For loyal listeners, you will remember Marc from our popular episode on. Listeners are invited to try Visible Alpha for free by visiting visiblealpha.com/breakdowns. Try Daloopa for free at daloopa.com/Patrick. This episode is brought to you by Daloopa. Sign up here. To break down the business, Im joined by Chris Bloomstran. Todays business needs little introduction. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. , a McKinsey alum and the current President of Metasys Technologies. April 20th, 2022, Adam Foroughi - AppLovin: Monetizing & Marketing Mobile Apps. This is Matt Reustle and today we are breaking down DuPont. [00:57:30] - Lessons for investors, builders, and where to learn more about Afterpays story; To break down Block, Im joined by payments expert and investor at TDM Growth Partners. Jesse Pujji - A Primer on Performance Marketing, Jesse Pujji is the Founder & CEO of Gateway X. Please enjoy this breakdown of Anchorage Digital. . But dig a little deeper and youll find a high-quality operator generating significant free cash flow through a mix of organic and inorganic growth channels. Web3 Breakdowns is a property of Colossus, LLC. Whether it was Pierre Samuel Du Pont's 1818 death fighting a fire at their powder mill, Alexis Du Ponts 1857 death in an explosion at a powder yard, or Lammot Du Ponts famous 1884 death in an explosion while experimenting with nitroglycerines. Amazon The Unstoppable Continues Its Ad Platform Expansion, Google Delays The End Of Third-Party Cookies (Again), From 2023 To The End Of 2024, Human Merges With PerimeterX To Grow Its Ecommerce And Retail Fraud Detection Business, Meet Sincera, The Ad Tech Web Crawler That Wants To Disrupt The Verification Market, Microsoft Barely Discusses Netflix Deal, Says Azure Is Its Biggest Growth Potential, Google Feels The Digital Media Slowdown (Kinda), With YouTube Growth On An Anxious Decline, Tremors Amobee Acquisition Is About Plugging Holes And Getting Scale, Singtel Offloads Amobee To Tremor For $239 Million (Nearly $100 Million Less Than It Paid For Amobee In 2012), arent as reliant on its own apps as first-party data fuel, AppLovin Lays Out Its Post-MoPub Acquisition Plans, The Real Reasons Gaming Companies Are Merging With Ad Tech, AppLovin And The Trade Desk Sign Direct Buying Deal And Unified ID 2.0 Integration, Googles AdMob Adds New Features To Help Developers Roll With Apples Privacy Changes, The Big Story: The Lingering Third-Party Cookie. , founder of HODINKEE, and an expert on all things luxury watches. Test Daloopa for free at daloopa.com/Patrick. To protect publishers from revenue loss as they rapidly moved their inventory onto MAX a nontrivial affair AppLovin paid out $210 million in non-recurring publisher bonuses, which it views as an investment to create cross-selling opportunities. Goldman is neither a vampire squid nor are they doing Gods work. Over time, the flywheel started to spin as more developers used its technology and AppLovin became less reliant on first-party data coming from the content side of the house. The business has since grown into a full-service financial platform for institutions, allowing them to securely participate in web3. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. To breakdown Afterpay, I am joined by investor Joe Magyer. To break down Anduril, Im joined by the companys CEO and co-founder. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt, [00:03:38] - [First question] - Key products that define Duponts history and where their products show up in our everyday lives, [00:06:23] - The science that goes into developing their products and what being a speciality chemicals business looks like, [00:08:22] - Where theyre sourcing commodity chemicals from, [00:10:30] - The thought process that went into their merger with Dow in December 2015, [00:13:21] - Commodity chemicals versus speciality chemicals, [00:16:01] - The importance of patents and early products that first had them, [00:17:38] - How much effort is put into research and development today, [00:19:47] - Their economic model and profile and current businesses, [00:23:56] - How their EBITDA margins today compare to the business historically, [00:25:27] - Overview and duration of their merger supply agreements, [00:26:23] - The seasonality and customer base for a business like this, [00:27:52] - Producing on a per-order basis or on market speculation, [00:30:04] - How many of their chemicals are produced in their own manufacturing facilities, [00:31:00] - Stability and internal investment of their cash flow cycle, [00:32:28] - History of the Dupont family and key leadership changes, [00:34:24] - Thoughts on the bull case for Dupont that will put them back on the pedestal, [00:36:28] - The percentage of the market they represent today and their current competitors, [00:37:56] - Metrics used when valuing commodity and speciality chemical businesses, [00:40:03] - Prior regulatory fines and potential risks going forward, [00:46:44] - Key lessons for operators and investors from Duponts story. Apparently, there was a glitch in getting the earnings press release posted, and the SEC temporarily halted the stock to be safe. This episode is brought to you in partnership with Roundhill Investments, the advisor to the Roundhill IO Digital Infrastructure ETF BYTE - which trades on the New York Stock Exchange under the ticker symbol BYTE. But, while the companys products are iconic, the business itself is highly secretive.

