Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from Debt (USD, millions)

Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

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Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

SG&A (USD, millions)

R&D (USD, millions)

D&A (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

EPS - Basic (USD)

EPS - Diluted (USD)

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Cash and Cash Equivalents (USD, millions)

Goodwill (USD, millions)

Accounts Payable (USD, millions)

Long-term Debt (USD, millions)

Shareholders' Equity (USD, millions)

Retained Earnings (USD, millions)

Common Stock (USD, millions)

Additional Paid-in Capital (USD, millions)

f8cc0a3ed4e3a330238cc08779a68c1e1e2b0f3328837dd8e0fdae815306ca0d

U.S. RBC ratio (percentage)

Bermuda RBC ratio (percentage)

Consolidated RBC ratio (percentage)

Net investment spread (percentage)

Cost of funds (percentage)

Net investment earned rate (percentage)

Alternative net investment earned rate (percentage)

Fee Related Earnings (USD millions)

Spread Related Earnings (USD millions)

Principal Investing Income (USD millions)

Fee-Generating AUM in Credit (USD millions)

Fee-Generating AUM in Equity (USD millions)

Total Fee-Generating AUM (USD millions)

Performance Fee-Generating AUM in Credit (USD millions)

Performance Fee-Generating AUM in Equity (USD millions)

Total Performance Fee-Generating AUM (USD millions)

Total AUM in Credit (USD millions)

Total AUM in Equity (USD millions)

Total AUM (USD millions)

Gross IRR for Accord VI (percentage)

Net IRR for Accord VI (percentage)

Gross IRR for Accord I, II, III, III B, IV & V (percentage)

Net IRR for Accord I, II, III, III B, IV & V (percentage)

Gross IRR for Accord+ (percentage)

Net IRR for Accord+ (percentage)

Gross IRR for ADIP I (percentage)

Net IRR for ADIP I (percentage)

Gross IRR for EPF III (percentage)

Net IRR for EPF III (percentage)

Gross IRR for Fund X (percentage)

Net IRR for Fund X (percentage)

Gross IRR for Fund IX (percentage)

Net IRR for Fund IX (percentage)

Gross IRR for Fund VIII (percentage)

Net IRR for Fund VIII (percentage)

Gross IRR for Fund V (percentage)

Net IRR for Fund V (percentage)

Gross IRR for Traditional Private Equity Funds (total) (percentage)

Net IRR for Traditional Private Equity Funds (total) (percentage)

Maximum Performance Fees Subject to Potential Reversal (total) (USD millions)

bd80be79d01483ec101b18b747ec529fe29d29608698e70e74af53152ac75510

Net cash provided by operating activities [USD, millions]

Net cash used in investing activities [USD, millions]

Net cash provided by financing activities [USD, millions]

Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities [USD, millions]

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, Beginning of Period [USD, millions]

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period [USD, millions]

3a18e1bb84f45077a208ed478b3884589a6fa6593a882122c335dc16d870dd85

The sharp surge in net income in **Q4 2023** was driven by several key factors. First, Apollo recorded a **substantial income tax benefit of $1,620 million** in Q4 compared to a **tax provision of $243 million** in Q3, primarily due to adjustments related to the Bermuda Corporate Income Tax Act. Second, there was a dramatic turnaround in the impact of non-controlling interests, with net income rising to **$825 million** in Q4 from a loss of **$(42) million** in Q3. Finally, strong operating performance, particularly in fee and spread related earnings, further contributed to the overall profitability.  **[0001858681-24-000029_apo-20240227.htm:1]** **[0001858681-24-000044_agmearningsrelease1q2024.htm:17]** 

What drove the sharp surge in net income in Q4 2023?

