{"schemaVersion":1,"research":true,"symbol":"app","name":"AppLovin","topic":"moat","path":"/stock/app/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:01:16.179Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"AppLovin has a narrow technology-based advantage supported by repeated advertising monetization gains and MAX's auction capabilities. Strong realized revenue per installation supports pricing effectiveness, but does not isolate price increases, mix or platform fees. Customer multihoming and cancelable contracts limit dependency. Network effects remain an issuer claim rather than a demonstrated durable barrier; the evidence does not support a wide moat.","advantages":[{"mechanism":"intangible_assets","claim":"Advertising recommendation technology and MAX's integrated auction and automation capabilities support a current performance advantage. Reported monetization improvements across 2024, 2025 and first-half 2026 corroborate commercial effectiveness; MAX's claimed publisher benefits lack quantified comparative verification.","durability":"Repeated operating improvements support a narrow advantage that depends on continued innovation. Intellectual-property protections exist, but their exclusionary strength and sustained superiority against named competitors are unestablished. Scale-driven learning is plausible, not proven.","risks":"Advertisers and developers use multiple platforms, and substantially all customer contracts are cancelable at any time. Meta, Google, Amazon, and Unity Software are disclosed competitors without comparative performance data. First-half 2026 installations declined despite monetization gains. Platform-policy changes, replicable technology and third-party infrastructure dependence could erode effectiveness; disclosed risk scenarios do not establish that these outcomes have occurred.","invalidation":"The thesis would fail if comparable campaigns or publisher migrations demonstrated sustained competitor parity or superior returns, or if persistent monetization deterioration accompanied lost advertiser spending or publisher supply. Installation declines alone are insufficient while revenue and monetization continue growing.","competitors":["Meta","Google","Amazon","Unity Software"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"MD&A / 2025 revenue and installation metrics","excerpt":"Comparison of Our Results of Operations for the Twelve Months Ended December 31, 2025, 2024, and 2023 Revenue Year Ended December 31, 2024 to 2025 % change 2023 to 2024 % change 2025 2024 2023 (in thousands, except percentages) Revenue $ 5,480,717 $ 3,224,058 $ 1,841,762 70 % 75 % For the twelve months ended December 31, 2025, our revenue increased by $2.3 billion, or 70%, from the prior year period primarily due to improved Axon Ads Manager performance, where the volume of installations increased 3% and net revenue per installation increased 72% compared to the prior year period."},{"id":"e2","sourceId":"filing-1","location":"MD&A / 2024 revenue and installation metrics","excerpt":"For the twelve months ended December 31, 2024, our revenue increased by $1.4 billion, or 75%, from the prior year period primarily due to improved Axon Ads Manager performance, where the volume of installations increased 50% and net revenue per installation increased 22% compared to the prior year period."},{"id":"e3","sourceId":"filing-2","location":"MD&A / second-quarter 2026 revenue and installation metrics","excerpt":"Comparison of Our Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025 Revenue Three Months Ended June 30, 2025 to 2026 % Change Six Months Ended June 30, 2025 to 2026 % Change 2026 2025 2026 2025 (In thousands, except percentages) Revenue $ 1,923,686 $ 1,258,754 53 % $ 3,766,135 $ 2,417,728 56 % Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 For the three months ended June 30, 2026, our revenue increased by $664.9 million, or 53%, compared to the same period in the prior year due primarily to improved AppLovin Ads performance, where net revenue per installation increased 58%, partially offset by a decrease in the volume of installations of 2%."},{"id":"e4","sourceId":"filing-2","location":"MD&A / first-half 2026 revenue and installation metrics","excerpt":"Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 For the six months ended June 30, 2026, our revenue increased by $1.3 billion, or 56%, compared to the same period in the prior year due primarily to improved AppLovin Ads performance, where net revenue per installation increased 75%, partially offset by a decrease in the volume of installations of 10%."