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| 8-K - 8-K - Apollo Global Management, Inc. | agmdebt8-k1q20.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 months ended March 31, 2020. 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, Inc.’s financial statements for the relevant periods.
As of March 31, 2020 | |||||||||||||||
Total Apollo Operating Group Consolidated | Consolidated Funds & VIEs | Other (1) | Total Apollo Global Management, Inc. Consolidated | ||||||||||||
Statement of Financial Data | (dollars in thousands) | ||||||||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ | 647,652 | $ | 6 | $ | 126 | $ | 647,784 | |||||||
Restricted cash | 19,764 | — | — | 19,764 | |||||||||||
U.S. Treasury securities, at fair value | 864,749 | — | — | 864,749 | |||||||||||
Investments (includes performance allocations of $371,701 as of March 31, 2020) | 2,673,335 | 288 | (168,947 | ) | 2,504,676 | ||||||||||
Assets of consolidated variable interest entities: | |||||||||||||||
Cash and cash equivalents | — | 628,027 | 1,070 | 629,097 | |||||||||||
Investments, at fair value | — | 9,945,504 | (506,253 | ) | 9,439,251 | ||||||||||
Other assets | — | 179,301 | (8,529 | ) | 170,772 | ||||||||||
Incentive fees receivable | 864 | — | — | 864 | |||||||||||
Due from related parties | 877,028 | — | (232,708 | ) | 644,320 | ||||||||||
Deferred tax assets, net | 2,633 | — | 872,965 | 875,598 | |||||||||||
Other assets | 208,111 | — | 37,675 | 245,786 | |||||||||||
Lease assets | 186,225 | — | — | 186,225 | |||||||||||
Goodwill | 93,911 | — | — | 93,911 | |||||||||||
Total Assets | $ | 5,574,272 | $ | 10,753,126 | $ | (4,601 | ) | $ | 16,322,797 | ||||||
Liabilities and Stockholders’ Equity | |||||||||||||||
Liabilities: | |||||||||||||||
Accounts payable and accrued expenses | $ | 86,385 | $ | — | $ | 13,844 | $ | 100,229 | |||||||
Accrued compensation and benefits | 66,813 | — | — | 66,813 | |||||||||||
Deferred revenue | 128,087 | — | — | 128,087 | |||||||||||
Due to related parties | 975,460 | — | 363,625 | 1,339,085 | |||||||||||
Profit sharing payable | 341,030 | — | — | 341,030 | |||||||||||
Debt | 2,651,232 | — | — | 2,651,232 | |||||||||||
Liabilities of consolidated variable interest entities: | |||||||||||||||
Debt, at fair value | — | 5,137,451 | (37,967 | ) | 5,099,484 | ||||||||||
Notes payable | — | 2,444,701 | (582,495 | ) | 1,862,206 | ||||||||||
Other liabilities | — | 998,886 | (30,252 | ) | 968,634 | ||||||||||
Due to related parties | — | 19,546 | (19,546 | ) | — | ||||||||||
Other liabilities | 60,242 | — | — | 60,242 | |||||||||||
Lease liabilities | 206,721 | — | — | 206,721 | |||||||||||
Total Liabilities | 4,515,970 | 8,600,584 | (292,791 | ) | 12,823,763 | ||||||||||
Stockholders’ Equity: | |||||||||||||||
Apollo Global Management, Inc. stockholders' equity: | |||||||||||||||
Series A Preferred Stock, 11,000,000 shares issued and outstanding as of December 31, 2019 | 264,398 | — | — | 264,398 | |||||||||||
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of December 31, 2019 | 289,815 | — | — | 289,815 | |||||||||||
Additional paid in capital | — | — | 1,085,949 | 1,085,949 | |||||||||||
Retained earnings (accumulated deficit) | (312,603 | ) | 65,377 | (828,097 | ) | (1,075,323 | ) | ||||||||
Accumulated other comprehensive loss | (9,147 | ) | (29,392 | ) | 30,338 | (8,201 | ) | ||||||||
Total Apollo Global Management, Inc. stockholders’ equity | 232,463 | 35,985 | 288,190 | 556,638 | |||||||||||
