Apollo Global Management, Inc. - FORM 8-K - EX-99.2

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8-K - 8-K - Apollo Global Management, Inc.	d732215d8k.htm
EX-99.1 - EX-99.1 - Apollo Global Management, Inc.	d732215dex991.htm

Exhibit 99.2

“Apollo Operating Group” refers collectively to Apollo Principal Holdings I, L.P., Apollo Principal Holdings II, L.P., Apollo Principal Holdings III, L.P., Apollo Principal Holdings IV, L.P., Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal Holdings VIII, L.P., Apollo Principal Holdings IX, L.P., AMH Holdings (Cayman), L.P. and Apollo Management Holdings, L.P., and “we,” “us” and “our” refer collectively to the Apollo Operating Group and their respective subsidiaries;

SUMMARY HISTORICAL AND OTHER DATA

The following summary historical consolidated financial and other data of Apollo Global Management, LLC should be read together with “Selected Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the historical consolidated financial statements and related notes included in its 2013 Annual Report, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the historical unaudited condensed consolidated financial statements and related notes included in its First Quarter 10-Q, each of which are incorporated by reference herein.

We derived the summary historical consolidated statements of operations data of Apollo Global Management, LLC for the years ended December 31, 2011, 2012 and 2013 and the summary historical consolidated statements of financial condition data as of December 31, 2012 and 2013 from Apollo Global Management, LLC’s consolidated financial statements included in its 2013 Annual Report, which is incorporated by reference herein. The summary historical consolidated statements of operations data of Apollo Global Management, LLC for the three month periods ended March 31, 2013 and 2014 are derived from and should be read in conjunction with Apollo Global Management, LLC’s unaudited condensed consolidated financial statements, included in its First Quarter 10-Q, which is incorporated by reference herein. Apollo Global Management, LLC will not guarantee the notes. The Apollo Operating Group does not report audited or unaudited financial information on a stand-alone basis. Accordingly, the financial data of the Apollo Operating Group has been reconciled to Apollo Global Management, LLC’s financial statements for the relevant periods, see “Unaudited Reconciliation of Financial Data.” The selected non-GAAP financial metrics noted below have not been presented in the above mentioned historical consolidated financial statements.


	Year Ended December 31,							Three Months Ended March 31,
	2011			2012		2013		2013		2014
	(in thousands, except per share data)
Statement of Operations Data
Revenues:
Advisory and transaction fees from affiliates, net	$	81,953		$	149,544	$	196,562	$	47,419	$	116,065
Management fees from affiliates		487,559			580,603		674,634		150,447		209,791
Carried interest (loss) income from affiliates		(397,880	)		2,129,818		2,862,375		1,111,207		165,544

Total Revenues		171,632			2,859,965		3,733,571		1,309,073		491,400

Expenses:
Compensation and benefits:
Equity-based compensation		1,149,753			598,654		126,227		45,286		58,978
Salary, bonus and benefits		251,095			274,574		294,753		73,396		80,530
Profit sharing expense		(60,070	)		872,133		1,173,255		423,620		103,959

Total Compensation and Benefits		1,340,778			1,745,361		1,594,235		542,302		243,467
Interest expense		40,850			37,116		29,260		7,518		3,114
Professional fees		59,277			64,682		83,407		16,060		19,452
General, administrative and other		75,558			87,961		98,202		22,941		24,678
Placement fees		3,911			22,271		42,424		9,358		1,786
Occupancy		35,816			37,218		39,946		9,805		9,903
Depreciation and amortization		26,260			53,236		54,241		14,618		11,719

Total Expenses		1,582,450			2,047,845		1,941,715		622,602		314,119


	Year Ended December 31,									Three Months Ended March 31,
	2011			2012			2013			2013			2014
	(in thousands, except per share data)
Other Income:
Net (losses) gains from investment activities	$	(129,827	)	$	288,244		$	330,235		$	52,133		$	223,408
Net gains (losses) from investment activities of consolidated variable interest entities		24,201			(71,704	)		199,742			47,861			47,735
Income from equity method investments		13,923			110,173			107,350			27,790			22,910
Interest income		4,731			9,693			12,266			3,091			3,328
Other income, net		205,520			1,964,679			40,114			1,298			17,531

Total Other Income		118,548			2,301,085			689,707			132,173			314,912

(Loss) Income Before Income Tax Provision		(1,292,270	)		3,113,205			2,481,563			818,644			492,193
Income tax provision		(11,929	)		(65,410	)		(107,569	)		(18,579	)		(32,549	)