},{"id":"e5","sourceId":"filing-1","location":"Business / claimed MAX publisher monetization and automation benefits","excerpt":"Many developers who integrate MAX have experienced a measurable increase in their average revenue per daily active user over traditional monetization tools and save countless hours because they are able to automate manual monetization work through its advanced feature set."},{"id":"e6","sourceId":"filing-1","location":"Business / MAX real-time competitive auctions","excerpt":"MAX includes the following features: •Advanced in-app bidding technology: MAX’s competitive auctions happen in real time with most bidding platforms in the industry bidding simultaneously for developers’ inventory at high volume."},{"id":"e7","sourceId":"filing-1","location":"Growth strategy / claimed scale-driven Axon AI improvements","excerpt":"•Enhance and extend AI-based technologies: As we increase our scale and reach, our customers benefit from compounding improvements to Axon AI, our advertising recommendation engine, which in turn improves the efficacy and growth of our advertising solutions."},{"id":"e8","sourceId":"filing-1","location":"Business / intellectual-property protection methods","excerpt":"We seek to accomplish that objective by establishing intellectual property rights in and protecting those assets through a combination of registered and unregistered trademarks, copyrights, trade secrets, license agreements, confidentiality procedures, non-disclosure agreements with third parties, and other contractual measures."},{"id":"e9","sourceId":"filing-1","location":"Intellectual property / uncertain protection and competitive benefit","excerpt":"Notwithstanding these efforts, there can be no assurance that we will adequately protect our intellectual property or that it will provide any competitive advantage."},{"id":"e10","sourceId":"filing-1","location":"Competition / advertiser and developer multihoming","excerpt":"Advertisers often engage with numerous advertising platforms and networks to purchase advertisements and developers often engage with numerous tools to market and monetize their apps."},{"id":"e11","sourceId":"filing-1","location":"Competition / named competitors, partners and clients","excerpt":"These companies vary in size and include Meta, Google, Amazon, and Unity Software as well as various private companies, several of which are also our partners and clients."},{"id":"e12","sourceId":"filing-2","location":"Revenue recognition / customer contract cancellation rights","excerpt":"Substantially all of the Company's contracts with customers are cancelable at any time."},{"id":"e13","sourceId":"filing-2","location":"Risk factors / third-party infrastructure capacity and cost dependence","excerpt":"Additionally, we rely on certain third-party providers for our increasing network capacity and computing power needs, and if we fail to properly anticipate our needs or secure sufficient capacity at a reasonable cost, our ability to scale and grow our business, or our profitability, could be negatively impacted."},{"id":"e14","sourceId":"filing-1","location":"Risk factors / operating-system and platform-policy changes","excerpt":"•changes that limit our ability to deliver, target, or measure the effectiveness of advertising, including changes to policies by mobile operating system and third-party platform providers, and the degree to which users opt in or opt out of certain types of ad targeting as a result of changes and controls implemented in connection with such policy changes and with the E.U."},{"id":"e15","sourceId":"filing-1","location":"MD&A / 2023–2025 cost of revenue and infrastructure expenses","excerpt":"Cost of revenue Year Ended December 31, 2024 to 2025 % change 2023 to 2024 % change 2025 2024 2023 (in thousands, except percentages) Cost of revenue $ 665,140 $ 520,613 $ 356,613 28 % 46 % Percentage of revenue 12 % 16 % 19 % Cost of revenue in 2025 increased by $144.5 million, or 28%, compared to 2024, due primarily to an increase of $150.2 million in expenses associated with operating our network infrastructure driven by the growth in our operations."