AppLovin Corp (APP) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that AppLovin Corp surfaced in its latest filing.

• Apple implemented an application tracking transparency framework requiring opt-in consent for certain tracking.2021
• Apple implemented new requirements for consumer disclosures regarding privacy and data processing practices.December 2020
• Apple incorporated new SDK privacy controls into iOS 17.September 2023
• Google commenced rolling out a Chrome feature called Tracking Protection, which limits cross-site tracking.January 2024
• Google started to roll out new CMP requirements for ads served in the EEA and UK, requiring publishers using Google AdSense, Ad Manager, or AdMob to use CMPs certified by Google and integrated with the IAB's Transparency and Consent Framework when serving personalized ads to users in the EEA or the UK.January 2024
• We released the MAX SDK version 12.0.0+ to support integration with Google's CMP solution.
• Acquired Adjust, a mobile measurement and attribution company.April 2021
• Acquired Twitter's MoPub business, a mobile advertising exchange.January 2022
• Acquired Wurl, a connected TV platform.April 2022
• In April 2025, we confirmed an indication of interest to the President of the United States to explore a purchase of TikTok in all markets outside of China, but we ultimately did not enter into a transaction.April 2025
• Sold our Apps Business.June 2025
• Agreement to provide transition services following the divestiture of the Apps Business.
• GDPR became effective, creating new individual privacy rights and imposing worldwide obligations on companies processing personal data of EU users.May 2018
• UK implemented legislation substantially implementing the GDPR.
• The Court of Justice of the European Union invalidated the EU-U.S. and Swiss-U.S. Privacy Shield frameworks.2020
• European Commission adopted updated standard contractual clauses.2021
• European Commission adopted an adequacy decision for the EU-U.S. Data Privacy Framework.July 2023
• Brazil's General Data Protection Law and China's Personal Information Protection Law impose cross-border data transfer restrictions.
• Department of Justice final rule implementing Executive Order 14117 became effective, prohibiting data transfer of certain personal data to identified countries of concern including China, Hong Kong, Macau, Cuba, Iran, North Korea, Russia, and Venezuela.April 2025
• California passed the California Consumer Privacy Act (CCPA).2020
• The California Privacy Rights Act (CPRA) significantly modified the CCPA.2023
• Several U.S. states have proposed or enacted comprehensive privacy statutes similar to CCPA and CPRA.
• EU Artificial Intelligence Act imposes a regulatory framework for AI systems.
• Inflation Reduction Act of 2022 imposes a 15% minimum tax on global adjusted financial statement income for certain large companies.2022
• One Big Beautiful Bill Act (OBBBA) enacted, modifying U.S. tax laws.July 2025
• Beginning in March 2025, several securities complaints were filed against us, our board of directors, and/or certain officers alleging violations of the Exchange Act concerning statements made regarding our advertising solutions and financial growth.March 2025
• Retained responsibility for certain legal proceedings related to former studios following the sale of the Apps Business.June 2025
• As of June 30, 2026, total of $3.6 billion in aggregate principal amount of senior unsecured notes outstanding.June 30, 2026
• $1.0 billion of commitments under senior unsecured credit agreement with $100 million letter of credit sublimit, with no outstanding borrowings.June 30, 2026
• Our board of directors has authorized a share repurchase program with no time limit that can be suspended at discretion.
• The company is authorized to issue up to 1,500,000,000 shares of Class A common stock, 150,000,000 shares of Class C common stock, and 100,000,000 shares of preferred stock.
• Amended and restated bylaws designate the Court of Chancery of the State of Delaware as the exclusive forum for certain internal corporate claims, and federal district courts as exclusive forum for Securities Act claims.