Net (Loss) Income		(1,304,199	)		3,047,795			2,373,994			800,065			459,644
Net loss (income) attributable to Non-Controlling Interests⁽¹⁾⁽²⁾		835,373			(2,736,838	)		(1,714,603	)		(551,087	)		(387,475	)

Net (Loss) Income Attributable to Apollo Global Management, LLC	$	(468,826	)	$	310,957		$	659,391		$	248,978		$	72,169

Net (Loss) Income Per Class A Share—Basic	$	(4.18	)	$	2.06		$	4.06		$	1.60		$	0.32

Net (Loss) Income Per Class A Share—Diluted	$	(4.18	)	$	2.06		$	4.03		$	1.59		$	0.32

Statement of Operations Data
Total assets	$	7,975,873		$	20,636,858		$	22,477,981		$	21,289,337		$	22,912,382
Debt (excluding obligations of consolidated variable interest entities)		738,516			737,818			750,000			737,711			750,000
Debt obligations of consolidated variable interest entities		3,189,837			11,834,955			12,423,962			11,347,332			12,528,255
Total shareholders’ equity		2,648,321			5,703,383			6,688,722			6,175,701			6,786,922
Total Non-Controlling Interests		1,921,920			3,036,565			4,051,453			3,417,330			4,273,295

Other Data		(in millions)
Fee-generating assets under management	$	58,121		$	81,934		$	128,368		$	81,633		$	128,537
Total assets under management		75,222			113,379			161,177			114,269			159,326

Selected Non-GAAP Financial Metrics⁽³⁾

Year Ended December 31,

Last twelve
months ended
March 31,
2014

2011

2012

2013

(in thousands, except ratios)

Economic Net (Loss) Income

(300,500

)

1,634,445

2,127,651

1,604,424

Fee-related EBITDA

196,583

339,266

437,493

559,632

Fee-related EBITDA+100% of net realized carried interest

530,821

890,453

1,915,940

2,103,252

Ratio of Fee-related EBITDA to interest expense

4.8x

9.1x

15.1x

22.5x

Ratio of Fee-related EBITDA+100% of net realized carried interest to interest expense

13.0x

24.0x

66.0x

84.1x

Ratio of debt / fee-related EBITDA

3.8x

2.2x

1.7x

1.3x

Ratio of debt / fee-related EBITDA+100% of net realized carried interest

1.4x

0.8x

0.4x

(1)	Reflects Non-Controlling Interests attributable to AAA, consolidated variable interest entities and the remaining interests held by certain individuals who receive an allocation of income from certain of Apollo’s credit management companies.

(2)

Reflects the Non-Controlling Interests in the net (loss) income of the Apollo Operating Group relating to the units held by our Managing Partners and Contributing Partners after the 2007 reorganization which is calculated by applying the ownership percentage of Holdings in the Apollo Operating Group.

(3)

Economic Net Income (“ENI”), Fee-related EBITDA and Fee Related EBITDA + 100% of net realized carried interest are non-GAAP key performance measures used by management in evaluating the performance of Apollo’s private equity, credit and real estate segments. These measures should not be construed as an alternative to net income /(loss) attributable to Apollo Global Management, LLC as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (as determined in accordance with GAAP). Management also believes the components of ENI and net realized carried interest such as the amount of management fees, advisory and transaction fees and carried interest income are indicative of Apollo’s performance. These measures of profitability have important limitations as analytical tools in that they do not take into account certain items included under GAAP, and you should not consider them in isolation or as substitutes for analysis of Apollo’s results as reported under GAAP. Because of these limitations, Apollo Global Management, LLC relies primarily on its GAAP results and uses Economic Net Income, Fee-related EBITDA and Fee Related EBITDA + 100% of net realized carried interest only supplementally.

ENI represents segment income (loss) attributable to Apollo Global Management, LLC, which excludes the impact of non-cash charges related to restricted share units (“RSUs”) granted in connection with the 2007 private placement and amortization of Apollo Operating Group units, income tax expense, amortization of intangibles associated with the 2007 reorganization as well as acquisitions and Non-Controlling Interests excluding the remaining interest held by certain individuals who receive an allocation of income from certain of Apollo’s credit management companies. In addition, segment data excludes the assets, liabilities and operating results of the consolidated funds and variable interest entities that are included in the consolidated financial statements. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Managing Business Performance” included in Apollo Global Management, LLC’s 2013 Annual Report and “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Managing Business Performance” included in the First Quarter 10-Q, each of which is incorporated by reference herein, for a more comprehensive explanation of how ENI is used to manage and evaluate Apollo’s business.

