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Apollo Global Management, LLC Reports Second Quarter 2013 Results

Stocks in this article: APO

Combined Segments

Total revenue for Apollo's combined segments was $510.1 million for the second quarter ended June 30, 2013, an increase of $271.3 million, or 114%, compared to the same period in 2012, driven primarily by a $262.4 million increase in total carried interest income.

Total revenue for Apollo's Management Business was $244.5 million for the second quarter ended June 30, 2013, an increase of $8.9 million, or 4%, from the same period in 2012. This includes management fee revenues of $169.3 million for the second quarter ended June 30, 2013, an increase of $12.9 million, or 8%, from the same period in 2012, which was primarily driven by growth in fee-generating AUM within Apollo's credit segment. There was also $65.1 million of advisory and transaction fees for the second quarter ended June 30, 2013, a decrease of $4.9 million, or 7%, from the same period in 2012, which fees were primarily due to net transaction fees earned in connection with the acquisition of EP Energy by funds affiliated with Apollo during the second quarter of 2012.

Apollo's Incentive Business reported $265.6 million of total carried interest income for the second quarter ended June 30, 2013, an increase of $262.4 million from the same period in 2012. The increase in total carried interest income during the second quarter of 2013 was driven by increased valuations of investments held by funds managed within Apollo's private equity and credit segments. During the second quarter ended June 30, 2013 the Incentive Business generated $840.5 million of realized gains, which was largely attributable to dispositions relating to a number of investments held by funds managed by Apollo, including Realogy, Charter Communications, LyondellBasell, Metals USA, Evertec and CKE.

Total expenses for Apollo's Management Business were $157.4 million for the second quarter ended June 30, 2013, a decrease of $0.9 million from the same period in 2012. Total compensation expenses, including salary and benefits and equity-based compensation, were $86.1 million for the second quarter of 2013, a decrease of $2.9 million, or 3%, compared to the same period in 2012. Non-compensation expenses for Apollo's Management Business were $71.3 million during the second quarter of 2013, an increase of $2.0 million, or 3%, from the second quarter of 2012. The increase in non-compensation expenses during the second quarter of 2013 was largely driven by increased general and administrative and professional fees, partially offset by lower placement fees and interest expense.

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