AppLovin (APP) 8 May 242024 Q1 Earnings call transcript

Company Profile

Participants

David Hsiao	executive
Adam Foroughi	executive
Matt Stumpf	executive
William Lampen	analyst
Ralph Schackart	analyst
Jason Bazinet	analyst
Omar Dessouky	analyst
Tim Nollen	analyst
Eric Sheridan	analyst
Edward Alter	analyst
Vasily Karasyov	analyst
Martin Yang	analyst

Call transcript

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David Hsiao

Welcome, everyone, to the AppLovin Earnings Call for the First Quarter ended March 31, 2024. I'm David Hsiao, Head of Investor Relations.

Joining me today to discuss our results are Adam Foroughi, our Co-Founder and CEO and Chairperson; and Matt Stumpf, our CFO.

Please note, our SEC filings to date as well as our shareholder letter and press release discussing our first quarter are available at investors.applovin.com.

During today's call, we will be making forward-looking statements regarding our products and services, market expectations, the expected future financial performance of the company and other future events. on obligation assumptions as to law. based we beliefs, required are no assume update statements our and current and by These them, except

actual ended our most results filed Form from to Our the the XXXX. recently differ fiscal for encourage year review in We XX, you the factors risk XX-K may results December predicted. materially

be before ended our XX-Q for Form XX, information Additional March XXXX, report XX, quarterly may or also be on filed which XXXX. will fiscal May found quarter on in the

We will our earnings non-GAAP our our of to discussing and release Relations or a be measures sure are financial available reconciliations our site. to non-GAAP also substitute GAAP shareholder letter measures. and not GAAP superior Investor be be the These results. non-GAAP Please intended on financial to review in for measures

conference be will our a is available time being website. for This recorded, on and of IR period replay call a

opening Now I'll we'll over and moderator to have Adam turn for it us Q&A. remarks, the then take through some Matt

Adam Foroughi

wanted after that achieving a some on for and thank AXON recovery and continuing out. report share consistently in XXXX, QX, to now record I nearly stated a themes our Welcome, to delivering another we've everyone, year very thrilled We're in full joining pattern X price, old financial turning us. results. quarter X reflect of strong With our difficult and key actively you proven

the our spend can the improved limited growth. than subject have drive lean experts those effectively business unique. rather We market, staying their exceptionally we performance is as and culture faster not performing built our but gaming by of mobile business our increased By innovating companies. result AXON. from other the and capable high matter key platform market believe of believe retaining an Advertisers We size our at have of a on of team more is contributors, that

the one or world. stated grew million any incremental our XX% to platform growth. of software the the return revenue quarterly software to good seeing our industry we're operating now million business million. In adjusted leverage is year, to million revenue, EBITDA. flowed $XXX We $XXX $XXX in through $XXX Of this And as company from business as of technology

Now that business forward. important understand as to X more goes themes are our

First, be driver a ongoing to key growth of our will the AXON. improvements

ways an still to models Our algorithms. early our improve and improve these importantly, in more continue finding are themselves. to will stage teams are But materially still

expectations. QX may predictable, may far we not exceed these where quarters While be they like gains lead sometimes to

By added models nothing Second, limits our diversity. and models to expanding AI there is just demand marketing improve to e-commerce, that with expect gaming. into we web-based our

to execute expect As previously we our the continue on see discussed to we further growth business. in themes,

volatile, we years markets vision we've will shareholders prospective and more you excited prospects. our never over all the in and I While public our since investors about ago, had. been this strong, early of XX promise confidence business days can company in were we has business that have our our we consistently that time, same always our hope remained the started and gain

hand I'll it financial that, Matt through you to highlights. With the off to run

Matt Stumpf

of is a another afternoon. total which had margin. million, and to generating Thanks, we $XXX happy $X.XX exceptional of financial and quarter of EBITDA results, I'm Adam, share adjusted revenue XX% good billion

has the from same doubled. last adjusted Our period revenue grew EBITDA year, while nearly XX%

incredible in During adjusted million from we generated the flow-through an flow. $XXX free quarter, That's first EBITDA. cash XX%