Fee-related EBITDA represents Management business ENI (Pre-tax), with amounts for equity–based compensation, interest expense and depreciation and amortization added to Management business ENI. This performance measure is used as a proxy for operating results which Apollo Global Management, LLC uses to compare to its current and potential debt service.

Fee-related EBITDA plus realized carried interest less realized profit sharing (referred to as “fee-related EBITDA +100% of net realized carried interest”) is a performance measure used as a proxy for operating results of the management business combined with incentive business performance which Apollo Global Management, LLC uses to compare its current and potential debt service.

Set forth below is a reconciliation of net (loss)/income attributable to Apollo Global Management, LLC to ENI, Fee-related EBITDA and Fee Related EBITDA + 100% of net realized carried interest:


	Year Ended December 31,
	2011			2012			2013
	(in thousands)
Advisory and transaction fees from affiliates, net	$	82,310		$	150,044		$	196,562
Management fees from affiliates		490,191			623,041			730,702
Carried interest income from affiliates		44,540			37,842			36,922

Total management business revenues		617,041			810,927			964,186
Compensation expense(a)		319,267			343,516			361,094
Equity-based compensation		223,996			256,632			302,209
Other income (loss and non-controlling interest)		2,651			12,202			29,963

Management business ENI- (Pre-tax)		76,429			222,981			330,846
Equity-based compensation(b)		68,172			68,942			66,341
Interest expense		40,850			37,116			29,260
Depreciation and amortization(c)		11,132			10,227			11,046

Fee-related EBITDA		196,583			339,266			437,493
Total realized carried interest		644,653			997,222			2,456,404
Total realized profit sharing expense		310,415			446,035			977,957
Net realized carried interest		334,238			551,187			1,478,447

Fee related EBITDA + 100% of net realized carried interest		530,821			890,453			1,915,940
Net unrealized carried interest		(716,115	)		740,299			207,537
Net unrealized investment income		4,948			119,978			110,821
Net interest expense		(40,850	)		(37,116	)		(29,260	)
Depreciation and amortization(c)		(11,132	)		(10,227	)		(11,046	)
Equity-based compensation(b)		(68,172	)		(68,942	)		(66,341	)
ENI tax provision(d)(e)		(21,141	)		(158,586	)		(238,300	)

Economic net (loss) income (post-tax)		(321,641	)		1,475,859			1,889,351

ENI tax provision(d)(e)		21,141			158,586			238,300
Income tax provision		(11,929	)		(65,410	)		(107,569	)
Net loss (income) attributable to non-controlling interests in Apollo Operating Group		940,312			(685,357	)		(1,257,650	)
Charges related to equity-based compensation(f)		(1,081,581	)		(529,712	)		(59,847	)
Amortization of intangible assets		(15,128	)		(43,009	)		(43,194	)

Net (loss) income attributable to Apollo Global Management, LLC	$	(468,826	)	$	310,957		$	659,391


	(1) Three months ended March 31, 2014		(2) Three months ended March 31, 2013		(3) Year ended December 31, 2013		(1)-(2)+(3) Last twelve months ended March 31, 2014
	(in thousands)
Management business ENI- (Pre-tax)	$	152,067	$	66,040	$	330,846	$	416,873
Equity-based compensation(b)		58,137		17,356		66,341		107,122
Interest expense		3,114		7,518		29,260		24,856
Depreciation and amortization(c)		2,609		2,874		11,046		10,781

Fee-related EBITDA		215,927		93,788		437,493		559,632
Total realized carried interest		462,626		345,210		2,456,404		2,573,820
Total realized profit sharing expense		203,088		150,845		977,957		1,030,200
Net realized carried interest		259,538		194,365		1,478,447		1,543,620

Fee related EBITDA + 100% of net realized carried interest		475,465		288,153		1,915,940		2,103,252


