AppLovin (APP) 13 May 212021 Q1 Earnings call transcript

Greetings, and welcome to the AppLovin First Quarter 2021 Earnings Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce Tori Valenzuela, Chief Legal Office and Corporate Secretary for AppLovin.

You may begin.

to XX, earnings XXXX. welcome quarter for and March ended you, the call AppLovin the Thank

Adam and Joining and are Chairperson, key today business and me to initiatives Co-Founder, discuss CEO Herald Financial Officer, Chief AppLovin's results Foroughi; Chen. President and

I'd and related begin, this take targets performance our future our to as as during the to you making forward-looking financial opportunity COVID-XX will margin final that business, guidance, growth our subject in prospects, of uncertainties risks or projected business, in and XXXX current those be during and differ the to cause first call, will the factors XX.X initial of future April results expected risk we the to and like be those expected included related remind benefits iOS unknown described strategy, could results are call quarter overall materially and XX, markets in we in statements, acquisition from our for public the XX-Q offering this that our of that we These following Apple's prospectus of Before to well unpredictability particular, the including statements pandemic our known well rollout. long-term Adjust and and in and to filed statements call, impact our implied actual Form as XXXX uncertainty this as general. the the economy filed on in and of

are assumptions beliefs date AppLovin update predictions that statement, obligation make All disclaims statements any the rely not we on hereof, as of statements by on and call future this any should required our law. events. of except and to as You forward-looking forward-looking as on forward-looking based

found results, also isolation should and be Information website reconciliation in financial for which regarding in our in our be may Our our filed measures. SEC Relations non-GAAP discussion on to results, non-GAAP furnished with found non-GAAP as X-K to not substitute GAAP will financial Form addition or may was letter, including our be our investors.applovin.com. considered the a GAAP historical from and include measures our of at These a Investor shareholder non-GAAP with today today results.

of website recording our after has be ended. this conference also now available it Adam. a on call Investor Finally, over will shortly this And I'll turn Relations to call

around today you for company our relentlessly to public by call. for who push continue our begin earnings execute to us to teammates joining I vision. the first Thank thanking our want world amazing on

trust wouldn't investors. our new as strategy. we an who be support the of growth their integral without you here us partners And our part Of from monetization course, thank for and

the our are recognize We competitive and focused term very long much advantages appreciate opportunities. you long-term and on that

results. about forward We are details quarter first to looking AppLovin's sharing

I want thunder also of to on first don't proud the growth. I revenue in review metrics, While I letter but want financial on in highlight to on website, the by year-over-year. quarter, objectives each want that at driving focus steal X We our level our we touch record to each covering here. a we do and say in I to that objective over Herald's detail high XXX% very long-term shareholder primary EBITDA want growing are

that company First, we're new businesses. a users attract marketing app and their software grow helps mobile developers

go. games many back and tech to the play our is objective. had objective in our on in always business segment. important audiences companies, Business Unlike pandemic our this business growth year-over-year most We accelerated growing platform, focus impact to on on our QX negligible to Software link since Our decisions our the XX% casual key software

revenue helped continues technological was us to primarily significantly in AXON, engine, per the their force which These products, our provides to attribution in acquisition us learning customer. late the our in over X The analytics improvements Our last from acquisition Adjust first also time history. and about access sales we the base improvements and and launched machine leading average quarters growth for a April. company's grow closing driven XXXX X,XXX in by excited We're improve customer potential our clients dramatically.

both new Adjust these are excited to assets AppLovin, we With under AXON-powered solutions software. and our grow their

