Revenue Analysis

Total and Operating Revenue: Throughout the periods analyzed, APO’s Total Revenue has shown variability. In 2023-12-31, the Total Revenue was $11.046 billion. The figures for the preceding quarters in 2023 were $2.595 billion in September and $13.702 billion in June, peaking at $5.301 billion in March. Operating Revenue largely followed the same trend.

Gross Profit Margins: Gross profit was highest in June 2023 at $13.445 billion and lowest in September 2023 at $2.341 billion. The December 2023 gross profit settled at $10.785 billion, reflecting substantial profitability in producing or procuring goods.

Cost Management

Cost of Revenue: Cost of Revenue fluctuated, with June 2023 reporting the lowest value ($257 million) compared to the high of $670 million in March 2023. This indicates varying cost efficiency across different periods.

Operating Expense: Operating expenses were relatively stable across the periods with a noted increase in June at approximately $12.39 billion. The figures tapered in other quarters, suggesting varying operational activities.

Total Expenses: Total Expenses peaked in June 2023 at $12.647 billion and were lowest in September 2023 at $1.504 billion. This reveals significant variability in expense management.

Profitability Analysis

EBITDA: EBITDA reached its maximum at $2.398 billion in December 2023, with a notable dip to $1.418 billion in September 2023. This shows fluctuations in earnings before interest, taxes, depreciation, and amortization.

Operating Income: Operating Income followed a similar trend, maxing at $2.104 billion in December 2023 and slightly less in other quarters, highlighting operational earnings consistency year over year.

Pretax Income: Pretax Income was highest in June 2023 at $951 million and showed considerable variance across the other quarters.

Net Income: Net Income was $2.756 billion in December 2023, suggesting strong profitability towards the year’s end, compared to lower net income in earlier quarters.

Cash Flow Indicators

Reconciled Depreciation: Depreciation has steadily increased across the quarters, indicating increased capital asset usage.

Interest Expense: Interest expenses have shown fluctuations, with the highest at $80 million in December 2023, and lower figures in prior quarters, which affects financial expenses.

Taxation

Tax Rate and Provision: Tax rates varied, with December 2023 having a rate of 0.21. Tax provisions were notably high in December at a negative $1.62 billion, suggesting significant tax-related adjustments.

Tax Effect of Unusual Items: These effects were negative across all quarters, which reduced taxable income.

Shareholder Metrics

Diluted and Basic EPS: Both EPS measures peaked in December 2023 at 4.65 (diluted) and 4.75 (basic), associated with higher net income in this period. This is essential for assessing shareholder value per share.

Average Shares and Net Income Available to Common Stockholders: Average shares remained fairly stable across the periods. Net income available to common stockholders aligned with overall net income, accounting for priority dividends or adjustments.

Conclusion

Overall, APO demonstrated strong fiscal metrics by 2023’s end, recovering from weaker performances earlier in the year. The data suggests growth in revenue, effective costs management, and increased profitability. Future recommendations would include focusing on stabilizing operational expenses and maintaining strong revenue growth to optimize further financial performance.