	(1) Three months ended March 31, 2014			(2) Three months ended March 31, 2013			(3) Year ended December 31, 2013			(1)-(2)+(3) Last twelve months ended March 31, 2014
	(in thousands)
Net unrealized carried interest	$	(202,702	)	$	498,684		$	207,537		$	(493,849	)
Net unrealized investment income		60,348			33,389			110,821			137,780
Net interest expense		(3,114	)		(7,518	)		(29,260	)		(24,856	)
Depreciation and amortization(c)		(2,609	)		(2,874	)		(11,046	)		(10,781	)
Equity-based compensation(b)		(58,137	)		(17,356	)		(66,341	)		(107,122	)
ENI tax provision(d)(e)		(50,715	)		(28,769	)		(238,300	)		(238,300	)

Economic net income (post-tax)		218,536			763,709			1,889,351			1,366,124
ENI tax provision(d)(e)		50,715			28,769			238,300			238,300
Income tax provision		(32,549	)		(18,579	)		(107,569	)		(121,539	)
Net (income) attributable to non-controlling interests in Apollo Operating Group		(155,100	)		(485,246	)		(1,257,650	)		(927,504	)
Charges related to equity-based compensation		(323	)		(27,930	)		(59,847	)		(32,240	)
Amortization of intangible assets		(9,110	)		(11,745	)		(43,194	)		(40,559	)

Net income attributable to Apollo Global Management, LLC	$	72,169		$	248,978		$	659,391		$	482,582

(a)

Includes salary, bonus and benefits which includes equity-based compensation. The combined amounts include restricted share units (“RSUs”) (excluding RSUs granted in connection with the 2007 private placement) and share options. Excludes equity based compensation expense comprising amortization of Apollo Operating Group units.

(b)	Includes equity-based compensation as noted in note (a) above.

(c)	Includes amortization of leasehold improvements.

(d)	For the last twelve months ended March 31, 2014, the ENI tax provision is based on a pro rata full year tax provision.

(e)

Represents income tax provision on ENI that has been calculated assuming that all income is allocated to Apollo Global Management, LLC, which would occur following an exchange of all Apollo Operating Group units for shares of Apollo Global Management, LLC. The assumptions and methodology impact the implied income tax provision for Apollo Global Management, LLC’s consolidated statements of operations under GAAP. Apollo Global Management, LLC believes this measure is more consistent with how it assesses the performance of its segments which is described above in the definition of ENI.

(f)	Includes amortization amounts related to Apollo Operating Group units.

CAPITALIZATION

The following table sets forth our capitalization as of March 31, 2014 on a historical basis and as adjusted to give effect to this offering and the use of proceeds therefrom. You should read this table in conjunction with the section titled “Unaudited Reconciliation of Financial Data” included in this offering memorandum and with the financial statements and the related notes and reconciliations incorporated by reference in this offering memorandum.


	As of March 31, 2014
	Actual		As Adjusted
	(Dollars in Millions)
Loans payable⁽¹⁾	$	750.0	$
Notes offered hereby⁽²⁾		—
Additional paid in capital		110.8		110.8
Accumulated deficit		844.7		844.7
Accumulated other comprehensive income		40.6		40.6
Non-controlling interests in consolidated entities		3.3		3.3
Non-controlling interests in Apollo Operating Group		1,289.6		1,289.6

Total capitalization	$	3,039.0	$

(1)

As of March 31, 2014, we had no outstanding borrowings under the revolving credit facilities. We intend to use a portion of the net proceeds from the sale of the notes to repay a portion of the outstanding term loans under our existing credit facilities. Any remaining net proceeds will be used for general corporate purposes. See “Use of Proceeds.”

(2)	As adjusted reflects gross proceeds of $ million.

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 month period ended March 31, 2014 and the fiscal year ended December 31, 2013. 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.

You should read this data in conjunction with Apollo Global Management, LLC’s financial statements and the related notes incorporated by reference herein.


	For The Three Months Ended March 31, 2014
	Total Apollo Operating Group Consolidated			VIE and Consolidated Funds			Other⁽¹⁾			Total Apollo Global Management, LLC Consolidated
	(dollars in thousands)
Statement of Operations Data
Revenues:
Advisory and transaction fees from affiliates, net	$	116,065		$	—		$	—		$	116,065
Management fees from affiliates		224,318			(30	)		(14,497	)		209,791
Carried interest income from affiliates		169,259			—			(3,715	)		165,544

Total Revenues		509,642			(30	)		(18,212	)		491,400

Expenses:
Compensation and benefits:
Equity-based compensation		58,978			—			—			58,978
Salary, bonus and benefits		80,530			—			—			80,530
Profit sharing expense		103,959			—			—			103,959