Our diversified apps Since a second more portfolio portfolio. to for expand of built generate data AXON. objective is high-growth, we our to continue XXXX, to first-party

apps nearly active our around Wordscapes, the that and Makeover, game most combined on globe with others. team, consumer these Clockmaker, X,XXX users. of seasoned include work and some games Story, grow because We're Matchington able XX world's Project accretive Final Our of importantly, Today, marketing many XXX get our popular apps and our to and, business daily the Bingo M&A Fantasy We most cost our our over Mansion, of we including platform. XX approximately from creators. expertise marketing apps apps have XX synergies games, studios are games million workforce a mobile and software

already iOS feeds Our first-party advantage and that audience, within any to business XX% insulates later, changes material XX.X scaled model our our or peers. engine and over relative to of software seen seeing We've privacy users iOS also from our data we're business. impact update not to

cash just together create first-party cash of At in of platform growth grow confidence of long-term growth shareholder help our determinant business our businesses. our all is over of a recently has We flows. We and and that built massive margins Our software, customers believe through over we in evolved The and TAM pieces machine that third the flow target our high data long-term model tools market-leading business us our cash We've in value their decade started. advantage made put ultimate progress annual gives the with XX%. growth AppLovin, to our learning objective shareholder we're great but business a increasing flow getting QX value. predictable believe as is investment. combination

years of that, With the turn I'll our will Herald. platform of our and you we're we see growth our come. strength believe now results, over why about to the excited As evaluate to for call you path

and everyone, for to thanks, join Adam, us. the Thanks, time taking

bit is What results, model appreciate through letter, is guidance over that a in our that performance As time to call, the business and our integrated QX reason our that long-term Adam our quarter hope our mentioned, financial shareholder nuanced. we first come you and our for our is our strong appreciate model we our for prospects. this growth confidence

a I and with briefly get we year-over-year first to topics. EBITDA a your quarter highlight to Before have XXX% strong did and questions, revenue We XXX% respectively. few very growth, want

XX%. versus mix those to For our inorganic was organic our understand organic of growth growth, a wanting robust

business, drivers falls under our revenue. business software regarding business I additional our the just metrics you business. to software provide We help wanted that scale discuss Next, which of growth to want and understand you to our

total software value, The new us. metric business. for the first software is of a our helps It measures transaction and scale dimensionalize

by Our apps third-party and software clients. our used is first-party

can't we under own our our However, report own GAAP on software rules. spend

So illustrates growth as by million TSTV, measure our both we run $XXX businesses. net as and the were if own or XXX% million total transacted total to a TST stand-alone all value, transaction clients the year-over-year In software That studios rapid value from platforms. increased measure rate. $XXX of our to nearly scale this software QX,

enterprise is software new clients. platform second metric The

rising an enterprise quarter spend our efficacy a the of specs just quantity have the in first of business the of primarily Specs first quarter investors to think of the report software. metrics business versus annualized run price We on XXXX, XX%. already quarterly of we basis, revenue for XXX price XXX on be is over software because $XXX,XXX. rate per a clients in for clients' turn, APIs software both in the AXON, it we in the year-over-year who, times customer and with third-party quarter, While basis. annual the increase value improvements grew in We helpful which, would number a XX% had increased quantity average an

apps. will we the than flow and mobile dollars Adam's we do growth, grow With into content summarize that mobile market. spend, our which regarding in invest performance cash cash the app Since long-term translate growth, respect many to growth. us were side, we able structural marketing to acquisition more rule-out On user effective comment our on marketing drives ultimately strong spend long-term rapidly app believe flow have simply advantages in lets the financial market I'd

we better to particular, able you're at We In you provided grow percent. ability time, to operating so as targeting are continues letter, with in cash the have appreciate to software over descriptions XX-plus business expand. structures our of cost our flows our

Turning to guidance.

XX% $X.XX between to revenues year to billion. billion XXXX, $X.XX we full grow to For approximately expect

prior For the from of $XXX range adjusted to to doubling full representing guiding are EBITDA year. million, in year a million the the $XXX we XXXX,

answer questions. to and revenue fiscal it Our we're for the guidance updating policy happy to that, you open questions. both will with quarterly. line year be adjusted EBITDA Operator, please With provide for your

[Operator Instructions].

line the Your Stephen first from Suisse. of Credit Ju question with comes

Okay.

