Apollo Global Management Inc

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

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FY2023 · Filed Feb 27, 2024

APO$122.74+0.4%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Years ended December 31,
(In millions)	2023	2022	2021
Cash Flows from Operating Activities
Net Income (Loss)	$6,509	$(3,507)	$4,267
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Equity-based compensation	1,026	540	1,181
Net investment income	(1,140)	(1,306)	(3,699)
Net recognized (gains) losses on investments and derivatives	(2,073)	5,735	(3,165)
Depreciation and amortization	803	529	27
Net amortization of net investment premiums, discount and other	81	285	—
Policy acquisition costs deferred	(1,570)	(1,127)	—
Other non-cash amounts included in net income (loss), net	(415)	321	642
Changes in consolidation	(54)	(482)	(48)
Changes in operating assets and liabilities:
Purchases of investments by Funds and VIEs	(5,744)	(7,139)	(4,725)
Proceeds from sale of investments by Funds and VIEs	5,464	3,995	3,534
Interest sensitive contract liabilities	3,917	(1,337)	—
Future policy benefits, market risk benefits and reinsurance recoverable	4,333	3,901	—
Other assets and liabilities, net	(4,815)	3,381	3,050
Net cash provided by operating activities	$6,322	$3,789	$1,064
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments	$(4,650)	$(3,992)	$—
Purchases of available-for-sale securities	(37,263)	(36,684)	—
Purchases of mortgage loans	(20,972)	(12,951)	—
Purchases of investment funds	(2,678)	(6,308)	(1,024)
Purchases of U.S. Treasury securities	(490)	(4,939)	(4,491)
Purchases of derivatives instruments and other investments	(5,637)	(3,008)	—
Sales, maturities and repayments of investments and distributions from equity method investments	29,052	34,295	4,032
Cash acquired through merger	—	10,420	—
Other investing activities, net	231	(277)	(69)
Net cash used in investing activities	$(42,407)	$(23,444)	$(1,552)
Cash Flows from Financing Activities
Issuance of debt	$4,912	$5,745	$1,334
Repayment of debt	(3,780)	(4,033)	(1,968)
Redemption of subsidiary equity interests	(575)	—	—
Repurchase of common stock	(561)	(635)	(299)
Common stock dividends	(1,012)	(962)	(517)
Preferred stock dividends	(22)	—	(37)
Distributions paid to non-controlling interests	(766)	(1,050)	(1,498)
Contributions from non-controlling interests	2,863	4,816	2,280
Distributions to redeemable non-controlling interests	(1,072)	(776)	—
Proceeds from issuance of Class A units of SPAC, net of underwriting and offering costs	—	—	1,001
Issuance of Mandatory Convertible Preferred stock, net of issuance costs	1,398	—	—
Deposits on investment-type policies and contracts	53,660	33,920	—
Withdrawals on investment-type policies and contracts	(14,125)	(10,209)	—
Subsidiary issuance of equity interests to non-controlling interests	632	—	—
Net change in cash collateral posted for derivative transactions and securities to repurchase	829	(330)	—
(Continued)
See accompanying notes to the consolidated financial statements.

	Years ended December 31,
(In millions)	2023	2022	2021
Other financing activities, net	257	2,224	(187)
Net cash provided by financing activities	$42,638	$28,710	$109
Effect of exchange rate changes on cash and cash equivalents	10	(15)	—
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	6,563	9,040	(379)
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period	11,128	2,088	2,467
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period	$17,691	$11,128	$2,088
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	$358	$1,007	$121
Cash paid for interest	720	566	556
Non-cash transactions
Non-Cash Investing Activities
Asset Management and Other
Contributions to principal investments	—	—	58
Distributions from principal investments	1	7	93
Purchases of other investments, at fair value	10	9	—
Acquisition of goodwill and intangibles	—	335	—
Retirement Services
Investments received from settlements on reinsurance agreements	1,129	36	—
Reduction in investments relating to recapture of reinsurance agreement	482	—	—
Investments received at inception of reinsurance agreements	2,158	—	—
Investments received from pension group annuity premiums	4,776	4,185	—
Assets contributed to consolidated VIEs	—	8,007	—
Investments exchanged with third-party cedants	145	612	—
Non-Cash Financing Activities
Asset Management and Other
Capital increases related to equity-based compensation	867	413	1,152
Purchase of limited partnership interests	—	—	570
Issuance of restricted shares	41	36	79
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements	99	878	—
Withdrawals on investment-type policies and contracts through reinsurance agreements	12,430	9,131	—
Borrowings of variable interest entities settled with investments	52	—	—
Supplemental Disclosure of Cash Flow Information of Consolidated VIEs
Cash Flows from Operating Activities
Purchases of investments - Asset Management	(5,743)	(7,190)	(4,725)
Proceeds from sale of investments - Asset Management	5,464	4,192	3,534
Cash Flows from Investing Activities
Purchases of investments - Retirement Services	(4,224)	(4,495)	—
Proceeds from sale of investments - Retirement Services	468	1,763	—
Purchase of U.S. Treasury Securities - Asset Management	—	(1,509)	(3,141)
Proceeds from maturities of U.S. Treasury Securities - Asset Management	—	2,673	2,796
(Continued)
See accompanying notes to the consolidated financial statements.

	Years ended December 31,
(In millions)	2023	2022	2021
Cash Flows from Financing Activities
Issuance of debt	3,944	5,757	1,334
Principal repayment of debt	(3,834)	(4,032)	(1,950)
Distributions paid to non-controlling interests	(86)	(1,180)	(980)
Contributions from non-controlling interests	1,861	5,077	2,280
Distributions to redeemable non-controlling interests	(1,072)	—	1,001
Changes in Consolidation
Investments, at fair value	(2,784)	(16,570)	—
Other assets	(7)	(216)	—
Debt, at fair value	—	7,919	—
Notes payable	2,717	2,611	—
Other liabilities	28	610	—
Non-controlling interest	5	6,128	—
Equity	95	—	—
Adjustments related to exchange of Apollo Operating Group units:
Deferred tax assets	—	—	347
Due to affiliates	—	—	(288)
Additional paid in capital	—	—	(59)
Non-controlling Interest in Apollo Operating Group	—	—	187
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Consolidated Statements of Financial Condition:
Cash and cash equivalents	$15,768	$8,980	$917
Restricted cash and cash equivalents	1,763	1,676	708
Cash and cash equivalents held at consolidated variable interest entities	160	472	463
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	$17,691	$11,128	$2,088
(Concluded)
See accompanying notes to the consolidated financial statements.

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