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.

AppLovin Corp., consolidated cash flow statement (quarterly data)

US$ in thousands

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)	835,545)	819,531)	576,419)	599,204)	434,420)	309,969)	236,183)	172,233)	108,639)	80,357)	(4,518)	(79,512)	23,662)	(21,799)	(115,298)	31,407)	142)	14,364)	(10,575)
Amortization, depreciation and write-offs	35,102)	47,053)	79,887)	127,837)	99,635)	108,541)	112,667)	119,111)	121,797)	119,892)	128,208)	101,577)	163,830)	152,688)	128,989)	115,654)	119,436)	107,156)	88,817)
Goodwill impairment	—)	—)	188,943)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Stock-based compensation, excluding cash-settled awards	33,141)	35,745)	61,281)	93,833)	81,557)	98,724)	95,253)	88,049)	110,839)	81,253)	82,966)	47,669)	42,147)	57,156)	44,640)	41,349)	34,725)	27,144)	29,959)
Gain on divestiture, net of transaction costs	—)	(106,229)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairment of investments	—)	—)	—)	—)	—)	—)	—)	27,953)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Loss on disposal of long-lived assets	—)	—)	—)	1,646)	—)	—)	—)	—)	—)	—)	—)	127,892)	—)	—)	—)	—)	—)	—)	—)
Other	39,270)	33,531)	8,086)	31,852)	6,929)	1,760)	8,540)	11,579)	9,367)	3,320)	9,139)	6,028)	7,687)	8,359)	9,497)	16,153)	3,820)	12,164)	14,432)
Accounts receivable	(35,196)	(124,169)	(167,382)	(229,498)	(112,345)	(40,349)	(84,836)	(114,483)	(180,067)	(32,343)	65,614)	(35,479)	24,066)	6,834)	(170,250)	(101,949)	(30,118)	(25,964)	(43,917)
Prepaid expenses and other assets	63,783)	72,552)	(51,861)	(218,530)	7,038)	(652)	26,813)	(104,484)	(24,356)	12,421)	(17,549)	(6,210)	(48,898)	27,403)	(53,363)	(43,530)	(12,150)	(69,279)	(18,303)
Accounts payable	(36,971)	6,495)	32,545)	134,010)	40,122)	(2,603)	18,056)	90,619)	20,220)	(21,987)	9,722)	11,360)	(21,654)	(97,831)	111,604)	49,267)	15,409)	24,566)	9,370)
Accrued and other liabilities	118,748)	(12,283)	103,794)	160,649)	(6,654)	(20,863)	(19,897)	53,411)	32,627)	(13,119)	15,080)	(10,126)	(16,358)	(25,999)	12,462)	(23,336)	(6,704)	306)	(7,964)
Changes in operating assets and liabilities	110,364)	(57,405)	(82,904)	(153,369)	(71,839)	(64,467)	(59,864)	(74,937)	(151,576)	(55,028)	72,867)	(40,455)	(62,844)	(89,593)	(99,547)	(119,548)	(33,563)	(70,371)	(60,814)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	217,877)	(47,305)	255,293)	101,799)	116,282)	144,558)	156,596)	171,755)	90,427)	149,437)	293,180)	242,711)	150,820)	128,610)	83,579)	53,608)	124,418)	76,093)	72,394)
Net cash provided by (used in) operating activities	1,053,422)	772,226)	831,712)	701,003)	550,702)	454,527)	392,779)	343,988)	199,066)	229,794)	288,662)	163,199)	174,482)	106,811)	(31,719)	85,015)	124,560)	90,457)	61,819)
Proceeds from divestiture, net of cash divested	(17,405)	424,702)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchase of non-marketable equity securities	(1,500)	—)	(18,678)	—)	(650)	(48,000)	(28,333)	(1,000)	(100)	—)	(16,834)	(9,796)	—)	(42,400)	(14,146)	—)	(1,000)	—)	(14,000)
Acquisitions of intangible assets	—)	—)	—)	(7,264)	(3,200)	(15,089)	—)	(5,560)	(15,550)	(38,468)	(4,321)	(5,532)	(43,284)	(249,486)	(1,047,474)	(8,901)	(183,119)	(1,014,377)	(4,152)
