Apollo Global Management Investor Presentation Deck
Fee Related Earnings
($ in thousands)
Management fees
Advisory and transaction fees
Performance fees
Total Fee Related Revenues
Salary, bonus and benefits
Non-Compensation Expenses
FY'11
490,191
73,542
44,540
608,273
(251,095)
(183,146)
(434,241)
10,203
(12,146)
8,846
Non-Controlling Interest
(8,730)
Fee Related Earnings
$172,089
$300,166
Reconciliation of GAAP to Fee Related Earnings
Total Fee Related Expenses
Other income (loss) attributable to FRE
($ in thousands)
GAAP Net Income (Loss) Attributable to Apollo Global
Management, Inc. Class A Common Stockholders
Preferred dividends
Net income (loss) attributable to Non-Controlling Interests in
consolidated entities
Net income (loss) attributable to Non-Controlling Interests in the
Apollo Operating Group
GAAP Net Income (Loss)
Income tax provision (benefit)
GAAP Income (Loss) Before Income Tax Provision
(Benefit)
Transaction related charges¹
Charges associated with corporate conversion
(Gains) losses from changes in tax receivable agreement liability
Net (income) loss attributable to Non-Controlling Interests in
consolidated entities
Performance fees²
Profit sharing expense and other³
Equity-based compensation
Principal investment (income) loss
Net (gains) losses from investment activities
Net interest loss
Athene capital and surplus fee*
Other
Fee Related Earnings
FY' 11
($468,826)
104,939
(940,312)
($1,304,199)
11,929
($1,292,270)
1,096,180
137
(104,939)
441,947
(59,541)
68,172
(10,829)
5,881
36,119
(8,768)
$172,089
FY' 12
623,041
133,257
37,842
794,140
(274,574)
(219,516)
(494,090)
FY' 12
$310,957
2,051,481
685,357
$3,047,795
65,410
$3,113,205
597,450
(3,937)
(2,051,481)
(2,163,619)
847,382
68,942
(121,120)
1,142
31,477
(16,787)
(2,488)
$300,166
FY' 13
730,702
88,627
36,922
856,251
(294,753)
(272,949)
(567,702)
24,841
(13,985)
$299,405
FY' 13
$659,391
456,953
1,257,650
$2,373,994
107,569
$2,481,563
163,361
(13,038)
(456,953)
(2,859,239)
1,112,935
66,341
(113,211)
12,593
23,191
(107,935)
(10,203)
$299,405
FY' 14
901,024
89,633
41,199
1,031,856
(339,846)
(243,207)
(583,053)
9,621
(12,688)
$445,736
FY' 14
$168,229
157,011
404,682
$729,922
147,245
$877,167
34,487
(32,182)
(157,011)
(365,322)
265,316
105,495
(54,905)
(9,062)
19,098
(226,449)
(10,896)
$445,736
FY'15
911,893
46,244
40,625
998,762
(355,922)
(218,745)
(574,667)
7,694
(11,684)
$420,105
FY'15
$134,497
FY' 16
977,649
147,115
22,941
1,147,705
(366,890)
(242,923)
(609,813)
(21,364)
(56,665)
87,222
61,701
(16,078)
(121,132)
26,533
(1,942)
45,517
$420,105
(554)
(7,464)
$529,874
FY' 16
$402,850
FY' 17
$615,566
5,789
13,538
21,364
8,891
194,634
561,668
805,644
$350,495 $970,307 $1,443,639
26,733
90,707
325,945
$377,228 $1,061,014 $1,769,584
39,085
55,302
17,496
(3,208)
(5,789)
(762,945)
319,777
63,081
(102,581)
(138,608)
39,019
FY' 17
1,082,315
117,624
17,666
1,217,605
(394,155)
(242,492)
(636,647)
47,834
(4,379)
$624,413
4,812
$529,874
(200,240)
(8,891)
(1,319,924)
512,137
64,954
(162,951)
(94,774)
44,984
2,038
$624,413
FY' 18
1,282,688
111,567
28,390
1,422,645
(414,962)
(241,413)
(656,375)
9,977
(5,008)
$771,239
FY' 18
($42,038)
31,662
FY' 19
$806,537
36,656
30,504
31,648
(2,021)
663,146
$19,251 $1,536,843
86,021
(128,994)
$105,272 $1,407,849
(5,631)
49,213
21,987
50,307
(30,504)
(1,036,688)
594,052
70,962
(154,273)
(138,117)
61,606
(35,405)
(31,648)
402,700
41,868
68,229
(7,614)
186,426
37,573
FY' 19
1,491,070
122,890
21,110
1,635,070
(463,316)
(274,089)
(737,405)
7,688
(3,151)
$902,202
9,469
$771,239
5,808
$902,202
FY'20
1,647,964
251,520
9,836
1,909,320
(560,987)
(305,697)
(866,684)
822
(2,931)
$1,040,527
FY'20
$119,958
36,656
118,378
191,810
$466,802
86,966
$553,768
39,186
3,893
(12,426)
(118,378)
(315,719)
352,741
67,852
(85,336)
452,974
117,348
(15,376)
1,040,527
1 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges.
2 Excludes certain performance fees from business development companies, Redding Ridge Holdings and MidCap. 3 Profit sharing expense and other includes certain profit sharing arrangements in which a portion of
performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Profit sharing expense and other also includes non-cash expenses related to equity
awards granted by unconsolidated related parties to employees of Apollo. 4 Represents monitoring fees paid by Athene to Apollo by delivery of common shares of Athene Holding, calculated based on Athene's capital and surplus,
as defined in our transaction and advisory services agreement with Athene.
APOLLO
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