Applovin Corp FY2025 Q1 Financial Update

4Q 24
Financial
9THaXeFinancial 9THaXe

1Q25
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B00D3NQBS-T32TBSF83255
Sfwfovf was $1.48 billion , an increase of 40% . 2fu-odpnf was %8njmmjpo , a net margin of 4
compared to net income of %4njmmjpo and a net
margin of .
Bewfsujtjohsfwfovf grew 82 to %22cjmmjpo . Net
revenue per installation increased 5 and installations
increased . Segment Adjusted EBITDA increased
to %54njmmjpo , an 2 margin. BeNvtufe FC-8EB increased 4 to %212cjmmjpo , an
Adjusted EBITDA margin of .
BTTtsfwfovf decreased 25 to %4njmmjpo . Segment
Adjusted EBITDA increased to %njmmjpo , a 2
margin. Dbti*mp[ We generated %4njmmjpo of net cash
from operating activities and %njmmjpo of Free Cash
Flow.
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App/ovin Corporation 1Q25 Financial 8pdate 2*sffDbti*mp[
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Non-GAAP Financial Metrics
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chuhcdcaxUdudmtdenUsgdrDldodUhnc-
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dptholdmsDmcoUhmFhoDOoDxldmsrnmehmDmFdOdDrdr-:drtasUDFsansgotUFgDrdrneoUnodUsxDmcdptholdms
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:dadOhdudsgDssgdoUdrdmsDshnmnesgdrdmnmF$$OehmDmFhDOldDrtUdroUnuhcdrtrdetOhmenUlDshnmsn
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$citrsdcDA,SC$Dmc$citrsdcDA,SC$lDUfhmDUdjdxldDrtUdrvdtrdsnDrrdrrntUehmDmFhDOodUenUlDmFd
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anDUcnechUdFsnUrFnmFdUmhmfntUehmDmFhDOodUenUlDmFd-:dadOhdudsgDssgdoUdrdmsDshnmneFdUsDhm
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UdeOdFsdchmntUFnmrnOhcDsdcrsDsdldmsnenodUDshnmrsgDsDUdmdFdrrDUxsnUtmntUatrhmdrr-NtUcdehmhshnmr
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Key Metrics
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cdFhrhnmr-
Quarterly Key Metrics
Monthly Active Payers (MAPs). :dcdehmdDL$ODrDtmhptdlnahOdcduhFdDFshudnmnmd
nentUDoorhmDlnmsgsgDsFnloOdsdcDsOdDrsnmd,m$ooOtUFgDrdr,$O(ctUhmfsgDsshld
odUhnc-$FnmrtldUvgnlDjdr,$OrvhsghmsvnrdoDUDsdDoornmsgdrDldlnahOdcduhFdhm
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sgDmnmdlnmsgDUdsgdDudUDfdL$OrenUdDFglnmsgctUhmfsgDsodUhnc-:ddrshlDsdsgd
mtladUneL$OraxDffUdfDshmfFdUsDhmcDsDeUnlsghUcoDUsxDssUhatshnmoDUsmdUr-:d
drshlDsdsgDsntUFntmsdcL$OrfdmdUDsdcrtarsDmshDOOxDOOnentU,$OUdudmtdctUhmfsgd
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Average Revenue Per Monthly Active Payer (ARPMAP). :dcdehmd$QOL$ODrh(sgdsnsDO
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enUdDFglnmsgctUhmfsgDsodUhnc-$QOL$OrgnvrgnvdeehFhdmsOxvdDUdlnmdshyhmfdDFg
L$O-
Q Q
Monthly Active Payers (millions) .
Average Revenue per Monthly Active Payer (ARPMAP)
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trdsnFDOFtODsdL$OrDmc$QOL$ODUdaDrdcnmhmsdUmDOcDsD-:ghOdsgdrdmtladUrDUdaDrdcnm
vgDsvdadOhdudsnadUdDrnmDaOditcfldmsrDmcdrshlDsdrenUsgdDooOhFDaOdodUhncne
ldDrtUdldmssgdUdDUdhmgdUdmsFgDOOdmfdrhmldDrtUhmftrDfdDmcdmfDfdldms-:dUdftODUOx
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$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Condensed 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
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
Total current liaFilities
Long-term deFt
Other non-current liaFilities
Total liaFilities
StocOholdersT eUuity
Preferred stocO . par valueR shares authori^ed no shares
issued and outstanding as of Marchc and DecemFerc 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 Marchc and DecemFerc respectively

Additional paid-in capital
Accumulated other comprehensive loss () ()
Retained earnings
Total stocOholdersT eUuity
Total liaFilities and stocOholdersT eUuity
$ooKnuhmBnUonUDshnm.PEhmDmFhDOTocDsd

AppLovin Corporation
Condensed Consolidated Statements of Operations
(In thousands except share and per share data)
(9naudited)

Revenue
Costs and expenses
Cost of revenue
Sales and marOeting
Research and development
General and administrative
Goodwill impairment R
Total costs and expenses
Income from operations
Other income (expense)
Interest expense () ()
Other income net
Total other expense net () ()
Income Fefore income taxes
Provision for income taxes
Net income
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
Condensed 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

Goodwill impairment
R
StocO-Fased compensation excluding cash-settled awards

Other

Changes in operating assets and liaFilities
Accounts receivaFle
() ()
Prepaid expenses and other assets
()
Accounts payaFle

Accrued and other liaFilities
()
Net cash provided Fy operating activities
Investing Activities
Purchase of non-marOetaFle eUuity securities () ()
Other investing activities () ()
Net cash used in investing activities () ()
Financing Activities
Repurchases of common stocO () ()
Principal repayments of deFt R ()
Payment of withholding taxes related to net share settlement () ()
Payments of licensed asset oFligation () R
Proceeds from issuance of deFt
Proceeds from exercise of stocO options
Other financing activities () ()
Net cash used in financing activities () ()
Effect of foreign exchange rate on cash and cash eUuivalents ()
Net decrease 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)
The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow for the
periods presented:
Quarter Ended
1Q24 2Q243Q244Q241Q25
Net cash provided by operating activities $ 392,779 $ 454,527 $ 550,702 $ 701,003 $ 831,712
Less: Purchase of property and equipment (227)(3,928) (131)(490)(138)
Principal payments on finance leases (4,959) (5,089) (5,476) (5,351) (5,843)
Free Cash Flow $ 387,593 $ 445,510 $ 545,095 $ 695,162 $ 825,731
Net cash used in investing activities $ (31,635) $ (68,356) $ (6,396) $ (367)$ (22,664)
Net cash used in financing activities $ (424,612) $ (361,000) $ (441,075) $ (523,157) $ (1,002,217) AppLovin Corporation / 1Q25 Financial Update
8

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
Adjusted as follows
Interest expense and loss on settlement of deFt
Other income net () () () () ()
Provision for (Fenefit from) income taxes ()
Amorti^ation depreciation and write-offs
Goodwill impairment R R R R
Loss on disposal of long-lived assets R R R R
Non-operating foreign exchange (gain) loss () () ()
StocO-Fased compensation
Transaction-related expense

Restructuring costs 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 net

Amorti^ation depreciation and write-offs
() () () () ()
Goodwill impairment
R R R R ()
Loss on disposal of long-lived assets
() R R R R
Non-operating foreign exchange gain (loss)
()
StocO-Fased compensation
() () () () ()
Transaction-related expense
() () () () ()
Restructuring costs
R () () () ()
Income Fefore income taxes

Segment Adjusted EBITDA Margin
Advertising

Apps

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