Stock Analysis on Net

AppLovin Corp. (NASDAQ:APP)

$24.99

Common-Size Balance Sheet: Assets
Quarterly Data

AppLovin Corp., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents
Restricted cash equivalents
Accounts receivable, net
Prepaid expenses and other current assets
Current assets
Property and equipment, net
Goodwill
Intangible assets, net
Other non-current assets
Non-current assets
Total assets

Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).


Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets showed a general decline from 29.03% in the first quarter of 2021 to a low of 6.64% in the third quarter of 2023. Following this trough, a gradual recovery was observed, reaching 20.01% by mid-2025. This indicates periods of liquidity reduction followed by replenishment.
Restricted Cash Equivalents
Restricted cash equivalents were reported only in the fourth quarter of 2021 at 17.04% of total assets, with no further values provided, suggesting a unique or non-recurring classification during that quarter.
Accounts Receivable, Net
The proportion of accounts receivable exhibited some fluctuations but a clear upward trend overall. Starting at 13% in Q1 2021, it decreased to a low near 8.33% mid-2021, then progressively increased, reaching a peak of 27.65% in Q1 2025, before slightly declining to 26.54%. This trend implies growing receivables, possibly reflecting increased sales or extended credit terms.
Prepaid Expenses and Other Current Assets
This category remained relatively stable over the period, fluctuating modestly between approximately 2.2% and 4.2% of total assets. No significant trend is apparent, indicating a consistent proportion of such assets relative to the whole.
Current Assets
Current assets as a percentage of total assets showed volatility, with a decrease from 45.2% in Q1 2021 down to a low of 25.99% in Q3 2023, followed by a recovery to 50.22% in Q2 2025. This pattern reflects the changes in cash, receivables, and other current assets, with a notable decline in liquidity during 2023 and a subsequent rebuilding of current asset levels.
Property and Equipment, Net
The share of property and equipment demonstrated a gradual increase from below 1% in early 2021 to a peak of 3.29% in Q2 2024, then declined slightly to 2.17% by mid-2025. This suggests modest capital investments or asset acquisitions with some later disposals or depreciation.
Goodwill
Goodwill as a percentage of total assets fluctuated significantly, rising from 9.51% at the start of 2021 to approximately 36.23% in Q3 2023. Afterwards, it consistently declined to 25.83% by Q1 2025. These fluctuations likely reflect acquisitions increasing goodwill followed by amortization, impairment, or asset revaluations reducing the balance.
Intangible Assets, Net
Intangible assets exhibited a clear downward trend, decreasing from 39.55% of total assets in Q1 2021 to 7.52% by mid-2025. This steady decline suggests amortization or impairment of intangible assets over time, reducing their relative significance within the asset base.
Other Non-Current Assets
This category showed a progressive increase from 4.89% in early 2021 to 14.26% in mid-2025, indicating growing investments or asset recognition in non-current asset classes not classified elsewhere.
Non-Current Assets
The share of non-current assets experienced a rise from 54.8% in Q1 2021 to a peak around 74% by late 2023, then declined to 49.78% by mid-2025. This reflects shifts in the composition of assets, related to changes in goodwill, intangibles, and other long-term asset categories, with a notable contraction after 2023.