Matthew Stumpf
AppLovinAbout Matthew Stumpf
AppLovin’s Chief Financial Officer since January 2024; previously VP, Finance & FP&A (Jul 2022–Dec 2023) and Senior Director, FP&A (Feb 2020–Jun 2022). Background: PwC Transaction Services (Financial Due Diligence) Director; B.A. in Business Management Economics, UC Santa Cruz; Age 41 as of March 31, 2025 . During his finance leadership tenure, AppLovin delivered record 2024 results: revenue $4.7B (+43% YoY), net income $1.6B (34% margin), Adjusted EBITDA $2.7B (+81% YoY), and $2.1B operating cash flow/free cash flow . TSR since IPO (value of $100) reached $496.67 by 2024 year-end, with a 30-trading-day minimum closing stock price of $298.00 at year-end 2024, underscoring strong equity-linked performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AppLovin | Chief Financial Officer | Jan 2024–Present | Oversees finance during step-change in revenue/EBITDA and capital allocation; signatory on key 8-Ks |
| AppLovin | VP, Finance & FP&A | Jul 2022–Dec 2023 | Led FP&A through acceleration in Advertising segment performance and PSU program measurement |
| AppLovin | Senior Director, FP&A | Feb 2020–Jun 2022 | Built planning/analytics during post-IPO integration and scaling |
| PwC | Transaction Services – Financial Due Diligence Director | 2006–2020 | Led buy/sell-side diligence; prepared for public-company rigor in reporting/controls |
External Roles
- None disclosed for Stumpf in the company’s proxy/SEC filings .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) | All Other Comp ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 400,000 | Not disclosed; no annual cash bonus program in 2024 | — | 15,184 (includes $1,800 WFH stipend and $13,384 401(k) match) | Cash pay is capped at $400k for NEOs |
Performance Compensation
2024 Time-Vested RSUs (Annual Award)
| Grant Date | Award Type | Shares Granted | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| 10/30/2024 | RSU | 40,683 | 6,983,237 | 25% on 2/20/2025; remaining 25% quarterly thereafter, subject to service |
- Company practice: NEO variable pay delivered in equity; no annual cash bonus in 2024 .
2023 Performance Share Unit (PSU) Program (Earned in 2024)
| Metric | Structure | Performance Period | Outcome | Payout/Holding |
|---|---|---|---|---|
| Stock price hurdles | Minimum closing stock price over 30 consecutive trading days; multi-tranche design | 5 years (granted 2023) | All tranches fully earned in <18 months due to exceptional stock performance | One-year holding period (CEO has separate minimum holding) to maintain multi-year design |
- 2024 vesting value realized by Stumpf: PSUs $12,341,811; RSUs $20,129,067; total vested shares 283,454 .
Equity Ownership & Alignment
Beneficial Ownership (as of March 31, 2025)
| Holder | Class A Shares | % Class A | Class B Shares | % Class B | RSUs Vesting ≤60 Days | Notes |
|---|---|---|---|---|---|---|
| Matthew Stumpf | 177,923 | <1% | — | — | 14,015 | NEO, not a Class B holder |
- Ownership Guidelines: 300% of base salary in equity for executive officers; five-year compliance window; unexercised options and unearned performance awards do not count .
- Hedging/Pledging: Hedging prohibited; pledging capped at ≤10% of company securities held by the insider; no specific pledges disclosed for Stumpf .
- Insider Trading Policy and Clawback: Insider Trading Policy in place; Compensation Recovery Policy adopted Nov 2023 compliant with SEC/Nasdaq, clawing back excess incentive-based comp for the three completed fiscal years preceding a restatement .
Outstanding and Unvested Equity (12/31/2024)
| Award | Grant Date | Unvested Units | Market Value at 12/31/24 ($) | Vesting Notes |
|---|---|---|---|---|
| RSU | 05/04/2021 | 12,500 | 4,047,875 | 2/5 on 11/20/2022, then 1/20 quarterly thereafter (continuing) |
| RSU | 08/17/2022 | 4,312 | 1,396,355 | 1/16 on 08/20/2022, then 1/16 quarterly thereafter |
| RSU | 10/30/2024 | 40,683 | 13,174,376 | 1/4 on 02/20/2025, then quarterly thereafter |
| Options | — | — | — | No unexercised options outstanding for Stumpf |
- Option exercises in 2024: 4,686 options exercised; value realized $272,742 .
- Potential selling pressure dates: RSU vest dates cluster on or about Feb 20, May 20, Aug 20, Nov 20 (company-standard quarterly vesting cadence), subject to blackout windows and 10b5-1 plans .