Founded in 2012, AppLovin provides a platform for developers to market and monetize their mobile apps. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. Please enjoy this breakdown of Anduril. But you are what you eat, and that applies to machine learning models, too. With oil prices hovering over $100 a barrel, we thought it was a particularly good time to revisit this sector. AppLovin publishes its own titles under Lion Studios and has stakes in (or has outright acquired) nearly 20 game studios around the world. Its a business youre unlikely to be familiar with and, at first glance, may appear mundane. ; What an investment bank is, what they do, and how they make their money, ; Why Goldman is perceived as the industry villain. Were hopeful that those publishers will become customers on our AppDiscovery platform, said AppLovin CFO Herald Chen, who noted that if you add the $210 million in bonus payouts to the MoPub sticker price, the total for that acquisition was $1.26 billion. Please enjoy this breakdown of Adyen. .

To unlock the secrets, we are delighted to be joined by Ben Clymer, founder of HODINKEE, and an expert on all things luxury watches. From the outside, investment banks like Goldman are black boxes of profits and the embodiment of Wall Street. Please enjoy this breakdown of AppLovin. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Pinpointer relies on algorithms that look at real-time in-app behavior data at the time of an ad request to determine the bid most likely to generate performance. Scale and Loyalty are More Important Online than Offline. Please enjoy our Breakdown of DuPont. This software and financial services business was founded by Jack Dorsey and Jim McKelvey in 2009. Performance suffered, so customers spent less. To break down the business behind the stars and action you see on the PGA Tour, Im joined by. Rather than having to dig through models one by one, Visible Alpha extracts data from every line item across sell-side models so you can better understand expectations on metrics beyond just revenue and earnings. We cover what it means to sit at the center of the capital system and the various ways a bank facilitates risk management and risk transfer. Owned by a Foundation and run as a non-profit entity, little is known about Rolex. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag, [00:02:16] - [First question] - What Shopify itself is as an ecosystem and service, [00:05:14] - An example of interoperability and the power of platforms outside of Shopify, [00:07:02] - How interoperability and platforms come together, [00:12:08] - Where a a constraint-standard resulted in failure, [00:14:26] - Why Shopify is so heavily invested in tokengated commerce, [00:17:10] - Lessons learned about the scarcity function of tokens and how theyll work, [00:20:34] - Whether or not Shopify will be building their own crypto wallet, [00:24:48] - The important role blockchains play in tokengated economics, [00:28:16] - Overview of the mechanics and offering Shopify is building, [00:32:16] - Tokens help establish protocol adoption, [00:34:27] - Which blockchains and protocols will be mostly used in Shopifys endeavor, [00:36:33] - Why cant it be key-gated instead of tokengated, [00:39:00] - Conjuring demand and how Shopify will create demand for their new system, [00:45:46] - The differences between someone's identity and a token holder, [00:47:55] - Signals that suggest tokengated commerce will be a big thing, [00:51:02] - Why this concept hasnt been more widely adopted already, [00:54:39] - When there will be a solution to easily create and distribute tokens, [00:56:39] - Where things will go from here, [00:59:35] - Reasons why this might not have taken off in five years. Now what does that mean? I am Compound248 and today we are pleased to announce and kick-off a Business Breakdowns mini-series focused on Digital Infrastructure. [00:31:10] - Are we heading to a future where warfare is mostly machine against machine? And on a micro level, Dino operates a rigid playbook where they target small towns and replicate the same format store, which drives better efficiency and allows them to reinvest into new locations. Were seeing customers come online, said CEO Adam Foroughi. Alongside the four standalone majors, the PGA Tour is the pinnacle of