MoPub

So the first one that would explain some of that margin compression, I think, lines up with a couple of acquisitions that they made.

So MoPub was probably one of their biggest, which was, I think, for over $500 million.

And this was actually a really, really good use of capital as it added a lot of talent to their staff.

But it also added some more gap expenses like depreciation and amortization.

And then they added a couple other smaller acquisitions compared to MoPub that also would have increased their amortization expense there.

And that also helped compress their margins for a time.

But I think if we look at the other side of things and see, okay, well, what was it that caused them to expand instead of compress? I think one of the major developments was Axon 2.

So I mentioned earlier their Adjust segment.

So the first one that would explain some of the margin compression, I think, lines up with a couple of acquisitions that they made.

So MoPub was probably one of their biggest, which was, I think, for over $500 million.

And this was actually a really, really good use of capital as it added a lot of talent to their staff, but it also added some more gap expenses like depreciation and amortization.

And then they added a couple other smaller acquisitions compared to Mopub that also would have increased their amortization expense there.

So I mentioned earlier their Adjust segment.

So this was a business that they basically bought completely outright.

They also bought MoPub from Twitter, which I mentioned earlier, and then a CTV business, Whirl.

Then in terms of creating the most value, that was probably Max.