AppLovin Corporation (NASDAQ: APP) ("AppLovin" or the "Company"), a leading marketing software company, today announced that its Board of Directors has authorized a share repurchase program for the Company to repurchase up to $750 million of its Class A common stock. The share repurchase program is effective immediately.
"This announcement demonstrates our confidence in AppLovin's business and the growth opportunities in front of us," said Herald Chen, President and Chief Financial Officer at AppLovin. "We are committed to driving shareholder value over the long-term through a disciplined capital allocation strategy that balances investing in organic growth and strategic acquisitions, and accessing the markets as opportunities arise."
Under our share repurchase program, repurchases may be made from time to time through open market purchases or through privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. The timing and actual number of shares repurchased will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions and other general business considerations. The repurchase program does not obligate AppLovin to acquire any particular amount of Class A common stock, has no expiration date and may be modified, suspended, or terminated at any time at the discretion of the Board.
AppLovin's leading marketing software provides developers with a powerful, integrated set of solutions to grow their businesses. AppLovin enables developers to market, monetize, analyze and publish their apps. The company's first party content includes over 350+ popular, engaging apps and its technology brings that content to millions of users around the world. AppLovin is headquartered in Palo Alto, California with several offices globally.
Forward Looking Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "can," "may," "will," "should," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," or "continue," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the timing, size and expectations for our stock repurchase program, our expectations regarding our financial performance and how we intend to fund our stock repurchase program. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties, including changes in our plans or assumptions, that could cause actual results to differ materially from those projected. These risks include fluctuations in our results of operations, our access to and management of capital, and changes in the overall economy. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2021. Additional information will also be set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
Source: AppLovin Corp.
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