This EBITDA of prior from XX% and period revenue had excellent year. quarter, software from the revenue doubling another EBITDA million XX% represents margin $XXX $XXX same more last Our million, of than our adjusted adjusted platform flow-through retaining quarter. with and a also the of our

our did costs full impact cloud have diligent QX the future remain cost at saw end we to We increase and reserve of increase the we improve. cost to future support capacity in discipline, data growth. GPU slight center to function the While about during flow-through a expect of quarter step this

was in Our the including reinforced conditions, market and real-time of continued strong adoption advertising expansion by mobile market bidding. business

Our benefited team. from including additional ongoing software platform also by data enhancements our technology and self-learning, engineering improvements,

We continue partners. performance about to be compounding our our ability to drive to leading for advertising optimistic improved efficiencies

quarter, Our Apps portfolio remained XX% margin. adjusted stable maintaining from last EBITDA

to structure. capital Turning our

interest repurchases. our the to include quarter, time, at term amending favorable same we our revolver to conditions loans, reduce amended outstanding borrowings used capitalizing for the During on share expense market further loans while previously

early reduction we to spent we began remarkable outstanding. billion XX.X repurchased approximately share QX, X%. and commitment have we of to activities shares. management of quarter, shares nearly the in Since management. our we our shares reduced pro forma our of issuances in total by total withheld shares during a share XX million our withhold outstanding a and That's Continuing In repurchase our Net stock. combined XXXX, XX% $X.X total million a

our to guidance. second quarter Turning

We our we expect to opportunities. XX%. $X.XX and billion between expected That of million XX% to we confidence conclusion, In $XXX revenue. our continue long-term within expand range drive Adjusted and is our $X.XX EBITDA represents to to between core in $XXX million. adjusted an and deliver ability to business the margin billion growth work have while in from be EBITDA

that, we'll Q&A. with on Now move to

Operator

going is BTIG. first with from Our Instructions] to Lampen question come Clark [Operator

William Lampen

on X got software I've and AppDiscovery. Adam,

we growth new picture, growth, think you You that the the concern a cycle for sort runway couple momentum and and up, I channels anything for the there's some mentioned that guess, quarter percolating prepared current both AppDiscovery e-commerce? us like might think outperformance? that core in results gaming the out and of market And really sequential you anniversary internal this as of then call the key and specific of trajectory of sources the guess help see expectations. quarters AXON we after software there amongst that exceeded once starts start of remarks I us Could the asymptote. of second strong revenue you to I frame about Is your bigger that maybe within sort

Adam Foroughi

Clark, Thanks, question. Yes. the for

script. in we've more quite we're few going to both breaking I the on working then So out that vectors. about. on and these on advertisers adding a the and is But first be verticals new within One to excited gaming one, this got touched growth

and Secondarily see more our in core models, importantly, anytime we X business. gains there's are These improvements see models of we And improvements. in self-learning. our forms

every the them improves single data got we've a back of itself. feedback in And and into So that day. ton gets it impressions loop model serving a there's the We're marketplace. this

since why continues we of component a system That's it. the there's So that. launched get to better

our still every working day. is second piece is team, single the obviously, And

in then business. these that a time breakthrough creates to these our Because about business. on every sales a there's in science the math you And it's think gain models, up associated step math of it's gain, gain, gain if very the cost going there's So no gets we're accurate, the see go that sort research no gains some all in high-margin to are because and the bank team innovation just a those process more with that business. models, function gain if or ends

against to And themselves. obviously so enhancements The saw quarter the to just first in well tie to first I really gain QX. performing back was to against it the in we predominantly the the models quarter advertising try toughest quarter due and

be going to of And so drivers one going our forward. that's core

the about question is a and look, the XX%, software year-over-year, growth to XX% of business. XXX% software Now it's slow, is margin growing

majority the don't business we single double of on year. vast, the So grow net revenue. revenue need vast to reported it every It's a

