AppLovin Announces Fourth Quarter and Full Year 2024 Financial Results
AppLovin (NASDAQ: APP) reported strong financial results for Q4 and full year 2024. Total revenue reached $1.37 billion in Q4 (up 44% YoY) and $4.71 billion for the full year (up 43% YoY). Advertising revenue grew 73% to $999.5 million in Q4, while Apps revenue slightly declined 1% to $373.3 million.
The company's net income surged 248% to $599.2 million in Q4 and 343% to $1.58 billion for the full year. Adjusted EBITDA increased 78% to $848 million in Q4, with a margin of 62%. Free Cash Flow was $695 million for Q4 and $2.1 billion for the full year.
For Q1 2025, AppLovin expects total revenue between $1.355-1.385 billion and Adjusted EBITDA between $855-885 million, with an expected margin of 63-64%. During 2024, the company retired 25.7 million shares for $2.1 billion, ending Q4 with 340 million shares outstanding.
AppLovin (NASDAQ: APP) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. I ricavi totali hanno raggiunto 1,37 miliardi di dollari nel Q4 (in aumento del 44% rispetto all'anno precedente) e 4,71 miliardi di dollari per l'intero anno (in aumento del 43% rispetto all'anno precedente). I ricavi pubblicitari sono cresciuti del 73% arrivando a 999,5 milioni di dollari nel Q4, mentre i ricavi delle app sono leggermente diminuiti dell'1% a 373,3 milioni di dollari.
Il reddito netto dell'azienda è aumentato del 248% a 599,2 milioni di dollari nel Q4 e del 343% a 1,58 miliardi di dollari per l'intero anno. L'EBITDA rettificato è aumentato del 78% a 848 milioni di dollari nel Q4, con un margine del 62%. Il flusso di cassa libero è stato di 695 milioni di dollari per il Q4 e di 2,1 miliardi di dollari per l'intero anno.
Per il Q1 2025, AppLovin prevede ricavi totali compresi tra 1,355 e 1,385 miliardi di dollari e un EBITDA rettificato tra 855 e 885 milioni di dollari, con un margine previsto del 63-64%. Durante il 2024, l'azienda ha ritirato 25,7 milioni di azioni per 2,1 miliardi di dollari, chiudendo il Q4 con 340 milioni di azioni in circolazione.
AppLovin (NASDAQ: APP) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Los ingresos totales alcanzaron 1.37 mil millones de dólares en el Q4 (un aumento del 44% interanual) y 4.71 mil millones de dólares para el año completo (un aumento del 43% interanual). Los ingresos publicitarios crecieron un 73% hasta 999.5 millones de dólares en el Q4, mientras que los ingresos de aplicaciones disminuyeron ligeramente un 1% a 373.3 millones de dólares.
El ingreso neto de la compañía se disparó un 248% a 599.2 millones de dólares en el Q4 y un 343% a 1.58 mil millones de dólares para el año completo. El EBITDA ajustado aumentó un 78% a 848 millones de dólares en el Q4, con un margen del 62%. El flujo de caja libre fue de 695 millones de dólares para el Q4 y de 2.1 mil millones de dólares para el año completo.
Para el Q1 2025, AppLovin espera ingresos totales entre 1.355 y 1.385 mil millones de dólares y un EBITDA ajustado entre 855 y 885 millones de dólares, con un margen esperado del 63-64%. Durante 2024, la compañía retiró 25.7 millones de acciones por 2.1 mil millones de dólares, cerrando el Q4 con 340 millones de acciones en circulación.
AppLovin (NASDAQ: APP)은 2024년 4분기 및 전체 연도의 강력한 재무 결과를 보고했습니다. 4분기 총 수익은 13억 7천만 달러에 달했으며(전년 대비 44% 증가), 전체 연도 수익은 47억 1천만 달러에 달했습니다(전년 대비 43% 증가). 광고 수익은 4분기에 73% 증가하여 9억 9천9백5십만 달러에 달했으며, 앱 수익은 1% 감소하여 3억 7천3백3십만 달러에 그쳤습니다.
