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Apollo Global Management, LLC Reports Third Quarter 2012 Results

Stocks in this article: APO

U.S. GAAP results for the third quarter ended September 30, 2012 included net income attributable to Apollo Global Management, LLC of $82.8 million, compared to a $466.9 million loss for the quarter ended September 30, 2011.

Leon Black, Chairman and Chief Executive Officer said, “Our total assets under management reached $110 billion at the end of the third quarter, reinforcing our leadership position as a multi-product, solutions-driven provider of alternative investment strategies. Amid a volatile and uncertain market, Apollo has generated strong returns for our investors by relying on our value-oriented and flexible investing approach across the Firm's integrated global platform.”

Combined Segments

Total revenue for Apollo’s Management Business was $185.1 million during the third quarter of 2012, an increase of $33.6 million, or 22%, from the third quarter of 2011. This includes management fee revenues of $160.2 million for the third quarter of 2012, an increase of $37.2 million, or 30%, from the third quarter of 2011, which was primarily driven by the aforementioned growth in fee-generating AUM within Apollo’s credit segment.

Apollo’s Incentive Business reported $574.0 million of total carried interest income during the third quarter of 2012, compared to a total carried interest loss of $1,630.3 million during the same period in 2011. These amounts include $229.8 million of realized gains from carried interest income for the third quarter of 2012, an increase of $176.9 million, or 334%, compared to $52.9 million during the same period in 2011. The increase in realized gains from carried interest income was largely attributable to dispositions of investments held in LyondellBasell and Charter Communications, Inc. by funds managed by Apollo during the third quarter of 2012.

Total expenses for Apollo’s Management Business were $140.4 million during the third quarter of 2012, a $5.7 million increase compared to $134.7 million during the third quarter of 2011. Salary, bonus and benefits expense was $64.6 million during the third quarter of 2012, a $3.8 million decrease compared to $68.4 million during the third quarter of 2011. Over the same period, there was an offsetting increase in profit sharing expense within the Incentive Business of $12.2 million in connection with the performance-based incentive arrangement adopted by Apollo in June 2011.

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