Apollo Global Management, Inc. - FORM 8-K - EX-99.1 - August 6, 2021

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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 six months ended June 30, 2021. 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 June 30, 2021
Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other (1)
Total Apollo Global Management, Inc. Consolidated
Statement of Financial Data(dollars in thousands)
Assets:
Cash and cash equivalents$1,823,052 $1,291 $369 $1,824,712 
Restricted cash and cash equivalents17,695 1,507,207 — 1,524,902 
U.S. Treasury securities, at fair value— — — — 
Investments (includes performance allocations of $2,736,493 as of June 30, 2021) 8,143,646 413 (233,540)7,910,519 
Assets of consolidated variable interest entities:
Cash and cash equivalents— 805,736 — 805,736 
Investments, at fair value— 14,040,590 (380,959)13,659,631 
Other assets— 169,900 (1,911)167,989 
Incentive fees receivable13,802 — — 13,802 
Due from related parties614,121 (3,321)(184,873)425,927 
Deferred tax assets, net3,259 — 231,859 235,118 
Other assets481,494 2,137 10,824 494,455 
Lease assets361,597 — — 361,597 
Goodwill117,553 — (595)116,958 
Total Assets$11,576,219 $16,523,953 $(558,826)$27,541,346 
Liabilities, Redeemable non-controlling interests and Stockholders’ Equity
Liabilities:
Accounts payable and accrued expenses$135,000 $3,149 $3,539 $141,688 
Accrued compensation and benefits169,554 — — 169,554 
Deferred revenue74,946 — — 74,946 
Due to related parties110,148 5,800 323,714 439,662 
Profit sharing payable1,521,906 — — 1,521,906 
Debt3,154,289 — — 3,154,289 
Liabilities of consolidated variable interest entities:
Debt, at fair value— 8,226,118 (148,830)8,077,288 
Notes payable— 2,601,543 (102,795)2,498,748 
Other liabilities— 966,791 (54,352)912,439 
Due to related parties— 32,393 (32,393)— 
Other liabilities384,232 122,493 5,025 511,750 
Lease liabilities409,930 — — 409,930 
Total Liabilities5,960,005 11,958,287 (6,092)17,912,200 
Redeemable non-controlling interests:
Redeemable non-controlling interests— 1,410,683 6,028 1,416,711 
Stockholders’ Equity:
Apollo Global Management, Inc. Stockholders' Equity:
Series A Preferred Stock, 11,000,000 shares issued and outstanding as of June 30, 2021 264,398 — — 264,398 
Series B Preferred Stock, 12,000,000 shares issued and outstanding as of June 30, 2021 289,815 — — 289,815 
Additional paid in capital— (57,334)879,946 822,612 
Retained earnings (accumulated deficit)2,048,926 374,275 (1,432,403)990,798 
Accumulated other comprehensive income (loss)(2,312)6,075 (6,305)(2,542)
Total Apollo Global Management, Inc. Stockholders’ Equity2,600,827 323,016 (558,762)2,365,081 
Non-Controlling Interests in consolidated entities6,154 2,831,967 — 2,838,121 
Non-Controlling Interests in Apollo Operating Group3,009,233 — — 3,009,233 
Total Stockholders’ Equity5,616,214 3,154,983 (558,762)8,212,435 
Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity$11,576,219 $16,523,953 $(558,826)$27,541,346 
(1)    Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group.


For the Three Months Ended June 30, 2021
 Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other(1)
Total Apollo Global Management, Inc. Consolidated
Statement of Operating Data(dollars in thousands)
Revenues:
Management fees$490,180 $— $(20,088)$470,092 
Advisory and transaction fees, net86,351 — — 86,351 
Investment income (loss):
Performance allocations744,849 — (9,710)735,139 
Principal investment income (loss)80,481 — (4,056)76,425 
Total investment income (loss)825,330 — (13,766)811,564 
Incentive fees14,318 — — 14,318 
Total Revenues1,416,179 — (33,854)1,382,325 
Expenses:
Compensation and benefits:
Salary, bonus and benefits181,299 — — 181,299 
Equity-based compensation52,998 — — 52,998 
Profit sharing expense361,247 — — 361,247 
Total compensation and benefits595,544 — — 595,544 
Interest expense34,806 1 7 34,814 
General, administrative and other112,626 3,209 3 115,838 
Placement fees591 — — 591 
Total Expenses743,567 3,210 10 746,787 
Other Income:
Net gains (losses) from investment activities913,752 109 (467)913,394 
Net gains from investment activities of consolidated variable interest entities— 135,950 9,453 145,403 
Interest income (loss)863 88 (306)645 
Other income (loss), net1,695 (100)2,936 4,531 
Total Other Income916,310 136,047 11,616 1,063,973 
Income (loss) before income tax provision1,588,922 132,837 (22,248)1,699,511 
Income tax provision(7,727)— (186,324)(194,051)
Net Income (Loss)1,581,195 132,837 (208,572)1,505,460 
Net income attributable to Non-controlling Interests(732,773)(114,960)— (847,733)
Net Income (Loss) Attributable to Apollo Global Management, Inc.848,422 17,877 (208,572)657,727 
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$839,258 $17,877 $(208,572)$648,563 
(1)    Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group.


 For the Six Months Ended June 30, 2021
 Total Apollo Operating Group ConsolidatedConsolidated Funds & VIEs
Other (1)
Total Apollo Global Management, Inc. Consolidated
Statement of Operating Data(dollars in thousands)
Revenues:
Management fees$965,360 $— $(38,083)$927,277 
Advisory and transaction fees, net145,458 — (2,759)142,699 
Investment income (loss):
Performance allocations2,150,439 — (19,953)2,130,486 
Principal investment income (loss)474,547 — (16,156)458,391 
Total investment income (loss)2,624,986 — (36,109)2,588,877 
Incentive fees18,172 — — 18,172 
Total Revenues3,753,976 — (76,951)3,677,025 
Expenses:
Compensation and benefits:
Salary, bonus and benefits355,929 — — 355,929 
Equity-based compensation109,446 — — 109,446 
Profit sharing expense1,016,727 — — 1,016,727 
Total compensation and benefits1,482,102 — — 1,482,102 
Interest expense69,598 2 13 69,613 
General, administrative and other206,130 9,544 14 215,688 
Placement fees1,128 — — 1,128 
Total Expenses1,758,958 9,546 27 1,768,531 
Other Income:
Net gains (losses) from investment activities1,268,900 (1,423)(932)1,266,545 
Net gains from investment activities of consolidated variable interest entities— 220,058 37,939 257,997 
Interest income (loss)1,826 261 (644)1,443 
Other income (loss), net(14,969)(224)1,974 (13,219)
Total Other Income1,255,757 218,672 38,337 1,512,766 
Income (loss) before income tax provision3,250,775 209,126 (38,641)3,421,260 
Income tax provision(13,482)— (383,815)(397,297)
Net Income (Loss)3,237,293 209,126 (422,456)3,023,963 
Net income attributable to Non-controlling Interests(1,503,087)(184,259)— (1,687,346)
Net Income (Loss) Attributable to Apollo Global Management, Inc.1,734,206 24,867 (422,456)1,336,617 
Series A Preferred Stock Dividends(8,766)— — (8,766)
Series B Preferred Stock Dividends(9,562)— — (9,562)
Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders$1,715,878 $24,867 $(422,456)$1,318,289 
(1)    Includes eliminations for VIE and fund consolidation and entities not included in the Apollo Operating Group.



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