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MarketScreener Homepage  >  Equities  >  Nyse  >  Apollo Global Management, Inc.    APO

APOLLO GLOBAL MANAGEMENT, INC.

(APO)
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Apollo Global Management LLC : Form 8-K

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02/21/2020 | 06:39pm EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 21, 2020

Apollo Global Management, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-35107

20-8880053

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

9 West 57th Street, 43rd Floor

New York, New York 10019

(Address of principal executive offices) (Zip Code)

(212) 515-3200

(Registrant's telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

  • Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  • Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  • Pre-commencementcommunications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  • Pre-commencementcommunications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock

APO

New York Stock Exchange

6.375% Series A Preferred Stock

APO.PR A

New York Stock Exchange

6.375% Series B Preferred Stock

APO.PR B

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 7.01 Regulation FD Disclosure.

On February 21, 2020, Apollo Global Management, Inc. (the "Company") filed its annual report on Form 10-K as of and for the fiscal year ended December 31, 2019. Pursuant to that certain indenture, dated as of May 30, 2014, as supplemented, among Apollo Management Holdings, L.P. ("AMH"), the guarantors party thereto (collectively with AMH, the "Credit Parties") and Wells Fargo Bank, National Association, as trustee, attached as Exhibit 99.1 is a copy of the unaudited reconciliation indicating the differences between the financial information of the Company and the financial information of the Credit Parties and their subsidiaries on a combined and consolidated basis, taken as a whole.

The information included in this Current Report on Form 8-K (including the exhibit hereto) is being furnished under Item 7.01, "Regulation FD Disclosure" and Item 9.01 "Financial Statements and Exhibits" of Form 8-K. As such, the information (including the exhibit) herein shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

  1. Exhibits

Exhibit No.

Description

99.1

Unaudited reconciliation of financial data.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

APOLLO GLOBAL MANAGEMENT, INC.

Date: February 21, 2020

By:

/s/ Robert MacGoey

Robert MacGoey

Chief Accounting Officer

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, 2019. 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, Inc.'s financial statements for the relevant periods.

As of December 31, 2019

Total Apollo

Consolidated Funds

Total Apollo Global

Operating Group

Other (1)

Management, Inc.

Consolidated

& VIEs

Consolidated

Statement of Financial Data

(dollars in thousands)

Assets:

Cash and cash equivalents

$

Restricted cash

U.S. Treasury securities, at fair value

Investments (includes performance allocations of $1,507,571 as of December 31, 2019)

Assets of consolidated variable interest entities:

Cash and cash equivalents

Investments, at fair value

Other assets

Incentive fees receivable

Due from related parties

Deferred tax assets, net

Other assets

Lease assets

Goodwill

Total Assets

$

Liabilities and Stockholders' Equity

Liabilities:

Accounts payable and accrued expenses

$

Accrued compensation and benefits

Deferred revenue

Due to related parties

Profit sharing payable

Debt

Liabilities of consolidated variable interest entities:

Debt, at fair value

Other liabilities

Due to related parties

Other liabilities

Lease liabilities

Total Liabilities

Stockholders' Equity:

Apollo Global Management, Inc. stockholders' equity:

Series A Preferred Stock, 11,000,000 shares issued and outstanding as of December 31,

2019

Series B Preferred Stock, 12,000,000 shares issued and outstanding as of December 31,

2019

Additional paid in capital

Retained earnings (accumulated deficit)

Accumulated other comprehensive loss

Total Apollo Global Management, Inc. stockholders' equity

Non-Controlling Interests in consolidated entities

Non-Controlling Interests in Apollo Operating Group

Total Stockholders' Equity

Total Liabilities and Stockholders' Equity

$

1,556,124

$

-

$

78

$

1,556,202

19,779

-

-

19,779

554,387

-

-

554,387

3,704,333

595

(95,069)

3,609,859

-

45,329

-

45,329

-

1,213,169

-

1,213,169

-

41,688

-

41,688

2,414

-

-

2,414

552,061

-

(136,992)

