Apollo Global Management, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - Apollo Global Management, Inc.	eh1401211_8k.htm

EXHIBIT 99.1

UNAUDITED RECONCILIATION OF FINANCIAL DATA

The following tables present the historical unaudited financial information for the Apollo Operating Group as of and for the three and nine month periods ended September 30, 2014. The Apollo Operating Group does not report audited or unaudited financial information on a stand-alone basis. Accordingly, the financial data presented herein for the Apollo Operating Group has been reconciled to Apollo Global Management, LLC’s financial statements for the relevant periods.

	For The Three Months Ended September 30, 2014
	Total Apollo Operating Group Consolidated			VIE and Consolidated Funds			Other(1)			Total Apollo Global Management, LLC Consolidated
	(dollars in thousands)
Statement of Operations
Revenues:
Advisory and transaction fees from affiliates, net	$	71,321		$	—		$	(250	)	$	71,071
Management fees from affiliates		224,306			(31	)		(16,978	)		207,297
Carried interest income from affiliates		(57,973	)		—			740			(57,233	)
Total Revenues		237,654			(31	)		(16,488	)		221,135
Expenses:
Compensation and benefits:
Equity-based compensation		13,987			—			—			13,987
Salary, bonus and benefits		90,402			—			—			90,402
Profit sharing expense		(5,804	)		—			—			(5,804	)
Total Compensation and Benefits		98,585			—			—			98,585
Interest expense		7,389			—			—			7,389
Professional fees		17,578			358			—			17,936
General, administrative and other		23,372			280			—			23,652
Placement fees		8,760			—			—			8,760
Occupancy		9,916			—			—			9,916
Depreciation and amortization		10,894			—			256			11,150
Total Expenses		176,494			638			256			177,388
Other Income:
Net gains from investment activities		115			(103	)		—			12
Net gains from investment activities of consolidated variable interest entities		—			(115,337	)		16,489			(98,848	)
Income (loss) from equity method investments		4,426			—			19			4,445
Interest income		1,880			363			—			2,243
Other income, net		10,012			—			1			10,013
Total Other Income		16,433			(115,077	)		16,509			(82,135	)
Income before income tax provision		77,593			(115,746	)		(235	)		(38,388	)
Income tax provision		(1,285	)		—			(28,091	)		(29,376	)
Net Income		76,308			(115,746	)		(28,326	)		(67,764	)
Net income attributable to Non-controlling Interests		(45,752	)		115,726			—			69,974
Net Income Attributable to Apollo Global Management, LLC	$	30,556		$	(20	)	$	(28,326	)	$	2,210

(1)	Includes eliminations for VIE and Fund consolidation and entities not included in the Apollo Operating Group.

	For The Nine Months Ended September 30, 2014
	Total Apollo Operating Group Consolidated			VIE and Consolidated Funds			Other(1)			Total Apollo Global Management, LLC Consolidated
	(dollars in thousands)
Statement of Operations
Revenues:
Advisory and transaction fees from affiliates, net	$	248,172		$	—		$	(250	)	$	247,922
Management fees from affiliates		689,575			(91	)		(45,976	)		643,508
Carried interest income (loss) from affiliates		400,890			—			(7,633	)		393,257
Total Revenues		1,338,637			(91	)		(53,859	)		1,284,687
Expenses:
Compensation and benefits:
Equity-based compensation		101,676			—			—			101,676
Salary, bonus and benefits		260,764			—			—			260,764
Profit sharing expense		258,933			—			—			258,933
Total Compensation and Benefits		621,373			—			—			621,373
Interest expense		15,027			—			—			15,027
Professional fees		56,502			1,097			—			57,599
General, administrative and other		72,779			842			—			73,621
Placement fees		14,035			—			—			14,035
Occupancy		30,237			—			—			30,237
Depreciation and amortization		33,192			—			792			33,984
Total Expenses		843,145			1,939			792			845,876
Other Income (Loss):
Net income (loss) from investment activities		8,948			204,938			—			213,886
Net gains (losses) from investment activities of consolidated variable interest entities		—			(61,135	)		53,447			(7,688	)
Income (loss) from equity method investments		64,047			—			(5,991	)		58,056
Interest income (loss)		7,263			1,033			1			8,297
Other income (loss), net		27,229			—			2,553			29,782
Total Other Income (Loss)		107,487			144,836			50,010			302,333
Income (Loss) Before Income Tax Benefit (Provision)		602,979			142,806			(4,641	)		741,144
Income tax benefit (provision)		(8,079	)		—			(88,883	)		(96,962	)
Net Income (Loss)		594,900			142,806			(93,524	)		644,182
Net income (loss) attributable to Non-controlling Interests		(361,341	)		(136,815	)		21			(498,135	)
Net Income (Loss) Attributable to Apollo Global Management, LLC	$	233,559		$	5,991		$	(93,503	)	$	146,047

