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
Based on: 10-K (reporting date: 2025-12-31), 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).
The financial statement information reveals significant fluctuations in cash flow patterns over the analyzed period. Net income exhibits substantial volatility, transitioning from losses in several quarters to considerable profits, particularly in later periods. Operating cash flow demonstrates a generally positive trend, with increasing values from 2021 through 2025, although it experienced a substantial dip in the first quarter of 2022.
- Net Income and Operating Activities
- Initial periods show net losses, but a clear upward trend emerges from late 2021, accelerating through 2023 and 2024. This positive trend in net income is generally reflected in the net cash provided by operating activities, though the relationship isn't always direct due to significant non-cash adjustments. The adjustments to reconcile net income to operating cash flow, including amortization, depreciation, stock-based compensation, and other items, consistently contribute substantial positive values, often exceeding the net income itself. This suggests a significant reliance on non-cash accounting practices to bolster operating cash flow.
- Investing Activities
- Investing activities consistently represent a cash outflow, primarily driven by acquisitions of intangible assets. These outflows are particularly large in 2021 and 2022, with a substantial decrease in 2023 and 2024. Proceeds from divestitures provided a notable inflow in the second quarter of 2025, but were offset by continued investment in intangible assets. Purchase of non-marketable equity securities also contributed to cash outflow, though at a smaller scale.
- Financing Activities
- Financing activities demonstrate considerable variability. Significant cash inflows are observed in 2021 and early 2022, largely attributable to proceeds from debt issuance and common stock issuance. However, these are followed by substantial outflows related to common stock repurchases, payments of withholding taxes, and principal repayments of debt. The pattern suggests a strategy of raising capital through debt and equity, followed by returning capital to shareholders and reducing debt. A large cash outflow is observed in 2025, primarily due to debt repayment and stock repurchases.
- Working Capital
- Changes in operating assets and liabilities exhibit significant fluctuations. Accounts receivable consistently represents a cash outflow, indicating collections are often less than the increase in receivables. Prepaid expenses and other assets also generally contribute to cash outflow. Accounts payable and accrued liabilities show more varied patterns, sometimes providing cash inflows and other times requiring cash outflows. Overall, working capital management appears to be a significant driver of cash flow variability.
- Overall Cash Position
- Despite the volatility in individual components, the net increase or decrease in cash and cash equivalents shows a generally positive trend over the period, with substantial increases in 2021, 2022, and 2025. However, there are periods of significant decrease, notably in 2022, reflecting the combined impact of investing and financing activities. The effect of foreign exchange rate fluctuations on cash is relatively minor compared to other factors.
In summary, the cash flow statement reveals a company navigating a dynamic financial landscape. While operating activities generally generate positive cash flow, significant investment and financing activities create substantial fluctuations. The company appears to actively manage its capital structure through debt and equity issuance and repurchase programs. Careful monitoring of working capital is crucial, as changes in operating assets and liabilities significantly impact overall cash flow.