Other investing activities	(723)	(23,154)	(3,986)	6,897)	(2,546)	(5,267)	(3,302)	(244)	(183)	(3,749)	8,180)	37,614)	1,274)	(115)	1,877)	223)	1,049)	9,468)	(121)
Net cash (used in) provided by investing activities	(19,628)	401,548)	(22,664)	(367)	(6,396)	(68,356)	(31,635)	(6,804)	(15,833)	(42,217)	(12,975)	22,286)	(42,010)	(292,001)	(1,059,743)	(8,678)	(183,070)	(1,004,909)	(18,273)
Repurchases of common stock	(501,900)	(271,518)	(1,000,911)	(625)	(228,448)	—)	(752,224)	—)	(581,492)	(507,204)	(64,897)	—)	(94,865)	(200,318)	(43,697)	—)	—)	—)	—)
Payments of withholding taxes related to net share settlement	(60,232)	(70,983)	(185,667)	(499,083)	(207,962)	(356,336)	(80,144)	(130,589)	(59,243)	(37,436)	(19,167)	(27,535)	—)	—)	—)	—)	—)	—)	—)
Principal repayments of debt	—)	(200,000)	—)	(3,538,469)	(8,891)	(8,891)	(668,972)	(7,500)	(473,838)	(8,329)	(8,327)	(8,328)	(8,327)	(4,578)	(4,577)	(8,328)	(4,577)	(404,578)	(302,327)
Payments of licensed asset obligation	—)	—)	(13,532)	—)	—)	—)	—)	(11,856)	—)	—)	(15,254)	—)	—)	—)	(17,374)	(17,970)	—)	—)	—)
Proceeds from issuance of debt	—)	—)	200,000)	3,542,511)	—)	—)	1,072,330)	—)	395,281)	—)	—)	—)	—)	—)	—)	1,484,330)	—)	—)	844,729)
Proceeds from issuance of common stock upon exercise of stock options and purchase of ESPP shares	6,190)	9,495)	5,329)	12,998)	9,702)	9,316)	9,782)	5,910)	11,272)	5,700)	2,906)	5,622)	5,860)	11,426)	8,110)	8,547)	7,598)	5,006)	12,882)
Proceeds from issuance of common stock in initial public offering, net of issuance costs as adjusted for cost reimbursement	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	988)	1,746,065)	(1,825)
Payments of related party notes	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(11,655)	—)	—)	—)
Other financing activities	(4,318)	(4,371)	(7,436)	(40,489)	(5,476)	(5,089)	(5,384)	(26,489)	(16,134)	(9,429)	(6,676)	(25,170)	(39,059)	(76,152)	(7,886)	(7,985)	(79,168)	(9,101)	(153,085)
Net cash provided by (used in) financing activities	(560,260)	(537,377)	(1,002,217)	(523,157)	(441,075)	(361,000)	(424,612)	(170,524)	(724,154)	(556,698)	(111,415)	(55,411)	(136,391)	(269,622)	(65,424)	1,446,939)	(75,159)	1,337,392)	400,374)
Effect of foreign exchange rate on cash and cash equivalents	757)	5,187)	2,782)	(3,664)	3,916)	(1,058)	(2,348)	3,001)	(2,815)	(545)	1,137)	6,902)	(4,133)	(6,884)	(362)	(2,389)	(457)	(272)	(80)
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets of discontinued operations	474,291)	641,584)	(190,387)	173,815)	107,147)	24,113)	(65,816)	169,661)	(543,736)	(369,666)	165,409)	136,976)	(8,052)	(461,696)	(1,157,248)	1,520,887)	(134,126)	422,668)	443,840)
Net decrease in cash classified within current assets of discontinued operations	—)	44,381)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net increase (decrease) in cash and cash equivalents	474,291)	685,965)	(190,387)	173,815)	107,147)	24,113)	(65,816)	169,661)	(543,736)	(369,666)	165,409)	136,976)	(8,052)	(461,696)	(1,157,248)	1,520,887)	(134,126)	422,668)	443,840)

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.

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AppLovin Corp. (NASDAQ:APP)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data