Apollo Global Management, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 9, 2015

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8-K - FORM 8-K - Apollo Global Management, Inc.eh1501294_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 months ended September 30, 2015. 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 period.
 
As of September 30, 2015
 
Total Apollo
Operating Group Consolidated
VIE & Consolidated Funds Total
Total Other (1)
Total Apollo Global Management, LLC Consolidated
  (dollars in thousands)
 
Statement of Financial Data
Assets:
Cash and cash equivalents
  
$
836,131
    
$
-
    
$
177
    
$
836,308
  
Cash and cash equivalents held at consolidated funds
    
-
      
3,460
      
-
      
3,460
  
Restricted cash
    
5,431
      
-
      
-
      
5,431
  
Investments
    
1,168,263
      
25,985
      
(96,629
)
    
1,097,619
  
Assets of consolidated variable interest entities:
                                
 Cash and cash equivalents
    
-
      
29,424
      
-
      
29,424
  
 Investments, at fair value
    
-
      
944,250
      
(300
)
    
943,950
  
 Other assets
    
-
      
51,301
      
-
      
51,301
  
Carried interest receivable
    
688,886
      
-
      
-
      
688,886
  
Due from affiliates
    
476,049
      
-
      
(210,651
)
    
265,398
  
Fixed assets, net
    
32,975
      
-
      
-
      
32,975
  
Deferred tax assets
    
10,695
      
-
      
641,737
      
652,432
  
Other assets
    
59,999
      
4,503
      
21,293
      
85,795
  
Goodwill
    
88,852
      
-
      
-
      
88,852
  
Intangible assets, net
    
36,219
      
-
      
-
      
36,219
  
Total Assets
    
3,403,500
      
1,058,923
      
355,627
      
4,818,050
  
 
Liabilities and Shareholders' Equity
                                
Liabilities:
                                
Accounts payable and accrued expenses
  
$
52,417
    
$
-
    
$
6,932
    
$
59,349
  
Accrued compensation and benefits
    
135,470
      
-
      
-
      
135,470
  
Deferred revenue
    
201,179
      
-
      
-
      
201,179
  
Due to affiliates
    
102,066
      
-
      
480,262
      
582,328
  
Profit sharing payable
    
366,661
      
-
      
-
      
366,661
  
Debt
    
1,031,428
      
-
      
-
      
1,031,428
  
Liabilities of consolidated variable interest entities:
                                
 Debt, at fair value
    
-
      
868,994
      
(43,672
)
    
825,322
  
 Other liabilities
    
-
      
60,575
      
(148
)
    
60,427
  
 Due to affiliates
    
-
      
731
      
(731
)
    
-
  
Other liabilities
    
34,197
      
2,266
      
-
      
36,463
  
Total Liabilities
    
1,923,418
      
932,566
      
442,643
      
3,298,627
  
 
                                
Shareholders' Equity:
                                
Apollo Global Management, LLC shareholders' Equity:
                                
 Additional paid in capital
    
-
      
-
      
2,050,681
      
2,050,681
  
 Accumulated deficit
    
756,480
      
32,324
      
(2,117,428
)
    
(1,328,624
)
 Accumulated other comprehensive income (loss)
    
(4,656
)
    
(1,997
)
    
706
      
(5,947
)
Total Apollo Global Management, LLC shareholders' equity
    
751,824
      
30,327
      
(66,041
)
    
716,110
  
 
                                
Non-Controlling Interests in consolidated entities
    
7,732
      
96,030
      
(20,975
)
    
82,787
  
Non-Controlling Interests in Apollo Operating Group
    
720,526
      
-
      
-
      
720,526
  
Total Shareholders' Equity
    
1,480,082
      
126,357
      
(87,016
)
    
1,519,423
  
Total Liabilities and Shareholders' Equity
  
$
3,403,500
    
$
1,058,923
    
$
355,627
    
$
4,818,050
  
(1)
Includes eliminations for VIE and Fund consolidation and entities not included in the Apollo Operating Group
 
 
  
For The Nine Months ended September 30, 2015
  
 
  
Total Apollo Operating Group Consolidated
    
VIE & Consolidated Funds Total
    
Total Other (1)
    
Total Apollo Global Management, LLC Consolidated
  
 
(dollars in thousands)
 
Statement of Operating Data:
  
   
   
   
 
Revenues:
  
   
   
   
 
Advisory and transaction fees from affiliates
  
$
34,269
    
$
-
    
$
-
    
$
34,269
  
Management fees from affiliates
    
696,803
      
(94
)
    
(2,673
)
    
694,036
  
Carried Interest income from affiliates
    
119,714
      
-
      
-
      
119,714
  
Total Revenue
    
850,786
      
(94
)
    
(2,673
)
    
848,019
  
Expenses:
                                
Salary, bonus and benefits
    
270,017
      
-
      
-
      
270,017
  
Equity-based compensation
    
73,786
      
-
      
-
      
73,786
  
Profit sharing expense
    
89,935
      
-
      
-
      
89,935
  
Total Compensation and Benefits
    
433,738
      
-
      
-
      
433,738
  
 
                                
Interest expense
    
22,454
      
-
      
-
      
22,454
  
General, administrative and other
    
65,851
      
121
      
-
      
65,972
  
Professional fees
    
51,907
      
-
      
-
      
51,907
  
Occupancy
    
30,226
      
-
      
-
      
30,226
  
Placement fees
    
5,802
      
-
      
-
      
5,802
  
Depreciation and amortization
    
32,900
      
-
      
447
      
33,347
  
Total Expenses
    
642,878
      
121
      
447
      
643,446
  
 
                                
Other  Income (Loss):
                                
Net gains (loss) from Investment activities
    
107,289
      
203
      
-
      
107,492
  
Net gains from Investment activities of consolidated variable interest entities
    
-
      
3,865
      
4,174
      
8,039
  
Income (loss) from equity method investments
    
19,521
      
-
      
(1,442
)
    
18,079
  
Interest income (loss)
    
2,823
      
1,081
      
(1,501
)
    
2,403
  
Other income, net
    
6,741
      
-
      
1
      
6,742
  
Total Other Income (Loss)
    
136,374
      
5,149
      
1,232
      
142,755
  
Income (Loss) before income tax provision
    
344,282
      
4,934
      
(1,888
)
    
347,328
  
Income Tax provision
    
(6,133
)
    
-
      
(15,064
)
    
(21,197
)
Net Income (Loss)
    
338,149
      
4,934
      
(16,952
)
    
326,131
  
Net Income attributable to Non-controlling Interests
    
(194,233
)
    
(3,492
)
    
-
      
(197,725
)
Net Income (Loss) Attributable to Apollo Global Management, LLC
  
$
143,916
    
$
1,442
    
$
(16,952
)
  
$
128,406
  
 
(1)
Includes entities not included in the Apollo Operating Group and eliminations for VIE and consolidated funds
 
 
 
  
For The Three Months ended September 30, 2015
  
 
  
Total Apollo Operating Group Consolidated
    
VIE & Consolidated Funds Total
    
Total Other (1)
    
Total Apollo Global Management, LLC Consolidated
  
   
(dollars in thousands)
  
Statement of Operating Data:
  
   
   
   
 
Revenues:
  
   
   
   
 
Advisory and transaction fees from affiliates
  
$
9,276
    
$
-
    
$
-
    
$
9,276
  
Management fees from affiliates
    
239,507
      
(32
)
    
(912
)
    
238,563
  
Carried Interest income from affiliates
    
(54,571
)
    
-
      
-
      
(54,571
)
Total Revenue
    
194,212
      
(32
)
    
(912
)
    
193,268
  
Expenses:
                                
Salary, bonus and benefits
    
93,514
      
-
      
-
      
93,514
  
Equity-based compensation
    
31,404
      
-
      
-
      
31,404
  
Profit sharing expense
    
(20,329
)
    
-
      
-
      
(20,329
)
Total Compensation and Benefits
    
104,589
      
-
      
-
      
104,589
  
 
                                
Interest expense
    
7,529
      
-
      
-
      
7,529
  
General, administrative and other
    
21,625
      
20
      
-
      
21,645
  
Professional fees
    
17,218
      
-
      
-
      
17,218
  
Occupancy
    
10,137
      
-
      
-
      
10,137
  
Placement fees
    
2,617
      
-
      
-
      
2,617
  
Depreciation and amortization
    
11,127
      
-
      
49
      
11,176
  
Total Expenses
    
174,842
      
20
      
49
      
174,911
  
 
                                
Other  Income (Loss):
                                
Net gains (loss) from Investment activities
    
81,244
      
(294
)
    
-
      
80,950
  
Net gains (losses) from Investment activities of consolidated variable interest entities
    
-
      
(847
)
    
1,758
      
911
  
Income (loss) from equity method investments
    
2,084
      
-
      
(63
)
    
2,021
  
Interest income (loss)
    
1,368
      
297
      
(847
)
    
818
  
Other income, net
    
92
      
-
      
1
      
93
  
Total Other Income (Loss)
    
84,788
      
(844
)
    
849
      
84,793
  
Income (Loss) before income tax provision
    
104,158
      
(896
)
    
(112
)
    
103,150
  
Income Tax provision
    
(3,016
)
    
-
      
(3,575
)
    
(6,591
)
Net Income (Loss)
    
101,142
      
(896
)
    
(3,687
)
    
96,559
  
Net Income attributable to Non-controlling Interests
    
(56,467
)
    
959
      
-
      
(55,508
)
Net Income (Loss) Attributable to Apollo Global Management, LLC
  
$
44,675
    
$
63
    
$
(3,687
)
  
$
41,051
  
 
(1)
Includes entities not included in the Apollo Operating Group and eliminations for VIE and consolidated funds
 
 

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