AppLovin’s third-quarter net income rose 72% to $1.439 billion, while stockholders holding about 67% of voting power approved its planned move from Delaware to Nevada by written consent.
The company disclosed the consent in a Form 8-K filed Nov. 4. The written resolution was adopted Oct. 29, and the filing says no stockholder meeting was held. The stockholders who signed held 2,370,615 Class A shares and 30,063,730 Class B shares, together representing about 67% of voting power.
AppLovin said it plans to file a Schedule 14C information statement with the Securities and Exchange Commission and mail it to all holders of record of its voting capital stock as of the close of business Oct. 29. The planned conversion can take effect only after the mailing has been underway for at least 20 calendar days.
The earnings release showed revenue increasing 55% to $2.185 billion and adjusted EBITDA, a non-GAAP measure, rising 59% to $1.842 billion. Net income’s 72% growth rate exceeded the increases in both revenue and adjusted EBITDA. For the fourth quarter, AppLovin forecast revenue of $2.365 billion to $2.395 billion and adjusted EBITDA of $1.995 billion to $2.025 billion.
The release did not include GAAP comparisons or a reconciliation for its adjusted EBITDA forecast. AppLovin cited uncertainty around items such as stock-based compensation.
The company also reported that it repurchased and withheld 4.1 million Class A shares during the quarter at a total cost of $1.4 billion. Its board increased the share repurchase authorization by $3.2 billion, bringing the total to $3.6 billion as of the end of October.