professional golf. Business Breakdowns is a property of Colossus, LLC. Standing Out in the Mobile App World with Katie Jansen, CMO of AppLovin. The Du Pont family pushed the limits. That could mean operational changes and possible plans to sell or spin off some of the studios, Foroughi said. We cover how producers fit into the broader energy ecosystem, the differences between unconventional shale wells versus conventional wells, and how management teams think about capital allocation. Please enjoy this excellent Breakdown of Rolex. To help breakdown the business, Im joined by its CEO and co-founder, Adam Foroughi. This is Jesse Pujji and today were breaking down Block formerly known as Square. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. This is Zack Fuss and today were breaking down European-based payment business, Adyen. To help break down Baytex, Im joined by oil and gas investor. Its market cap was cut in half. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial. Please enjoy this conversation on Baytex Energy. [00:03:30] - [First question] - Why Schwab isnt well understood by the market, [00:05:18] - The story of Charles Schwab and how active he is in the company, [00:08:13] - The business model of Schwab itself; Holland Advisors Research, [00:12:51] - Can it be compared to a franchise model; Another Flywheel, [00:15:46] - What did they see in the space that convinced them to shift their business model, [00:18:19] - How Schwab benefits from their customers keeping money in cash, [00:20:18] - What stops competitors from copying the Schwab model, [00:23:12] - Where Schwab stands out with cash on the balance sheet, [00:24:17] - The reasoning behind the TD Ameritrade acquisition, [00:33:28] - Convincing new customers to transfer their accounts to Schwab, [00:37:14] - How their market share has changed over the years, [00:38:50] - Building their balance sheet, [00:46:34] - How their acquisition of TD Ameritrade helps their balance sheet, [00:49:50] - Valuing a complex business like Schwab, [00:56:43] - Key drivers of their earnings growth, [00:58:31] - How they use their net interest margin, [01:00:43] - What the market pullback this year has meant for Schwab, [01:03:43] - Major lessons learned from analyzing Schwab. Please enjoy this business breakdown of Fanatics. Founded in Sydney Australia in 2015, Afterpay was a rapid success in the buy-now-pay-later market before being acquired by Block for $29bn in 2021. [00:03:01] - [First question] - Ben's favorite Rolex watch ever; Ben's Inside Rolex piece, [00:04:24] - What makes the Rolex Daytona such a special watch, [00:07:19] - The job-to-be-done for high-end watches beyond just telling them the time, [00:12:18] - The strategy behind marketing luxury products; The Luxury Strategy, [00:14:34] - An overview of Rolex's business, [00:38:45] - Their genius in marketing and distribution, [00:41:55] - How they make decisions and what others can learn from them, [00:47:14] - The financials of Rolex and other luxury watch brands, [00:49:02} - Most important business lessons others can learn from Rolex, [00:52:54] - Other luxury brands worth studying, [00:57:26] - What Rolex hasn't gotten right. Our discussion covers Adyens single platform solution in detail, the driving force behind their track record of profitable growth, and why payments isnt a winner take all market. They report over $8 trillion in assets under custody and a market cap scratching $120 billion but I think the most fascinating part about this breakdown is the strategic pivot taken by Schwab. [00:02:27] - [First question] - What the PGA Tour is, its size today, and how it generates revenue, [00:06:04] - Defining what the Tiger Tax is and its implications, [00:08:04] - When the PGA Tour was founded and the key moments leading up to today, [00:15:40] - Deane Beman: Golfs Driving Force; Changing the format of the Tour into a non-profit, [00:17:24] - Being a member run organization and player influence over the board, [00:18:23] - Overview of the business structure and model of the PGA Tour, [00:22:27] - Reasons for the 72 hole stroke-play format, [00:24:43] - The distribution of over a billion dollars of revenue, [00:27:59] - Why their capital allocation is unique and their incentive programs, [00:31:37] - Unique pension structures of their deferred