  4.5%  (1.2)%   10.2%
    Free cash flow conversion 75.4%  64.2%  2.7%  (4.8)%   (46.4)%

    Supplementary Information (Unaudited)

    Stock-Based Compensation Expense

      Successor   Predecessor 
    (In thousands) Three Months
    Ended
    September 30,
    2021    		  Three Months
    Ended
    September 30,
    2020    		  Nine Months
    Ended
    September 30,
    2021    		  Period from
    January 29,
    through
    September 30,
    2020    		   Period from
    January 1,
    through
    January 28,
    2020    		 
    Cost of revenue $808   155  $3,019  $174   $— 
    Selling and marketing expense  2,545   721   10,186   805    75 
    General and administrative expense  11,287   5,341   49,155   9,093    3,997 
    Product development expense  9,123   2,725   37,142   3,046    84 
    Total stock-based compensation expense $23,763  $8,942  $99,502  $13,118   $4,156 


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