So every incremental dollar margin. is high very, very

many a for that same how We'd longer we long-term love blocks to get order do in In go do the the It's buying We're mobile the about advertising. to on about. to neighborhood be gaming grower to platform more XX%, talked platform our think in the now channel are years business our at of gaming going come. we customer to building best is XX% this advertisers buy that, term? just because point, that for

and gaming, best could from in how gaming at nothing the today verticals. be that good we're to limits we driving world in mobile value technology Now outside working the our advertisers, other there's

vertical technology. improvements we're of beyond key the So then focus. business that, And our the creating our is a part expansion to of in

So have in if we lot why to keep do ended with it of up, we've pull we about all more us And are front adding there's growing to a levers than business, been that we never how this that have excited you be prospects that's we start today. really excited. the of

Operator

next question. William Ralph Schackart And has Blair the with

Ralph Schackart

Are that X force? consistent are fairly of of maybe in gaming? sense sort that gaming of Can sort you in that to sort response. need results the last of in touched of of been on sort you AXON give of you engine could works Any that update your a a you vertical, effort. saying sales an outside share, you and you You've where effort want you where Do testing? sort are in get sort new of outside

Adam Foroughi

you. Ralph. forms see end are X One we're the Yes. people at Like of the Good good And Thanks, And right? destination. we very in world advertising app marketing that a today and with apps things. the world, is, couple to look buying gaming. there's of websites, at media to

app we too. we with last variety space growing is apps, X it lower that gaming And companies from growing faster because and starts of the base. work we've the across AXON also nongaming nongaming on out touched on think a app just non-gaming platform, once platform our our We call, success seen rolled than on a space I

changed. same hasn't We success still trajectory. the That see

launching transactions industries, us think application. done shops And lot the our has application of the mobile because excited Now a of in the a are most of the particular, lot e-commerce, if web what mobile don't have what form a we've on is transactional working still even been of about on first on and advertising not you website, platform.

we've been And so work that's been doing.

bringing be quarter, we're very, build really very platform. as this and will into a demand density that to something more about excited way out our lot to it's market a We product

Operator

Bazinet Jason on Moving with Citi. to

Jason Bazinet

us to you your about years think because of because and I And remember sales just doing I'm guys yourself trying didn't several so are didn't to well. process? a I'm update it. ask made on sales you question force afraid fun mind sort ago, this have you get Would of a giving sense. really just an you

is technology return... this sort all vector. it's function based it technology? a just of purely You of on seeing of as about we're the But and selling growth Or it haven't itself is sales the a and talked the

Adam Foroughi

if So if to our on could that peers we the look, focus are good and something and continues gaming our innovate not seeing that was advertisers peers success the in well, first seen since this really I'm to that X, it going perform to come thing build company. platform we've know going great We products their believe day on seller And well. that at and happen I we a product tell we X platform, being and to itself. their AXON are self-sell mobile as they're very

customers us have us chosen lot gaming the hadn't A who adopted our year. the of heard with not last or mobile had work over of to either platform

go than that some of So are of we sales up our years. relationships ramped a on an those to still the And companies lot been those stage get in have platform haven't for relationships. earlier

the that contribute in growth gaming will So time. vertical to over

brand -- gaming, interest at getting we into look we When outside have in still we're of no advertising.

these sales We now. everything need marketing, going some not but presence, to want same performance-based. we're categories play some heavy In playbook, to -- going in a investment. you of where So replay the invest to be outside sales, gaming, not some it's do some is heavily transactional fundamentally

they for those shop, some if go grow instance, going need to able they believe And and result and channels to a of on, industries because see result there's platform more and platform the that result lot on measure to struggling marketing be transactionally categories to interest other buy in charged them marketing are they lot to our benefit stronger see of of these as desperately we're themselves. other a where, available the from drive e-commerce the our we do can a same on

