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  "documentTitle": "AppLovin | Credit Presentation Deck | 19 slides",
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      "text": "AppLovin ended 2Q21 with $1.2 billion in cash with access to a $600 million undrawn revolver; Expect to opportunistically access debt markets to raise an additional $1.5 billion; Pro forma leverage with additional debt expected to be less than 2x net debt/EBITDA for 2022E",
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      "text": "Founded in 2010 and acquired by Twitter in 2013; Provides advertising solutions for buyers and sellers to transact on mobile ads; RTB exchange integrates with +130 DSPs; Connects partners with +1.5 billion devices; MoPub generated ~$188 million in revenue in 2020 with solid growth in 2021 YTD",
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      "text": "Transaction expected to close in 2022, subject to regulatory approvals; AppLovin and Twitter to support MoPub customers during a transition period post-close",
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      "text": "Definitive agreement to acquire Twitter's MoPub business for $1.05 billion in cash; Highly strategic and accretive to AppLovin's fast growing software platform",
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      "text": "Expect incremental annual software revenue run-rate of approximately $240-$260 million per year based on 4Q22E; Expect incremental annual cost run-rate of approximately $35-$45 million resulting in a high incremental contribution to cash flow; Software revenue from MoPub acquisition would be incremental to our previous estimated outlook for Software revenue of $1 billion in 2022E",
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