},{"id":"e16","sourceId":"filing-2","location":"MD&A / 2026 cost of revenue ratios and infrastructure expenses","excerpt":"Cost of revenue Three Months Ended June 30, 2025 to 2026 % Change Six Months Ended June 30, 2025 to 2026 % Change 2026 2025 2026 2025 (In thousands, except percentages) Cost of revenue $ 225,801 $ 155,076 46 % $ 429,433 $ 306,756 40 % Percentage of revenue 12 % 12 % 11 % 13 % 23 Table of Contents Cost of revenue in the three months ended June 30, 2026 increased by $70.7 million, or 46%, compared to the same period in the prior year, due primarily to an increase of $52.1 million in expenses associated with operating our network infrastructure driven by the growth in our operations."},{"id":"e17","sourceId":"filing-4","location":"Risk factors / absence of long-term advertising commitments","excerpt":"As is common in the advertising ecosystem, our clients do not have long-term advertising commitments with us."},{"id":"e18","sourceId":"filing-1","location":"Liquidity / operating cash generation, compensation and impairments","excerpt":"The following table summarizes our cash flows for the periods indicated (all periods include cash flows from continuing and discontinued operations): Year Ended December 31, 2025 2024 2023 (in thousands) Net cash provided by operating activities $ 3,971,094 $ 2,099,011 $ 1,061,510 Net cash provided by (used in) investing activities $ 358,428 $ (106,754) $ (77,829) Net cash used in financing activities $ (2,593,069) $ (1,749,844) $ (1,562,791) Operating Activities Net cash provided by operating activities was $4.0 billion for 2025, primarily consisting of $3.3 billion of net income, adjusted for certain non-cash items, such as $210.4 million of stock-based compensation, $194.8 million of amortization, depreciation and write-offs, $188.9 million of goodwill impairment, $50.0 million of impairment of non-marketable equity securities, and a net increase in the operating assets and liabilities of $77.9 million, partially offset by a gain from the divestiture of our Apps business, net of transaction costs, of $106.2 million."},{"id":"e19","sourceId":"filing-2","location":"Equity / completed first-half 2026 repurchases and retirements","excerpt":"During the six months ended June 30, 2026, the Company repurchased and subsequently retired 3,275,252 shares of Class A common stock for an aggregate amount, including commissions, taxes, and fees, of $1.5 billion."},{"id":"e20","sourceId":"filing-1","location":"Stock-based compensation / recognized expense and unrecognized awards","excerpt":"Stock-based Compensation Stock-based compensation included in the Company's consolidated statements of operations was as follows (in thousands): Year Ended December 31, 2025 2024 2023 Cost of revenue $ 1,425 $ 4,799 $ 3,834 Sales and marketing 34,055 76,824 69,903 Research and development 114,463 229,577 216,236 General and administrative 58,015 46,231 52,578 Stock-based compensation from continuing operations 207,958 357,431 342,551 Stock-based compensation from discontinued operations 3,663 19,024 20,556 Total stock-based compensation $ 211,621 $ 376,455 $ 363,107 As of December 31, 2025, the total unrecognized stock-based compensation was $489.0 million, which is expected to be recognized over a weighted-average period of 1.95 years."},{"id":"e21","sourceId":"filing-2","location":"Commitments / three-year cloud spending obligation","excerpt":"In August 2024, the Company amended its agreement with the provider, committing to spending a minimum of $1.3 billion over a three-year period."},{"id":"e22","sourceId":"filing-2","location":"Commitments / cloud payments through June 2026","excerpt":"By June 30, 2026, the Company had made payments of $953.5 million towards this commitment."},{"id":"e23","sourceId":"filing-3","location":"Compensation highlights / equity ownership and compensation practices","excerpt":"What We Do What We Don’t Do RSUs as primary component of executive compensation to maintain stockholder alignment No executive base salary increases since initial public offering Independent compensation consultant advises on executive and outside director compensation No annual cash bonus program for executive officers Equity ownership guidelines exceeded by all officers and directors No “Golden Parachute” tax reimbursements Compensation Committee oversees compensation for key engineering talent in addition to executive officers No single-trigger change of control acceleration for executive officers Hedging and pledging limitations in our insider trading policy No “evergreen” increases to our equity plans for 2026 AppLovin Corporation 2 2026 Proxy Statement Table of Contents PROPOSAL NO."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation / issued October 2025 RSUs and one-year vesting","excerpt":"In October 2025, the Company issued equally-sized RSU awards, vesting over one year, to each of Messrs."