Operator

Dessouky Omar next question. the has

Omar Dessouky

for about couple aka of I fee MAX trajectory of the same bidding, I questions that? rest are stood bidding how you and for header wondering think those quarterly the is header bidding, going I rate that year X% was guess, you revenue the to said term. this had What a real-time move forward. I going a that's collect into that supply. where guys on run

Matt Stumpf

Yes.

trend we've that trend don't with QX. we historically, that to of specifically Omar, have disclose of people or been header the bidding. business see that acceleration detail, level But header revenue continued the shifting to So bidding about for talking the MAX we an in for over

to that positive we're trend. see So continuing

Omar Dessouky

was competitor. that because supply. of the heard Unity you, And And why you that as Then new to any implications data that long a about MAX wondering this? they're strategic into bidding does to result AppLovin Okay. could importance take this you'll I be your happen? describe viewed so of if be maybe competitor will for as primary there Is or getting I've a right, it

Adam Foroughi

Yes.

of start But with one, bunch in plus. vast the there. bids just questions embedded a The majority So the for market. today, of let's vast, market XX%

solution to point. So go in format to transition from tech Two, the get go the at is, to far, to nearly mobile effort traditional a in real-time MAX by was mobile mediation that a market the multiyear complete this gaming. is largest ad app

it platform. a continues be We've and touched to the this past, strong on very in

marketplace, want up an on more when any with to the buy that's advertising And real-time platform solution format. parties they're on just our So company ends our as It's competitive a efficient. third platform, in buying us.

And to all And and this I If particular pie friendly the and unique in there's is market, of zero-sum publishers from quite making the buying markets call competitors. acquisition, company other ecosystem. more what a user We're competitor. also about whole the advertising the that. no in any we've benefiting talked efficiently this market is grows publishers drives so in primary companies the wouldn't are that's reinvest hopefully are us more, one all

any misunderstanding make, think and of some in buying there's are with the We sort The into We're marketplace data. the this. secure very on a I advantage have to companies don't platform. of point our that data last about

when it that them. platform to practices. audit to Our is our data on any have that same available to The comes data data available partners us the our gets can bidder us we

auction, a advantage a And in or is very a market provides to well. and so the therefore, fair, benefit huge do for from buying else some that and on product completely data us, transparent Unity been the have platform. to clean good a continuing there our isn't anyone we It's And and publisher. it it's

Omar Dessouky

have time net us -- one? you takes and your the one I Could around revenue quick see on didn't for puts on one and Do any give letter. for that? update just you of that growth us install kind

Matt Stumpf

Yes.

figures that's as can similar Omar, had will volume both But install all we've installations, numbers about. increase to see within prior the been AXON the our that disclosed So be quarters, in an talking XX-Q. the revenue so the you actual improvement continued and the there. of through per we've net as well of

that continues making increasing As of spend. a and see advertisers improve, both amount technology installation volume more we in of should growth to as their install the money we're see the we per

Operator

from hear Macquarie. now Nollen will we And Tim with

Tim Nollen

to to what advertising. I'd like base hearing I'd strings gaming a going beyond mobile from of like pull already. And together ask few we've been about

force Wurl sales you've into in accessing of couple business CTV. spoken quarters your having last demand the some about about to other You into more question access expanding answered and And bringing the verticals.