compensation plan, [00:34:30] - The Champions Tour as a secondary way to make a living after the PGA tour, [00:36:07] - Rival SGL and PGL tours and how they are trying to disrupt the PGA tour, [00:44:42] - Having a legacy name advantage to bring players and capital in, [00:47:47] - Relying on growing viewership, ratings, and new sponsors over time, [00:52:48] - Paths to becoming a more successful tour amidst the new startup tours, [00:55:07] - Netflixs partnership with the PGA Tour to try and bring in new viewers, [00:56:54] - The most surprising lessons about the PGA Tour hes learned. Over the coming months, we will breakdown a handful of companies that are key players in the digital infrastructure asset class. Diploma is a specialist distributor of medical equipment and industrial components listed in the UK. Follow us on Twitter: @bizbreakdowns | @JoinColossus, [00:02:23] - [First question] - The history of Diploma, what they do, and whats attractive about their business model, [00:04:39] - Size and scale of the business and their market capitalization, [00:07:03] - Overview of what their life sciences business vertical looks like, [00:10:00] - The cyclicality of the seals and controls business verticals, [00:13:45] - Returns on invested capital and thoughts on the capital intensity of seals, [00:15:06] - What allows their businesses to keep growing and what characterizes a strong acquisition target for Diploma, [00:19:14] - An example of how Diploma fits into the value chain, [00:21:24] - How Diploma acquires for low multiples when making acquisitions, [00:23:41] - How they drive quantitative and qualitative returns in their acquisitions, [00:27:35] - What management is like at Diploma and their longevity in the business, [00:33:19] - Overview of their competitive landscape, [00:35:27] - What the business does with extra cash flow in the absence of M&A activity, [00:38:01] - What Charlie finds special about Diploma and what has him excited for the future, [00:41:22] - The key risks in each vertical and what worries him about them, [00:48:07] - Lessons for investors, business executives and operators from the Diploma story. Were serving more ads, getting a bigger feedback loop and were seeing [our] machine learning continue to improve without a necessity for our own games to be fueling the data.. , from Insight Partners. [00:33:34] - Comparing the ghost drone system to predator drones, [00:38:40] - Guiding principles as a firm and deciding on their product roadmap, [00:43:25] - An overview of their product lineup and what theyve built so far, [00:48:13] - Having an open innovation policy to promote competition, [00:49:37] - The nuance of politics when it comes to building and running their business, [00:51:56] - Most difficult decisions hes had to make through Andurils history, [00:53:51] - How he overcame Andurils lowest points and biggest challenges, [00:58:38] - Thoughts on effectively compounding hardware innovation, [01:02:23] - A moment hes most proud of and regrets most in Andurils history, [01:04:20] - Lessons learned from observing Palantir and SpaceX, [01:08:37] - The kindest thing anyone has ever done for him. This episode is brought to you by Coinbase Prime.

This episode is brought to you by Daloopa. Were focused on our own execution, not what others around us are doing.. Given the market turmoil in crypto assets, we talk about true use cases of tokengated commerce and why blockchain technology is unlocking something that was not possible otherwise. Digital Infrastructure powers that experience. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. Adyen was founded in Amsterdam in 2006 by a group of payments entrepreneurs who had already built and sold a business in this space. But now that its machine learning algorithms arent as reliant on its own apps as first-party data fuel, AppLovin will prioritize its margins and software has way higher margins. and enjoy our growing catalog of episodes. Interview with Adam Foroughi of AppLovin on the Mobile Game Boom. This episode is brought to you by Scribe. This is Matt Reustle and today were breaking down Baytex Energy. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. [01:05:38] - Where Romeen would direct people to go for further study; To break down Fanatics, I am joined by an early investor.

