Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2021
- Return on Assets (ROA) since 2021
- Total Asset Turnover since 2021
- Price to Earnings (P/E) since 2021
- Price to Operating Profit (P/OP) since 2021
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AppLovin Corp., consolidated balance sheet: assets (quarterly data)
US$ in thousands
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).
The analysis of the quarterly financial data reveals several key trends in the company’s balance sheet items over the reported periods.
- Cash and Cash Equivalents
- The cash and cash equivalents exhibit significant fluctuations over the quarters. Beginning with approximately $761 million in March 2021, the balance rose sharply to over $1.18 billion by June 2021, then experienced a decline through 2022 and most of 2023, reaching a low of approximately $332 million in September 2023. Following this trough, there is a steady recovery, culminating in about $1.19 billion in June 2025. This pattern suggests periods of large cash inflows and outflows, possibly due to operational or financing activities.
- Restricted Cash Equivalents
- A single entry of $1.05 billion is noted at the end of 2021, with no further restricted cash reported in subsequent quarters. This could represent funds restricted for a specific purpose that were either reclassified or utilized after this period.
- Accounts Receivable, Net
- The accounts receivable balance shows a steady upward trend, increasing from about $341 million in March 2021 to roughly $1.58 billion by June 2025. This consistent rise may reflect growth in sales or changes in credit terms, indicating increased revenue recognition on credit over time.
- Prepaid Expenses and Other Current Assets
- This category fluctuates but generally trends upward. It starts around $83 million in March 2021, sees some variability through the quarters, and grows to approximately $218 million by June 2025. This suggests variable prepaid expenses or assets whose timing and amounts are influenced by operating cycle changes.
- Current Assets
- Current assets show an overall increasing trend with notable volatility. The balance surged to over $3.2 billion by year-end 2021 but then dropped and stabilized around $1.6 to $2.3 billion in later periods. From late 2023 onwards, current assets trend upward again, reaching nearly $3.0 billion by June 2025. The fluctuations largely follow the changes in cash and receivables.
- Property and Equipment, Net
- Property and equipment values remain relatively stable with minor fluctuations, starting at about $22 million in early 2021, peaking at $173 million by December 2023, then declining to $130 million by mid-2025. This pattern may reflect asset acquisitions or disposals as well as depreciation effects.
- Goodwill
- Goodwill presents a notable pattern with an initial sharp increase from $249 million in March 2021 to over $1 billion in June 2021. Afterward, it remains relatively stable around $1.6 to $1.8 billion until late 2023, when a declining trend emerges, falling to approximately $1.54 billion by June 2025. This decrease could indicate impairment charges or divestitures impacting goodwill values.
- Intangible Assets, Net
- Intangible assets peak at around $2 billion in early 2022, then exhibit a steady decline to $448 million by June 2025. This downward trajectory suggests amortization of intangible assets or impairment adjustments over the period.
- Other Non-Current Assets
- Other non-current assets show a consistent upward trend from $128 million in March 2021 to about $850 million in June 2025, indicating accumulation of long-term assets or investments not categorized elsewhere.
- Non-Current Assets
- The total of non-current assets rose sharply from approximately $1.44 billion in early 2021 to nearly $3.9 billion by early 2022, then fluctuated and gradually decreased to about $3.0 billion by mid-2025. This reflects the combined effects of the trends in property, goodwill, intangible assets, and other non-current assets.
- Total Assets
- Total assets doubled from about $2.62 billion in March 2021 to a peak of approximately $6.16 billion by the end of 2021 and early 2022. After this peak, total assets declined somewhat but remained robust, stabilizing around $5.7 to $5.9 billion from 2023 onwards, with a slight increase to about $5.96 billion by mid-2025. This pattern suggests significant asset growth in 2021 followed by consolidation and stabilization in subsequent years.
Overall, the company shows substantial asset growth early in the examined period, driven by increases in cash, receivables, and intangible assets. However, some of these assets, such as goodwill and intangibles, have been declining after peaking, potentially indicating impairments or asset management adjustments. The fluctuations in cash and current assets may reflect changing liquidity positions, while the steady growth in accounts receivable and other long-term assets points toward ongoing operational activity and investment. The data highlights the importance of monitoring asset composition and liquidity management over time.