Apollo Global Management, Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - May 10, 2016

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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 months ended March 31, 2016. 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 March 31, 2016
  
    
Total Apollo Operating Group Consolidated
    
VIE &
Consolidated Funds
    
Other (1)
    
Total
Apollo Global Management, LLC Consolidated
  
    (dollars in thousands)  
Statement of Financial Data
                        
Assets:
                        
                         
Cash and cash equivalents
  
$
537,945
     $ -    
$
4,538
    
$
542,483
  
Cash and cash equivalents held at consolidated funds
     -      
6,920
       -      
6,920
  
Restricted cash
    
5,356
       -       -      
5,356
  
Investments
    
1,208,361
      
24,066
      
(98,868
)
    
1,133,559
  
Assets of consolidated variable interest entities:
                                
Cash and cash equivalents
     -      
33,133
       -      
33,133
  
Investments, at fair value
     -      
964,099
      
(306
)
    
963,793
  
Other assets
     -      
59,582
       -      
59,582
  
Carried interest receivable
    
490,403
       -       -      
490,403
  
Due from affiliates
    
538,368
       -      
(276,465
)
    
261,903
  
Deferred tax assets
    
11,532
       -      
638,643
      
650,175
  
Other assets
    
88,912
      
7,664
      
(100
)
    
96,476
  
Goodwill
    
88,852
       -       -      
88,852
  
Intangible assets, net
    
28,132
       -       -      
28,132
  
Total Assets
  
$
2,997,861
    
$
1,095,464
    
$
267,442
    
$
4,360,767
  
                                 
Liabilities and Shareholders’ Equity
                                
Liabilities:
                                
Accounts payable and accrued expenses
  
$
98,661
     $ -    
$
-
 
  
$
98,661
  
Accrued compensation and benefits
    
50,131
       -       -      
50,131
  
Deferred revenue
    
175,536
       -       -      
175,536
  
Due to affiliates
    
88,092
       -      
506,162
      
594,254
  
Profit sharing payable
    
257,504
       -       -      
257,504
  
 Debt
    
1,046,012
       -       -      
1,046,012
  
Liabilities of consolidated variable interest entities:
                                
Debt, at fair value
     -      
878,306
      
(43,688
)
    
834,618
  
Other liabilities
     -      
74,172
      
(140
)
    
74,032
  
Due to affiliates
     -      
735
      
(735
)
    
-
  
Other liabilities
    
36,042
      
6,983
      
-
      
43,025
  
Total Liabilities
  
$
1,751,978
    
$
960,196
    
$
461,599
    
$
3,173,773
  
                                 
Shareholders’ Equity:
                                
Apollo Global Management, LLC shareholders’ Equity:
                                
Additional paid in capital
     -       -      
1,957,692
      
1,957,692
  
Accumulated deficit
    
693,378
      
34,758
      
(2,131,390
)
    
(1,403,254
)
Accumulated other comprehensive (loss) income
    
(3,802
)
    
(1,581
)
    
305
      
(5,078
)
Total Apollo Global Management, LLC shareholders’ equity
    
689,576
      
33,177
      
(173,393
)
    
549,360
  
                                 
Non-Controlling Interests in consolidated entities
    
7,673
      
102,091
      
(20,764
)
    
89,000
  
Non-Controlling Interests in Apollo Operating Group
    
548,634
       -       -      
548,634
  
Total Shareholders’ Equity
    
1,245,883
      
135,268
      
(194,157
)
    
1,186,994
  
Total Liabilities and Shareholders’ Equity
  
$
2,997,861
    
$
1,095,464
    
$
267,442
    
$
4,360,767
  
 
(1) Includes eliminations for VIE and Fund consolidation and entities not included in the Apollo Operating Group.
 
 
   
For the Three Month Ended March 31, 2016
  
   
Total Apollo Operating Group Consolidated
    
VIE &
Consolidated Funds
    
Other (1)
    
Total
Apollo Global Management, LLC Consolidated
  
    (dollars in thousands)  
                         
Statement of Operating Data:
                        
Revenues:
                        
Advisory and transaction fees from affiliates, net
  
$
7,999
     $ -     $ -    
$
7,999
  
Management fees from affiliates
    
234,447
      
(31
)
    
(621
)
    
233,795
  
Carried interest income (loss) from affiliates
    
(120,968
)
     -       -      
(120,968
)
Total Revenues
    
121,478
      
(31
)
    
(621
)
    
120,826
  
Expenses:
                                
Compensation and benefits:
                                
Salary, bonus and benefits
    
97,234
      
-
      
-
      
97,234
  
Equity-based compensation
    
14,002
      
-
      
-
      
14,002
  
Profit sharing expense
    
(37,605
)
    
-
      
-
      
(37,605
)
Total Compensation and Benefits
    
73,631
      
-
      
-
      
73,631
  
Interest expense
    
7,873
       -      
-
 
    
7,873
  
General, administrative and other
    
27,691
      
34
      
19
      
27,744
  
Professional fees
    
16,434
      
-
      
-
      
16,434
  
Occupancy
    
9,822
      
-
      
-
      
9,822
  
Placement fees
    
1,764
      
-
      
-
      
1,764
  
Depreciation and amortization
    
4,631
      
-
       -      
4,631
  
Total Expenses
  
$
141,846
    
$
34
    
$
19
 
  
$
141,899
  
                                 
Other  Income (Loss):
                                
Net gains (loss) from investment activities
    
(56,498
)
    
29
       -      
(56,469
)
Net gains (loss) from investment activities of consolidated variable interest entities
    
-
      
(63
)
    
1,382
      
1,319
  
Income (loss) from equity method investments
    
(3,528
)
     -      
(289
)
    
(3,817
)
Interest income (loss)
    
1,006
      
339
      
(760
)
    
585
  
Other loss, net
    
(253
)
     -      
-
      
(253
)
Total Other Income (Loss)
    
(59,273
)
    
305
      
333
      
(58,635
)
Income (loss) before income tax (provision) benefit
    
(79,641
)
    
240
      
(307
)
    
(79,708
)
Income tax (provision) benefit
    
951
       -      
4,196
      
5,147
  
Net Income (Loss)
    
(78,690
)
    
240
      
3,889
      
(74,561
)
Net (income) loss attributable to Non-Controlling Interests
    
41,685
      
48
      
-
      
41,733
  
Net Income (Loss) Attributable to Apollo Global Management, LLC
  
$
(37,005
)
  
$
288
    
$
3,889
    
$
(32,828
)
 
(1) Includes eliminations for VIE and Fund consolidation and entities not included in the Apollo Operating Group.
 

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