Applovin Corp FY2024 Q4 Financial Update

4Q 24
Financial
9THaXeFinancial 9THa XeFinancial 9THaXe

Revenue
($ millions)
($ millions) Net Income (Loss), Adjusted EBITDA
($ millions)
Outstanding
($ and shares in millions)Financial Overview
ALL CO14ARISONS ARE TO 2023
Revenue vDr 3-6bahOOhnm DmhmFUdDrdne 32$ – Net Income vDr 0-5ahOOhnm DmdslDUJhmne 23$
FnloDUdcsnmdshmFnldne 246lhOOhnm DmcDmds
lDUJhmne 00$ –
Advertising Revenue 1
JUdv 64$ sn 2-1ahOOhnm –
RdJldms$citrsdcDA,SC$hmFUdDrdc 80$ sn 1-3ahOOhnm
D 65$ lDUJhm- Adjusted EBITDA hmFUdDrdc 70$ sn 1-6ahOOhnm Dm
$citrsdcDA,SC$lDUJhmne 47$ –
ATTs Revenue JUdv 2$ sn 0-4ahOOhnm -RdJldms
$citrsdcDA,SC$hmFUdDrdc 11$ sn 166lhOOhnm D 08$
lDUJhm- Cash Flow :dJdmdUDsdc 1-0ahOOhnm nemdsFDrgeUnl
nodUDshmJDFshuhshdrDmc 1-0ahOOhnm neEUddBDrgEOnv-
Note Totals ma] not sum due to rounding
1 Our core advertising Fusiness now reTresents suFstantiall] all oJ the revenue in this segment and our Juture Jocus Jor the comTan] As a result, we have renamed our SoJtware 4latJorm
segment to Advertising to Fetter align with the nature oJ this Fusiness
2 Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow are non-+AA4 measures 4lease see VNon-+AA4 Financial 1easuresW and the reconciliation Jrom +AA4 to non-+AA4
measures later in this uTdate Free Cash FlowCash Flow Jrom OTerations Net Income (Loss)
Adjusted EBITDA
E\cluding 4uFlisher Fonuses 4uFlisher Fonuses
4uFlisher Fonuses
$oo/nuhmBnUonUDshnm3413EhmDmFhDOTocDsd 1E\cluding 4uFlisher Fonuses Adjusted EBITDA 1argin

