(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Exhibit Description | ||||
99.1 | |||||
99.2 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
APPLOVIN CORPORATION | |||||
Date: November 8, 2023 | /s/ Herald Chen | ||||
Herald Chen | |||||
Chief Financial Officer |
Investors David Hsiao ir@applovin.com | Press Kim Hughes press@applovin.com |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ 332,491 | $ 1,080,484 | |||||||||
Accounts receivable, net | 849,140 | 702,814 | |||||||||
Prepaid expenses and other current assets | 119,161 | 155,785 | |||||||||
Total current assets | 1,300,792 | 1,939,083 | |||||||||
Property and equipment, net | 102,156 | 78,543 | |||||||||
Operating lease right-of-use assets | 52,998 | 60,379 | |||||||||
Goodwill | 1,813,567 | 1,823,755 | |||||||||
Intangible assets, net | 1,386,591 | 1,677,660 | |||||||||
Other assets | 349,124 | 268,426 | |||||||||
Total assets | $ 5,005,228 | $ 5,847,846 | |||||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ 281,103 | $ 273,196 | |||||||||
Accrued and other current liabilities | 181,679 | 147,801 | |||||||||
Licensed asset obligation | 13,389 | 15,254 | |||||||||
Short-term debt | 215,000 | 33,310 | |||||||||
Deferred revenue | 77,899 | 64,018 | |||||||||
Operating lease liabilities | 13,800 | 14,334 | |||||||||
Deferred acquisition costs, current | 22,604 | 31,045 | |||||||||
Total current liabilities | 805,474 | 578,958 | |||||||||
Long-term debt | 2,912,302 | 3,178,412 | |||||||||
Operating lease liabilities, non-current | 46,887 | 54,153 | |||||||||
Licensed asset obligation, non-current | 11,794 | 26,970 | |||||||||
Other non-current liabilities | 132,981 | 106,676 | |||||||||
Total liabilities | 3,909,438 | 3,945,169 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.00003 par value—100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2023 and December 31, 2022 | — | — | |||||||||
Class A and Class B Common Stock, $0.00003 par value—1,700,000,000 (Class A 1,500,000,000 and Class B 200,000,000) shares authorized, 335,783,928 (Class A 264,621,306 and Class B 71,162,622) and 373,873,683 (Class A 302,711,061 and Class B 71,162,622) shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 11 | 11 | |||||||||
Additional paid-in capital | 2,174,658 | 3,155,748 | |||||||||
Accumulated other comprehensive loss | (93,657) | (83,382) | |||||||||
Accumulated deficit | (985,222) | (1,169,700) | |||||||||
Total stockholders’ equity | 1,095,790 | 1,902,677 | |||||||||
Total liabilities and stockholders’ equity | $ 5,005,228 | $ 5,847,846 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ 864,256 | $ 713,099 | $ 2,329,826 | $ 2,114,751 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenue | 265,049 | 300,988 | 785,584 | 886,697 | |||||||||||||||||||
Sales and marketing | 212,352 | 196,785 | 607,755 | 719,014 | |||||||||||||||||||
Research and development | 159,288 | 122,059 | 441,563 | 389,417 | |||||||||||||||||||
General and administrative | 41,249 | 44,000 | 116,231 | 144,988 | |||||||||||||||||||
Total costs and expenses | 677,938 | 663,832 | 1,951,133 | 2,140,116 | |||||||||||||||||||
Income (loss) from operations | 186,318 | 49,267 | 378,693 | (25,365) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense and loss on settlement of debt | (78,583) | (48,627) | (204,081) | (117,141) | |||||||||||||||||||
Interest income and other, net | 1,490 | 969 | 27,062 | 3,501 | |||||||||||||||||||
Total other expense, net | (77,093) | (47,658) | (177,019) | (113,640) | |||||||||||||||||||
Income (loss) before income taxes | 109,225 | 1,609 | 201,674 | (139,005) | |||||||||||||||||||
Provision for (benefit from) income taxes | 586 | (22,053) | 17,196 | (25,570) | |||||||||||||||||||
Net income (loss) | 108,639 | 23,662 | 184,478 | (113,435) | |||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | (109) | — | (201) | |||||||||||||||||||
Net income (loss) attributable to AppLovin | $ 108,639 | $ 23,771 | $ 184,478 | $ (113,234) | |||||||||||||||||||
Less: Net income attributable to participating securities | 804 | 122 | 963 | — | |||||||||||||||||||
