Applovin(APP) - 2024 Q3 - Quarterly Results

Revenue Performance - Q3 revenue reached $1.20 billion, a 39% year-over-year increase[3] - Software Platform revenue increased 66% year-over-year to $835 million[4] - Apps revenue grew 1% year-over-year to $363 million, with Apps Adjusted EBITDA at $68 million and a 19% margin[9] - Total revenue for Q3 2024 was $1,198,235 thousand, up from $864,256 thousand in Q3 2023[35] - Revenue for 3Q24 was $1,198,235 thousand, a significant increase from $864,256 thousand in 3Q23[40] - Software Platform revenue for 3Q24 was $835,186 thousand, up from $504,452 thousand in 3Q23[42] - Apps revenue for 3Q24 was $363,049 thousand, slightly down from $359,804 thousand in 3Q23[42] Net Income and Profitability - Net income surged to $434 million, a 300% year-over-year growth with a net margin of 36%[3] - Net income for Q3 2024 was $434,420 thousand, compared to $108,639 thousand in Q3 2023[35] - Net income for 3Q24 was $434,420 thousand, compared to $108,639 thousand in 3Q23[40] Adjusted EBITDA Performance - Adjusted EBITDA grew 72% year-over-year to $722 million, with an Adjusted EBITDA margin of 60%[3] - Software Platform Adjusted EBITDA expanded 79% year-over-year to $653 million, with an Adjusted EBITDA margin of 78%[4] - Adjusted EBITDA and Adjusted EBITDA margin are key measures used to assess financial performance and for internal planning and forecasting[25] - Adjusted EBITDA for 3Q24 reached $721,616 thousand, with a margin of 60%[40] - Segment Adjusted EBITDA for Software Platform in 3Q24 was $653,396 thousand, up from $364,117 thousand in 3Q23[42] - Segment Adjusted EBITDA for Apps in 3Q24 was $68,220 thousand, up from $55,174 thousand in 3Q23[42] Share Repurchase and Capital Allocation - The company retired and withheld 5.0 million shares of Class A common stock for a total cost of $437 million[5] - The board increased the share repurchase authorization by an incremental $2.0 billion, bringing the total remaining authorization to $2.3 billion[5] Cash Flow and Financial Position - Cash and cash equivalents increased to $567,596 thousand as of September 30, 2024, from $502,152 thousand at the end of 2023[33] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $1,398,008 thousand, up from $717,522 thousand in the same period of 2023[37] - Free Cash Flow for 3Q24 was $545,095 thousand, up from $193,607 thousand in 3Q23[38] - Net cash used in investing activities for 3Q24 was $6,396 thousand, down from $15,833 thousand in 3Q23[38] - Net cash used in financing activities for 3Q24 was $441,075 thousand, down from $724,154 thousand in 3Q23[38] Assets and Liabilities - Total assets as of September 30, 2024, were $5,442,484 thousand, up from $5,359,187 thousand at the end of 2023[33] - Total liabilities as of September 30, 2024, were $4,504,278 thousand, compared to $4,102,858 thousand at the end of 2023[32] User Metrics - Monthly Active Payers (MAPs) for Q3 2024 were 1.6 million, down from 1.8 million in Q3 2023[30] - Average Revenue per Monthly Active Payer (ARPMAP) increased to $52 in Q3 2024 from $46 in Q3 2023[30] Future Guidance - Q4 revenue guidance is projected to be between $1,240 to $1,260 million[8] - Q4 Adjusted EBITDA is expected to range from $740 to $760 million, with an Adjusted EBITDA margin of 60%[8]