4Q24
*jobodjbm3wfswjf[
B00D3NQBS-T32TBSF835534
Sfwfovf was $1.4 billion , an increase of 44% . 2fu-odpnf was $599 million , a net margin of 44%
compared to net income of $172 million and a net
margin of 18% .
Bewfsujtjohsfwfovf grew 73% to $999 million . Net
revenue per installation increased 49% and installations
increased 22%. Segment Adjusted EBITDA increased
85% to $777 million , a 78% margin. BeNvtufe FC-8EB increased 78% to $848 million , an
Adjusted EBITDA margin of 62% .
BTTtsfwfovf decreased 1% to $373 million . Segment
Adjusted EBITDA increased 27% to $71 million , a 19%
margin. Dbti*mp[ We generated $701 million of net cash
from operating activities and $695 million of Free Cash
Flow.
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App/ovin Corporation 4Q24 Financial 8pdate 3*sffDbti*mp[
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Non-GAAP Financial Metrics
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mnsoUdoDUdchmDFFnUcDmFdvhsgF$$OhmFOtchmf$citrsdcDA,SC$$citrsdcDA,SC$lDUfhmDmcEUddBDrg
EOnv-$UdFnmFhOhDshnmnedDFgrtFgmnmF$$OehmDmFhDOldDrtUdsnsgdlnrschUdFsOxFnloDUDaOdF$$O
ldDrtUdFDmadentmcadOnv-
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rdssOdldmsnecdasnsgdUhmFnldmdsdwFOtchmfFdUsDhmUdFtUUhmfhsdlr(oUnuhrhnmenUadmdehseUnl(hmFnld
sDwdrDlnUshyDshnmcdoUdFhDshnmDmcvUhsdneerDmcDretUsgdUDcitrsdcenUmnmnodUDshmfenUdhfmdwFgDmfd
fDhmr(OnrrdrrsnFjaDrdcFnlodmrDshnmdwodmrdDFpthrhshnmUdODsdcdwodmrdotaOhrgdUanmtrdr
UdrsUtFstUhmfFnrsrOnrrnmchronrDOneOnmfOhudcDrrdsrDrvdOODrFdUsDhmnsgdUhsdlrsgDsvdadOhdudDUdmns
UdeOdFshudnentUFnUdnodUDshmfodUenUlDmFd-:dcdehmd$citrsdcDA,SC$lDUfhmDr$citrsdcDA,SC$
chuhcdcaxUdudmtdenUsgdrDldodUhnc-
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L$;ldchDshnmrnOtshnmhmFOtchmfdwhrshmfotaOhrgdUrneLnOtaDrvdOODr otaOhrgdUrnmnsgdUFnlodshsnU
needUhmfr-:dgDudmnsghrsnUhFDOOxhmFtUUdcrhfmhehFDmsotaOhrgdUlhfUDshnmFnrsrmnUcnvdFtUUdmsOxhmsdmcsn
hmFtUrhfmhehFDmsotaOhrgdUlhfUDshnmFnrsrhmsgdetstUd-$rrtFgvdgDudUdlnudcsgdhloDFsnesgdrdFnrsr
eUnl$citrsdcDA,SC$-
:dcdehmdEUddBDrgEOnvDrmdsFDrgoUnuhcdcaxnodUDshmfDFshuhshdrOdrrotUFgDrdrneoUnodUsxDmc
dptholdmsDmcoUhmFhoDOoDxldmsrnmehmDmFdOdDrdr-:drtasUDFsansgotUFgDrdrneoUnodUsxDmcdptholdms
DmcoDxldmsneehmDmFdOdDrdrhmntUFDOFtODshnmneEUddBDrgEOnvadFDtrdvdadOhdudsgdrdhsdlrUdoUdrdms
ntUnmfnhmfUdpthUdldmsrenUoUnodUsxDmcdptholdmssnrtoonUsntUatrhmdrrUdfDUcOdrrnevgdsgdUvd
tshOhydDehmDmFdOdDrdsnnasDhmrtFgoUnodUsxnUdptholdms-
:dadOhdudsgDssgdoUdrdmsDshnmnesgdrdmnmF$$OehmDmFhDOldDrtUdroUnuhcdrtrdetOhmenUlDshnmsn
hmudrsnUrUdfDUchmfntUUdrtOsrnenodUDshnmrDmcnodUDshmfodUenUlDmFdDrsgdxDUdrhlhODUsnldDrtUdr
UdonUsdcaxntUotaOhFFnlodshsnUrDmcDUdUdftODUOxtrdcaxrdFtUhshdrDmDOxrsrhmrshstshnmDOhmudrsnUrDmc
nsgdUhmsdUdrsdcoDUshdrhmDmDOxyhmfnodUDshmfodUenUlDmFdDmcoUnrodFsr-
$citrsdcDA,SC$Dmc$citrsdcDA,SC$lDUfhmDUdjdxldDrtUdrvdtrdsnDrrdrrntUehmDmFhDOodUenUlDmFd
DmcDUdDOrntrdcenUhmsdUmDOoODmmhmfDmcenUdFDrshmfotUonrdr-:dadOhdud$citrsdcDA,SC$Dmc$citrsdc
DA,SC$lDUfhmDUdgdOoetOsnhmudrsnUrDmDOxrsrDmcnsgdUhmsdUdrsdcoDUshdradFDtrdsgdxFDmDrrhrshm
oUnuhchmfDlnUdFnmrhrsdmsDmcFnloDUDaOdnudUuhdvnentUnodUDshnmrDFUnrrntUghrsnUhFDOehmDmFhDO
odUhncr-:dtrd$citrsdcDA,SC$Dmc$citrsdcDA,SC$lDUfhmhmFnmitmFshnmvhsgF$$OldDrtUdrDroDUs
nentUnudUDOODrrdrrldmsnentUodUenUlDmFdhmFOtchmfsgdoUdoDUDshnmnentUDmmtDOnodUDshmfatcfdsDmc
ptDUsdUOxenUdFDrsrsnduDOtDsdsgddeedFshudmdrrnentUatrhmdrrrsUDsdfhdrDmcsnFnlltmhFDsdvhsgntU
anDUcnechUdFsnUrFnmFdUmhmfntUehmDmFhDOodUenUlDmFd-:dadOhdudsgDssgdoUdrdmsDshnmneFdUsDhm
ldDrtUdrDcitrsdcenUotaOhrgdUanmtrdrDUdtrdetOhmtmcdUrsDmchmfsgdnmfnhmfUdrtOsrnentUnodUDshnmr
DmcenUFnloDUDahOhsxsnoUhnUodUhncr-:dtrdEUddBDrgEOnvhmDcchshnmsnF$$OldDrtUdrsngdOolDmDfd
ntUatrhmdrrDmcoUdoDUdatcfdsrDmcDmmtDOoODmmhmfDmcvdadOhdudEUddBDrgEOnvoUnuhcdrtrdetO
rtooOdldmsDOhmenUlDshnmsngdOohmudrsnUrtmcdUrsDmctmcdUOxhmfsUdmcrhmntUatrhmdrrDmcntUOhpthchsx-
SgdrdldDrtUdrgDudFdUsDhmOhlhsDshnmrhmsgDssgdxcnmnshmFOtcdsgdhloDFsneFdUsDhmdwodmrdrsgDsDUd
UdeOdFsdchmntUFnmrnOhcDsdcrsDsdldmsnenodUDshnmrsgDsDUdmdFdrrDUxsnUtmntUatrhmdrr-NtUcdehmhshnmr
lDxcheedUeUnlsgdcdehmhshnmrtrdcaxnsgdUFnloDmhdrDmcsgdUdenUdFnloDUDahOhsxlDxadOhlhsdc-,m
DcchshnmnsgdUFnloDmhdrlDxmnsotaOhrgsgdrdnUrhlhODUldsUhFr-SgtrntUmnmF$$OehmDmFhDOldDrtUdr
rgntOcadFnmrhcdUdchmDcchshnmsnmnsDrrtarshstsdrenUnUhmhrnODshnmeUnlldDrtUdroUdoDUdchm
DFFnUcDmFdvhsgF$$O-
$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

