Apollo Global Management, Inc. Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2024
Apollo Global Management, Inc. Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended March 31, 2024
Apollo Global Management, Inc. has reported a strong financial performance for the quarter ending March 31, 2024. The company’s revenue and net income have increased significantly, driven by growth in its core businesses and strategic investments. The company’s balance sheet remains strong, with low debt levels and substantial cash reserves. The management remains optimistic about the future prospects of the company and is focused on delivering value to its shareholders.
Table of Contents
Company Overview
Apollo is a global alternative investment manager. The company operates asset management, retirement services, and principal investing businesses.
Asset Management
The Asset Management segment has $671 billion in assets under management (AUM) across yield, hybrid, and equity investment strategies. Key highlights:
- Strong fundraising with $39.8 billion of inflows in Q1 2024
- Fee-related earnings increased 16% to $462 million compared to Q1 2023
- Retirement services client AUM grew to $293 billion, up 5% from Q4 2023
Retirement Services
The Retirement Services segment operates through Athene, a leading retirement services company. Key highlights:
- Invested assets grew 12% year-over-year to $227 billion
- Spread related earnings increased 19% to $817 million compared to Q1 2023
- Net investment spread remained strong at 1.83% in Q1 2024
Principal Investing
The Principal Investing segment consists of Apollo’s balance sheet investments. Key highlights:
- Principal Investing Income increased to $21 million in Q1 2024 compared to $8 million in Q1 2023
- Realized performance fees decreased to $94 million in Q1 2024 compared to $164 million in Q1 2023
Financial Results
| Metric | Q1 2024 | Q1 2023 | Change |
|---|---|---|---|
| Total Revenues | $7.0 billion | $5.3 billion | +33% |
| Net Income | $1.8 billion | $1.5 billion | +15% |
| ANI | $1.1 billion | $0.8 billion | +26% |
Business Environment
The business environment remains favorable, with strong fundraising momentum across investment strategies. However, the company is monitoring risks including inflation, rising rates, and geopolitical tensions.
Liquidity & Capital Resources
The company has strong liquidity, with $17.7 billion of unrestricted cash and $4.9 billion of available credit facility capacity as of March 31, 2024. Cash flows from operations are expected to sufficiently meet working capital needs.
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