Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2021
- Return on Assets (ROA) since 2021
- Price to Earnings (P/E) since 2021
- Price to Sales (P/S) since 2021
- Analysis of Revenues
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AppLovin Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
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.