Total Compensation and Benefits		243,467			—			—			243,467
Interest expense		3,114			—			—			3,114
Professional fees		19,042			410			—			19,452
General, administrative and other		24,361			317			—			24,678
Placement fees		1,786			—			—			1,786
Occupancy		9,903			—			—			9,903
Depreciation and amortization		11,449			—			270			11,719

Total Expenses		313,122			727			270			314,119

Other Income:
Net gains from investment activities		18,014			205,394			—			223,408
Net gains from investment activities of consolidated variable interest entities		—			29,533			18,202			47,735
Income from equity method investments		28,623			—			(5,713	)		22,910
Interest income		2,985			343			—			3,328
Other income, net		15,371			—			2,160			17,531

Total Other Income		64,993			235,270			14,649			314,912

Income Before Income Tax Provision		261,513			234,513			(3,833	)		492,193
Income tax provision		(2,742	)		—			(29,807	)		(32,549	)

Net Income		258,771			234,513			(33,640	)		459,644
Net (income) attributable to Non-Controlling Interests		(158,684	)		(228,800	)		9			(387,475	)

Net Income Attributable to Apollo Global Management, LLC	$	100,087		$	5,713		$	(33,631	)	$	72,169

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


	As of March 31, 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	$	1,120,009	$	—	$	6,132		$	1,126,141
Cash and cash equivalents held at Consolidated Funds		—		4,000		—			4,000
Restricted cash		9,244		—		—			9,244
Investments		557,051		2,177,323		(93,698	)		2,640,676
Assets of consolidated variable interest entities
Cash and cash equivalents		—		1,053,958		—			1,053,958
Investments, at fair value		—		14,255,255		(721	)		14,254,534
Other assets		—		651,506		—			651,506
Carried interest receivable		1,999,025		—		(75,327	)		1,923,698
Due from Affiliates		437,370		—		(49,190	)		388,180
Fixed assets, net		37,917		—		1,211			39,128
Deferred tax assets		16,153		—		614,858			631,011
Other assets		52,517		2,766		(36	)		55,247
Goodwill		88,850		—		(39,607	)		49,243
Intangible assets, net		85,816		—		—			85,816

Total Assets	$	4,403,952	$	18,144,808	$	363,622		$	22,912,382

Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	35,547	$	373	$	36,501		$	72,421
Accrued compensation and benefits		50,819		—		—			50,819
Deferred revenue		337,120		—		—			337,120
Due to affiliates		22,463		1,271		523,324			547,058
Profit sharing payable		894,082		—		—			894,082
Debt		750,000		—		—			750,000
Liabilities of consolidated variable interest entities:
Debt, at fair value		—		12,528,877		(622	)		12,528,255
Other liabilities		—		914,484		39			914,523
Due to affiliates		—		82,144		(82,144	)		—
Other liabilities		24,866		6,316		—			31,182

Total Liabilities		2,114,897		13,533,465		477,098			16,125,460

Shareholders’ Equity:
Apollo Global Management, LLC shareholders’ Equity
Additional paid in capital		110,813		—		2,384,525			2,495,338
Accumulated earnings (deficit)		844,742		2,176,827		(4,518,518	)		(1,496,949	)
Appropriated partners’ capital		—		1,554,853		(39,706	)		1,515,147
Accumulated other comprehensive income (loss)		40,607		—		(40,516	)		91

Total Apollo Global Management, LLC shareholders’ equity		996,162		3,731,680		(2,214,215	)		2,513,627
Non-Controlling Interests in consolidated entities		3,341		879,663		2,100,739			2,983,743
Non-Controlling Interests in Apollo Operating Group		1,289,552		—		—			1,289,552

Total Shareholders’ Equity		2,289,055		4,611,343		(113,476	)		6,786,922

Total Liabilities and Shareholders’ Equity	$	4,403,952	$	18,144,808	$	363,622		$	22,912,382

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


	For the Year Ended December 31, 2013
	Total Apollo Operating Group Consolidated			VIE and Consolidated Funds			Other⁽¹⁾			Total Apollo Global Management, LLC Consolidated
	(dollars in thousands)
Statement of Operations Data
Revenues:
Advisory and transaction fees from affiliates, net	$	196,562		$	—		$	—		$	196,562
Management fees from affiliates		730,702			(117	)		(55,951	)		674,634
Carried interest income from affiliates		2,896,161			—			(33,786	)		2,862,375

