Analysis of Debt

Total Debt (Carrying Amount)
Total Debt (Fair Value)
Weighted-average Interest Rate on Debt

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Total Debt (Carrying Amount)

AppLovin Corp., balance sheet: debt

US$ in thousands

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
	Finance lease liabilities, current
	Short-term debt
	Long-term debt
	Finance lease liabilities, non-current
	Total debt and finance lease liabilities (carrying amount)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Current Finance Lease Liabilities: The current finance lease liabilities exhibit minor fluctuations over the examined period, starting at approximately 21,999 thousand US dollars and slightly increasing to 22,336 thousand US dollars by the latest period. Although there was a small dip in the third period to around 19,683 thousand US dollars, the overall trend remains relatively stable with modest variations.
Short-term Debt: Short-term debt shows significant volatility, beginning at 25,810 thousand US dollars and increasing sharply to 33,310 thousand US dollars in the subsequent year. There is a substantial spike to 215,000 thousand US dollars in the third period, indicating a significant increase in short-term borrowing. Data for the final period is absent, preventing further analysis for that year.
Long-term Debt: Long-term debt demonstrates a general downward trend initially, decreasing from approximately 3,201,834 thousand US dollars to 2,905,906 thousand US dollars over the first three reported periods. However, the latest period shows a reversal with a notable increase to 3,508,983 thousand US dollars, signalling a substantial rise in long-term liabilities.
Non-current Finance Lease Liabilities: The non-current finance lease liabilities experience marked increases over the first three periods, rising from about 24,085 thousand US dollars to a peak of 144,174 thousand US dollars. This is followed by a slight decrease to 133,893 thousand US dollars in the latest period, though levels remain significantly higher than at the start.
Total Debt and Finance Lease Liabilities: The aggregate of total debt and finance lease liabilities remains relatively stable initially, hovering around 3,273,728 to 3,284,763 thousand US dollars. In the most recent period, total liabilities rise markedly to 3,665,212 thousand US dollars, reflecting increases in both long-term debt and other liabilities components.
Overall Observations: The data indicates a strategy potentially focused on managing debt maturities with varying shifts between short-term and long-term borrowing. The pronounced increase in short-term debt in the third period, followed by missing data in the latest period, suggests possible refinancing or restructuring activities. Meanwhile, the notable rise in long-term debt and total liabilities in the last period points to renewed borrowing or increased financing needs. Finance lease liabilities, both current and non-current, have generally increased over the timeframe, highlighting a growing reliance on lease financing as part of the company’s capital structure.

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Total Debt (Fair Value)

	Dec 31, 2024
Selected Financial Data (US$ in thousands)
Senior Notes
Term loans under the Credit Agreement
Revolving Credit Facility
Finance lease liabilities
Total debt and finance lease liabilities (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (reporting date: 2024-12-31).

Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt and finance lease liabilities:

Interest rate	Debt amount¹	Interest rate × Debt amount	Weighted-average interest rate²





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