When you take Baytex and everything thats happening within that business, it offers a perfect lens to view the historically boom and bust industry of oil production. Founded in the thick of the Industrial Revolution, McKinsey set about professionalizing the way businesses were managed. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. Find out why a majority of the top firms are using Tegus on a daily basis. . To break down DuPont, we are joined by. Please enjoy this business breakdown of Afterpay. Try Visible Alpha for free by visiting visiblealpha.com/breakdowns, [00:02:55] - [First question] What Adyen is and what they do, [00:05:54] - General overview of how payment processing works, [00:07:29] - Flow of a transaction and how they manifest, [00:09:52] - How the business generates revenue and their revenue model, [00:11:25] - Where Adyen sits in the industry and the size of it today, [00:13:37] - The reality of processing 50-60% of their addressable market, [00:16:19] - What about their culture and founding story makes them so nimble, [00:21:18] - The competitive strengths of the business and their innovative solutions, [00:24:07] - Key revenue drivers for Adyen, [00:26:01] - What is it about Adyens business structure that enables them to grow so rapidly while still being profitable, [00:32:44] - What gives Adyen its competitive advantage over other payment providers. The impact to Unitys business will be roughly $110 million this year, with no carryover impact to 2023, and Riccitiello said fixing the issue is a top priority. But, wow, did the Dupont family set a standard in that category. Tegus is the new digital hub for market intelligence. The fund tracks the BYTE Index, which measures the performance of 40 leading global digital infrastructure businesses, such as towers and mobile communications, fiber and fixed line connectivity, and data centers. Founded in the UK in 1905 under the name Wilsdorf & Davis, Rolex has become the leading name in luxury watches. Today we are running a special episode in our Business Breakdowns feed. A look at user engagement as the fuel to build an enduring billion dollar business. We cover how producers fit into the broader energy ecosystem, the differences between unconventional shale wells versus conventional wells, and how management teams think about capital allocation. Please enjoy this conversation on Baytex Energy. Like a flywheel, but in reverse.

If you enjoy this episode, be sure to subscribe to Web3 Breakdowns and enjoy our growing catalog of episodes.

Everything from streaming video to business collaboration tools, to crypto mining, to your everyday internet experience. Please enjoy this breakdown of Dino Polska. Our hope with this mini series is to give you an understanding of the businesses that underpin our modern lives, giving us an almost magical, ubiquitous connected existence. Adyen was their chance to start afresh and build a modern solution to displace the patchwork legacy system that merchants were being forced to use. Our conversation focuses on a new concept, tokengated commerce, and how Shopify is building around this theme. This is Jesse Pujji and todays episode is a follow up of last weeks Block episode, covering Afterpay the buy-now-pay-later giant. To break down Fanatics, I am joined by an early investor, Deven Parekh, from Insight Partners. To break down Dino I am joined by Jon Cukierwar of Sohra Peak Capital Partners. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Schwab is a financial behemoth. [00:04:22] - [First question] - What digital infrastructure means and how it came to be, [00:09:58] - The nuance of digital infrastructure and how big the addressable opportunity set is, [00:12:47] - How DigitalBridge became the company it is today, [00:19:06] - How he thinks about portioning the fee and value creation economics between shareholders and employees, [00:23:15] - The differences between their earlier funds and current funds from how the economics split within the team and owners, [00:25:53] - A look into their balance sheet today between funds and operating assets, [00:28:39] - How big the digital infrastructure space could be in the future from an IM standpoint, [00:30:41] - Their US and non-US opportunity set and how towers and mobile infrastructure compare and contrast across their verticals, [00:34:03] - How DigitalBridge professionals operate with portfolio companies and how they add value to them, [00:38:47] - Changes in standard growth and the slow downs in the Hyperscale or Telco side of the business, [00:40:37] - If Edge competes with their core assets and how it works across all of their portfolio companies, [00:42:21] - Where we are on the 5G rollout and how it touches their businesses, [00:43:39] - His view on building out Edge and data center capacity from a DigitalBridge standpoint, [00:45:35] - How the competitive environment and risk and return profiles have shifted, [00:46:33] - How inflation affects the business and how he manages lease renewal, [00:50:19] - If Elon Musk building Starlink is a threat or an opportunity, [00:52:12] - How DigitalBridge thinks about consumer facing digital infrastructure, [00:54:48] - What could happen to lead to their success and business evolution in the future, [00:56:28] - Two key lessons hed give as advice to someone looking to build and lead a company. Anduril builds high tech defense systems for the US Department of Defense and its allies. Going forward, AppLovin plans to operate the studios with more profitable spend on UA, a process that already started late in Q1. ----- Business Breakdowns is a property of Colossus, LLC. By capturing all of a company's KPIs and adjusted financials into their database, Daloopa makes it easy to quickly update your models for what matters. To break down Block, Im joined by payments expert and investor at TDM Growth Partners, Hamish Corlett. Jon wrote an extensive presentation of Dino which can be found on our website.



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