Key Metrics
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hcdmshexsUdmcrDeedFshmfntUodUenUlDmFdoUdoDUdehmDmFhDOoUnidFshnmrDmclDjdrsUDsdfhF
cdFhrhnmr-
Quarterly Key Metrics
Monthly Active Payers (MAPs). :dcdehmdDL$ODrDtmhptdlnahOdcduhFdDFshudnmnmd
nentUDoorhmDlnmsgsgDsFnloOdsdcDsOdDrsnmd,m$ooOtUFgDrdr,$O(ctUhmfsgDsshld
odUhnc-$FnmrtldUvgnlDjdr,$OrvhsghmsvnrdoDUDsdDoornmsgdrDldlnahOdcduhFdhm
DlnmsgOxodUhncvhOOadFntmsdcDrsvnL$Or-L$OrenUDoDUshFtODUshldodUhncOnmfdU
sgDmnmdlnmsgDUdsgdDudUDfdL$OrenUdDFglnmsgctUhmfsgDsodUhnc-:ddrshlDsdsgd
mtladUneL$OraxDffUdfDshmfFdUsDhmcDsDeUnlsghUcoDUsxDssUhatshnmoDUsmdUr-:d
drshlDsdsgDsntUFntmsdcL$OrfdmdUDsdcrtarsDmshDOOxDOOnentU,$OUdudmtdctUhmfsgd
sgUddlnmsgrdmchmf CdFdladUb DmcDrrtFglDmDfdldmsadOhdudrsgDsL$OrDUd
DtrdetOldsUhFsnldDrtUdsgddmfDfdldmsDmclnmdshyDshnmonsdmshDOnentUfDldr-
Average Revenue Per Monthly Active Payer (ARPMAP). :dcdehmd$QOL$ODrh(sgdsnsDO
,$OQdudmtdcdUhudceUnlntU$oorhmDlnmsgOxodUhncchuhcdcaxhh(L$OrhmsgDsrDld
odUhnc-$QOL$OenUDoDUshFtODUshldodUhncOnmfdUsgDmnmdlnmsghrsgdDudUDfd$QOL$O
enUdDFglnmsgctUhmfsgDsodUhnc-$QOL$OrgnvrgnvdeehFhdmsOxvdDUdlnmdshyhmfdDFg
L$O-
Q Q
Monthly Active Payers (millions) .
Average Revenue per Monthly Active Payer (ARPMAP)
NtUjdxldsUhFrDUdmnsaDrdcnmDmxrsDmcDUchydchmctrsUxldsgncnOnfxDmcDUdmnsmdFdrrDUhOx
FDOFtODsdchmsgdrDldlDmmdUnUFnloDUDaOdsnrhlhODUOxshsOdcldDrtUdroUdrdmsdcaxnsgdU
FnloDmhdr-RhlhODUOxntUjdxldsUhFrlDxcheedUeUnldrshlDsdrotaOhrgdcaxsghUcoDUshdrnUeUnl
rhlhODUOxshsOdcldsUhFrnentUFnlodshsnUrctdsncheedUdmFdrhmldsgncnOnfx-SgdmtladUrsgDsvd
trdsnFDOFtODsdL$OrDmc$QOL$ODUdaDrdcnmhmsdUmDOcDsD-:ghOdsgdrdmtladUrDUdaDrdcnm
vgDsvdadOhdudsnadUdDrnmDaOditcfldmsrDmcdrshlDsdrenUsgdDooOhFDaOdodUhncne
ldDrtUdldmssgdUdDUdhmgdUdmsFgDOOdmfdrhmldDrtUhmftrDfdDmcdmfDfdldms-:dUdftODUOx
UduhdvDmclDxDcitrsntUoUnFdrrdrenUFDOFtODshmfntUhmsdUmDOldsUhFrsnhloUnudsgdhUDFFtUDFx-
$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Consolidated Balance Sheets
(in thousands except share and per share data)
DecemFer

