Stock Analysis on Net
Stock Analysis on Net

AppLovin Corp. (NASDAQ:APP)

$24.99

Cash Flow Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Net income (loss)
Amortization, depreciation and write-offs
Goodwill impairment
Stock-based compensation, excluding cash-settled awards
Gain on divestiture, net of transaction costs
Impairment of investments
Loss on disposal of long-lived assets
Other
Accounts receivable
Prepaid expenses and other assets
Accounts payable
Accrued and other liabilities
Changes in operating assets and liabilities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities
Proceeds from divestiture, net of cash divested
Purchase of non-marketable equity securities
Acquisitions of intangible assets
Other investing activities
Net cash (used in) provided by investing activities
Repurchases of common stock
Payments of withholding taxes related to net share settlement
Principal repayments of debt
Payments of licensed asset obligation
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
Other financing activities
Net cash provided by (used in) financing activities
Effect of foreign exchange rate on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets of discontinued operations
Net decrease in cash classified within current assets of discontinued operations
Net increase (decrease) in cash and cash equivalents

Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

Net Income (Loss)
The company experienced significant volatility in net income over the periods. After an initial loss in early 2021, profitability improved with positive net income in subsequent quarters of that year. However, in 2022 there was a sharp deterioration, highlighted by a substantial net loss in Q1 2022 followed by fluctuations including both losses and gains. From Q1 2023 onwards, net income exhibited a strong upward trend, peaking significantly in late 2024 and maintaining high levels into 2025.
Amortization, Depreciation, and Write-offs
This expense item showed generally high and fluctuating values. It increased from early 2021, reaching a peak in late 2022, before trending downward gradually across 2023 and 2024, and significantly declining by late 2025. The pattern suggests large non-cash charges in earlier years followed by moderation over time.
Goodwill Impairment
Reported only once in Q3 2025, the goodwill impairment was substantial, indicating a material reassessment of asset values in that period.
Stock-Based Compensation
This expense showed an increasing trend from 2021 through early 2023, peaking notably in Q3 2023, after which it exhibited a declining pattern through 2024 and 2025, reflecting potential changes in compensation structure or lower share-based awards granted.
Accounts Receivable
The accounts receivable balances were highly volatile with large negative and positive fluctuations. The pattern shows significant swings without a clear trend, possibly indicating turbulent collection cycles or changing sales terms impacting receivables management.
Prepaid Expenses and Other Assets
This item demonstrated considerable variability with large negative and positive values across quarters. The inconsistency suggests frequent adjustments or reclassification of assets, potentially reflecting changes in prepayments or other current assets.
Accounts Payable
Accounts payable showed a variable pattern with occasional sharp increases and decreases. Notably, there were large positive spikes in early 2022 and late 2024, indicating periodic shifts in payables liability management or supplier payment timing.
Accrued and Other Liabilities
This balance fluctuated markedly between positive and negative values, especially from 2022 onward. The erratic pattern implies considerable movements in accrued expenses and other short-term liabilities with periods of buildup followed by reversals.
Operating Cash Flow
Net cash provided by operating activities showed a generally increasing trend after a volatile 2021 and negative result in Q1 2022. From Q2 2022 onward, operating cash flows strengthened notably, reaching record highs near the end of 2024 and continuing strong into 2025.
Investing Cash Flow
Cash flows from investing activities were negative in most periods, with large outflows especially in early 2021 and 2022, related to acquisitions of intangible assets and purchases of equity securities. Exceptions occurred in some quarters with small inflows, but the overall trend reflects substantial investment spending.
Financing Cash Flow
Financing activities exhibited high volatility. The company raised large amounts via debt issuance and a significant IPO in 2021 but also engaged in substantial stock repurchases, repayments, and tax-related payments. The heavy stock repurchase activity from late 2022 through 2025 represents a large deployment of capital to reduce equity outstanding. The net financing cash flows fluctuated between large positive and negative values correlating with these activities.
Cash and Cash Equivalents
The net change in cash showed substantial variability with large positive inflows recorded in multiple early quarters reflecting capital raises and operational cash generation. Conversely, there were significant decreases in cash in some periods, notably in early 2022 and mid-2023. The overall pattern suggests active cash management amid sizable financing and investing cash flows.
Other Key Observations
Goodwill impairment and divestiture gains were isolated but materially affected specific quarters, indicating strategic asset reassessments.
Large fluctuations in working capital components (accounts receivable, payable, accrued liabilities) introduced volatility in operating cash flows and balance sheet balances.
Substantial debt issuance and repayments combined with significant stock repurchases point to active capital structure management with high leverage reduction efforts visible in recent quarters.