회사의 순이익은 4분기에 248% 증가하여 5억 9천9백2십만 달러에 달했고, 전체 연도 동안 343% 증가하여 15억 8천만 달러에 달했습니다. 조정된 EBITDA는 4분기에 78% 증가하여 8억 4천8백만 달러에 달했으며, 마진은 62%였습니다. 자유 현금 흐름은 4분기에 6억 9천5백만 달러, 전체 연도 동안 21억 달러에 달했습니다.
2025년 1분기 동안 AppLovin은 총 수익이 13억 5천5백만에서 13억 8천5백만 달러 사이가 될 것으로 예상하며, 조정된 EBITDA는 8억 5천5백만에서 8억 8천5백만 달러 사이가 될 것으로 예상하고 있으며, 예상 마진은 63-64%입니다. 2024년 동안, 회사는 21억 달러에 2,570만 주의 주식을 매입했으며, 4분기 종료 시 3억 4천만 주의 유통 주식이 남아 있었습니다.
AppLovin (NASDAQ: APP) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024. Les revenus totaux ont atteint 1,37 milliard de dollars au Q4 (en hausse de 44% par rapport à l'année précédente) et 4,71 milliards de dollars pour l'année entière (en hausse de 43% par rapport à l'année précédente). Les revenus publicitaires ont augmenté de 73% pour atteindre 999,5 millions de dollars au Q4, tandis que les revenus des applications ont légèrement diminué de 1% pour s'établir à 373,3 millions de dollars.
Le revenu net de l'entreprise a bondi de 248% pour atteindre 599,2 millions de dollars au Q4 et de 343% pour atteindre 1,58 milliard de dollars pour l'année entière. L'EBITDA ajusté a augmenté de 78% pour atteindre 848 millions de dollars au Q4, avec une marge de 62%. Le flux de trésorerie disponible était de 695 millions de dollars pour le Q4 et de 2,1 milliards de dollars pour l'année entière.
Pour le Q1 2025, AppLovin s'attend à des revenus totaux compris entre 1,355 et 1,385 milliard de dollars et un EBITDA ajusté compris entre 855 et 885 millions de dollars, avec une marge prévue de 63-64%. Au cours de l'année 2024, l'entreprise a racheté 25,7 millions d'actions pour 2,1 milliards de dollars, clôturant le Q4 avec 340 millions d'actions en circulation.
AppLovin (NASDAQ: APP) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Der Gesamtumsatz erreichte im Q4 1,37 Milliarden Dollar (ein Anstieg von 44% im Jahresvergleich) und 4,71 Milliarden Dollar für das gesamte Jahr (ein Anstieg von 43% im Jahresvergleich). Die Werbeeinnahmen stiegen im Q4 um 73% auf 999,5 Millionen Dollar, während die Einnahmen aus Apps leicht um 1% auf 373,3 Millionen Dollar zurückgingen.
Der Nettogewinn des Unternehmens stieg im Q4 um 248% auf 599,2 Millionen Dollar und um 343% auf 1,58 Milliarden Dollar für das gesamte Jahr. Das bereinigte EBITDA stieg im Q4 um 78% auf 848 Millionen Dollar, mit einer Marge von 62%. Der freie Cashflow betrug im Q4 695 Millionen Dollar und 2,1 Milliarden Dollar für das gesamte Jahr.
Für das Q1 2025 erwartet AppLovin einen Gesamtumsatz zwischen 1,355 und 1,385 Milliarden Dollar und ein bereinigtes EBITDA zwischen 855 und 885 Millionen Dollar, mit einer erwarteten Marge von 63-64%. Im Jahr 2024 hat das Unternehmen 25,7 Millionen Aktien für 2,1 Milliarden Dollar zurückgekauft und schloss das Q4 mit 340 Millionen ausstehenden Aktien ab.
