Applovin Corp FY2025 Q4 Financial Update

1arginNet Income from Continuing Operations
$ millions
Financial Overview
Adjusted EBITDA and Adjusted EBITDA margin are non+AA4 measures 4lease see VNon+AA4 Financial 1easuresW and the reconciliation from +AA4 to non+AA4 measures
later in this update
$oo/nuhmBnUonUDshnm3414EhmDmFhDOTocDsd 1Adjusted EBITDA
$ millions
Cash Flow from Operations and Shares Outstanding
$ and shares in millions
Ending Shares OutstandingNet Income from Continuing Operations
1arginRevenue
$ millions
$166 Fillion 66% ==
$548 Fillion 70% ==
$110 Fillion 85% ==
, a net margin of 66% 2025 $343 Fillion 116% ==
, a net margin of 63%
4525 $140 Fillion 82% ==
, an 84% margin 2025 $451 Fillion 87% ==
, an 82% margin

Non-GAAP Financial Measures
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$oo/nuhmBnUonUDshnmPEhmDmFhDOTocDsd

AppLovin Corporation
Consolidated Balance Sheets
(In thousands e\cept per share data)

Assets
Current assets
Cash and cash eUuivalents —————————————————
Accounts receivaFle net —————————————————-
Prepaid e\penses and other current assets ————————————
Current assets of discontinued operations ————————————- R
Total current assets —————————————————–
Propert] and eUuipment net ————————————————–
OperatinK lease riKht-of-use assets ———————————————
Goodwill ——————————————————————–
IntanKiFle assets net ———————————————————
EUuit] method investments —————————————————- R
Other assets —————————————————————–
Non-current assets of discontinued operations ———————————– R
Total assets ————————————————————
LiaFilities and StocOholdersT EUuit]
Current liaFilities
Accounts pa]aFle ———————————————————-
Accrued and other current liaFilities ——————————————
OperatinK lease liaFilities current ——————————————–
Current liaFilities of discontinued operations ———————————- R
Total current liaFilities ————————————————–
LonK-term deFt ————————————————————–
OperatinK lease liaFilities non-current ——————————————
Other non-current liaFilities —————————————————-
Non-current liaFilities of discontinued operations ——————————– R
Total liaFilities ———————————————————
StocOholdersT eUuit]
Preferred stocO par valueR shares authori^ed no shares issued
and outstandinK as of DecemFerc and —————————- R R
Class A Class B and Class C Common StocO par valueR
(Class A Class B Class C ) shares authori^ed
(Class A Class B Class C nil) and (Class A Class
B Class C nil) shares issued and outstandinK as of DecemFerc and
respectivel] ———————————————————-
Additional paid-in capital —————————————————-
Accumulated other comprehensive loss ————————————— () ()
Retained earninKs ———————————————————-
Total stocOholdersT eUuit] ———————————————–
Total liaFilities and stocOholdersT eUuit] ———————————–
$oo/nuhmBnUonUDshnmPEhmDmFhDOTocDsd

AppLovin Corporation
Consolidated Statements of Operations
(In thousands e\cept per share data)
(9naudited)
=ear Ended DecemFer

Revenue
Costs and e\penses
Cost of revenue
Sales and marOetinK
Research and development
General and administrative
Total costs and e\penses
Income from operations
Other income (e\pense)
Interest e\pense and loss on settlement of deFt () () () ()
Other income net
Total other e\pense net () () () ()
Income Fefore income ta\es
Provision for (Fenefit from) income ta\es ()
Net income from continuinK operations
Income (loss) from discontinued operations net of
income ta\es R () ()
Net income
Net income (loss) per share attriFuted to Class A and Class B common stocOholders – Basic
ContinuinK operations
Discontinued operations R () ()
Basic net income per share
Net income (loss) per share attriFuted to Class A and Class B common stocOholders – Diluted
ContinuinK operations
Discontinued operations R () ()
Diluted net income per share
;eiKhted-averaKe common shares used to compute net income (loss) per share attriFutaFle to Class A and Class
B common stocOholders
Basic
Diluted
$oo/nuhmBnUonUDshnmPEhmDmFhDOTocDsd