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation / actual compliance with equity ownership guidelines","excerpt":"Each of our executive officers meaningfully exceeds the requirements of our Equity Ownership Guidelines."},{"id":"e26","sourceId":"filing-3","location":"Pay versus performance / historical PSU vesting based on stock appreciation","excerpt":"For example, the “compensation actually paid” in each of 2023 and 2024 was impacted by certain grants of PSUs in 2023 that fully vested based on stock price appreciation achieved during 2023 and 2024."},{"id":"e27","sourceId":"filing-3","location":"Governance / independent board majority, committees and evaluations","excerpt":"[2] https://www.sec.gov/ix?doc=/Archives/edgar/data/0001050606/000119312523149534/d650502d8k.htm; https://www.sec.gov/ix?doc=/Archives/edgar/data/1649744/000119312525133351/d93898d8k.htm AppLovin Corporation 55 2026 Proxy Statement Table of Contents Instead, we maintain the following governance practices: •a majority of the members of our Board of Directors are independent; •all members of our Audit Committee, Nominating and Corporate Governance Committee, and Compensation Committee are independent; •we have an independent Chairperson to help maintain a strong, independent, and active board, and previously utilized a lead independent director role; •our independent directors meet regularly in executive sessions—without non-independent directors or management present—following Board of Directors and committee meetings; and •we conduct annual performance evaluations of the Board and all Board committees."},{"id":"e28","sourceId":"filing-3","location":"Board leadership / April 2026 chairperson appointment","excerpt":"In April 2026, in connection with a periodic review of its leadership structure, the Board appointed Craig Billings as Chairperson of the Board."},{"id":"e29","sourceId":"filing-2","location":"Governance risks / voting agreement and concentrated control","excerpt":"Foroughi and Mr. Chen. As a result, the Voting Agreement Parties will collectively be able to determine or significantly influence any action requiring the approval of our stockholders, including the election of our board of directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction."},{"id":"e30","sourceId":"filing-1","location":"Business / completed June 2025 Apps divestiture","excerpt":"On June 30, 2025, we completed the sale of our Apps business."},{"id":"e31","sourceId":"filing-3","location":"Stockholder letter / completed 2025 share repurchases","excerpt":"We also continued to deliver value for stockholders, repurchasing $2.2 billion of our Class A common stock throughout the year and increasing our repurchase program authorization by $3.2 billion in October."},{"id":"e32","sourceId":"filing-2","location":"Infrastructure risks / historical availability or performance interruptions","excerpt":"We have in the past experienced, and may in the future experience, interruptions in the availability or performance of our offerings from time to time."}],"changes":["Retain the previous narrow verdict; distinguish demonstrated monetization gains from unproven network effects and durable competitive exclusion.","Replace the previous implication of absent named competitors with the disclosed Meta, Google, Amazon, and Unity Software; comparative superiority remains unestablished.","Incorporate cancelable customer contracts and multihoming explicitly into customer dependency, retention and pricing assessments.","Use actual proxy disclosures to assess management alignment and governance, including existing ownership practices, short RSU vesting, independent oversight and concentrated voting control."],"limitations":["All evidence is issuer-supplied. Reported operating results support numerical assessments, while promotional claims about MAX superiority and compounding AI benefits receive less weight.","Net revenue per installation combines monetization effects and does not establish isolated advertiser prices, platform take rates, mix changes or customer return on advertising spending.","No customer cohorts, renewal rates, migration costs or competitor benchmarks are supplied. Aggregate demand is indirect retention evidence.","The named competitors establish competitive coverage, not segment-by-segment overlap, market shares or relative performance.","Historical low barriers for developing mobile games concern the Apps business sold in June 2025; they do not establish low barriers for the current advertising platform.","The proxy supplies compensation practices and ownership-guideline compliance, but the supplied ownership-table passage contains no individual holdings. One-year vesting is disclosed; current award vesting completion is not established.","Source dates are filing dates: February 19, August 5, April 21 and May 6, 2026 for the relevant current filings, and February 27, 2025 for the older commitment disclosure. Operating periods and governance events are assessed separately from filing dates."