Assets
Current assets
Cash and cash eUuivalents —————————————————
Accounts receivaFle net —————————————————-
Prepaid expenses and other current assets ————————————
Total current assets —————————————————–
Property and eUuipment net —————————————————
Operating lease right-of-use assets ———————————————-
Goodwill ———————————————————————
IntangiFle assets net ———————————————————-
Other assets ——————————————————————
Total assets ————————————————————
LiaFilities and StocOholdersT EUuity
Current liaFilities
Accounts payaFle ———————————————————-
Accrued and other current liaFilities ——————————————
Short-term deFt ———————————————————— R
Deferred revenue ———————————————————-
Operating lease liaFilities current ——————————————–
Total current liaFilities ————————————————–
Long-term deFt —————————————————————
Operating lease liaFilities non-current ——————————————-
Other non-current liaFilities —————————————————–
Total liaFilities ———————————————————
StocOholdersT eUuity
Preferred stocO . par valueR shares authori^ed no shares issued
and outstanding 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 outstanding as
of DecemFerc and respectively
Additional paid-in capital ——————————————————-
Accumulated other comprehensive loss —————————————— () ()
Retained earnings (Accumulated deficit) —————————————– ()
Total stocOholdersT eUuity ———————————————–
Total liaFilities and stocOholdersT eUuity ———————————–
$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Consolidated Statements of Operations
(in thousands except per share data)
(unaudited)
=ear Ended DecemFer

Revenue
Costs and expenses
Cost of revenue —————————–
Sales and marOeting ————————-
Research and development ——————-
General and administrative ———————–
Total costs and expenses ————–
Income from operations ————————-
Other income (expense)
Interest expense and loss on settlement of deFt () () () ()
Other income (expense) net —————– ()
Total other expense net ————— () () () ()
Income Fefore income taxes ———————
Provision for (Fenefit from) income taxes ———- () ()
Net income ————————————-
Net income attriFutaFle to AppLovin ————–
Less Net income attriFutaFle to participating
securities —————————————
Net income attriFutaFle to common stocORBasic —
Net income attriFutaFle to common stocORDiluted –
Net income per share attriFutaFle to Class A and
Class B common stocOholders
Basic ——————————————- . . . .
Diluted —————————————– . . . .
;eighted average common shares used to compute
net income per share attriFutaFle to Class A and
Class B common stocOholders
Basic ——————————————-
Diluted —————————————–
$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Consolidated Statements of Cash Flows
(in thousands)

Operating Activities
Net income ——————————————————————–
Adjustments to reconcile net income to operating activities
Amorti^ation depreciation and write-offs ————————————-
StocO-Fased compensation excluding cash-settled awards ———————
Impairment of investments ————————————————– R
Loss on settlement of deFt ————————————————–
Change in operating right-of-use assets ————————————–
Amorti^ation of deFt issuance costs and discount ——————————
Loss on disposal of long-lived assets —————————————– R
Other ——————————————————————–
Changes in operating assets and liaFilities ————————————
Accounts receivaFle —————————————————— () ()
Prepaid expenses and other current assets ———————————- ()
Other assets ————————————————————- () ()
Accounts payaFle ——————————————————–
Operating lease liaFilities ————————————————- () ()
Accrued and other liaFilities ———————————————–
Deferred revenue ——————————————————– ()
Net cash provided Fy operating activities ——————————-
Investing Activities
Purchase of non-marOetaFle eUuity securities ————————————– () ()
AcUuisitions of Fusinesses and intangiFle assets ———————————– () ()
Purchase of property and eUuipment ——————————————— () ()
Proceeds from sale of assets and other ——————————————-
Net cash used in investing activities ———————————— () ()
Financing Activities
Principal repayments of deFt —————————————————- () ()
Payments of withholding taxes related to net share settlement ———————- () ()
Repurchases of common stocO ————————————————— () ()
Payments of deferred acUuisition costs ——————————————- R ()
Payments of licensed asset oFligation ——————————————– R ()
Payments of deFt issuance cost ————————————————– () ()
Principal payments of finance leases ———————————————- () ()
Proceeds from issuance of deFt ————————————————–
Proceeds from issuance of common stocO upon exercise of stocO options and purchase
of ESPP shares —————————————————————–
Net cash used in financing activities ———————————— () ()
Effect of foreign exchange rate on cash and cash eUuivalents ———————– ()
Net (decrease) increase in cash and cash eUuivalents ——————— ()
Cash and cash eUuivalents at Feginning of the period ——————————
Cash and cash eUuivalents at end of the period ————————————
$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow
(in thousands)
periods presented
Quarter Ended
Q Q Q Q Q
Net cash provided Fy operating activities
Less
Purchase of property and eUuipment
() () () () ()
Principal payments on finance leases
() () () () ()
Free Cash Flow
Net cash used in investing activities () () () () ()
Net cash used in financing activities () () () () ()
=ear Ended DecemFer