I need couldn't So you update advertisers? on to moving be buying doing connected these into the ad you're I more if difference, just into expanded a to question with Wurl a competitor and combine ask, us and not wondering CTV to that but of base, become just TV, brand if focused could you've that you why performance-based on advertising why an in got advertisers want does what verticals I'm space. more understand

Adam Foroughi

Yes.

the added supply. added just us, to channel ecosystem, on. it touched versus mobile app eyeballs. CTV we Wurl, So It's

hours but inaccessible mobile is actives of access TV. got connected X app in We have to we get over lot X of day daily ecosystem. sits watching We've eyeballs, don't SSP TV the a an to if a billion that in

of the So that lot idea Wurl with was online. a is bringing supply

I to The build reasons. force. backs spent Now that a don't them data a you're monetize selling it's One, someone to never focused murky that, well go our on best. There's of up. you if advertising no a out again, company it. from it to performance have is dollar at sales spent. brand-advertised the And couple to really that in is attribution dollar, convince being at buy want job wavered . We've

so spent well a And the that to other that spent. have you have side, convinces $X salesperson was

It's Our an there's and model arbitrage loop. spend of everything whole middle advertisers measurable. lot closed there. real-time they they is as and than in the a is not And the reported. they buying more if $X, all spend they're $X It's $X to do and selling marketer, know made

and on $X, times have earn you many it you will a spend that as If behalf. as they day $X will spend $X someone their spend

on And concept. as is about that last entire our you've system And more. algorithms, and our set business a concept to as over year, the seen in I business, in business theme we model, They what's convince spend automatically advertisers that when can our touched that more. of on lifts spend have will so is to this our incredible go all the don't predicated of we create flow-through we've powerful consistently

is can constraint our how many on our universe. accurately, dollars in their systems behalf, just the So place

create we have of landscape improve, To into consumers be prove more very platform connected our to can extend media. to very and because to model shopping could do Wurl. eyeballs. e-commerce the we've think in drive get We e-commerce, will have a and the to that's CTV which efficient around for the beneficial to for that And an naturally lot ad go on TV shops systems that advertise goal the we growth, advertising, the access as shown in growth,

Tim Nollen

contribution share? you to or comments revenues makes can Okay. That Any growth or Wurl's sense. on anything

Adam Foroughi

it, supply bringing lot great online. we out, to they've but It's job small a done still don't of so a too talk about break of

is is opportunity the other So the the demand side bringing now online.

Operator

Eric Sachs. with to on Moving Sheridan Goldman

Eric Sheridan

dynamics Maybe or seen entering up campuses, as it through taken can thinking organic at in these term? longer about that different different verticals Tim's should when we've bit Adam, the look partnerships. thinking number growth? around ROI for asking about way. on we of new when the approaches, about capital question, you companies, stakes how you campuses think some following over think little How maximize taking the companies, of become allocation versus but platform purchasing to a far-reaching inorganic of new How medium you sort be you a

guys Then high second after been be just XX, in margins. very incremental cycle incremental to margins the investment would continue Obviously, produce question prior you've the months. through you XX

Just incremental continued around the to sustain margins thoughts as continues high on business levels of guideposts relatively growth.

Adam Foroughi

with implementation start I'll Eric. Matt world the the of compelling first, Thanks, second. about we've Really, the and very, space. a systems think business, of in one when very ever we most powerful our has the can answer AI, built this Yes, seen

build to we huge And organically, continue advantage so have that. on a to

we and how more It get And few do get more things, a that? build come get on reach. different more partnerships, will from data

business. terms And business, OEM is active business, we the on users we we have think more it, of X eyeballs. we carrier core accessing reach about Well, way now over a and so business, core have and in daily billion of our like all a just getting there's that the CTV have

So we access of already. a lot eyeballs

of reach is the there us sort to go capitalize sitting on. there for So

able vertical. execute transactional algorithms believe, on are going problem. be an Demand we organic to any to diversity The is, is fundamentally

R&D really years. was And be named system marketing over the effort XX so the not last is to product AppLovin out. building first something have thought the just able This just we to do about rolled web The to company for a this time. get

execute that And be we're to got that we able so technology, as to now space. in going we've forward, go

been obviously, on like to all a effort. this again, charged of algorithms. large-scale will part but AI world And very that that, of every an companies, AI actually execute the Building lot complex able implementation systems these. so And of And in was organically the strategy, the building a incredibly company -- few the today the technology and are very, models about have almost is of hardest complex. talk

path at So really we've disposal having going this us that excited keeps organic got forward. our about

