Stock Analysis on Net
Stock Analysis on Net

AppLovin Corp. (NASDAQ:APP)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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AppLovin Corp., consolidated cash flow statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Net income (loss)
Amortization, depreciation and write-offs
Stock-based compensation, excluding cash-settled awards
Impairment of investments
Loss on settlement of debt
Change in operating right-of-use assets
Amortization of debt issuance costs and discount
Loss on disposal of long-lived assets
Other
Accounts receivable
Prepaid expenses and other current assets
Other assets
Accounts payable
Operating lease liabilities
Accrued and other liabilities
Deferred revenue
Changes in operating assets and liabilities
Adjustments to reconcile net income (loss) to operating activities
Net cash provided by operating activities
Purchase of non-marketable equity securities
Acquisitions of businesses and intangible assets
Purchase of property and equipment
Proceeds from sale of assets and other
Net cash used in investing activities
Principal repayments of debt
Payments of withholding taxes related to net share settlement
Repurchases of common stock
Payments of deferred acquisition costs
Payments of licensed asset obligation
Payments of debt issuance cost
Principal payments of finance leases
Proceeds from issuance of debt
Proceeds from issuance of common stock upon exercise of stock options and purchase of ESPP shares
Proceeds from issuance of common stock in initial public offering, net of issuance costs as adjusted for cost reimbursement
Payments of related party notes
Net cash provided by (used in) financing activities
Effect of foreign exchange rate on cash, cash equivalents, and restricted cash equivalents
Net increase (decrease) in cash, cash equivalents, and restricted cash equivalents
Cash, cash equivalents, and restricted cash equivalents at beginning of the period
Cash and cash equivalents at end of the period

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Net Income (Loss)
The net income experienced significant volatility during the period. It began with a profit of $35.3 million, followed by a substantial loss of $192.9 million, then returned to profitability with $356.7 million, and finally accelerated to $1.58 billion, indicating a strong recovery and impressive growth in profitability by the end of the analyzed period.
Non-Cash Expenses
Depreciation, amortization, and write-offs remained high throughout the years, peaking in 2022 at approximately $547 million before declining toward approximately $449 million by 2024. Stock-based compensation costs doubled from 2021 to 2023, stabilizing around $369 million in 2024. Impairment of investments was a one-time charge occurring only in 2023 at roughly $28 million.
Operating Assets and Liabilities
Accounts receivable consistently increased negatively, suggesting growing receivables or potential collection challenges, reaching nearly half a billion dollars by 2024. Prepaid expenses and other assets showed fluctuating negative changes but improved slightly in 2024. Accounts payable increased substantially in 2024 to $189.6 million, nearly doubling from 2023. Operating lease liabilities declined steadily, indicating potential lease terminations or re-negotiations.
Operating Cash Flows
Adjustments reconciling net income to operating activities rose significantly, peaking at $704.8 million in 2023 and then slightly declining in 2024. Net cash provided by operating activities showed robust growth—from approximately $362 million in 2021 to over $2 billion in 2024—reflecting improved cash-generating capabilities despite fluctuations in net income.
Investing Activities
Investment activities were negative across all years, with business acquisitions declining from about $1.2 billion in 2021 and 2022 to below $26 million in 2024. Purchase of equity securities was sporadic but notably high in 2022 and 2024. Property and equipment purchases remained modest and stable. Overall, net cash used in investing fell sharply after 2022, illustrating a significant reduction in investment spending by 2024.
Financing Activities
Financing cash flows swung from a large inflow of over $3.1 billion in 2021 to marked outflows in subsequent years, reaching -$1.75 billion in 2024. Debt repayments spiked in 2024 to more than $4.2 billion, indicative of substantial deleveraging efforts. Stock repurchases peaked in 2023 and remained high in 2024, reflecting active capital return to shareholders. Proceeds from debt issuance were irregular but surged in 2024 to over $4.6 billion, suggesting refinancing or new debt issuance to fund operations or investments. Proceeds from stock option exercises and purchases were consistent but comparatively small relative to other financing activities.
Cash Position
Cash and equivalents surged impressively in 2021, then declined sharply over the next two years. The cash balance dropped from $2.57 billion at the end of 2021 to $741 million by 2024, after hitting a low point of $502 million in 2023. The net cash increase for 2024 indicates some recovery in liquidity, though still well below the peak at the start of the period.
Other Observations
Foreign exchange impacts on cash were generally minimal but negative in most years except for a slight positive effect in 2023. Changes in operating assets and liabilities consistently resulted in negative cash flows, diminishing free cash flow potential and indicating working capital absorption.