Apollo Global Management Inc

For the period ended Mar 31, 2024. Filed May 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 7, 2024

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

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Contents

Condensed Consolidated Statements of Cash Flows (unaudited)

	Three months ended March 31,
(In millions)	2024	2023
Cash Flows from Operating Activities
Net Income (Loss)	$1,765	$1,538
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Equity-based compensation	189	140
Net investment income	(416)	(474)
Net recognized (gains) losses on investments and derivatives	(2,094)	(2,057)
Depreciation and amortization	238	165
Net amortization (accretion) of net investment premiums, discount and other	(5)	30
Policy acquisition costs deferred	(459)	(375)
Other non-cash amounts included in net income (loss), net	72	66
Changes in consolidation	—	(51)
Changes in operating assets and liabilities:
Purchases of investments by Funds and VIEs	(1,521)	(1,213)
Proceeds from sale of investments by Funds and VIEs	879	1,861
Interest sensitive contract liabilities	2,132	2,229
Future policy benefits, market risk benefits and reinsurance recoverable	(671)	64
Other assets and liabilities, net	(39)	(852)
Net cash provided by operating activities	$70	$1,071
Cash Flows from Investing Activities
Purchases of investments and contributions to equity method investments	$(634)	$(1,397)
Purchases of available-for-sale securities	(18,464)	(6,668)
Purchases of mortgage loans	(5,714)	(2,930)
Purchases of investment funds	(612)	(464)
Purchases of U.S. Treasury securities	—	(244)
Purchases of derivatives instruments and other investments	(857)	(725)
Sales, maturities and repayments of investments and distributions from equity method investments	9,601	6,329
Other investing activities, net	295	459
Net cash used in investing activities	$(16,385)	$(5,640)
Cash Flows from Financing Activities
Issuance of debt	$2,827	$1,203
Repayment of debt	(524)	(1,858)
Repurchase of common stock	(260)	(458)
Common stock dividends	(259)	(241)
Preferred stock dividends	(24)	—
Distributions paid to non-controlling interests	(305)	(183)
Contributions from non-controlling interests	1,001	617
Deposits on investment-type policies and contracts	20,803	12,006
Withdrawals on investment-type policies and contracts	(4,786)	(2,707)
Net change in cash collateral posted for derivative transactions and securities to repurchase	611	3,489
Other financing activities, net	(742)	(345)
Net cash provided by financing activities	$18,342	$11,523
Effect of exchange rate changes on cash and cash equivalents	(2)	3
Net Increase in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	2,025	6,957
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period	17,691	11,128
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period	$19,716	$18,085
(Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three months ended March 31,
(In millions)	2024	2023
Supplemental Disclosure of Cash Flow Information
Cash paid for taxes	$338	$35
Cash paid for interest	167	169
Non-cash transactions
Non-Cash Investing Activities
Asset Management and Other
Distributions from principal investments	2	2
Purchases of other investments, at fair value	4	—
Retirement Services
Investments received from settlements on reinsurance agreements	48	71
Non-Cash Financing Activities
Asset Management and Other
Capital increases related to equity-based compensation	153	110
Issuance of restricted shares	9	14
Retirement Services
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	(1,062)	27
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded)	1,998	3,029
Distributions to non-controlling interests	11	—
Supplemental Disclosure of Cash Flow Information of Consolidated VIEs
Cash Flows from Operating Activities
Purchases of investments - Asset Management	(1,521)	(1,213)
Proceeds from sale of investments - Asset Management	879	1,861
Cash Flows from Investing Activities
Purchases of investments - Retirement Services	(589)	(442)
Proceeds from sale of investments - Retirement Services	117	207
Cash Flows from Financing Activities
Issuance of debt	1,258	1,203
Principal repayment of debt	(499)	(1,860)
Distributions paid to non-controlling interests	(5)	—
Contributions from non-controlling interests	593	617
Changes in Consolidation
Investments, at fair value	1	(48)
Other assets	—	(1)
Notes payable	(2)	—
Non-controlling interest	1	5
Equity	—	95
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Statements of Financial Condition:
Cash and cash equivalents	$17,723	$15,099
Restricted cash and cash equivalents	1,577	2,209
Cash and cash equivalents held at consolidated variable interest entities	416	777
Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities	$19,716	$18,085
(Concluded)
See accompanying notes to the unaudited condensed consolidated financial statements.

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