Matt Stumpf

terms to in the bottom right, for because around revenue, to mean, expectations line. And Eric, AXON, as margins, just expect to the has expand Adam improvements reporting we of talked essentially see we in the increased about technology I continue development net the past to dropped that the the we're actual to margins already extent

margins you're So as development should that margins that flat. relatively is is margins, volumes Obviously, as seeing continue it through then expand. what to should grow stay growing,

So expect we at existing margins wouldn't this level ]. any from decrease our of point, [

Operator

has question. James Jefferies' the Heaney next

Edward Alter

Heaney. on some is of are from is, seeing of developer on more some spending the actually checks, James Alter app bigger of Ed we're earlier they This questions the the the of Piggybacking for share that our AppDiscovery. kind

what seeing are you is that? like dollars So bounds incremental of And besides, AXON, others? are versus that winning obviously, the where those

Adam Foroughi

I system, to mean our we really an limit spends advertiser what don't in a have most.

All of our partners budgetary sort any don't limitation. of set

So have business. advertisers, games. better a got more definition, mobile They've obviously, gaming and the probably base bigger in successful by

a therefore, they would dollars system about The somehow bigger isn't So really there budgetary a tomorrow thing a Then and nice models team research science company. our overnight day. our someone breakthrough double per the got effective. constraint. And is on because can business spend as our twice had they're today more

work our accomplished. XXX% in of now been value to lot a the is at with point, to in of So effectively job to close penetration that. or this like from to gaming even we come market think advertiser we the mobile going the deliver don't advertisers, growth gaming And both has new

the didn't So now that hearing the and exist world is ago now around about gaming this other outperforming every world. year platform are a in platform customers

outside but we're of secondarily, up. our are some from are this in see something about. small, some then advertisers, which And all gaming adoption we -- excited new continue see expansion is that platform these it adds business really we growth so category, to And will as again, the organic mobile the large, gaming

Edward Alter

couple we on sit expecting -- years well? in as After the or gaming of where a Maybe year? driving general. in market your growth Great. of see some a -- Yes. follow-up that? mobile view you that of what's what this Is the down guys Great. just And

Adam Foroughi

said the We But platform large. talk Yes, it totally. track. is on our really

you about us of net the in advertising doubled to the business, our is which category mobile our have vast other year, our majority last dollars think platform. software the billions network, that incremental didn't were If there's business of on spent the hold That reported for revenue software in from channels. gaming

companies go, compound my be it." to XX takes for And TAM so acquisition the while billion to a that's paybacks it the extra I in say, goal. these they'd So "I months. X more that mobile Therefore, channel because can on going be tend spend $X.XX can other $X.XX here. this in user Therefore, going somewhere I'm "Today, just between over and in gaming, the -- over." to take They'll everyone from that more $XXX $X.XX at on it my goal, to spend reflected looks move spend I'm and and to

doubled So if of their billions in dollars AppLovin acquisition. tens like, you spent an year that industry were on dollars okay, a out business, more of build happened? spends what well, Well, of user of billions so

whole certainly are into that invested then you'll expanding breakthrough, and downloaded, because start cohort amount of growth will there starts start expand. into is dollars the off. the category back So paying seeing the of AXON Users stacking they once in games the material the those paying cohorts, TAM that start a the

-- to back to lot what technology by lot advertisers. attributed reflected is of a a which is our success expansion you're see single-digit growth, the of driving so directly And that the TAM to these growth having starting is

Operator

Moving Vasily on Karasyov to with Cannonball.