- Revenue grew 44% YoY to $1.37B in Q4 2024
- Advertising revenue increased 73% YoY to $999.5M in Q4
- Net income surged 248% YoY to $599.2M in Q4
- Adjusted EBITDA margin improved to 62% in Q4
- Strong Free Cash Flow of $2.1B for full year 2024
- Q1 2025 guidance projects continued growth with 63-64% EBITDA margin
- Apps revenue declined 1% YoY to $373.3M in Q4
Insights
AppLovin's Q4 results demonstrate a remarkable transformation into an advertising technology powerhouse. The advertising segment, now renamed from "Software Platform," generated
The company's execution excellence is evident in its cash flow metrics, with Q4 free cash flow of
Looking ahead, Q1 2025 guidance implies continued momentum with projected revenue growth of approximately
The strategic focus on advertising technology has proven highly successful, with segment revenue growth of
Fourth Quarter and Full Year 2024 Financial Highlights:
|
Quarter Ended |
|
Year Ended |
|
||||||||||||||
(In thousands, except percentages) |
December 31, |
|
December 31, |
|
||||||||||||||
|
2024 |
2023 |
% Change |
2024 |
2023 |
% Change |
||||||||||||
Advertising Revenue1 |
$ |
999,487 |
$ |
576,489 |
73 |
% |
$ |
3,224,058 |
$ |
1,841,762 |
75 |
% |
||||||
Apps Revenue |
|
373,292 |
|
376,772 |
(1 |
)% |
|
1,485,190 |
|
1,441,325 |
3 |
% |
||||||
Total Revenue |
|
1,372,779 |
|
953,261 |
44 |
% |
|
4,709,248 |
|
3,283,087 |
43 |
% |
||||||
Advertising Adjusted EBITDA |
|
776,699 |
|
420,008 |
85 |
% |
|
2,442,597 |
|
1,275,705 |
91 |
% |
||||||
Apps Adjusted EBITDA |
|
71,325 |
|
56,147 |
27 |
% |
|
277,008 |
|
226,953 |
22 |
% |
||||||
Adjusted EBITDA |
$ |
848,024 |
$ |
476,155 |
78 |
% |
$ |
2,719,605 |
$ |
1,502,658 |
81 |
% |
||||||
Net Income |
$ |
599,204 |
$ |
172,233 |
248 |
% |
$ |
1,579,776 |
$ |
356,711 |
343 |
% |
||||||
Additional Financial Highlights:
-
Net cash from operating activities was
$701 million $2.1 billion $695 million $2.1 billion -
During the fourth quarter and full year 2024, we retired and withheld 1.6 million and 25.7 million of our Class A common stock, for a total cost of
$0.5 billion $2.1 billion
First Quarter 2025 Financial Guidance Summary3
(In millions, except percentages) |
1Q25 |
|||||||
|
Low |
High |
||||||
Advertising Revenue |
$ |
1,030 |
|
$ |
1,050 |
|
||
Apps Revenue |
|
325 |
|
|
335 |
|
||
Total Revenue |
|
1,355 |
|
|
1,385 |
|
||
Advertising Adjusted EBITDA |
|
805 |
|
|
825 |
|
||
Apps Adjusted EBITDA |
|
50 |
|
|
60 |
|
||
Total Adjusted EBITDA |
$ |
855 |
|
$ |
885 |
|
||
Total Adjusted EBITDA Margin |
|
63 |
% |
|
64 |
% |
||
Webcast and Conference Calls
AppLovin will host a webinar today at 2:00 PM PT / 5:00 PM ET, during which management will discuss the Company’s fourth quarter and full year 2024 results and provide commentary on its business performance. A question-and-answer session will follow the prepared remarks.
The webinar may be accessed on the Company’s investor relations website or via webinar registration. A replay of the webinar will also be available under the Events & Presentations section of our Investor Relations website.