Employment Terms
Executive Change in Control and Severance Plan (Stumpf)
| Scenario | Cash Severance | COBRA (months) | Equity Acceleration | Total Illustrative (12/31/2024) |
|---|---|---|---|---|
| Termination without cause outside CIC | 12 months base salary = $400,000 | 12 months ($36,714 est.) | None | $436,714 |
| Termination without cause or for good reason within CIC window (3 months before–12 months after) | 18 months base salary = $600,000 | 18 months ($55,072 est.) | 100% acceleration of all outstanding equity (performance awards at 100% of target) | $19,273,678 (includes $18,618,606 equity) |
- Plan is double-trigger on CIC (cash and acceleration require a qualifying termination) .
- No 280G/4999 tax gross-up; payments reduced only if doing so yields better after-tax outcome for the executive .
- Employment arrangements include confidentiality; prohibit competition during employment and solicitation of employees for a period post-employment (duration not specified) .
Performance & Track Record
Company Results (FY2024)
| Metric | FY2024 | YoY Change | Notes |
|---|---|---|---|
| Revenue | $4.7B | +43% | Strength in Advertising; Apps modest growth |
| Net Income | $1.6B | N/A | 34% net margin |
| Adjusted EBITDA | $2.7B | +81% | 58% margin |
| Operating Cash Flow | $2.1B | N/A | FCF $2.1B |
Stockholder Returns
| Measure | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| TSR: $100 at IPO → | $144.57 | $16.15 | $61.12 | $496.67 |
| Selected Stock Price (30D trailing min at YE) | $83.75 | $9.30 | $36.26 | $298.00 |
- CFO signatory on material 8-Ks covering: (i) appointment of Maynard Webb to Board/committees; (ii) resignation of a director; (iii) execution of a term sheet to divest the mobile gaming business for $900M (mix of cash/equity), indicating active finance leadership on governance and portfolio strategy .
Compensation Structure Analysis
- High equity mix; no annual cash bonus program for NEOs in 2024, concentrating incentives in equity and aligning with long-term TSR and stock price performance .
- 2023 PSUs paid out early on sustained stock price performance; 2024 shifted to smaller, time-based RSUs (one-year vesting) to maintain retention without re-upping large PSUs after significant value creation .
- Independent comp advisor (Semler Brossy) supports peer benchmarking; peer group expanded in April 2024 to larger, high-growth software/adtech comparables .
- Clawback policy in place and strict hedging/limited pledging rules reduce governance risk .
Investment Implications
- Alignment: Stumpf’s pay is primarily equity-based (2024 RSUs $7.0M grant-date value), with realized PSU/RSU value in 2024 reflecting strong stock performance; no cash bonus reduces short-termism risk .
- Retention: 2024 RSUs vest quarterly through 2025–early 2026, creating staggered vesting; double-trigger CIC acceleration and 18-month CIC severance protect continuity but could bring incremental share supply upon vesting if trading plans permit .
- Risk/Red flags: No 280G gross-ups; robust clawback and insider trading restrictions; no pledging disclosures; no related-party items for Stumpf noted—overall low governance risk signals .
- Signals to watch: Quarterly vest dates (around Feb 20/May 20/Aug 20/Nov 20), any new PSU introduction vs continued RSU mix in 2025–2026, and progress on the mobile gaming divestiture and capital deployment under CFO oversight .
All data are sourced from AppLovin’s 2025 DEF 14A and Form 8-K filings as cited in-line. **[1751008_0001751008-25-000041_app-20250421.htm:32]** **[1751008_0001751008-25-000041_app-20250421.htm:33]** **[1751008_0001751008-25-000041_app-20250421.htm:34]** **[1751008_0001751008-25-000041_app-20250421.htm:35]** **[1751008_0001751008-25-000041_app-20250421.htm:36]** **[1751008_0001751008-25-000041_app-20250421.htm:38]** **[1751008_0001751008-25-000041_app-20250421.htm:39]** **[1751008_0001751008-25-000041_app-20250421.htm:40]** **[1751008_0001751008-25-000041_app-20250421.htm:41]** **[1751008_0001751008-25-000041_app-20250421.htm:42]** **[1751008_0001751008-25-000041_app-20250421.htm:45]** **[1751008_0001751008-25-000041_app-20250421.htm:46]** **[1751008_0001751008-25-000041_app-20250421.htm:47]** **[1751008_0001751008-25-000041_app-20250421.htm:48]** **[1751008_0001751008-25-000041_app-20250421.htm:49]** **[1751008_0001751008-25-000041_app-20250421.htm:50]** **[1751008_0001751008-25-000041_app-20250421.htm:51]** **[1751008_0001751008-25-000041_app-20250421.htm:53]** **[1751008_0001751008-25-000032_app-20250408.htm:1]** **[1751008_0001751008-25-000008_app-20250210.htm:2]**