since from from and short I So more think should you over first-party Adam, months like AXON. particularly to you get X to it's data switched continue been only you contextual accrete benefits as over time. it feeding ML it the And seems keep ads about

do you Or deals getting are? what can of valuations [indiscernible] look terms just where think pipeline now? market what overall the the the Are like this you may So wondering about point. more M&A you at secondarily, And inning in extract? value private are are think you contested they

of the if biggest success it. you get becomes one. look built into are questions. in companies to come the you the and data whether into systems their their for of Google really on growing world feeds they point inflection These first them, all and as over accurate. back at and where Stephen, core executed system more the ML it's Thanks, And clients years in the so or ML, of then the tie can taking Facebook, bigger, off more the today, that more success the putting platforms more they Really,

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we're We clients selling both product over the haven't and growth to It's And clients in coming to sales The deliver marketplace. are rate potential at the still as help none excited enterprise XXX. will more our second market and to growth clients, been the and our about grow. XX,XXX and well. really which TSTV us Adjust under the system, on third-party it is stat, of clients you enterprise the has in continue look marketplace, into help force the exceptionally working

On the second M&A. around question

in platform. the is and them content growth M&A. they've And more then with past to Our that their our on banker-run single in that top we here: portfolio. upfront acquire because year more every slots release garden into game business go approach comes were growth payments revenue, companies is working that that first April quite one, help built. run but processes These that different they'll outside are early brings our can some West accumulate games we we materially a they executed in have pipeline of the to been able just contingent be the $XXX clients X And will their Two, into transactions client X of businesses paid at robust just a walled a we in deals $XXX accelerate our and off We're slots of grow it we for bring effectively as announced game within that to million the X when own our first facilitate of evolution, our the grossing their thereof. from and -- we then think our for able Game; of them side to with rate one million Almost early always games

Your of next from question JPMorgan. line Alexia with comes the Quadrani

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and I'll the question first Alexia. question, I'll to Herald. take the leave Thanks, over guidance

their On the Zone closed and then we We is our be really, us And of accelerator first a straightforward. growth. question, transaction, the for on almost want exactly focus want pretty to ago. Machine them platform actually creating, studios we really with integration content to year

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to where of do a forecast? able it around point XXX take So one from or it to today, think we going in the we're world. top grow you Herald, lot is the grossing quite the to the be games already want

Yes. Yes. That's for question. Thanks great. the

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augment well see where will we will continue it year M&A. our be in to continuing we as full so organic guidance of And majority XXXX measures as that from that with the

for $XXX policy do to acquisitions to see that. our As not nor But new opportunities of which things, really on studios, hits M&A you large, million, just in of any still meaningful our to those additional about We're that guidance. rate certainly those just include of are of we predict. include But terms pursuing mentioned, which hard X guidance, we project or very both did it's but is X be our -- included notwithstanding, things. in will any we from both hard M&A, run top

line the Morgan of from Brian Stanley. Your comes next question with Nowak

two. have I

examples differentiate a you're to success. that areas on that algorithms Or you machine thinking improve improvements one the get see AXON even and where any secondly, side. the kind time market to make product, First just and are win to beyond that been the competitively over hear doing can AXON you yet? fruit side? something then side about consumer on big of more continue consumer over business, give on software you is has using sort learning And to of low-hanging the where on other us first-party to to lapping. share about the Curious still

for the questions. Thanks, Brian,

this On be we on had And one, machine data really, the level. a execute learning to machine to We executed data it learning, learning market. able to to advantage. the you on getting have have comes first to machine at the point, advantage when

building infrastructure, over machine data We invested also large-scale learning. key in which the our component is had of last a decade

