AppLovin Corp. Q3 FY2024 results: revenue $1.2 billion, up 38.6% on the year

AppLovin Corp. (APP) reported revenue of $1.2 billion for Q3 FY2024, the quarter ended 30 September 2024, up 38.6% on the same quarter a year earlier. Net income was $434 million, up 299.9% on the year, and diluted earnings per share $1.25. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2024.

Revenue$1.2 billionup 38.6%

Net income$434 millionup 299.9%

Diluted EPS$1.25

QuarterQ3 FY2024ended 30 September 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Revenue	1,198	1,080	864	+38.6%
Cost of revenue	270	283	265	+1.7%
Gross profit	929	798	599	+55.0%
Gross margin	77.5%	73.8%	69.3%
Research and development	150	164	159	-5.8%
Operating income	535	391	186	+187.1%
Operating margin	44.6%	36.2%	21.6%
Interest expense	75.2	74.4	78.6	-4.3%
Pre-tax income	468	325	109	+328.2%
Income tax	33.2	15.3	0.6	+5573.9%
Effective tax rate	7.1%	4.7%	0.5%
Net income	434	310	109	+299.9%
Net margin	36.3%	28.7%	12.6%
Diluted EPS	$1.25	$0.89	$0.30	+316.7%

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Operating cash flow	551	455	199	+176.6%
Capital expenditure	n/a	n/a	0.2	n/a
Free cash flow	n/a	n/a	199	n/a
Free cash flow margin	n/a	n/a	23.0%
Depreciation and amortisation	99.6	109	122	-18.2%
Share-based compensation	81.6	98.7	111	-26.4%
Buybacks	228	0.0	581	-60.7%
Diluted shares, weighted	348m	348m	357m	-2.4%
Shares outstanding at period end	335m	334m	336m	-0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Total assets	5,442	5,269	5,005	+8.7%
Cash and equivalents	568	460	332	+70.7%
Receivables	1,187	1,074	849	+39.8%
Goodwill	1,852	1,822	1,814	+2.1%
Long-term debt	3,474	3,482	2,912	+19.3%
Operating lease liabilities	n/a	n/a	46.9	n/a
Shareholders' equity	938	815	1,096	-14.4%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	864	953	1,058	1,080	1,198	1,373	1,484	1,259	1,405	n/a	1,842	1,924
Cost of revenue	265	274	294	283	270	320	271	155	175	n/a	204	226
Gross profit	599	680	764	798	929	1,052	1,213	1,104	1,230	n/a	1,639	1,698
Gross margin	69%	71%	72%	74%	77%	77%	82%	88%	88%	n/a	89%	88%
R&D	159	151	155	164	150	169	123	44.0	43.9	n/a	94.1	99.9
Operating income	186	270	340	391	535	608	663	958	1,079	n/a	1,440	1,494
Operating margin	22%	28%	32%	36%	45%	44%	45%	76%	77%	n/a	78%	78%
Interest expense	78.6	n/a	74.2	74.4	75.2	84.2	52.9	51.4	51.4	n/a	51.2	51.2
Pre-tax income	109	179	268	325	468	515	618	884	1,021	n/a	1,431	1,506
Tax rate	1%	4%	12%	5%	7%	-16%	7%	13%	18%	n/a	16%	16%
Net income	109	172	236	310	434	599	576	820	836	n/a	1,206	1,267
Net margin	13%	18%	22%	29%	36%	44%	39%	65%	59%	n/a	65%	66%
Diluted EPS	$0.30	$0.47	$0.67	$0.89	$1.25	$1.72	$1.67	$2.39	$2.45	n/a	$3.56	$3.76
Operating cash flow	199	344	393	455	551	701	832	772	1,053	n/a	1,291	869
Capital expenditure	0.2	0.2	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	199	344	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	581	0.0	752	0.0	228	0.6	1,001	272	502	n/a	982	551
Shares outstanding	336m	340m	329m	334m	335m	340m	338m	339m	339m	338m	336m	335m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2024, filed 6 November 2024, accession 0001751008-24-000062: the filing on EDGAR. All of AppLovin Corp.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install