Non-Controlling Interests in consolidated entities | 5,724 | 2,116,557 | — | 2,122,281 | |||||||||||
Non-Controlling Interests in Apollo Operating Group | 820,115 | — | — | 820,115 | |||||||||||
Total Stockholders’ Equity | 1,058,302 | 2,152,542 | 288,190 | 3,499,034 | |||||||||||
Total Liabilities and Stockholders’ Equity | $ | 5,574,272 | $ | 10,753,126 | $ | (4,601 | ) | $ | 16,322,797 | ||||||
(1) | Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group. |
For the Three Months Ended March 31, 2020 | |||||||||||||||
Total Apollo Operating Group Consolidated | Consolidated Funds & VIEs | Other(1) | Total Apollo Global Management, Inc. Consolidated | ||||||||||||
Statement of Operating Data | (dollars in thousands) | ||||||||||||||
Revenues: | |||||||||||||||
Management fees | $ | 415,960 | $ | — | $ | (19,356 | ) | $ | 396,604 | ||||||
Advisory and transaction fees, net | 36,963 | — | — | 36,963 | |||||||||||
Investment income (loss): | |||||||||||||||
Performance Allocations | (1,748,829 | ) | — | 14,506 | (1,734,323 | ) | |||||||||
Principal investment income (loss) | (194,150 | ) | — | 6,301 | (187,849 | ) | |||||||||
Total investment income (loss) | (1,942,979 | ) | — | 20,807 | (1,922,172 | ) | |||||||||
Incentive fees | 19,519 | — | — | 19,519 | |||||||||||
Total Revenues | (1,470,537 | ) | — | 1,451 | (1,469,086 | ) | |||||||||
Expenses: | |||||||||||||||
Compensation and benefits: | |||||||||||||||
Salary, bonus and benefits | 139,269 | — | — | 139,269 | |||||||||||
Equity-based compensation | 52,122 | — | — | 52,122 | |||||||||||
Profit sharing expense | (635,998 | ) | — | — | (635,998 | ) | |||||||||
Total Compensation and Benefits | (444,607 | ) | — | — | (444,607 | ) | |||||||||
Interest expense | 31,242 | — | — | 31,242 | |||||||||||
General, administrative and other | 84,871 | (6 | ) | (343 | ) | 84,522 | |||||||||
Placement fees | 409 | — | — | 409 | |||||||||||
Total Expenses | (328,085 | ) | (6 | ) | (343 | ) | (328,434 | ) | |||||||
Other Income (Loss): | |||||||||||||||
Net losses from investment activities | (1,264,244 | ) | (307 | ) | — | (1,264,551 | ) | ||||||||
Net gains (losses) from investment activities of consolidated variable interest entities | — | (183,232 | ) | 17,312 | (165,920 | ) | |||||||||
Interest income | 8,163 | — | (229 | ) | 7,934 | ||||||||||
Other income (loss), net | (16,500 | ) | — | (7 | ) | (16,507 | ) | ||||||||
Total Other Income (Loss) | (1,272,581 | ) | (183,539 | ) | 17,076 | (1,439,044 | ) | ||||||||
Income (loss) before income tax (provision) benefit | (2,415,033 | ) | (183,533 | ) | 18,870 | (2,579,696 | ) | ||||||||
Income tax (provision) benefit | (7,462 | ) | — | 303,315 | 295,853 | ||||||||||
Net Income (Loss) | (2,422,495 | ) | (183,533 | ) | 322,185 | (2,283,843 | ) | ||||||||
Net income (loss) attributable to Non-controlling Interests | 1,122,970 | — | 164,655 | 1,287,625 | |||||||||||
Net Income (Loss) Attributable to Apollo Global Management, Inc. | (1,299,525 | ) | (183,533 | ) | 486,840 | (996,218 | ) | ||||||||
Series A Preferred Stock Dividends | (4,383 | ) | — | — | (4,383 | ) | |||||||||
Series B Preferred Stock Dividends | (4,781 | ) | — | — | (4,781 | ) | |||||||||
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders | $ | (1,308,689 | ) | $ | (183,533 | ) | $ | 486,840 | $ | (1,005,382 | ) | ||||
(1) | Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group. |