And accurate that it get these all continuing you model. is, is scientists couple we've the learning the where One where continue Two areas of of in time. data will first-party to our you programs data software business giving get working growth out, pieces to into then business are once the machine the today, more to stages. scale, Now the a us put really got to them. grow exclusive learning all to allow getting just and and expand data model. to is will machine three there's leverage Those that us that engineers is clients improving early algorithms become more third course, more continue power on platform

we upside share. And taking market the and that as from taking peers. market AXON, look We brought technology. on then ecosystem up you a don't in share executing lot So see of at we're we're

it. different data, us clients of TAM models, grow, all the what just companies market that's exciting. have of and all algorithms this makes the And As a growing so and very been public well. their clients. couple recently happens, something is like our The all AXON when quarter And peers to the our earnings. just you way and different markets our And the know, direct of more and our in doing works we're grow, ecosystem different that. with grows as in this up driving own reported with first ecosystem We're have studios as value end

applying ago. content. intent applying new games, We've that games opportunity advertising We today. started to a business. get side haven't yet We're the to immense side, machine years On into for scale so really frankly, the our forward, it's specifically it's power And we AXON of the actively been it business go think the our point. of great that to busy data building And the we working we the to other business. game we're games and as time or was an and business on question that us learning X apply to first-party it presents had work growth advertising at AXON around to go

with Citi. of question comes Bazinet from Jason next Your the line

your what more I Or You the guys more and in question is done the you're about my do But going tech it's done way Is about messaging and today. games. wanting do the more mostly puzzle it? some feel guess pieces do on longer-term think do pretty the is you've consistent M&A, have been there on to to side, about ad you apps tech of that you still to of other buying side? are or like think

is think facilitate clients natural. at acquisitive data just got and is I look on their way partner, engine. growth growth nongaming the we've we the really whether goal a we and the facilitate our side they're accumulating then gaming our can first-party or content into need If and content platform, help more it they're they've be got they and of

software opportunistic. it's side, the On much more

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Ryan of with from Your next line comes Bank question America. of Gee the

may. I if Two,

strong, of over business I ahead well is accelerating year-over-year, our consumer expectations. think to the very Xx

then we year-over-year you as that How from of quick. revenue reflection the margin software monetization of there complacent just in is factors trends think pandemic. gaming seems for discovery power grow outlook what in there the the your is that a drive expecting the the might can a It But I this were apps? can evolving talk how investor real grow benefiting the way margins? but you secondly, strength just is company tie regarding a that was incremental versus first-party about terms, there on your maybe or business, of actually the view apps? well also the platform And to and much of like absolute mix in the influencing investments ahead of profit to direct

jump second. the and I'll on first, the let Thanks, handle I'll Herald Ryan.

really, the benefited. on many that point, we for first was know types there's the course, pandemic games gaming disconnect I of think On bit beneficial little companies. a a of But of the

Our games mobile casual are predominantly games.

look like pandemic sitting hit, our the we of at titles you benefit our to game that The And go. is had more the when time on have played of didn't some on we Wordscapes, a all that home, library own, mobile. the If gaming plenty game games games we're at much engaging the in oldest on deeply we most. benefited casual an was hands. really metaverse-type see Console uptick. be the second then And

you you If our a gave too. that and could content, you launched of stat, to the at when we we back TSTV direct see look correlation AXON, growth

because the that can the our is TSTV third-party we and own the software it our we weren't difference between grow that You today. the frankly, and our That growing successful is on us apps at efficiency to level of on have just apps. didn't total platform platform. our own at see Pre-AXON, spending as clients difference acceleration the

running accurate, able through software. with today, content. that of our Now, feedback our every business. other because more content it's the the running and content channels accelerating own the spend And utilizing and we're to software The makes capacity and software at at, then grows our grow software the data, we're through platform part that the which grows then

our highlighted we looking and so about really excited back that's flywheel dating S-X we've X in that ago, that we're So what months only unlocked effect forward.

top which as how terms line the I'll address. and across the in Yes. the growth margin second rates guidance the structure question for of thanks Ryan, Again, in progresses, confident our board. well, that and we're

software, XX% XXX% on and XX% in that on show we again, consumer mentioned, growth business this on quarter we apps. apps with As

we continuing margins out of cost as our to we one build And grow. the businesses and year, over see so grow to expand. those as we're do each able scale And structure, our

is follow noted, consumer did piece more cost composition on revenue, and of in app sold with Project quarter, of that also revenue. more, Makeover, as And increased important that so had side well, as this we goods you to increase which certainly, first and