Total Revenues		3,823,425			(117	)		(89,737	)		3,733,571

Expenses:
Equity-based compensation		126,227			—			—			126,227
Salary, bonus and benefits		294,753			—			—			294,753
Profit sharing expense		1,173,255			—			—			1,173,255

Total Compensation and Benefits		1,594,235			—			—			1,594,235
Interest expense		29,260			—			—			29,260
Professional fees		82,339			959			109			83,407
General, administrative and other		97,081			1,118			3			98,202
Placement fees		42,424			—			—			42,424
Occupancy		39,946			—			—			39,946
Depreciation and amortization		53,074			—			1,167			54,241

Total Expenses		1,938,359			2,077			1,279			1,941,715

Other Income:
Net gains from investment activities		(12,593	)		342,828			—			330,235
Net gains from investment activities of consolidated variable interest entities		—			110,100			89,642			199,742
Income from equity method investments		118,098			—			(10,748	)		107,350
Interest income		10,794			1,464			8			12,266
Other income, net		30,343			(3,274	)		13,045			40,114

Total Other Income		146,642			451,118			91,947			689,707

Income Before Income Tax Provision		2,031,708			448,924			931			2,481,563
Income Tax provision		(10,334	)		—			(97,235	)		(107,569	)

Net Income		2,021,374			448,924			(96,304	)		2,373,994
Net (Income) attributable to Non-Controlling Interests		(1,276,522	)		(438,176	)		95			(1,714,603	)

Net Income Attributable to Apollo Global Management, LLC	$	744,852		$	10,748		$	(96,209	)	$	659,391

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


	As of December 31, 2013
	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	$	1,073,123	$	—	$	4,997		$	1,078,120
Cash and cash equivalents held at Consolidated Funds		—		1,417		—			1,417
Restricted cash		9,199		—		—			9,199
Investments		509,712		1,971,654		(87,483	)		2,393,883
Assets of consolidated variable interest entities
Cash and cash equivalents		—		1,095,170		—			1,095,170
Investments, at fair value		—		14,127,480		(1,118	)		14,126,362
Other assets		—		280,718		—			280,718
Carried interest receivable		2,366,766		—		(79,691	)		2,287,075
Due from Affiliates		383,771		—		(66,524	)		317,247
Fixed assets, net		38,771		—		1,480			40,251
Deferred tax assets		15,515		—		644,684			660,199
Other assets		42,212		1,837		121			44,170
Goodwill		88,852		—		(39,609	)		49,243
Intangible assets, net		94,927		—		—			94,927

Total Assets	$	4,622,848	$	17,478,276	$	376,857		$	22,477,981

Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and accrued expenses	$	36,473	$	279	$	1,407		$	38,159
Accrued compensation and benefits		41,711		—		—			41,711
Deferred revenue		279,479		—		—			279,479
Due to affiliates		69,034		853		525,484			595,371
Profit sharing payable		992,240		—		—			992,240
Debt		750,000		—		—			750,000
Liabilities of consolidated variable interest entities:
Debt, at fair value		—		12,424,839		(877	)		12,423,962
Other liabilities		—		609,413		(4,350	)		605,063
Due to affiliates		—		81,272		(81,272	)		—
Other liabilities		24,538		2,627		36,109			63,274

Total Liabilities		2,193,475		13,119,283		476,501			15,789,259

Shareholders’ Equity:
Apollo Global Management, LLC shareholders’ Equity
Additional paid in capital		157,761		—		2,466,821			2,624,582
Accumulated earnings (deficit)		851,129		1,971,682		(4,391,298	)		(1,568,487	)
Appropriated partners’ capital		—		1,620,928		(39,849	)		1,581,079
Accumulated other comprehensive income (loss)		33,773		—		(33,678	)		95

Total Apollo Global Management, LLC shareholders’ equity		1,042,663		3,592,610		(1,998,004	)		2,637,269
Non-Controlling Interests in consolidated entities		4,987		766,383		1,898,360			2,669,730
Non-Controlling Interests in Apollo Operating Group		1,381,723		—		—			1,381,723

Total Shareholders’ Equity		2,429,373		4,358,993		(99,644	)		6,688,722

Total Liabilities and Shareholders’ Equity	$	4,622,848	$	17,478,276	$	376,857		$	22,477,981

(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-99.2 - May 27, 2014

Attached files

Apollo Global Management, Inc. Reports