Common-Size Balance Sheet: Assets
Quarterly Data
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AppLovin Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The composition of assets has undergone significant shifts over the analyzed period, spanning from March 31, 2021, to December 31, 2025. A notable trend is the fluctuation in the allocation between current and non-current assets, alongside evolving proportions within each category.
- Current Assets
- Current assets, initially representing 45.20% of total assets in March 2021, experienced a decline to 30.64% by June 2022. A subsequent increase was observed, peaking at 61.03% in September 2025. This suggests a changing liquidity profile, with periods of reduced and increased reliance on readily convertible assets. Within current assets, cash and cash equivalents demonstrated a substantial decrease from 29.03% in March 2021 to 6.64% in September 2023, followed by a significant rebound to 34.26% by December 2025. Accounts receivable, net, exhibited a consistent upward trend, rising from 13.00% to 25.06% over the period, indicating a potential increase in credit sales or slower collection rates. Prepaid expenses and other current assets remained relatively stable, fluctuating between 2.21% and 4.18%.
- Non-Current Assets
- Non-current assets initially comprised 54.80% of total assets in March 2021, increasing to a high of 69.36% in June 2022 before declining to 38.97% by December 2025. This indicates a shift in the company’s asset structure, potentially reflecting investment strategies or asset disposals. Goodwill experienced considerable volatility, starting at 9.51%, peaking at 36.23% in September 2023, and then decreasing to 21.21% by December 2025. Intangible assets, net, followed a similar pattern, decreasing from 39.55% in March 2021 to 5.46% in December 2025. Property and equipment, net, remained a smaller portion of total assets, increasing from 0.85% to 3.23% and then decreasing to 1.69%. Other non-current assets showed an increasing trend, rising from 4.89% to 11.87% before decreasing to 6.64%.
- Restricted Cash
- Restricted cash equivalents were absent for most of the observed period, appearing only in December 2021 at 17.04% of total assets. This suggests a temporary restriction on cash usage during that quarter.
- Overall Trends
- The data reveals a dynamic asset allocation strategy. The significant increase in accounts receivable, net, coupled with the fluctuating levels of cash and cash equivalents, suggests changes in working capital management. The decline in goodwill and intangible assets towards the end of the period could indicate impairment charges or strategic divestitures. The overall trend points towards a more liquid asset base in the later periods, as evidenced by the increased proportion of current assets.