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)

9fcd332b40669800c65d5c25a0990f5144d79fcfe4694f465d0f6b2456776ceb

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)

11767608ace749ca1ec7ad669495eb39ccba4070311e85666869646d0275b2c1

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

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Revenues - Asset Management - Management fees (USD, millions)

Revenues - Asset Management - Advisory and transaction fees, net (USD, millions)

Revenues - Asset Management - Investment income (loss) (USD, millions)

Revenues - Asset Management - Incentive fees (USD, millions)

Revenues - Retirement Services - Premiums (USD, millions)

Revenues - Retirement Services - Product charges (USD, millions)

Revenues - Retirement Services - Net investment income (USD, millions)

Revenues - Retirement Services - Investment related gains (losses) (USD, millions)

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

Revenues - Retirement Services - Other revenues (USD, millions)

Total Revenues (USD, millions)

Expenses - Asset Management - Compensation and benefits (USD, millions)

Expenses - Asset Management - Interest expense (USD, millions)

Expenses - Asset Management - General, administrative and other (USD, millions)

Expenses - Retirement Services - Interest sensitive contract benefits (USD, millions)

Expenses - Retirement Services - Future policy and other policy benefits (USD, millions)

Expenses - Retirement Services - Market risk benefits remeasurement (gains) losses (USD, millions)

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

Expenses - Retirement Services - Policy and other operating expenses (USD, millions)

Total Expenses (USD, millions)

Other income (loss) – Asset Management - Net gains (losses) from investment activities (USD, millions)

Other income (loss) – Asset Management - Net gains (losses) from investment activities of consolidated variable interest entities (USD, millions)

Other income (loss) – Asset Management - Other income (loss), net (USD, millions)

Total Other income (loss) (USD, millions)

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

Income tax (provision) benefit (USD, millions)

Net income (loss) (USD, millions)

Net (income) loss attributable to non-controlling interests (USD, millions)

Net income (loss) attributable to Apollo Global Management, Inc. (USD, millions)

Preferred stock dividends (USD, millions)

Net income (loss) attributable to Apollo Global Management, Inc. common stockholders (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)

5e4555d43ad337d05d72a70a2a3226dc241de20678a0013f8f98441df13a2d5e

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?

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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

Apollo Global Management Inc (APO)

Financials