About AppLovin
AppLovin makes technologies that help businesses of every size connect to their ideal customers. The company provides end-to-end software and AI solutions for businesses to reach, monetize and grow their global audiences. For more information about AppLovin, visit: www.applovin.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include our expected financial results and guidance, and growth prospects. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties, including changes in our plans or assumptions, which could cause actual results to differ materially from those projected. These risks include our inability to forecast our business effectively, the macroeconomic environment, fluctuations in our results of operations, our ability to execute on our operational and financial priorities, our ability to scale our Advertising to support new users, the competitive advertising and mobile app ecosystems, and our inability to adapt to emerging technologies and business models. The forward-looking statements contained in this letter are also subject to other risks and uncertainties, including those more fully described in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. Additional information will also be set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The forward-looking statements in this letter are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
Non-GAAP Financial Metrics
To supplement our financial information presented in accordance with generally accepted accounting principles in
We define Adjusted EBITDA for a particular period as net income (loss) before interest expense and loss on settlement of debt, other income, net (excluding certain recurring items), provision for (benefit from) income taxes, amortization, depreciation and write-offs and as further adjusted for non-operating foreign exchange (gains) losses, stock-based compensation expense, acquisition-related expense, restructuring costs, loss on disposal of long-lived assets, as well as certain other items that we believe are not reflective of our core operating performance. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue for the same period.
We define Free Cash Flow as net cash provided by operating activities less purchases of property and equipment and principal payments on finance leases. We subtract both purchases of property and equipment and payment of finance leases in our calculation of Free Cash Flow because we believe these items represent our ongoing requirements for property and equipment to support our business, regardless of whether we utilize a finance lease to obtain such property or equipment.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our results of operations and operating performance, as they are similar to measures reported by our public competitors and are regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects.
Adjusted EBITDA and Adjusted EBITDA margin are key measures we use to assess our financial performance and are also used for internal planning and forecasting purposes. We believe Adjusted EBITDA and Adjusted EBITDA margin are helpful to investors, analysts, and other interested parties because they can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. We use Adjusted EBITDA and Adjusted EBITDA margin in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. We use Free Cash Flow in addition to GAAP measures to help manage our business and prepare budgets and annual planning, and we believe Free Cash Flow provides useful supplemental information to help investors understand underlying trends in our business and our liquidity.
These measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
AppLovin Corporation |
||||||||
Consolidated Balance Sheets |
||||||||
(In thousands, except share and per share data) |
||||||||
(unaudited) |
||||||||
|
December 31,
|
December 31,
|
||||||
Assets |
|
|
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
741,411 |
|
$ |
502,152 |
|
||
Accounts receivable, net |
|
1,414,246 |
|
|
953,810 |
|
||
Prepaid expenses and other current assets |
|
156,533 |
|
|
160,201 |
|
||
Total current assets |
|
2,312,190 |
|
|
1,616,163 |
|
||
Property and equipment, net |
|
160,530 |
|
|
173,331 |
|
||
Operating lease right-of-use assets |
|
38,069 |
|
|
48,210 |
|
||
Goodwill |
|
1,803,426 |
|
|
1,842,850 |
|
||
Intangible assets, net |
|
896,677 |
|
|
1,292,635 |
|
||
Other assets |
|
658,367 |
|
|
385,998 |
|
||
Total assets |
$ |
5,869,259 |
|
$ |
5,359,187 |
|
||
Liabilities and Stockholders’ Equity |
|
|
||||||
Current liabilities: |
|
|
||||||
Accounts payable |
$ |
563,427 |
|
$ |
371,702 |
|
||
Accrued and other current liabilities |
|
409,392 |
|
|
265,256 |
|
||
Short-term debt |
|
— |
|
|
215,000 |
|
||
Deferred revenue |
|
69,839 |
|
|
78,559 |
|
||
Operating lease liabilities, current |
|
14,814 |
|
|
13,605 |
|
||
Total current liabilities |
|
1,057,472 |
|
|
944,122 |
|
||
Long-term debt |
|
3,508,983 |
|
|
2,905,906 |
|
||
Operating lease liabilities, non-current |
|
32,608 |
|
|
42,905 |
|
||
Other non-current liabilities |
|
180,378 |
|
|
209,925 |
|
||
Total liabilities |
|
4,779,441 |
|
|
4,102,858 |
|
||
Stockholders’ equity: |
|
|
||||||
Preferred stock, |
|
— |
|
|
— |
|
||
Class A, Class B, and Class C Common stock, |
|
11 |
|
|
11 |
|
||
Additional paid-in capital |
|
593,699 |
|
|
2,134,581 |
|
||
Accumulated other comprehensive loss |
|
(103,096 |
) |
|
(65,274 |
) |
||
Retained earnings (Accumulated deficit) |
|
599,204 |
|
|
(812,989 |
) |
||
Total stockholders’ equity |
|
1,089,818 |
|
|
1,256,329 |
|
||
Total liabilities and stockholders’ equity |
$ |
5,869,259 |
|
$ |
5,359,187 |
|
||
AppLovin Corporation |
|||||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||||
(in thousands, except per share data) |
|||||||||||||||||
(unaudited) |
|||||||||||||||||
|
Quarter Ended December 31, |
Year Ended December 31, |
|||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||
Revenue |
$ |
1,372,779 |
|
$ |
953,261 |
|
$ |
4,709,248 |
|
$ |
3,283,087 |
|
|||||
Costs and expenses: |
|
|
|
|
|||||||||||||
Cost of revenue |
|
320,452 |
|
|
273,607 |
|
|
1,166,806 |
|
|
1,059,191 |
|
|||||
Sales and marketing |
|
214,662 |
|
|
222,963 |
|
|
849,209 |
|
|
830,718 |
|
|||||
Research and development |
|
169,480 |
|
|
150,823 |
|
|
638,689 |
|
|
592,386 |
|
|||||
General and administrative |
|
60,205 |
|
|
36,354 |
|
|
181,085 |
|
|
152,585 |
|
|||||
Total costs and expenses |
|
764,799 |
|
|
683,747 |
|
|
2,835,789 |
|
|
2,634,880 |
|
|||||
Income from operations |
|
607,980 |
|
|
269,514 |
|
|
1,873,459 |
|
|
648,207 |
|
|||||
Other income (expense): |
|
|
|
|
|||||||||||||
Interest expense and loss on settlement of debt |
|
(94,199 |
) |
|
(71,584 |
) |
|
(318,260 |
) |
|
(275,665 |
) |
|||||
Other income (expense), net |
