AppLovin Confirms Minimal Exposure to Silicon Valley Bank

Rhea-AI Summary

AppLovin Corporation (NASDAQ: APP) announced a statement following the closure of Silicon Valley Bank (SVB) by the California Department of Financial Protection and Innovation. As of March 10, 2023, AppLovin holds over $1 billion in cash and cash equivalents, with less than $2 million at SVB and no related credit facilities. The company expects to continue normal operations while monitoring the situation closely. They emphasize their commitment to fulfilling payment obligations to partners and employees amid the risks posed by SVB's closure.

Positive

• Over $1 billion in cash and equivalents.

Negative

• Less than $2 million at SVB, indicating some exposure.

PALO ALTO, Calif.--(BUSINESS WIRE)-- AppLovin Corporation (NASDAQ: APP) (“AppLovin”), a leading marketing platform, today issued the following statement regarding the closure of Silicon Valley Bank (“SVB”) by the California Department of Financial Protection and Innovation (“CDFPI”) and appointment of the Federal Deposit Insurance Corporation (“FDIC”) as receiver of SVB.

AppLovin has over $1 billion in cash and cash equivalents with less than $2 million at SVB as of March 10, 2023 and no SVB-related credit facilities. We expect to operate our business in the ordinary course and will continue to carefully monitor the situation.

About AppLovin

AppLovin enables developers to grow their business. Businesses rely on AppLovin’s market leading technologies to solve their mission-critical functions with a powerful, full stack solution including user acquisition, monetization and measurement. AppLovin is headquartered in Palo Alto, California with several offices globally.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include statements regarding AppLovin’s ability to continue to satisfy its payment obligations to its business partners and employees and statements regarding the closure of SVB and its impact on AppLovin’s customers and partners. These forward-looking statements are subject to risks and uncertainties, including risks and uncertainties associated with the closure of SVB and appointment of the FDIC as receiver, as well as the risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.

Source: AppLovin Corp.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005315/en/

Investors

Ryan Gee

ir@applovin.com

Press

Kim Hughes

press@applovin.com

Source: AppLovin Corp.

FAQ

What is AppLovin's response to the closure of Silicon Valley Bank?

AppLovin stated they have over $1 billion in cash, with less than $2 million at SVB, and will continue business as usual.

How much cash does AppLovin have in total?

As of March 10, 2023, AppLovin holds over $1 billion in cash and cash equivalents.

What impact does SVB's closure have on AppLovin?

While AppLovin has some exposure with less than $2 million at SVB, they expect to operate normally.

Is AppLovin involved in any SVB-related credit facilities?

No, AppLovin has no credit facilities related to Silicon Valley Bank.