So year for we software published and we in see week. relative do businesses, accelerating as relative also the business the that this our our see models you first I at to guidance, full you to saw other think quarter XX% margin, most your of earlier

aspects scale the we're top in on the continue that as to structure software so side. the the And the continues over expand line, executing we're well just our accelerate and confident business then mix the of cost all as to given having we as of business against margins

Your with Truist the next Squali from Youssef comes Securities. question of line

Guys, Great. earnings call. your on congrats inaugural

questions, two if So I may.

the on long First, maybe that guess the peak? until you to quickly do to it's for but investors this that the speak what for verticals a That's realize If How a revenues, Any those week. And most and games you from may had curve second, Adjust? that I Or are earlier question decline you And games? of these in maybe just I lift have moving acquire, probably how you we've comment can nongaming growth to some earlier own what's -- most? direction? of kind they their that. the gotten early of a in can typical peak, to the speak until then actually especially verticals you opportunity, can that excite excite you start that number now you? of that you

Thanks, Youssef.

we data side, for the the we the that S-X just we a had fresh On in so year. over strategy. But in put the acquisitions acquisition around are

we we of it So in once they platform. come months, lot businesses the time typically, average, first grow with XX portfolio. a in these on a measure the haven't over XXX% to lot of when the We had on the games

the sensitive that on Most because there's interesting cash don't to sit marketing don't companies strategy Now fashion of an is top that they buy operate EBITDA acquisition generating had. to our in something previously flow. we aggressive they're gaming about

as content the as to as the Our games or The possible business Content the get content from business much privacy behavioral manner accelerates exceptionally generate the that large use with flow get transactional high objective software cash playing grow algorithm, is data yet. which customers cash to our is a has safe our not flow data from business to ad objective can business the in our that we material in to and games margins. and from and

going to a revenue. operate so early, of up accumulating that way. each they're and flow these games where grow ceiling the become can And cash we games other, cycle their through on life top Eventually, when they in that cohorts We're you're businesses. stack the

to the also the game growth, execute to able one we've our now, of acquisitions on we're So right But become across as margin continues high bigger, time, every of to over strategy almost and business and to focused where been contributor we've will business. it become get on a bigger we will single that a made. point

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back to go with these side, grow last is get we own games. do some you'd time. long of launch we rate. They your the at launched, the What casual game can asked them. question them period Once we plateau they But finding decline about They level. peaks. we're I for very do just if games once them, -- Youssef, a reach new do on

rate. able in QX at for grow QX, QX XXXX from studios Existing show see XX% of our You'll letter studios of were existing 'XX. a to we to

a continue marketing because to after even they and because so our our expertise. of of year, grow And software

trying we're these build to so And cohorts.

only we're this. X Adam said, into years As

business these for So because behind that The higher to not have starts for. XXX%. great lot too, those to revenue stream X, that's and generate grew, that that, been business going start annual we're up. out and they buy paid we of a games the start margins content building layering is to overall, cohorts, the then already even thing

allow us the that games. continue still added compound on growth -- but the more new we've we growth to XX% of pieces those added layering on content side. So think to growth We type that acquired will at that existing

Instructions]. [Operator

line Your next question the Company. of Yang Oppenheimer Martin comes from [ph] with &

pick My of first do aligns to you're intentionally you strategy, When content acquisition full popular missing spectrum and games? question that most data is acquire going your how the sell or targets. you out to the genres on about like the think for trying your with out first-party genres mobile the

catch. a yes, good that's Martin point and a good [ph],

strategy now we see to first-party the we've content on so platform historically, of strategy genres, that we've execute million-plus active one relationships where can of XXX we've on acquisition appealing the build daily single users for If And and Fundamentally, at data we every to want at a content We're you consumers. by different targeted wasn't our point a been whole look able we that's that coincidence. that everyone. really those efficiently. got bunch with

our And The the so content better the on strategy more scaling growth side, that better get The now content. software on software the our is the bigger we the just content gets, get gets. side. we

