Apollo Global Management Inc
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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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.
Sep 30, 2024 · Filed Nov 6, 2024
APO$122.74+0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows (unaudited)
| Nine months ended September 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Cash Flows from Operating Activities | ||
| Net Income (Loss) | $4,711 | $2,928 |
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ||
| Equity-based compensation | 478 | 422 |
| Net investment income | (1,010) | (958) |
| Net recognized (gains) losses on investments and derivatives | (3,607) | 318 |
| Depreciation and amortization | 779 | 586 |
| Net amortization (accretion) of net investment premiums, discount and other | (47) | 70 |
| Policy acquisition costs deferred | (1,191) | (1,040) |
| Other non-cash amounts included in net income (loss), net | 210 | (349) |
| Changes in consolidation | 248 | (53) |
| Changes in operating assets and liabilities: | ||
| Purchases of investments by Funds and VIEs | (4,836) | (4,761) |
| Proceeds from sale of investments by Funds and VIEs | 4,738 | 3,781 |
| Interest sensitive contract liabilities | 4,948 | 1,485 |
| Future policy benefits, market risk benefits and reinsurance recoverable | (1,135) | 2,917 |
| Other assets and liabilities, net | (1,029) | (1,088) |
| Net cash provided by operating activities | $3,257 | $4,258 |
| Cash Flows from Investing Activities | ||
| Purchases of investments and contributions to equity method investments | $(3,402) | $(2,719) |
| Purchases of available-for-sale securities | (63,058) | (24,568) |
| Purchases of mortgage loans | (19,319) | (14,398) |
| Purchases of investment funds | (1,895) | (2,221) |
| Purchases of U.S. Treasury securities | — | (490) |
| Purchases of derivatives instruments and other investments | (2,845) | (5,242) |
| Sales, maturities and repayments of investments and distributions from equity method investments | 45,089 | 21,565 |
| Other investing activities, net | (121) | 354 |
| Net cash used in investing activities | $(45,551) | $(27,719) |
| Cash Flows from Financing Activities | ||
| Issuance of debt | $6,124 | $3,821 |
| Repayment of debt | (4,494) | (2,769) |
| Redemption of subsidiary equity interests | — | (575) |
| Repurchase of common stock | (788) | (535) |
| Common stock dividends | (815) | (753) |
| Preferred stock dividends | (73) | — |
| Distributions paid to non-controlling interests | (859) | (596) |
| Contributions from non-controlling interests | 2,476 | 1,766 |
| Distributions to redeemable non-controlling interests | — | (798) |
| Issuance of Mandatory Convertible Preferred Stock, net of issuance costs | — | 1,397 |
| Deposits on investment-type policies and contracts | 57,013 | 35,168 |
| Withdrawals on investment-type policies and contracts | (16,054) | (10,229) |
| Subsidiary issuance of equity interests to non-controlling interests | — | 632 |
| Net change in cash collateral posted for derivative transactions and securities to repurchase | 416 | 945 |
| Other financing activities, net | (719) | (716) |
| Net cash provided by financing activities | $42,227 | $26,758 |
| Effect of exchange rate changes on cash and cash equivalents | 3 | 2 |
| (Continued) | ||
| Nine months ended September 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities | (64) | 3,299 |
| 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 | $17,627 | $14,427 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for taxes | $639 | $162 |
| Cash paid for interest | 611 | 533 |
| Non-cash transactions | ||
| Non-Cash Investing Activities | ||
| Asset Management and Other | ||
| Distributions from principal investments | 8 | 1 |
| Purchases of other investments, at fair value | 11 | 5 |
| Retirement Services | ||
| Investments received from settlements on reinsurance agreements | 48 | 164 |
| Investments received from pension group annuity premiums | 521 | 4,776 |
| Reduction in investments relating to recapture of reinsurance agreement | — | 482 |
| Non-Cash Financing Activities | ||
| Asset Management and Other | ||
| Capital increases related to equity-based compensation | 393 | 328 |
| Issuance of restricted shares | 24 | 32 |
| Subsidiary issuance of equity interest | 72 | — |
| Issuance of common stock related to equity transactions | 12 | — |
| Retirement Services | ||
| Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | (3,152) | 78 |
| Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | 6,092 | 10,212 |
| Distribution of investments to non-controlling interests of consolidated variable interest entities | 1,107 | — |
| Supplemental Disclosure of Cash Flow Information of Consolidated VIEs | ||
| Cash Flows from Operating Activities | ||
| Purchases of investments - Asset Management | (4,836) | (4,760) |
| Proceeds from sale of investments - Asset Management | 4,738 | 3,781 |
| Cash Flows from Investing Activities | ||
| Purchases of investments - Retirement Services | (2,346) | (2,023) |
| Proceeds from sale of investments - Retirement Services | 334 | 352 |
| Cash Flows from Financing Activities | ||
| Issuance of debt | 4,035 | 3,183 |
| Principal repayment of debt | (3,922) | (2,768) |
| Distributions paid to non-controlling interests | (73) | (58) |
| Contributions from non-controlling interests | 1,646 | 1,437 |
| Distributions to redeemable non-controlling interests | — | (798) |
| (Continued) | ||
| Nine months ended September 30, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Changes in Consolidation | ||
| Investments, at fair value | 148 | (1,136) |
| Other assets | 19 | (1) |
| Debt, at fair value | (223) | — |
| Notes payable | 20 | 1,068 |
| Other liabilities | (169) | 22 |
| Non-controlling interest | 41 | 5 |
| Equity | (84) | 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 | $16,253 | $12,346 |
| Restricted cash and cash equivalents | 967 | 1,492 |
| Cash and cash equivalents held at consolidated variable interest entities | 407 | 589 |
| Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities | $17,627 | $14,427 |
| (Concluded) | ||
| See accompanying notes to the unaudited condensed consolidated financial statements. | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.