Stock Analysis on Net
Stock Analysis on Net

AppLovin Corp. (NASDAQ:APP)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

AppLovin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable 9.60 6.94 4.67 4.19
Accrued taxes 4.77 2.65 1.40 1.09
Compensation and related liabilities 1.10 0.90 0.42 0.53
Finance lease liabilities, current 0.38 0.37 0.38 0.36
Accrued expenses and other 0.72 1.03 0.59 0.47
Accrued and other current liabilities 6.98% 4.95% 2.79% 2.45%
Short-term debt 0.00 4.01 0.57 0.42
Deferred revenue 1.19 1.47 1.09 1.28
Operating lease liabilities, current 0.25 0.25 0.25 0.30
Deferred acquisition costs, current 0.00 0.00 0.53 1.75
Current liabilities 18.02% 17.62% 9.90% 10.39%
Long-term debt 59.79 54.22 54.35 51.95
Operating lease liabilities, non-current 0.56 0.80 0.93 1.01
Finance lease liabilities, non-current 2.28 2.69 0.76 0.39
Other non-current liabilities 0.79 1.23 1.52 1.57
Non-current liabilities 63.41% 58.94% 57.56% 54.92%
Total liabilities 81.43% 76.56% 67.46% 65.31%
Redeemable noncontrolling interest 0.00 0.00 0.00 0.00
Preferred stock, $0.00003 par value; no shares issued and outstanding 0.00 0.00 0.00 0.00
Class A, Class B, and Class C Common stock, $0.00003 par value 0.00 0.00 0.00 0.00
Additional paid-in capital 10.12 39.83 53.96 51.28
Accumulated other comprehensive loss -1.76 -1.22 -1.43 -0.74
Retained earnings (accumulated deficit) 10.21 -15.17 -20.00 -15.85
Stockholders’ equity 18.57% 23.44% 32.54% 34.69%
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity 100.00% 100.00% 100.00% 100.00%

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).

Liabilities Analysis
The proportion of total liabilities relative to total liabilities, redeemable noncontrolling interests, and stockholders’ equity has shown a steady increase from 65.31% in 2021 to 81.43% in 2024. This rise reflects a growing reliance on liabilities in the capital structure.
Within current liabilities, the overall percentage has increased notably from 10.39% in 2021 to 18.02% in 2024. This growth is driven primarily by higher accounts payable (from 4.19% to 9.6%) and accrued and other current liabilities (from 2.45% to 6.98%). Short-term debt saw a sharp rise from 0.42% in 2021 to 4.01% in 2023 but data for 2024 is not available.
Long-term debt, the largest component of liabilities, has increased gradually from 51.95% in 2021 to 59.79% in 2024, reinforcing the trend toward greater leverage.
Operating lease liabilities (both current and non-current) have declined over the period, the current portion holding steady at around 0.25% since 2022, while the non-current portion has fallen from 1.01% in 2021 to 0.56% in 2024. Finance lease liabilities, especially non-current, increased considerably until 2023 but then receded slightly in 2024.
Other non-current liabilities have diminished from 1.57% to 0.79% over the four-year period.
Equity Components
Stockholders’ equity has contracted from 34.69% in 2021 to 18.57% in 2024, indicating a reduced proportion of equity relative to total capitalization.
Additional paid-in capital initially increased from 51.28% in 2021 to 53.96% in 2022, then sharply dropped to 39.83% in 2023 and further steeply declined to 10.12% in 2024, a significant decrease that impacts total equity.
Retained earnings, reported as an accumulated deficit in earlier years, showed worsening from -15.85% in 2021 to -20% in 2022. However, there was a marked improvement by 2024, reaching a positive 10.21%, suggesting recovery or profitability accumulating over the period.
Accumulated other comprehensive loss slightly increased in magnitude, from -0.74% in 2021 to -1.76% in 2024, indicating minor adverse effects from items outside of net income.
Other Observations
Deferred acquisition costs (current) decline sharply from 1.75% in 2021 to 0.53% in 2022, then disappear from the data in subsequent periods, which may indicate a change in accounting treatment or reduction in related activities.
Deferred revenue and accrued taxes have increased over time, from 1.28% to 1.19% (not consistently upward) and 1.09% to 4.77%, respectively, suggesting evolving obligations or revenue recognition patterns.
The increase in accrued taxes and accounts payable as a percentage of total capitalization could indicate growing operational or tax liabilities.