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    Jim Kelly

    Managing Director and Senior Research Analyst at Piper Sandler

    Jim Kelly is a Managing Director and Senior Research Analyst at Piper Sandler, specializing in the coverage of the industrials sector with an emphasis on large-cap machinery and multi-industry companies. He regularly covers prominent firms such as Caterpillar, Deere & Company, and Illinois Tool Works, and is recognized for his consistently top-quartile investment recommendations and positive risk-adjusted returns according to published industry performance tracking. With a career spanning over two decades, Jim began as an equity research associate, advancing through analyst roles at several leading financial firms before joining Piper Sandler in 2017. He holds active FINRA Series 7, 63, and 86/87 licenses and is frequently cited in financial media for his sector insights.

    Jim Kelly's questions to AppLovin (APP) leadership

    Jim Kelly's questions to AppLovin (APP) leadership • Q1 2025

    Question

    Jim Kelly of Piper Sandler asked about the company's ability to monetize its large but relatively static user inventory base. He also inquired about any notable trends in the broader gaming macro environment.

    Answer

    Executive Adam Foroughi explained that, similar to other large platforms like Meta and YouTube, growth comes from improving the technology's matching ability, not from user base growth. He sees a long runway to increase the transaction rate by improving the algorithm and leveraging personalized ad creative. On the macro front, he stated the business is highly diversified and that free-to-play gaming is a resilient category, well-insulated from economic changes.

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