(1)	Includes eliminations for VIE and Fund consolidation and entities not included in the Apollo Operating Group.

	As of September 30, 2014
	Total Apollo Operating Group Consolidated		VIE and Consolidated Funds		Other(1)			Total Apollo Global Management, LLC Consolidated
	(dollars in thousands)
Statement of Financial Data
Assets:
Cash and cash equivalents	$	1,412,121	$	—	$	177		$	1,412,298
Cash and cash equivalents held at Consolidated Funds		—		685		—			685
Restricted cash		7,520		—		—			7,520
Investments		822,342		2,177,282		(131,300	)		2,868,324
Assets of consolidated variable interest entities
Cash and cash equivalents		—		901,910		—			901,910
Investments, at fair value		—		15,758,591		(1,548	)		15,757,043
Other assets		—		569,012		(692	)		568,320
Carried interest receivable		1,481,897		—		(49,623	)		1,432,274
Due from Affiliates		321,016		—		(74,985	)		246,031
Fixed assets, net		36,085		—		688			36,773
Deferred tax assets		16,260		—		642,612			658,872
Other assets		74,178		6,312		9,194			89,684
Goodwill		88,852		—		(39,609	)		49,243
Intangible assets, net		68,628		—		—			68,628
Total Assets	$	4,328,899	$	19,413,792	$	354,914		$	24,097,605
Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	49,519	$	523	$	26,038		$	76,080
Accrued compensation and benefits		119,349		—		—			119,349
Deferred revenue		316,177		—		—			316,177
Due to affiliates		41,646		2,500		539,171			583,317
Profit sharing payable		755,322		—		—			755,322
Debt		1,015,952		—		—			1,015,952
Liabilities of consolidated variable interest entities:
Debt, at fair value		—		14,110,993		(25,266	)		14,085,727
Other liabilities		—		938,644		38			938,682
Due to affiliates		—		59,918		(59,918	)		—
Other liabilities		31,922		6,167		—			38,089
Total Liabilities		2,329,887		15,118,745		480,063			17,928,695
Shareholders’ Equity:
Apollo Global Management, LLC shareholders’ Equity
Additional paid in capital		26,507		—		2,329,120			2,355,627
Accumulated deficit		852,854		2,175,756		(4,451,484	)		(1,422,874	)
Appropriated partners’ capital		—		1,102,495		(39,716	)		1,062,779
Accumulated other comprehensive income (loss)		36,835		—		(37,153	)		(318	)
Total Apollo Global Management, LLC shareholders’ equity		916,196		3,278,251		(2,199,233	)		1,995,214
Non-Controlling Interests in consolidated entities		14,575		1,016,796		2,074,084			3,105,455
Non-Controlling Interests in Apollo Operating Group		1,068,241		—		—			1,068,241
Total Shareholders’ Equity		1,999,012		4,295,047		(125,149	)		6,168,910
Total Liabilities and Shareholders’ Equity	$	4,328,899	$	19,413,792	$	354,914		$	24,097,605

(1)	Includes eliminations for VIE and Fund consolidation and entities not included in the Apollo Operating Group.

Apollo Global Management, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 7, 2014

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Apollo Global Management, Inc. Reports