|
1,343 |
|
|
(19,034 |
) |
|
20,806 |
|
|
8,028 |
|
|||||
Total other expense, net |
|
(92,856 |
) |
|
(90,618 |
) |
|
(297,454 |
) |
|
(267,637 |
) |
|||||
Income before income taxes |
|
515,124 |
|
|
178,896 |
|
|
1,576,005 |
|
|
380,570 |
|
|||||
Provision for (benefit from) income taxes |
|
(84,080 |
) |
|
6,663 |
|
|
(3,771 |
) |
|
23,859 |
|
|||||
Net income |
|
599,204 |
|
|
172,233 |
|
|
1,579,776 |
|
|
356,711 |
|
|||||
Net income attributable to AppLovin |
$ |
599,204 |
|
$ |
172,233 |
|
$ |
1,579,776 |
|
$ |
356,711 |
|
|||||
Less: Net income attributable to participating securities |
|
150 |
|
|
714 |
|
|
2,717 |
|
|
1,769 |
|
|||||
Net income attributable to common stock—Basic |
$ |
599,054 |
|
$ |
171,519 |
|
$ |
1,577,059 |
|
$ |
354,942 |
|
|||||
Net income attributable to common stock—Diluted |
$ |
599,057 |
|
$ |
171,540 |
|
$ |
1,577,144 |
|
$ |
354,993 |
|
|||||
Net income per share attributable to Class A and Class B common stockholders: |
|
|
|
|
|||||||||||||
Basic |
$ |
1.77 |
|
$ |
0.51 |
|
$ |
4.68 |
|
$ |
1.01 |
|
|||||
Diluted |
$ |
1.73 |
|
$ |
0.49 |
|
$ |
4.53 |
|
$ |
0.98 |
|
|||||
Weighted average common shares used to compute net income per share attributable to Class A and Class B common stockholders: |
|
|
|
|
|||||||||||||
Basic |
|
339,168,374 |
|
|
337,136,956 |
|
|
336,921,483 |
|
|
351,952,187 |
|
|||||
Diluted |
|
346,423,848 |
|
|
347,492,545 |
|
|
347,807,555 |
|
|
362,589,246 |
|
|||||
AppLovin Corporation |
||||||||
Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
Year Ended December 31, |
|||||||
|
2024 |
2023 |
||||||
Operating Activities |
|
|
||||||
Net income |
$ |
1,579,776 |
|
$ |
356,711 |
|
||
Adjustments to reconcile net income to operating activities: |
|
|
||||||
Amortization, depreciation and write-offs |
|
448,680 |
|
|
489,008 |
|
||
Stock-based compensation, excluding cash-settled awards |
|
369,367 |
|
|
363,107 |
|
||
Impairment of investments |
|
— |
|
|
27,953 |
|
||
Loss on settlement of debt |
|
28,375 |
|
|
4,337 |
|
||
Change in operating right-of-use assets |
|
12,689 |
|
|
17,842 |
|
||
Amortization of debt issuance costs and discount |
|
5,460 |
|
|
9,363 |
|
||
Loss on disposal of long-lived assets |
|
1,646 |
|
|
— |
|
||
Other |
|
2,557 |
|
|
1,863 |
|
||
Changes in operating assets and liabilities |
|
|
||||||
Accounts receivable |
|
(467,028 |
) |
|
(261,279 |
) |
||
Prepaid expenses and other current assets |
|
4,056 |
|
|
(12,280 |
) |
||
Other assets |
|
(189,387 |
) |
|
(121,688 |
) |
||
Accounts payable |
|
189,585 |
|
|
98,574 |
|
||
Operating lease liabilities |
|
(14,106 |
) |
|
(18,612 |
) |
||
Accrued and other liabilities |
|
133,974 |
|
|
92,754 |
|
||
Deferred revenue |
|
(6,633 |
) |
|
13,857 |
|
||
Net cash provided by operating activities |
|
2,099,011 |
|
|
1,061,510 |
|
||
Investing Activities |
|
|
||||||
Purchase of non-marketable equity securities |
|
(76,983 |
) |
|
(17,934 |
) |
||
Acquisitions of businesses and intangible assets |
|
(25,553 |
) |
|
(63,899 |
) |
||
Purchase of property and equipment |
|
(4,776 |
) |
|
(4,246 |
) |
||
Proceeds from sale of assets and other |
|
558 |
|
|
8,250 |
|
||
Net cash used in investing activities |
|
(106,754 |
) |
|
(77,829 |
) |
||
Financing Activities |
|
|
||||||
Principal repayments of debt |
|
(4,225,223 |
) |
|
(497,994 |
) |
||
Payments of withholding taxes related to net share settlement |
