What AppLovin Corporation told the SEC could break it.

AppLovin has operations in China; continuing U.S.-China tension, U.S. export-license restrictions (often subject to a policy of denial), additions of Chinese entities to restricted-party lists, and data-transfer restrictions (with China a country of concern) create compliance and operational risk.

“we have operations in China and the continuing tension between the U.S. and China may impact our business and results of operations in the future. The U.S. government has restricted the ability to send certain products and technology to China without an export license. In many cases, these licenses are subject to a policy of denial and will not be issued.”

AppLovin has employees located in Israel and, as a result of the Middle East conflict, has incurred and expects to continue incurring costs to support them and may experience interruptions or delays in services they provide.

“we have employees located in Israel and as a result of the international conflict in the Middle East, we have incurred and are likely to continue to incur costs to support our employees and address related challenges.”

AppLovin generates substantially all of its revenue from fees collected from advertisers spending on Axon Ads Manager, its AI-powered advertising solution — single-product revenue concentration (revenue from other services is not material).

“We generate substantially all of our revenue from fees collected from advertisers spending on Axon Ads Manager, which are determined dynamically based on advertisers' campaign goals . Revenue from other services was not material.”

AppLovin's ecosystem depends on third-party platforms such as the Apple App Store and Google Play Store, which have significant market power and discretion to set platform fees, change policies, and control app distribution, payments and ad targeting.

“Mobile app developers rely on third-party platforms, such as the Apple App Store and Google Play Store, among others, to distribute apps, collect payments made for in-app purchases, and target users with relevant advertising. These third-party platforms have significant market power and discretion to set platform fees”