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Repeated monetization gains and integrated auctions support a current technology advantage. Exclusive data access, causal network effects and competitor inferiority are not demonstrated.","evidenceIds":["e1","e2","e4","e5","e6","e7","e11"]},{"criterion":"durability","grade":2,"rationale":"Improvements persisted across multiple reporting periods, but continued innovation is necessary. Intellectual-property protections do not establish a durable exclusionary barrier, and clients can use alternatives.","evidenceIds":["e1","e2","e4","e8","e9","e10","e12"]},{"criterion":"customer_dependency","grade":1,"rationale":"Automation creates utility, but disclosed multihoming and cancellation rights show weak contractual dependency. Material migration costs or indispensable access are not established.","evidenceIds":["e5","e10","e12"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Revenue and monetization continued growing despite declining installations, demonstrating some operating resilience. This does not prove resilience to competitor parity or platform-policy disruption. Historical interruptions are disclosed without quantified business harm.","evidenceIds":["e3","e4","e11","e13","e14","e32"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Net revenue per installation rose 22% in 2024, 72% in 2025 and 75% in first-half 2026. These are strong repeated realized monetization outcomes, although they do not isolate price, mix or take-rate changes.","evidenceIds":["e1","e2","e4"]},{"criterion":"retention","grade":2,"rationale":"Multi-period revenue growth despite cancelable contracts provides indirect evidence of continuing demand. Multihoming and falling installation volumes temper the assessment; aggregate growth cannot distinguish retained customers from new business.","evidenceIds":["e1","e2","e4","e10","e12"]},{"criterion":"margin_resilience","grade":3,"rationale":"Cost of revenue fell from 19% of revenue in 2023 to 12% in 2025 and from 13% to 11% in the first-half comparison, despite increasing infrastructure expenses. This demonstrates gross-margin resilience during growth, without proving recession resilience or independently establishing a moat.","evidenceIds":["e15","e16"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Real-time competitive auctions and absence of long-term advertising commitments support flexible market-based pricing. Substantially all contracts are cancelable, limiting enforceable pricing power; unilateral fee-reset rights are not supplied.","evidenceIds":["e6","e12","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash flow rose to approximately $4.0 billion in 2025, stock-based compensation declined, the Apps sale closed and actual repurchases occurred in 2025 and 2026. Reported impairments, continuing equity awards and substantial cloud commitments make the record mixed. Repurchases alone do not establish value creation, and investment-level returns are unavailable.","evidenceIds":["e18","e19","e20","e21","e22","e30","e31"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual equity-ownership compliance, equity-heavy pay and lack of annual cash bonuses support alignment. One-year RSU vesting and historical PSU vesting tied to stock appreciation limit evidence of durable operating-performance alignment. Individual economic ownership percentages are missing.","evidenceIds":["e23","e24","e25","e26"]},{"criterion":"execution","grade":3,"rationale":"Repeated revenue and monetization growth, increased operating cash generation and the completed Apps divestiture demonstrate strong execution. Product effectiveness is inferred partly from aggregate operating outcomes rather than controlled advertiser comparisons; installation declines remain a counterweight.","evidenceIds":["e1","e2","e3","e4","e18","e30"]},{"criterion":"governance","grade":2,"rationale":"Disclosed independent board and committee practices and the actual