|
(1,143,525 |
) |
|
(246,435 |
) |
||
Repurchases of common stock |
|
(981,297 |
) |
|
(1,153,593 |
) |
||
Payments of deferred acquisition costs |
|
— |
|
|
(33,903 |
) |
||
Payments of licensed asset obligation |
|
— |
|
|
(27,110 |
) |
||
Payments of debt issuance cost |
|
(35,563 |
) |
|
(4,655 |
) |
||
Principal payments of finance leases |
|
(20,875 |
) |
|
(20,170 |
) |
||
Proceeds from issuance of debt |
|
4,614,841 |
|
|
395,281 |
|
||
Proceeds from issuance of common stock upon exercise of stock options and purchase of ESPP shares |
|
41,798 |
|
|
25,788 |
|
||
Net cash used in financing activities |
|
(1,749,844 |
) |
|
(1,562,791 |
) |
||
Effect of foreign exchange rate on cash and cash equivalents |
|
(3,154 |
) |
|
778 |
|
||
Net (decrease) increase in cash and cash equivalents |
|
239,259 |
|
|
(578,332 |
) |
||
Cash and cash equivalents at beginning of the period |
|
502,152 |
|
|
1,080,484 |
|
||
Cash and cash equivalents at end of the period |
$ |
741,411 |
|
$ |
502,152 |
|
||
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 |
Year Ended December 31, |
|||||||||||||||
|
4Q24 |
4Q23 |
2024 |
2023 |
|||||||||||||
Net cash provided by operating activities |
|
701,003 |
|
|
343,988 |
|
|
2,099,011 |
|
|
1,061,510 |
|
|||||
Less: |
|
|
|
|
|||||||||||||
Purchase of property and equipment |
|
(490 |
) |
|
(244 |
) |
|
(4,776 |
) |
|
(4,246 |
) |
|||||
Principal payments on finance leases |
|
(5,351 |
) |
|
(3,979 |
) |
|
(20,875 |
) |
|
(20,170 |
) |
|||||
Free Cash Flow |
$ |
695,162 |
|
$ |
339,765 |
|
$ |
2,073,360 |
|
$ |
1,037,094 |
|
|||||
Net cash used in investing activities |
$ |
(367 |
) |
$ |
(6,804 |
) |
$ |
(106,754 |
) |
$ |
(77,829 |
) |
|||||
Net cash used in financing activities |
$ |
(523,157 |
) |
$ |
(170,524 |
) |
$ |
(1,749,844 |
) |
$ |
(1,562,791 |
) |
|||||
AppLovin Corporation |
|||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA |
|||||||||||||||||
(in thousands, except percentages) |
|||||||||||||||||
The following table provides our Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation of Net Income to Adjusted EBITDA for the periods presented: |
|||||||||||||||||
|
Quarter Ended |
Year Ended December 31, |
|||||||||||||||
|
4Q24 |
4Q23 |
2024 |
2023 |
|||||||||||||
Revenue |
$ |
1,372,779 |
|
$ |
953,261 |
|
$ |
4,709,248 |
|
$ |
3,283,087 |
|
|||||
Net income |
$ |
599,204 |
|
$ |
172,233 |
|
$ |
1,579,776 |
|
$ |
356,711 |
|
|||||
Net Margin |
|
44 |
% |
|
18 |
% |
|
34 |
% |
|
11 |
% |
|||||
Interest expense and loss on settlement of debt |
|
94,199 |
|
|
71,584 |
|
|
318,260 |
|
|
275,665 |
|
|||||
Other income (expense), net |
|
(8,302 |
) |
|
18,528 |
|
|
(25,440 |
) |
|
(7,831 |
) |
|||||
Provision for (benefit from) income taxes |
|
(84,080 |
) |
|
6,663 |
|
|
(3,771 |
) |
|
23,859 |
|
|||||
Amortization, depreciation and write-offs |
|
127,837 |
|
|
119,111 |
|
|
448,680 |
|
|
489,008 |
|
|||||
Loss on disposal of long-lived assets |
|
— |
|
|
— |
|
|
1,646 |
|
|
— |
|
|||||
Non-operating foreign exchange loss (gain) |
|
1,450 |
|
|
(65 |
) |
|
291 |
|
|
(1,224 |
) |
|||||
Stock-based compensation |
|
100,921 |
|
|
88,049 |
|
|
376,455 |
|
|
363,107 |
|
|||||
Acquisition-related expense |
|
5 |
|
|
52 |
|
|
885 |
|
|
1,047 |
|
|||||
Restructuring costs |
|
16,790 |
|
|
— |
|
|
22,823 |
|
|
2,316 |
|
|||||
Total adjustments |
|
248,820 |
|
|
303,922 |
|
|
1,139,829 |
|
|
1,145,947 |
