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Apollo Global Management, LLC Reports Financial Results For The Fourth Quarter And Year Ended December 31, 2011

Stocks in this article: APO

Total expenses for Apollo’s Management Business were $130.9 million during the fourth quarter of 2011, a decrease of $14.8 million or 10% from the fourth quarter of 2010. Total compensation expense for Apollo’s Management Business was $66.3 million during the fourth quarter of 2011, a decrease of $13.3 million, or 17%, from the fourth quarter of 2010. The compensation expense decrease was impacted by the performance-based incentive plan adopted by Apollo in June 2011, whereby certain partners and employees earn discretionary compensation based on carried interest realizations. Such discretionary compensation is reflected in the Incentive Business as profit sharing expense. Non-compensation expenses for Apollo’s Management Business were $64.6 million during the fourth quarter of 2011, a decrease of $1.5 million, or 2%, from the fourth quarter of 2010.

Total expenses for Apollo’s Management Business were $543.3 million during the year ended December 31, 2011, an increase of $64.5 million, or 13%, from the year ended December 31, 2010. Total compensation expense for Apollo’s Management Business was $319.3 million during the year ended December 31, 2011, an increase of $39.1 million, or 14%, from the year ended December 31, 2010, which was primarily driven by greater equity-based compensation expense from an increase in headcount during 2011. Non-compensation expenses for Apollo’s Management Business were $224.0 million during the year ended December 31, 2011, an increase of $25.4 million, or 13%, from the fourth quarter of 2010, which was primarily driven by the continued expansion of Apollo’s global investment platform.

Private Equity Segment

The economic net income from Apollo’s private equity segment was $232.4 million for the fourth quarter of 2011, compared to $787.2 million for the fourth quarter of 2010. Apollo’s private equity segment had total carried interest income of $328.7 million for the fourth quarter of 2011, which included realized carried interest income of $240.0 million that was largely driven by the portfolio company sales of Connections Education in Fund IV and Parallel Petroleum in Fund VII, as well as the special dividend from LyondellBasell.

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