The biggest issue with the IPO that I can see is that marketing spend is ramping much higher than revenue spend (120% vs 30%, respectively), and they don't have

The biggest issue with the IPO that I can see is that marketing spend is ramping much higher than revenue spend (120% vs 30%, respectively), and they don't have a lot of experience with direct marketing dollars at that scale. In addition, they're now relying on the direct spend to achieve scale, and they used to rely entirely on organic. If they get it right - awesome. But there is a risk that growing direct marketing that fast at that scale will have a learning curve that will bite them.