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    Applovin Corp (APP)

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    Business Description

    AppLovin Corporation (APP) operates at the intersection of the advertising ecosystem and mobile gaming, providing software and AI-powered solutions to help businesses grow their global audience and monetize their content. The company offers end-to-end software and AI-powered solutions for marketing, monetization, and audience growth. AppLovin sells tools for advertisers to optimize marketing spend and maximize monetization, as well as a portfolio of free-to-play mobile games.

    1. Software Platform - Provides tools for advertisers to optimize marketing spend and maximize monetization, helping advertisers discover and engage the right users while optimizing return on marketing spend.
    2. Apps - Operates a portfolio of over 200 free-to-play mobile games across five genres, generating revenue through in-app purchases (IAPs) and in-app advertising (IAA).

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Adam ForoughiChief Executive Officer and ChairpersonDecember 2011Adam Foroughi is a co-founder of AppLovin Corporation and has served as the CEO and a member of the Board of Directors since December 2011. He became the Chairperson of the Board in March 2021.
    Matthew StumpfChief Financial OfficerJanuary 1, 2024Matthew Stumpf has served as the CFO of AppLovin since January 1, 2024. He was previously the Vice President of Finance and FP&A from July 2022 and Senior Director, FP&A from February 2020 to June 2022.
    Katie JansenChief Marketing OfficerOctober 2012Katie Jansen has served as the CMO of AppLovin since October 2012. Prior to joining the company, she was Vice President of Marketing and Marketing Director at PlayFirst, Inc. from October 2009 to March 2012.
    Vasily ShikinChief Technology OfficerJanuary 2020Vasily Shikin has served as the CTO of AppLovin since January 2020. He was previously the Vice President of Engineering from January 2012. Before joining AppLovin, he worked as a Senior Software Engineer at DeviceAnywhere, Inc..
    Victoria ValenzuelaChief Legal Officer and Corporate SecretaryMay 2020Victoria Valenzuela has served as the Chief Legal Officer and Corporate Secretary at AppLovin since May 2020. She joined AppLovin through its acquisition of Machine Zone, Inc., where she held the same roles from January 2015 to April 2020.

    Questions to Ask Management

    1. Given that your e-commerce solution is still in pilot and scaling it to a material financial impact requires substantial growth , what specific strategies and resource allocations are you implementing to accelerate its ramp-up, and how confident are you in overcoming the challenges to make it a significant contributor in 2025 ?

    2. With your reliance on Google Cloud and the need to invest ahead in infrastructure, especially GPUs for your AI models , how do you plan to manage potential risks associated with supply constraints or cost escalations in cloud services, and what contingency plans are in place to ensure your technology advancements are not hindered?

    3. You mentioned that your growth in the gaming sector cannot be attributed to market share gains, suggesting that you're creating a bigger market ; can you elaborate on how sustainable this growth is in the long term, particularly as the gaming market matures, and what makes you confident that this expansion isn't just a short-term phenomenon?

    4. As you expand into non-gaming supply and consider licensing AXON technology , how do you address the competitive landscape where other platforms might have established positions, and what differentiates your approach to supply expansion and AI licensing to ensure you can capture meaningful market share outside of mobile gaming?

    5. Despite substantial stock price appreciation, you continue to authorize significant share repurchases ; how do you justify this capital allocation strategy given potential opportunities for organic growth or M&A, and at what point does the valuation impact your decision to prioritize buybacks over other investments?

    Share Repurchase Program

    Program DetailsProgram 1Program 2Program 3Program 4Program 5
    Approval DateFebruary 2022 May 2023 August 2023 February 2024 October 2024
    End Date/DurationNo expiration No expiration No expiration No expiration No expiration
    Total additional amount$750.0 million $296.0 million $447.6 million $1.25 billion $2.0 billion
    Remaining authorizationN/AN/AN/AN/A$2.3 billion total
    DetailsCan be modified, suspended, or terminated Can be modified, suspended, or terminated Can be modified, suspended, or terminated Can be modified, suspended, or terminated Can be modified, suspended, or terminated

    Notes:

    • The remaining authorization amount reflects the latest available data as of the respective reporting periods.
    • The allocation of the remaining authorization amount is based on the total provided for October 2024, with the newest program prioritized.