Doug O'Laughlin, Founder and Editor of the Fabricated Knowledge and Mule's Musings Newsletter, joins the Yet Another Value Podcast for the 3rd time to discuss AppLovin Corporation (NASDAQ: APP). Doug became excited about the idea and wanted to come on to chat about it because a very aggressive PSU that recently happened at AppLovin, and what these management incentives could mean for the business.
For more information about Doug O'Laughlin and his newsletters, please visit:
Fabricated Knowledge: https://www.fabricatedknowledge.com/
Mule's Musings: https://mulesmusings.substack.com
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[2:17] Overview of AppLovin $APP
[4:50] What does IDFA means and why this is important when looking at $APP, understanding "Mediation"
[13:19] $APP's business model and their portfolio of hyper-casual games
[20:41] Unity and ironSource deal and how that affected AppLovin $APP
[26:22] $APP valuation
[29:30] What is the market missing about $APP?
[32:52] Share buybacks
[36:36] PSU grants and management incentives
[39:32] What concerns Doug the most about $APP
[40:23] Industry headwinds (ad rates getting crushed throughout 2022)
[42:58] $APP corporate governance, acquisition hit rate, incentives
[52:37] Strategic optionality of selling the games business and AI lever
Today's episode is sponsored by: Stream by Alphasense
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