The jump in EPS to **4.55** in Q4 2023 was driven by several factors. The net income attributable to common stockholders increased significantly to **$2,861 million**, fueled by substantial **investment-related gains of $2,621 million** and a notable **one-time tax benefit of $1.8 billion** resulting from the establishment of deferred tax assets related to tax legislation changes. Additionally, total revenues rose to **$11,046 million**, further contributing to the increase in net income and thus boosting EPS.  **[0001858681-24-000005_agmearningsrelease4q2023.htm:2]** **[0001858681-24-000029_apo-20240227.htm:1]** 

Why did EPS jump to 4.55 in Q4 2023?

Based on the documents, there wasn't a dramatic rise in Other Revenues in Q3 2024; instead, there was a dramatic decline. In Q3 2023, Other Revenues included a **$555 million gain** from the settlement of the VIAC recapture agreement, which boosted the amount to **$563 million**. This one-time gain did not recur in Q3 2024, resulting in Other Revenues falling significantly to **$3 million** – a **$560 million decrease** (a 99.5% drop).  **[0001858681-24-000120_apo-20240930.htm:136]** **[0001858681-24-000120_apo-20240930.htm:17]** 

What caused the dramatic rise in Other Revenues in Q3 2024?

The investment related gains turned negative in Q2 2024 because the **fair value of FIA Hedge Derivatives dropped by $948 million** due to less favorable equity index performance (for instance, the **S&P 500 rose only by 3.9% in 2024 compared to 8.3% in 2023**) and adjustments in asset values. In addition, there were more modest increases in the fair value of mortgage loans (**$359 million**) and reinsurance assets (**$150 million**), all of which collectively contributed to the negative **$(134) million** outcome in Q2 2024.  **[0001858681-24-000096_apo-20240630.htm:127]** 

Why did Investment related gains turn negative in Q2 2024?

6c615bae4833383df3ce59dd1b2575c7b8078071ae2f38c5f3c4fd1ae416209f

The **operating cash flow** was so low in Q1 2024 because several factors led to increased cash outflows relative to inflows. In Q1 2024, the **Net cash provided by operating activities** dropped to **$70 million** due to an increase in purchases of investments by Funds and VIEs (**$1,521 million** versus **$1,213 million** in the prior period) and a significant reduction in proceeds from the sale of investments by Funds and VIEs (**$879 million** versus **$1,861 million**). Additionally, higher **policy acquisition costs deferred** and a notable change in **future policy benefits, market risk benefits, and reinsurance recoverable** (switching from a cash inflow of **$64 million** to an outflow of **$671 million**) further reduced operating cash flow despite similar levels of recognized gains and losses on investments and derivatives. These combined elements resulted in the substantially lower operating cash flow observed in Q1 2024.  **[0001858681-24-000048_apo-20240331.htm:19]** 

Why was Operating Cash Flow so low in Q1 2024?

The drop in Operating Cash Flow in Q2 2024 was primarily driven by a significant reversal in **Future Policy Benefits, Market Risk Benefits, and Reinsurance Recoverable** — these items swung from a **$3,827 million cash inflow** in the prior period to a **$(1,214) million cash outflow** in 2024, generating a **$(5,041) million difference**. Additional factors included **increased Policy Acquisition Costs Deferred** and larger non-cash adjustments from **Net Recognized Gains on Investments and Derivatives**, which compounded the effect on overall cash flow.  **[0001858681-24-000096_apo-20240630.htm:19]** 

What drove the drop in Operating Cash Flow in Q2 2024?

The rebound in Operating Cash Flow in Q4 2023 was primarily driven by a **strong turnaround in net income**—with the company moving from a net loss in the previous period to a net profit of **$6,509 million** in 2023—as well as by several key operational changes. These included a **significant increase in interest-sensitive contract liabilities** (an increase of **$3,917 million** compared to prior periods), enhanced inflows from the **sale of investments by consolidated funds and VIEs** (up to **$5,464 million**), improvements in **future policy benefits, market risk benefits, and reinsurance recoverable**, and a more favorable impact from **net investment income** alongside moderated policy acquisition cost deferrals.  **[0001858681-24-000031_apo-20231231.htm:222]** **[0001858681-24-000031_apo-20231231.htm:166]** 

What contributed to the rebound in Operating Cash Flow in Q4 2023?