AppLovin Corporation
Consolidated Statements of Cash Flows
(In thousands)

OperatinK Activities
Net income ——————————————————————
Adjustments to reconcile net income to net cash provided F] operatinK activities
Amorti^ation depreciation and write-offs ————————————-
Goodwill impairment ——————————————————- R
StocO-Fased compensation e\cludinK cash-settled awards ———————
Gain on divestiture net of transaction costs ———————————– () R
Impairment of investments ————————————————– R
Loss on settlement of deFt ————————————————– R
ChanKe in operatinK riKht-of-use assets ————————————–
Other ——————————————————————–
ChanKes in operatinK assets and liaFilities
Accounts receivaFle ——————————————————– () ()
Prepaid e\penses and other assets ——————————————- ()
Accounts pa]aFle ———————————————————-
OperatinK lease liaFilities ————————————————— () ()
Accrued and other liaFilities ————————————————-
Net cash provided F] operatinK activities ——————————-
InvestinK Activities
Purchase of intanKiFle assets ————————————————– () ()
Purchase of non-marOetaFle eUuit] securities ———————————— () ()
Proceeds from divestiture net of cash divested ——————————— R
Other investinK activities —————————————————— () ()
Net cash provided F] (used in) investinK activities ———————– ()
FinancinK Activities
Repurchases of common stocO ————————————————- () ()
Pa]ments of withholdinK ta\es related to net share settlement ——————– () ()
Principal repa]ments of deFt ————————————————– () ()
Principal pa]ments of finance leases ——————————————– () ()
Pa]ments of licensed asset oFliKation —————————————— () R
Pa]ments of deFt issuance cost ———————————————— () ()
Proceeds from issuance of deFt ————————————————
Proceeds from issuance of common stocO upon e\ercise of stocO options and
purchase of ESPP shares ——————————————————
Net cash used in financinK activities ———————————— () ()
Effect of foreiKn e\chanKe rate on cash and cash eUuivalents ———————– ()
Net increase in cash and cash eUuivalents includinK cash classified within current
assets of discontinued operations ————————————————
Less net decrease in cash classified within current assets of discontinued operations — () R
Net increase in cash and cash eUuivalents ——————————-
Cash and cash eUuivalents at FeKinninK of the period ——————————
Cash and cash eUuivalents at end of the period ————————————
$oo/nuhmBnUonUDshnmPEhmDmFhDOTocDsd

AppLovin Corporation
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(In thousands e\cept percentaKes)
presented
5uarter Ended
5 5 5 5 5 5 5 5 5 5 5 5
Revenue
Net income (loss)
MdslDUfhm (
Loss (income) from discontinued
operations net of income ta\es () () () () R R
Net income from continuinK
operations
MdslDUfhmeUnlFnmshmthmf
nodUDshnmr
Adjusted as follows
Interest e\pense and loss on
settlement of deFt
Other (income) e\pense net () () () () () () () ()
Provision for (Fenefit from)
income ta\es ()
Amorti^ation depreciation
and write-offs
Non-operatinK foreiKn
e\chanKe (Kain) loss () () () () () () ()
StocO-Fased compensation
Transaction-related e\pense
RestructurinK costs R R R
Total adjustments
Adjusted EBITDA
$citrsdcDA,SC$lDUfhm
$oo/nuhmBnUonUDshnmPEhmDmFhDOTocDsd

AppLovin Corporation
Reconciliation of Net Income to Adjusted EBITDA
(In thousands e\cept percentaKes)
Adjusted EBITDA for the periods presented
=ear Ended DecemFer

Revenue
Net income
MdslDUfhm
Loss from discontinued operations net of income ta\es
Net income from continuinK operations
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Adjusted as follows
Interest e\pense and loss on settlement of deFt
Other income net () () ()
Provision for income ta\es
Amorti^ation depreciation and write-offs
Non-operatinK foreiKn e\chanKe (Kain) losses ()
StocO-Fased compensation
Transaction-related e\pense
RestructurinK costs

Total adjustments
Adjusted EBITDA
$citrsdcDA,SC$lDUfhm
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