Vasily Karasyov

are to the go good, I you point? if any in up. And so, returns obviously, competitive well. results how up fight Do see the that? And pass you it? your too about competitive situation are up put you preparing see after so And you? is right, X good. this any you your have a working ramping to a how Obviously, are at dynamic. for feel your about AXON do changes question and so competitors business against Do

Adam Foroughi

don't really Yes. always we in we Thanks, catch asked it competition oversimplified really, algorithm and that because, sort about of people Vasily. some thank to copy years, everyone and technology and build up. an We've get have manner company view who just do, necessarily complicated. for they we attention everyone These we and and been there's competition one some the that systems pay and look, to else industry the is in the can going say are

We could built anyone it's cutting-edge I something be replicated. look to effort for and that technologies. think AI And to It's that a at don't able conceivable it's that. multiyear be even able go be replicate to that

to So by anyone be the continuing we'll because there's years compete today technology, the evolve going time where that's are our actually able technology. we're against to to from be advanced we

technologies need in that to we won't matter still these able drive Second piece data is, tomorrow. competition. can code achieving to themselves. they're open source out code the the be because our to We marketplace can It hand

to an from we compelling. that model and allows every you feedback super model, perfect AI engages type about if that's model a itself. gets they're all thumbs So word utilized what efficiency ChatGPT if retrains way get result up, of Every an thumbs that it result -- give the that think like models, the model a search data into improve you down. with and it and a AI that result that result the that of example continue that the being to impactful, human makes retrains well, model and the behavior like AI they user --

of system getting insane day. we're amount System improve into model, every our the In an single data is itself. continuing to

allow world business certainly our that's but the we've well isn't really in isn't out value think that's going and in over to a the us we're world got position cutting-edge for the technologies. AI. excited use and and something and sort growing, players allow now to ecosystem. outside our them to that category go look and And say, gaming very all value very a of companies to is deliver our fast of got we've We're an of expand other to continue large. So opportunity to mobile ourselves leadership we from through at about business This in we and pretty go largest distance unlock their

Operator

from next Oppenheimer with Martin & our come will And question Yang Co.

Martin Yang

number, In that in what's view, And your much comment have shareholder XQ letter, can you have your from much you you underlying and maybe in have market how -- has grown on year-over-year. market highlighted the that the market grown XQ? grown advertising how

Adam Foroughi

You're from the of grow market year-over-year? asking or how much quarter-over-quarter

Martin Yang

XQ, both respectively. have you and XQ for year-over-year If numbers

Adam Foroughi

drive marketplace. growth MAX business. advertising very I'm annual lot. we about so It's the we it's market spend? Is whole what mobile what we IEP a category, X Is that large at -- in about That's part, actual hard One, we is global don't about has it double-digit but when not are defined. apps, talk like global the disclose a ad us vertical whole market, marketplace. the ad And year-over-year of gaming for mobile it the areas growth like in been as talk to advertising sure a understand look spend also market. about our quite the year-over-year, plus the When the we're the advertising talking ever MAX the talk we lot, fairly growing

Martin Yang

it. Got

[ to are it the -- So for market? a overall marketplace assuming good is you proxy MAX ] right is

Adam Foroughi

the at mobile in good share this that mobile proxy position growth the so gaming it's gaming we for leadership we've what very our is given a For talked diversified advertising-based advertising, about percentage that category point of product and it think the of MAX businesses. yes, market in

Martin Yang

and change net question your should next is revenue install, year-over-year a Got volume basis it. it's of this per How X% from relationship tell The preceding different revenue the Is and X install X XX%, install market? that us quarter, and we changes the very on net the the changes? interpret numbers quarters. there respectively. on per between My those any is underlying in

Matt Stumpf

Yes.

correlated the very in So about about advertiser we as increase were see this an I in in we increase installations past, spend. in talked think of Martin, That's we've this volume the talking to large a quarter.

period. launch of that we to So QX as rate the QX year-over-year to comparing a of AXON on result, saw XXXX during XXXX,

saw increase quarters. we pretty advertisers their that, And dramatically so the spend as a over result last of X

Operator

participation, and We Take then. concludes thank your webinar. quarter. all look seeing to That forward session Until question-and-answer we next for you you and care. today's today's

Adam Foroughi

Thanks, everyone.

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