to titles transaction after genre in major that mobile really this got single we across the getting And where so announced Slots just now we've gaming. excited point we're every about

it. Got

with understanding, question, to the different apply same strategy you -- do maybe that might behavior my regions. in a Because geographies? between in some little related bit So player different differ

sure for one true. growth That's is Yes. our vectors. big of actually International

is to markets a made are up games contained And your these us. China for So Tier majority expansion another overlap think present market. specific big the And are games some the far, the audience, the half English-speaking a U.S. that the our gaming in our will to revenue. points for actually international Japan of with is point, within future vector Japanese opportunity some to country. culturally, there whole an it. that's world's audience itself, We second has but then unique is X opportunity biggest a the growth just but focus.

One on Can IDFA in the you quarter, the first are environment publishers different or whether comment maybe if more preparing impact? acquisition question, I may. user as the unique see anything you than for usual most

seen haven't changing any We trends.

flow you'll a lot own through stat, user acquisition platform. our does If at of TSTV you look our see our

these channels well. does we a in in perspective, about lot of apps lot platform. this bit and having platform. been And make categories unique our excited of that this applications that really on marketing money. spending software new us ad spend in to on And the we're to itself us a our clients are say a concepts do other market on just in exploding would as continues So Things competitiveness platforms. I but is all terms potential new can in marketplace crypto-based little fintech software new like with have potentially why auctions expand

out gone haven't to but sold yet, on to comes actively us it buy we're platform. that our executing We when companies these and strategy with

from question of with Schackart next Your comes Blair. the Ralph William line

stronger least business, than was had On MAP our very expected, at to in number. overall a which relative Consumer you much the model, strong particular,

that any just Just set curious improvements driven performing might have software platform. perhaps, had the well in portfolio of been how games much versus, that broader the Makeover Project by of versus you

Yes.

to at way time, be content to split, of. that. what to our any he November. given that's going exact a handle Makeover fresher And Herald newer, part, So able at that's going for game. give most can grossing if it's And we be can look today, it then accelerate the It to I portfolio -- is content you. we're launched Project the the growth the to accelerated in knows the XX But is top

our months facilitated consumers November, was back it feeding and our game that was and launched system. of in fed how into it's in whole from the X the And into really, But transacting systems. a is certainly, So that back bunch it software growth are performing, after just well we that AXON. launched

much most that if grow. that So can give excited really algorithms really in The and when see facilitates ad our that consumer Makeover, that's so you and can you're purchasing, And the purchase that is ad what behavioral relevant QX. our any it important transactional is about scaled why of signal everything. data And data. Project anonymize you drives the number is in understand what to MAP that company you take expansion in them When accumulate we're data, success able more that back algorithm, in use MAP we're advertising. you for seeing growing interested business consumers quickly in

first in big still Yes, consumer Herald. our high very, it's excluding we when But the Certainly, quarter it impact Product in even Ralph, at revenue. from grew very Project a in quarter, had a Makeover Makeover rate. consumer

the right, triple-digit the So maybe And the over to same nice else. everything improves plus launch XXX%- marketing rate. AXON consumer spending referring Adam Project own time, overall, on is but our that a also really included on slightly growth that with almost improved, spend. And to to triple-digit our -- due platform. to, get overall our the fact, the at our of actually rate of base what that's to platform underlying have lot Makeover percentage we increased to certainly a own of Instead,

management like closing floor this no Ladies to back the at and questions time. I further comments. would gentlemen, there are over for turn to

know and to to to We us we'll business, look all spending thank and forward everyone talking next more and you just to at on wanted really call. getting with our callbacks for earnings quarter's time

growth business this don't many last know see year's versus thrilled to We're to executing companies road go growing QX. our come, and and where We learn our more this for forward. a as years you is many we map revenue digits business that are about to are for QX of We excited with other at. in environment EBITDA on all we're all and we cylinders, triple

concludes This conference. today's

this your disconnect for all You you lines at may participation. your time. Thank