AppLovin

Recent moves show discipline: divesting the studios business to Tripledot (400 million dollars cash plus ~20 percent equity) simplified the portfolio and reduced friction with publisher customers.

The company refinanced variable‑rate term loans into long‑dated fixed notes in 2024, lowering 2025 interest expense, and it repurchased 2.58 billion dollars of stock in 2025 with additional authorization.

Stock‑based compensation fell to ~208 million dollars in 2025 from ~357 million dollars in 2024. Past bids (e.g., the 2022 Unity proposal) show appetite for bold deals, which we monitor, but the current focus on organic AI‑driven growth and measured buybacks is favorable.