Net cash provided Fy operating activities
Less
Purchase of property and eUuipment
() () () () ()
Principal payments on finance leases
() () () () ()
Free Cash Flow
Net cash used in investing activities () () () () ()
Net cash provided Fy (used in) financing activities () () ()
$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Reconciliation of Net Income to Adjusted EBITDA
(in thousands except percentages)
Adjusted EBITDA for the periods presented
Quarter Ended
Q Q Q Q Q
Revenue
Net income
MdsLDUfhm
Interest expense and loss on settlement of deFt
Other income (expense) net () () () ()
Provision for (Fenefit from) income taxes ()
Amorti^ation depreciation and write-offs
Loss on disposal of long-lived assets ————- R R R R
Non-operating foreign exchange loss (gain) () ()
StocO-Fased compensation
AcUuisition-related expense

Restructuring costs R R
Total adjustments
Adjusted EBITDA
$citrsdcDA,SC$LDUfhm
$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(in thousands except percentages)
(Loss) to Adjusted EBITDA for the periods presented
=ear Ended DecemFer

Revenue
Net income (loss) ()
MdsLDUfhm ( (
Interest expense and loss on settlement of deFt
Other income net () () () () ()
Provision for (Fenefit from) income taxes ()
( ()
Amorti^ation depreciation and write-offs
Loss on disposal of long lived assets R R R
Non-operating foreign exchange loss (gain) () () ()
StocO-Fased compensation
AcUuisition-related expense and transaction
Fonus

PuFlisher Fonuses R R R
MoPuF acUuisition transition services R R R R
Restructuring costs R R
Change in the fair value of contingent
consideration () R R R
Lease modification and aFandonment of
leasehold improvements R R R R
Loss on extinguishments of acUuisition related
contingent consideration R R R R
Total adjustments
Adjusted EBITDA
$citrsdcDA,SC$LDUfhm
$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Reconciliation of Segment Adjusted EBITDA to Income Before Taxes
(in thousands except percentages)
Quarter Ended
Q Q Q Q Q
Revenue
Advertising

Apps

Total Revenue

Segment Adjusted EBITDA
Advertising

Apps

Total Segment Adjusted EBITDA

Interest expense and loss on settlement of deFt
() () () () ()
Other income (expense) net
()
Amorti^ation depreciation and write-offs
() () () () ()
Loss on disposal of long-lived assets
R () R R R
Non-operating foreign exchange gain (loss)
() ()
StocO-Fased compensation
() () () () ()
AcUuisition-related expense
() () () () ()
Restructuring costs
R R () () ()
Income Fefore income taxes

Segment Adjusted EBITDA Margin
Advertising

Apps

$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Reconciliation of Segment Adjusted EBITDA to Income (Loss) Before Taxes
(in thousands except percentages)
=ear Ended DecemFer

Revenue
Advertising

Apps
R
Total Revenue

Segment Adjusted EBITDA
Advertising

Apps

Total Segment Adjusted EBITDA

Interest expense and loss on settlement of deFt
() () () () ()
Other income net

Amorti^ation depreciation and write-offs
() () () () ()
Loss on disposal of long-lived assets
R R () R ()
Non-operating foreign exchange gain (loss)
()
StocO-Fased compensation
() () () () ()
AcUuisition-related expense and transaction Fonus
() () () () ()
PuFlisher Fonuses
R () () R R
MoPuF acUuisition transition services
R R () R R
Restructuring costs
R R () () ()
Change in the fair value of contingent consideration
() R R R
Lease modification and aFandonment of leasehold
improvements () R R R R
Loss on extinguishments of acUuisition related
contingent consideration () R R R R
Income (loss)cFefore income taxes
() ()
Segment Adjusted EBITDA Margin
Advertising

Apps

$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd