Apollo Global Management, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - February 29, 2016

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8-K - FORM 8-K - Apollo Global Management, Inc.eh1600309_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 fiscal year ended December 31, 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 periods.
 
 
  
As of December 31, 2015    
  
   
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
  
$
607,976
    
$
-
    
$
4,529
    
$
612,505
  
Cash and cash equivalents held at consolidated funds
    
-
      
4,817
      
-
      
4,817
  
Restricted cash
    
5,700
      
-
      
-
      
5,700
  
Investments
    
1,223,407
      
28,547
      
(97,205
)
    
1,154,749
  
Assets of consolidated variable interest entities:
    
 
      
 
      
 
          
Cash and cash equivalents
    
-
      
56,793
      
-
      
56,793
  
Investments, at fair value
    
-
      
910,858
      
(292
)
    
910,566
  
Other assets
    
-
      
63,413
      
-
      
63,413
  
Carried interest receivable
    
643,907
      
-
      
-
      
643,907
  
Due from affiliates
    
512,816
      
-
      
(264,981
)
    
247,835
  
Deferred tax assets
    
11,390
      
-
      
634,817
      
646,207
  
Other assets
    
93,144
      
2,636
      
64
      
95,844
  
Goodwill
    
88,852
      
-
      
-
      
88,852
  
Intangible assets, net
    
28,620
      
-
      
-
      
28,620
  
Total Assets
  
$
3,215,812
    
$
1,067,064
    
$
276,932
    
$
4,559,808
  
Liabilities and Shareholders' Equity
                                
Liabilities:
                                
Accounts payable and accrued expenses
  
$
91,744
    
$
-
    
$
268
    
$
92,012
  
Accrued compensation and benefits
    
54,836
      
-
      
-
      
54,836
  
Deferred revenue
    
177,875
      
-
      
-
      
177,875
  
Due to affiliates
    
139,921
      
-
      
454,615
      
594,536
  
Profit sharing payable
    
295,674
      
-
      
-
      
295,674
  
Debt
    
1,025,255
      
-
      
-
      
1,025,255
  
Liabilities of consolidated variable interest entities:
    
 
      
 
      
 
        
Debt, at fair value
    
-
      
843,584
      
(42,314
)
    
801,270
  
Other liabilities
    
-
      
86,226
      
(244
)
    
85,982
  
Due to affiliates
    
-
      
1,137
      
(1,137
)
    
-
  
Other liabilities
    
38,750
      
4,637
      
-
      
43,387
  
Total Liabilities
    
1,824,055
      
935,584
      
411,188
      
3,170,827
  
 Shareholders' Equity:
                                
Apollo Global Management, LLC shareholders' Equity:
                                
Additional paid in capital
    
-
      
-
      
2,005,509
      
2,005,509
  
Accumulated deficit
    
737,026
      
34,468
      
(2,119,878
)
    
(1,348,384
)
Accumulated other comprehensive (loss) income
   
(6,001
)
    
(2,496
)
    
877
      
(7,620
)
Total Apollo Global Management, LLC shareholders'
    equity
    
731,025
      
31,972
      
(113,492
)
    
649,505
  
Non-Controlling Interests in consolidated entities
    
7,817
      
99,508
      
(20,764
)
    
86,561
  
Non-Controlling Interests in Apollo Operating Group
    
652,915
      
-
      
-
      
652,915
  
Total Shareholders' Equity
    
1,391,757
      
131,480
      
(134,256
)
    
1,388,981
  
Total Liabilities and Shareholders' Equity
  
$
3,215,812
    
$
1,067,064
    
$
276,932
    
$
4,559,808
  
 
 
(1) Includes eliminations for VIE and Fund consolidation and entities not inlcuded in the Apollo Operating Group.
 
 
   
For the Fiscal Year Ended December 31, 2015    
  
   
Total Apollo Operating Group Consolidated
    
VIE and
Consolidated
Funds Total
    
Other (1)
    
Total Apollo
Global
Management,
LLC
 Consolidated
  
Statement of Operations
  
(dollars in thousands)
  
Revenues:
                
Advisory and transaction fees from affiliates, net
  
$
14,186
    
$
-
    
$
-
    
$
14,186
  
Management fees from affiliates
    
933,891
      
(126
)
    
(3,571
)
    
930,194
  
Carried interest income from affiliates
    
97,290
      
-
      
-
      
97,290
  
Total Revenues
    
1,045,367
      
(126
)
    
(3,571
)
    
1,041,670
  
Expenses:
                                
 Compensation and benefits:
Salary, bonus and benefits
    
354,524
      
-
      
-
      
354,524
  
Equity-based compensation
    
97,676
      
-
      
-
      
97,676
  
Profit sharing expense
    
85,229
      
-
      
-
      
85,229
  
Total Compensation and Benefits
    
537,429
      
-
      
-
      
537,429
  
Interest expense
    
30,071
      
-
      
-
      
30,071
  
General, administrative and other 
102,118
137
-
102,255
Professional fees 
68,112
-
1
68,113
Occupancy 
40,219
-
-
40,219
Placement fees 
8,414
-
-
8,414
Depreciation and amortization
    
44,027
      
-
      
447
      
44,474
  
Total Expenses
    
830,390
      
137
      
448
      
830,975
  
Other  Income (Loss):
                                
Net gain (loss) from investment activities
    
122,130
      
(407
)
    
-
      
121,723
  
Net gains from investment activities of consolidated variable interest entities
    
-
      
13,656
      
5,394
      
19,050
  
Income (loss) from equity method investments
    
18,441
      
-
      
(3,586
)
    
14,855
  
Interest income (loss)
    
3,635
      
1,420
      
(1,823
)
    
3,232
  
Other income, net
    
7,672
      
-
      
1
      
7,673
  
Total Other Income (Loss)
    
151,878
      
14,669
      
(14
)
    
166,533
  
Income (loss) before income tax provision
    
366,856
      
14,406
      
(4,034
)
    
377,228
  
Income tax provision
    
(10,975
)
    
-
      
(15,758
)
    
(26,733
)
Net Income (Loss)
    
355,881
      
14,406
      
(19,792
)
    
350,495
  
Net income attributable to Non-controlling Interests
    
(205,178
)
    
(10,820
)
    
-
      
(215,998
)
Net Income (Loss)  Attributable to Apollo Global
Management, LLC
  
$
150,703
    
$
3,586
    
$
(19,792
)
  
$
134,497
  
 
 
(1) Includes eliminations for VIE and Fund consolidation and entities not inlcuded in the Apollo Operating Group.
 

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