April 2026 chairperson appointment strengthen oversight. The voting agreement still concentrates influence over directors and major transactions, limiting minority-stockholder control. These are current structural disclosures, not assumed governance failures.","evidenceIds":["e27","e28","e29"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"6962c2b96b2a05545738475656f19332acd1fddbf73db6e9dc52320137eaad3e","updatedAt":"2026-10-18T13:01:16.179Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/app-20251231.htm","publishedAt":"2026-02-19","sha256":"687d15ed6bda8daa4b847eec16caccbe1cfcee2151a42d23a80e1e3a0858d622","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000059/app-20260630.htm","publishedAt":"2026-08-05","sha256":"8b4d38c1cff52f9664997dc4f0a101149a8401029b48c7ce3d1db947f1c8bd63","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000028/app-20260420.htm","publishedAt":"2026-04-21","sha256":"f1d7147839447447f11f5979b7b09d4a5ee593b57c1c43e06bb44b937dace197","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/app-20241231.htm","publishedAt":"2025-02-27","sha256":"859e9d111e74822d19d46e4b7d522a4c213953f91a8c1e973c41c4307f0a5b1a","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100824000012/app-20231231.htm","publishedAt":"2024-02-26","sha256":"702b09fb9d7dab26d8a4d223d17103d59de51800d478734b0e2566a8e9a6c667","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000044/app-20260331.htm","publishedAt":"2026-05-06","sha256":"c0f608fd097661614b428128479a03b2bcaf4277fa292cd69d5e928f8ee706a9","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:5bc179fae9aabf9c1b9fa8c9a9c284a4f2378993f9779a02b40d2469e5af7b64","usage":{"input_tokens":87560,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3792,"reasoning_output_tokens":105},"basisSupplement":{"previousHash":"193aea53f54b36110edc443c4716e2a587f2b3d771e4b8e50e3bbf74ed4feb87","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":64.62376624715728,"operating_margin":5.370942148949699,"roic":null,"fcf_margin":12.905391277947404,"sbc_revenue":4.768064490258866},"issues":{"peg":"The matching period one year earlier is unavailable.","pfcf_growth":"The matching period one year earlier is unavailable.","roic":"The matching period one year earlier is unavailable.","roce":"The matching period one year earlier is unavailable.","roiic":"The matching period one year earlier is unavailable.","roe":"The matching period one year earlier is unavailable.","roa":"The matching period one year earlier is unavailable.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","dilution":"The matching period one year earlier is unavailable."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":55.412171137406474,"operating_margin":-1.696486192332568,"roic":null,"fcf_margin":14.629127266815239,"sbc_revenue":6.801847885276057},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":67.7379551623213,"operating_margin":19.743826465762254,"roic":14.896313497296134,"fcf_margin":32.203350078752095,"sbc_revenue":11.059926221875935},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":75.2230929439265,"operating_margin":39.78255126933218,"roic":null,"fcf_margin":44.470688313718036,"sbc_revenue":7.843439122339705},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":87.86399662671872,"operating_margin":75.7549422821868,"roic":102.76601034308189,"fcf_margin":null,"sbc_revenue":3.8392969387034586},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/app-20251231.htm","publishedAt":"2026-02-19","sha256":"687d15ed6bda8daa4b847eec16caccbe1cfcee2151a42d23a80e1e3a0858d622","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000059/app-20260630.htm","publishedAt":"2026-08-05","sha256":"8b4d38c1cff52f9664997dc4f0a101149a8401029b48c7ce3d1db947f1c8bd63","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000028/app-20260420.htm","publishedAt":"2026-04-21","sha256":"f1d7147839447447f11f5979b7b09d4a5ee593b57c1c43e06bb44b937dace197","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100825000018/app-20241231.htm","publishedAt":"2025-02-27","sha256":"859e9d111e74822d19d46e4b7d522a4c213953f91a8c1e973c41c4307f0a5b1a","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100824000012/app-20231231.htm","publishedAt":"2024-02-26","sha256":"702b09fb9d7dab26d8a4d223d17103d59de51800d478734b0e2566a8e9a6c667","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000044/app-20260331.htm","publishedAt":"2026-05-06","sha256":"c0f608fd097661614b428128479a03b2bcaf4277fa292cd69d5e928f8ee706a9","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}