Common-Size Balance Sheet: Assets
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AppLovin Corp., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 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).
The composition of assets exhibited significant shifts over the five-year period. A notable trend is the decreasing proportion of current assets relative to non-current assets, although a reversal is observed in the most recent year. Within current assets, cash and accounts receivable experienced divergent movements, while the allocation to non-current assets underwent substantial restructuring.
- Liquidity and Current Assets
- Current assets as a percentage of total assets decreased considerably from 52.49% in 2021 to 30.16% in 2023. However, a substantial increase to 61.03% is seen in 2025. This fluctuation is largely driven by changes in cash and accounts receivable. Cash and cash equivalents decreased from 24.67% in 2021 to a low of 9.37% in 2023, before rising dramatically to 34.26% in 2025. Accounts receivable, net, increased steadily from 8.35% in 2021 to 25.06% in 2025, suggesting a growing reliance on credit sales or potentially slower collection periods. Restricted cash equivalents were present in 2021 at 17.04% but disappeared in subsequent years.
- Long-Term Investments and Intangibles
- Goodwill represented a significant portion of assets, starting at 15.68% in 2021 and peaking at 34.39% in 2023, before declining to 21.21% in 2025. Intangible assets, net, followed a reverse pattern, decreasing from 27.73% in 2021 to 15.28% in 2024 and then falling sharply to 5.46% in 2025. The emergence of equity method investments in 2025, representing 3.96% of total assets, indicates a potential shift in investment strategy. Property and equipment, net, remained a relatively small portion of total assets, though it increased from 1.03% to 3.23% between 2021 and 2023 before decreasing to 1.69% in 2025.
- Other Asset Movements
- Other assets increased consistently from 1.92% in 2021 to 7.20% in 2023, then continued to rise to 11.22% in 2024 before decreasing to 6.29% in 2025. Operating lease right-of-use assets consistently decreased as a percentage of total assets, from 1.15% in 2021 to 0.35% in 2025, potentially indicating a reduction in leased assets or a change in accounting treatment.
- Overall Asset Composition
- The balance between current and non-current assets shifted considerably. Non-current assets increased from 47.51% in 2021 to 66.84% in 2022, then remained relatively stable before decreasing to 38.97% in 2025. This suggests a period of investment in long-term assets followed by a rebalancing towards more liquid assets in the final year of the observed period.