AppLovin 2025年第三季度财报电话会议实录全文

Core Insights - AppLovin's Q3 2025 performance was strong, with revenue reaching $1.405 billion, a 68% year-over-year increase, and adjusted EBITDA of $1.158 billion, reflecting an 82% profit margin [1][9] - The company generated $1.049 billion in free cash flow, a 92% increase year-over-year, and was included in the S&P 500 index [1][9] - Management expects Q4 revenue to be between $1.57 billion and $1.6 billion, indicating a 12% to 14% quarter-over-quarter growth [1][10] Financial Performance - Revenue for Q3 was approximately $1.405 billion, driven by updates in the core gaming business model [9] - Adjusted EBITDA was $1.158 billion, up 79% year-over-year, with a quarterly adjusted EBITDA margin of 82% [9][10] - Free cash flow for the quarter was $1.049 billion, with a cash and cash equivalents balance of $1.7 billion at the end of the quarter [9][10] Strategic Developments - AppLovin successfully launched a self-service platform and recommendation forms, with self-service advertiser spending growing approximately 50% weekly [1][6] - The company aims to optimize the onboarding process for new advertisers and incorporate generative AI for creative advertising [1][7] - Future plans include expanding the Axon Ads platform and achieving a fully open platform by 2026 [1][8] Market Position and Outlook - The market is recognizing AppLovin's platform scalability and the coverage it provides to partners, especially following its inclusion in the S&P 500 [1][8] - The company is committed to compliance and excellence in execution, despite the macro environment's focus on data privacy and advertising technology practices [1][8] - AppLovin believes that increasing advertiser density will significantly enhance conversion rates and drive growth in the coming years [1][8]