|
|||||
Adjusted EBITDA |
$ |
848,024 |
|
$ |
476,155 |
|
$ |
2,719,605 |
|
$ |
1,502,658 |
|
|||||
Adjusted EBITDA Margin |
|
62 |
% |
|
50 |
% |
|
58 |
% |
|
46 |
% |
|||||
AppLovin Corporation |
|||||||||||||||||
Reconciliation of Segment Adjusted EBITDA to Income Before Taxes |
|||||||||||||||||
(in thousands, except percentages) |
|||||||||||||||||
The following table provides selected financial data for our reportable segments for the periods indicated: |
|||||||||||||||||
|
Quarter Ended |
Year Ended December 31, |
|||||||||||||||
|
4Q24 |
4Q23 |
2024 |
2023 |
|||||||||||||
Revenue: |
|
|
|
|
|||||||||||||
Advertising |
$ |
999,487 |
|
$ |
576,489 |
|
$ |
3,224,058 |
|
$ |
1,841,762 |
|
|||||
Apps |
|
373,292 |
|
|
376,772 |
|
|
1,485,190 |
|
|
1,441,325 |
|
|||||
Total Revenue |
$ |
1,372,779 |
|
$ |
953,261 |
|
$ |
4,709,248 |
|
$ |
3,283,087 |
|
|||||
|
|
|
|
|
|||||||||||||
Segment Adjusted EBITDA: |
|
|
|
|
|||||||||||||
Advertising |
$ |
776,699 |
|
$ |
420,008 |
|
$ |
2,442,597 |
|
$ |
1,275,705 |
|
|||||
Apps |
|
71,325 |
|
|
56,147 |
|
|
277,008 |
|
|
226,953 |
|
|||||
Total Segment Adjusted EBITDA |
$ |
848,024 |
|
$ |
476,155 |
|
$ |
2,719,605 |
|
$ |
1,502,658 |
|
|||||
|
|
|
|
|
|||||||||||||
Interest expense and loss on settlement of debt |
|
(94,199 |
) |
|
(71,584 |
) |
|
(318,260 |
) |
|
(275,665 |
) |
|||||
Other income (expense), net |
|
8,302 |
|
|
(18,528 |
) |
|
25,440 |
|
|
7,831 |
|
|||||
Amortization, depreciation and write-offs |
|
(127,837 |
) |
|
(119,111 |
) |
|
(448,680 |
) |
|
(489,008 |
) |
|||||
Loss on disposal of long-lived assets |
|
— |
|
|
— |
|
|
(1,646 |
) |
|
— |
|
|||||
Non-operating foreign exchange gain (loss) |
|
(1,450 |
) |
|
65 |
|
|
(291 |
) |
|
1,224 |
|
|||||
Stock-based compensation |
|
(100,921 |
) |
|
(88,049 |
) |
|
(376,455 |
) |
|
(363,107 |
) |
|||||
Acquisition-related expense |
|
(5 |
) |
|
(52 |
) |
|
(885 |
) |
|
(1,047 |
) |
|||||
Restructuring costs |
|
(16,790 |
) |
|
— |
|
|
(22,823 |
) |
|
(2,316 |
) |
|||||
Income before income taxes |
$ |
515,124 |
|
$ |
178,896 |
|
$ |
1,576,005 |
|
$ |
380,570 |
|
|||||
|
|
|
|
|
|||||||||||||
Segment Adjusted EBITDA Margin: |
|
|
|
|
|||||||||||||
Advertising |
|
78 |
% |
|
73 |
% |
|
76 |
% |
|
69 |
% |
|||||
Apps |
|
19 |
% |
|
15 |
% |
|
19 |
% |
|
16 |
% |
|||||
_____________________________________________
1 Our core advertising business now represents substantially all of the revenue in this segment and our future focus for the company. As a result, we have renamed our "Software Platform" segment to "Advertising" to better align with the nature of this business.
2Includes repurchased shares as well as withholdings upon net share settlement of vested equity awards. Total cost includes repurchase costs, including commissions and fees, as well as cash paid in connection with tax withholding and remittance obligations upon net share settlement
3 We have not provided the forward-looking GAAP equivalents for forward-looking non-GAAP metrics, specifically Adjusted EBITDA and Adjusted EBITDA margin, or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP metrics in tables at the end of this letter.
Source: AppLovin Corp.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212003292/en/
Investors
David Hsiao
ir@applovin.com
Press
Kim Hughes
press@applovin.com
Source: AppLovin Corp.
FAQ
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