Operating Cash Flow nearly doubled in FY 2023 largely because the company turned around its profitability. In FY 2023, **Net Income surged to $6,509 million** from a net loss of **$(3,507) million** in FY 2022, which had a significant positive impact on operating cash flows. Additionally, strong cash inflows from **pension and insurance premiums**, **management and advisory fees**, and **realized performance revenues**—as well as net proceeds from the sale of investments held by Variable Interest Entities (VIEs)—helped boost the operating cash flows considerably.  **[0001858681-24-000031_apo-20231231.htm:166]** **[0001858681-24-000031_apo-20231231.htm:222]** 

Why did Operating Cash Flow nearly double in FY 2023?

baa8ea38919e2a32c97a6724f1b623a260148b67e1260981e4327802404902c6

Accounts payable, accrued expenses, and other liabilities (USD, millions)

Due to related parties (USD, millions)

Debt (USD, millions)

Other liabilities - Liabilities of consolidated variable interest entities (USD, millions)

Interest sensitive contract liabilities (USD, millions)

Future policy benefits (USD, millions)

Market risk benefits (USD, millions)

Debt - Retirement Services (USD, millions)

Payables for collateral on derivatives and securities to repurchase (USD, millions)

Other liabilities - Retirement Services (USD, millions)

Other liabilities - Liabilities of consolidated variable interest entities - Retirement Services (USD, millions)

Total Liabilities (USD, millions)

Mandatory Convertible Preferred Stock (USD, millions)

Additional paid in capital (USD, millions)

Retained earnings (accumulated deficit) (USD, millions)

Accumulated other comprehensive income (loss) (USD, millions)

Total Apollo Global Management, Inc. Stockholders’ Equity (USD, millions)

Non-controlling interests (USD, millions)

Total Equity (USD, millions)

Cash and cash equivalents - Asset Management (USD, millions)

Restricted cash and cash equivalents - Asset Management (USD, millions)

Investments - Asset Management (USD, millions)

Cash and cash equivalents - Assets of consolidated variable interest entities - Asset Management (USD, millions)

Investments - Assets of consolidated variable interest entities - Asset Management (USD, millions)

Other assets - Assets of consolidated variable interest entities - Asset Management (USD, millions)

Goodwill - Asset Management (USD, millions)

Other assets - Asset Management (USD, millions)

Cash and cash equivalents - Retirement Services (USD, millions)

Restricted cash and cash equivalents - Retirement Services (USD, millions)

Investments - Retirement Services (USD, millions)

Investments in related parties - Retirement Services (USD, millions)

Cash and cash equivalents - Assets of consolidated variable interest entities - Retirement Services (USD, millions)

Investments - Assets of consolidated variable interest entities - Retirement Services (USD, millions)

Other assets - Assets of consolidated variable interest entities - Retirement Services (USD, millions)

Reinsurance recoverable - Retirement Services (USD, millions)

Deferred acquisition costs, deferred sales inducements and value of business acquired - Retirement Services (USD, millions)

Goodwill - Retirement Services (USD, millions)

Other assets - Retirement Services (USD, millions)

Total Assets (USD, millions)

Notes payable - Liabilities of consolidated variable interest entities - Asset Management (USD, millions)

484961dced61fa69dd831650700afc42449f46cd650c129398b3d478ca9cc5d9

Total Revenues (USD, millions)

Income (loss) before income tax (provision) benefit (USD, millions)

Income tax (provision) benefit (USD, millions)

Net income (loss) (USD, millions)

Earnings (loss) per share - Net income (loss) attributable to common stockholders - Basic (USD)

Earnings (loss) per share - Net income (loss) attributable to common stockholders - Diluted (USD)

5a9f5f9ac2a02b22fbdc8bcdfe94182132170acaf2313fdea6edf46b81bdb393

Apollo Global Management Inc (APO)

Financials