Net income (loss) attributable to AppLovin common stockholders: | |||||||||||||||||||||||
Basic | $ 107,835 | $ 23,649 | $ 183,515 | $ (113,234) | |||||||||||||||||||
Diluted | $ 107,869 | $ 23,653 | $ 183,545 | $ (113,234) | |||||||||||||||||||
Net income (loss) per share attributable to AppLovin common stockholders: | |||||||||||||||||||||||
Basic | $ 0.32 | $ 0.06 | $ 0.51 | $ (0.30) | |||||||||||||||||||
Diluted | $ 0.30 | $ 0.06 | $ 0.50 | $ (0.30) | |||||||||||||||||||
Weighted average common shares used to compute net income (loss) per share attributable to AppLovin common stockholders: | |||||||||||||||||||||||
Basic | 341,435,759 | 369,389,170 | 357,009,609 | 371,736,763 | |||||||||||||||||||
Diluted | 356,906,222 | 378,462,207 | 368,259,513 | 371,736,763 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating Activities | |||||||||||
Net income (loss) | $ 184,478 | $ (113,435) | |||||||||
Adjustments to reconcile net income (loss) to operating activities: | |||||||||||
Amortization, depreciation and write-offs | 369,897 | 445,507 | |||||||||
Stock-based compensation | 275,058 | 143,943 | |||||||||
Change in operating right-of-use asset | 11,732 | 13,725 | |||||||||
Amortization of debt issuance costs and discount | 9,663 | 9,685 | |||||||||
Loss on settlement of debt | 4,337 | — | |||||||||
Other | (3,906) | 2,133 | |||||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||
Accounts receivable | (146,796) | (139,350) | |||||||||
Prepaid expenses and other current assets | 28,695 | (70,242) | |||||||||
Other assets | (58,179) | (4,616) | |||||||||
Accounts payable | 7,955 | (7,881) | |||||||||
Operating lease liabilities | (12,253) | (15,345) | |||||||||
Accrued and other liabilities | 32,416 | (2,645) | |||||||||
Deferred revenue | 14,425 | (11,905) | |||||||||
Net cash provided by operating activities | 717,522 | 249,574 | |||||||||
Investing Activities | |||||||||||
Acquisitions, net of cash acquired | (51,816) | (1,335,698) | |||||||||
Purchase of non-marketable equity securities | (16,934) | (56,546) | |||||||||
Capitalized software development costs | (6,523) | (4,546) | |||||||||
Purchase of property and equipment | (4,002) | (621) | |||||||||
Proceeds from sale of assets | 8,250 | 3,657 | |||||||||
Net cash used in investing activities | (71,025) | (1,393,754) | |||||||||
Financing Activities | |||||||||||
Repurchases of stock | (1,153,593) | (338,880) | |||||||||
Principal repayments of debt | (490,494) | (17,482) | |||||||||
Payment of withholding taxes related to net share settlement | (115,846) | — | |||||||||
Payments of licensed asset obligation | (15,254) | (17,374) | |||||||||
Principal payments on finance leases | (16,191) | (18,099) | |||||||||
Payments of deferred acquisition costs | (11,503) | (104,998) | |||||||||
Payment of debt issuance cost | (4,545) | — | |||||||||
Proceeds from issuance of debt | 210,281 | — | |||||||||
Proceeds from revolving credit facility | 185,000 | — | |||||||||
Proceeds from exercise of stock options | 17,807 | 21,733 | |||||||||
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | 2,071 | 3,663 | |||||||||
Net cash used in financing activities | (1,392,267) | (471,437) | |||||||||
Effect of foreign exchange rate on cash and cash equivalents | (2,223) | (11,379) | |||||||||
Net decrease in cash and cash equivalents | (747,993) | (1,626,996) | |||||||||
Cash, cash equivalents and restricted cash equivalents at beginning of the period | 1,080,484 | 2,570,504 | |||||||||
Cash and cash equivalents at end of the period | $ 332,491 | $ 943,508 |
4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 85,015 | (31,719) | 106,811 | 174,482 | 163,199 | 288,662 | 229,794 | 199,066 | ||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of property and equipment | (428) | (285) | (115) | (221) | (41) | (70) | (3,749) | (183) | ||||||||||||||||||||||||||||||||||||||||||
Principal payments on finance leases | (5,581) | (6,176) | (6,150) | (5,773) | (5,984) | (5,447) | (5,468) | (5,276) | ||||||||||||||||||||||||||||||||||||||||||