415,069

2,612

-

470,553

473,165

289,989

-

36,460

326,449

190,696

-

-

190,696

93,911

-

-

93,911

6,966,306

$

1,300,781

$

275,030

$

8,542,117

89,663

$

-

$

4,701

$

94,364

64,393

-

-

64,393

84,639

-

-

84,639

199,560

-

301,827

501,387

758,669

-

-

758,669

2,650,600

-

-

2,650,600

-

893,711

(43,564)

850,147

-

79,762

(190)

79,572

-

923

(923)

-

210,740

-

-

210,740

209,479

-

-

209,479

4,267,743

974,396

261,851

5,503,990

264,398

-

-

264,398

289,815

-

-

289,815

-

-

1,302,587

1,302,587

1,238,983

26,744

(1,265,727)

-

(5,410)

(3,379)

4,211

(4,578)

1,787,786

23,365

41,071

1,852,222

6,776

303,020

(27,892)

281,904

904,001

-

-

904,001

2,698,563

326,385

13,179

3,038,127

6,966,306

$

1,300,781

$

275,030

$

8,542,117

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

For the Year Ended December 31, 2019

Total Apollo

Total Apollo

Consolidated Funds

Global

Operating Group

Other(1)

Management, Inc.

Consolidated

& VIEs

Consolidated

Statement of Operating Data

(dollars in thousands)

Revenues:

Management fees

$

1,579,598

$

-

$

(3,784)

$

1,575,814

Advisory and transaction fees, net

123,644

-

-

123,644

Investment income:

Performance allocations

1,062,684

-

(5,545)

1,057,139

Principal investment income

170,055

-

(3,528)

166,527

Total investment income

1,232,739

-

(9,073)

1,223,666

Incentive fees

8,725

-

-

8,725

Total Revenues

2,944,706

-

(12,857)

2,931,849

Expenses:

Compensation and benefits:

Salary, bonus and benefits

514,513

-

-

514,513

Equity-based compensation

189,648

-

-

189,648

Profit sharing expense

556,926

-

-

556,926

Total compensation and benefits

1,261,087

-

-

1,261,087

Interest expense

98,366

-

3

98,369

General, administrative and other

329,623

-

719

330,342

Placement fees

1,482

-

-

1,482

Total Expenses

1,690,558

-

722

1,691,280

Other Income:

Net gains from investment activities

138,117

37

-

138,154

Net gains from investment activities of consolidated variable interest entities

-

34,791

5,120

39,911

Interest income

36,858

-

(1,336)

35,522

Other income (loss), net

4,006

-

(50,313)

(46,307)

Total Other Income

178,981

34,828

(46,529)

167,280

Income before income tax (provision) benefit

1,433,129

34,828

(60,108)

1,407,849

Income tax (provision) benefit

(15,890)

-

144,884

128,994

Net Income

1,417,239

34,828

84,776

1,536,843

Net income attributable to Non-controlling Interests

(667,898)

(25,752)

-

(693,650)

Net Income Attributable to Apollo Global Management, Inc.

749,341

9,076

84,776

843,193

Series A Preferred Stock Dividends

(17,531)

-

-

(17,531)

Series B Preferred Stock Dividends

(19,125)

-

-

(19,125)

Net Income Attributable to Apollo Global Management, Inc. Class A Common

$

712,685

$

9,076

$

84,776

$

806,537

Stockholders

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

Disclaimer

Apollo Global Management LLC published this content on 21 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2020 22:38:10 UTC

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Financials (USD)
Sales 2020 1 882 M
EBIT 2020 989 M
Net income 2020 1 167 M
Finance 2020 839 M
Yield 2020 6,30%
P/E ratio 2020 -
P/E ratio 2021 -
EV / Sales2020 3,91x
EV / Sales2021 2,78x
Capitalization 8 192 M
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Technical analysis trends APOLLO GLOBAL MANAGEMENT,
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 47,13  $
Last Close Price 35,46  $
Spread / Highest target 72,0%
Spread / Average Target 32,9%
Spread / Lowest Target -21,0%
EPS Revisions
Managers
NameTitle
Leon David Black Chairman & Chief Executive Officer
Scott Martin Kleinman Co-President
James Charles Zelter Co-President & Chief Investment Officer-Credit
Martin Kelly Co-Chief Operating & Financial Officer
Anthony M. Civale Co-Chief Operating Officer
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