Apollo Global Management Inc
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
APO$122.74+0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 |
| Cash Flows from Operating Activities | |||
| Net Income (Loss) | $6,373 | $6,509 | $(3,507) |
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | |||
| Equity-based compensation | 721 | 1,026 | 540 |
| Net investment income | (1,359) | (1,140) | (1,306) |
| Net recognized (gains) losses on investments and derivatives | (3,526) | (2,073) | 5,735 |
| Depreciation and amortization | 1,075 | 803 | 529 |
| Net amortization (accretion) of net investment premiums, discount and other | (123) | 81 | 285 |
| Policy acquisition costs deferred | (1,507) | (1,570) | (1,127) |
| Other non-cash amounts included in net income (loss), net | 92 | (415) | 321 |
| Changes in consolidation | 248 | (54) | (482) |
| Changes in operating assets and liabilities: | |||
| Purchases of investments by Funds and VIEs | (5,591) | (5,744) | (7,139) |
| Proceeds from sale of investments by Funds and VIEs | 4,714 | 5,464 | 3,995 |
| Interest sensitive contract liabilities | 5,677 | 3,917 | (1,337) |
| Future policy benefits, market risk benefits and reinsurance recoverable | (1,969) | 4,333 | 3,901 |
| Other assets and liabilities, net | (1,572) | (4,815) | 3,381 |
| Net cash provided by operating activities | $3,253 | $6,322 | $3,789 |
| Cash Flows from Investing Activities | |||
| Purchases of investments and contributions to equity method investments | $(3,835) | $(4,650) | $(3,992) |
| Purchases of available-for-sale securities | (80,168) | (37,263) | (36,684) |
| Purchases of mortgage loans | (28,168) | (20,972) | (12,951) |
| Purchases of investment funds | (2,833) | (2,678) | (6,308) |
| Purchases of U.S. Treasury securities | — | (490) | (4,939) |
| Purchases of derivatives instruments and other investments | (5,032) | (5,637) | (3,008) |
| Sales, maturities and repayments of investments and distributions from equity method investments | 59,426 | 29,052 | 34,295 |
| Cash acquired through merger | — | — | 10,420 |
| Other investing activities, net | (1,191) | 231 | (277) |
| Net cash used in investing activities | $(61,801) | $(42,407) | $(23,444) |
| Cash Flows from Financing Activities | |||
| Issuance of debt | $7,945 | $4,912 | $5,745 |
| Repayment of debt | (5,259) | (3,780) | (4,033) |
| Redemption of subsidiary equity interests | — | (575) | — |
| Repurchase of common stock | (890) | (561) | (635) |
| Common stock dividends | (1,092) | (1,012) | (962) |
| Preferred stock dividends | (97) | (22) | — |
| Distributions paid to non-controlling interests | (1,299) | (766) | (1,050) |
| Contributions from non-controlling interests | 3,132 | 2,863 | 4,816 |
| Distributions to redeemable non-controlling interests | — | (1,072) | (776) |
| Issuance of Mandatory Convertible Preferred Stock, net of issuance costs | — | 1,398 | — |
| Deposits on investment-type policies and contracts | 71,323 | 53,660 | 33,920 |
| Withdrawals on investment-type policies and contracts | (19,119) | (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 | 4,116 | 829 | (330) |
| Other financing activities, net | (788) | 257 | 2,224 |
| Net cash provided by financing activities | $57,972 | $42,638 | $28,710 |
| Effect of exchange rate changes on cash and cash equivalents | (3) | 10 | (15) |
| (Continued) | |||
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 |
| Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Cash Held at Consolidated Variable Interest Entities | (579) | 6,563 | 9,040 |
| 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 | 2,088 |
| Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities, End of Period | $17,112 | $17,691 | $11,128 |
| Supplemental Disclosure of Cash Flow Information | |||
| Cash paid for taxes | $1,048 | $358 | $1,007 |
| Cash paid for interest | 805 | 720 | 566 |
| Non-cash transactions | |||
| Non-Cash Investing Activities | |||
| Asset Management and Other | |||
| Distributions from principal investments | 5 | 1 | 7 |
| Purchases of other investments, at fair value | 14 | 10 | 9 |
| Acquisition of goodwill and intangibles | — | — | 335 |
| Retirement Services | |||
| Investments received from settlements on reinsurance agreements | 48 | 1,129 | 36 |
| Investments received at inception of reinsurance agreements | — | 2,158 | — |
| Investments received from pension group annuity premiums | 521 | 4,776 | 4,185 |
| Reduction in investments relating to recapture of reinsurance agreement | — | 482 | — |
| 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 | 606 | 867 | 413 |
| Issuance of warrants | 109 | — | 142 |
| Issuance of restricted shares | 52 | 41 | 36 |
| Subsidiary issuance of equity interest | 72 | — | — |
| Issuance of common stock related to equity transactions | 12 | — | 252 |
| Retirement Services | |||
| Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | (4,057) | 99 | 878 |
| Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | 8,479 | 12,430 | 9,131 |
| Distribution of investments to non-controlling interests of consolidated VIEs | 1,107 | — | — |
| Borrowings of VIEs settled with investments | — | 52 | — |
| Supplemental Disclosure of Cash Flow Information of Consolidated VIEs | |||
| Cash Flows from Operating Activities | |||
| Purchases of investments - Asset Management | (5,591) | (5,743) | (7,190) |
| Proceeds from sale of investments - Asset Management | 4,714 | 5,464 | 4,192 |
| Cash Flows from Investing Activities | |||
| Purchases of investments - Retirement Services | (3,646) | (4,224) | (4,495) |
| Proceeds from sale of investments - Retirement Services | 1,244 | 468 | 1,763 |
| Purchase of U.S. Treasury Securities - Asset Management | — | — | (1,509) |
| Proceeds from maturities of U.S. Treasury Securities - Asset Management | — | — | 2,673 |
| Cash Flows from Financing Activities | |||
| Issuance of debt | 4,931 | 3,944 | 5,757 |
| Principal repayment of debt | (4,530) | (3,834) | (4,032) |
| (Continued) | |||
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 |
| Distributions paid to non-controlling interests | (150) | (86) | (1,180) |
| Contributions from non-controlling interests | 2,178 | 1,861 | 5,077 |
| Distributions to redeemable non-controlling interests | — | (1,072) | — |
| Changes in Consolidation | |||
| Investments, at fair value | 417 | (2,784) | (16,570) |
| Other assets | 108 | (7) | (216) |
| Debt, at fair value | (457) | — | 7,919 |
| Notes payable | 20 | 2,717 | 2,611 |
| Other liabilities | (201) | 28 | 610 |
| Non-controlling interest | (53) | 5 | 6,128 |
| Equity | (82) | 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 Consolidated Statements of Financial Condition: | |||
| Cash and cash equivalents | $15,425 | $15,768 | $8,980 |
| Restricted cash and cash equivalents | 946 | 1,763 | 1,676 |
| Cash and cash equivalents held at consolidated variable interest entities | 741 | 160 | 472 |
| Total Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities | $17,112 | $17,691 | $11,128 |
| (Concluded) | |||
| See accompanying notes to the consolidated financial statements. | |||
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