Free Cash Flow | $ 79,006 | $ (38,180) | $ 100,546 | $ 168,488 | $ 157,174 | $ 283,145 | $ 220,577 | $ 193,607 | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | $ (8,678) | $(1,059,743) | $ (292,001) | $ (42,010) | $ 22,286 | $ (12,975) | $ (42,217) | $ (15,833) | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | $1,446,939 | $ (65,424) | $ (269,622) | $ (136,391) | $ (55,411) | $ (111,415) | $ (556,698) | $ (724,154) |
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | ||||||||||||||||||||||||||||
Revenue | $ 713,099 | $ 702,307 | $ 715,405 | $ 750,165 | $ 864,256 | |||||||||||||||||||||||||||
Net income (loss) | $ 23,662 | $ (79,512) | $ (4,518) | $ 80,357 | $ 108,639 | |||||||||||||||||||||||||||
Net Margin | 3% | (11)% | (1)% | 11% | 13% | |||||||||||||||||||||||||||
Interest expense and loss on settlement of debt | 48,627 | 54,722 | 74,511 | 50,987 | 78,583 | |||||||||||||||||||||||||||
Interest income and other, net | (3,604) | (10,174) | (9,771) | (15,817) | (771) | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (22,053) | 13,340 | 1,165 | 15,445 | 586 | |||||||||||||||||||||||||||
Amortization, depreciation and write-offs | 136,094 | 129,313 | 128,208 | 119,892 | 121,797 | |||||||||||||||||||||||||||
Impairment and loss in connection with sale of long-lived assets | 27,736 | 100,156 | — | — | — | |||||||||||||||||||||||||||
Non-operating foreign exchange loss (gain) | (406) | 1,519 | (672) | 126 | (613) | |||||||||||||||||||||||||||
Stock-based compensation | 42,147 | 47,669 | 82,966 | 81,253 | 110,839 | |||||||||||||||||||||||||||
Acquisition-related expense and transaction bonus | 4,317 | 227 | 517 | 247 | 231 | |||||||||||||||||||||||||||
Restructuring costs | 1,117 | 2,340 | 1,292 | 1,024 | — | |||||||||||||||||||||||||||
Total adjustments | 233,975 | 339,112 | 278,216 | 253,157 | 310,652 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ 257,637 | $ 259,600 | $ 273,698 | $ 333,514 | $ 419,291 | |||||||||||||||||||||||||||
Adjusted EBITDA Margin | 36% | 37% | 38% | 44% | 49% |
3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Software Platform | $ 306,592 | $ 306,195 | $ 354,758 | $ 406,063 | $ 504,452 | ||||||||||||||||||||||||
Apps | 406,507 | 396,112 | 360,647 | 344,102 | 359,804 | ||||||||||||||||||||||||
Total Revenue | $ 713,099 | $ 702,307 | $ 715,405 | $ 750,165 | $ 864,256 | ||||||||||||||||||||||||
Segment Adjusted EBITDA: | |||||||||||||||||||||||||||||
Software Platform | $ 190,256 | $ 185,860 | $ 218,694 | $ 272,886 | $ 364,117 | ||||||||||||||||||||||||
Apps | 67,381 | 73,740 | 55,004 | 60,628 | 55,174 | ||||||||||||||||||||||||
Total Segment Adjusted EBITDA | $ 257,637 | $ 259,600 | $ 273,698 | $ 333,514 | $ 419,291 | ||||||||||||||||||||||||
Interest expense and loss on settlement of debt | (48,627) | (54,722) | (74,511) | (50,987) | (78,583) | ||||||||||||||||||||||||
Interest income and other, net | 3,604 | 10,174 | 9,771 | 15,817 | 771 | ||||||||||||||||||||||||
Amortization, depreciation and write-offs | (136,094) | (129,313) | (128,208) | (119,892) | (121,797) | ||||||||||||||||||||||||
Impairment and loss in connection with sale of long-lived assets | (27,736) | (100,156) | — | — | — | ||||||||||||||||||||||||
Non-operating foreign exchange gain (loss) | 406 | (1,519) | 672 | (126) | 613 | ||||||||||||||||||||||||
Stock-based compensation | (42,147) | (47,669) | (82,966) | (81,253) | (110,839) | ||||||||||||||||||||||||
Acquisition-related expense and transaction bonus | (4,317) | (227) | (517) | (247) | (231) | ||||||||||||||||||||||||
Restructuring costs | (1,117) | (2,340) | (1,292) | (1,024) | — | ||||||||||||||||||||||||
Income (loss) before provision for tax | $ 1,609 | $ (66,172) | $ (3,353) | $ 95,802 | $ 109,225 | ||||||||||||||||||||||||
Segment Adjusted EBITDA Margin: | |||||||||||||||||||||||||||||
Software Platform | 62% | 61% | 62% | 67% | 72% | ||||||||||||||||||||||||
Apps | 17% | 19% | 15% | 18% | 15% |
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