"APP's improved relative return on ad-spend (ROAS) vs competing channels is rarely seen in the digital ads space and could support 20-30% software rev growth from gaming alone."
"UBS analysts flagged that the company's ability to improve ROAS has led to a shift in advertiser budgets toward AppLovin's platform."
"We model FY26 EBITDA margin of 60% vs Street at 58% primarily driven by mix shift. Within the software segment which accounted for 85% of Total EBITDA in FY23 we look for incremental margins to stabilize at ~75% vs Street at 72%."
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