Exhibit 99.2 APOLLO GLOBAL MANAGEMENT Apollo Global Management, Inc. Fourth Quarter and Full Year 2019 Earnings January 30, 2020
Apollo 4Q'19 Financial Results Highlights ( in millions, except per share data) 4Q'19 Per Share FY'19 Per Share GAAP Net Income 358.0 N/A 1,536.8 N/A Results Net Income Attributable to Apollo Global Management, Inc. 156.9 0.68 806.5…
GAAP Consolidated Statements of Operations (Unaudited) Net Income was 358.0 million for the quarter ended December 31, 2019; Net Income Attributable to Apollo Global Management, Inc. Class A Common Stockholders was 156.9 million for the…
Total Segments ( in thousands, except per share data) 4Q'18 3Q'19 4Q'19 FY'18 FY'19 Management fees 344,716 378,372 387,764 1,282,688 1,491,070 Advisory and transaction fees, net 70,021 16,562 56,206 111,567 122,890 Performance fees1…
Fee Related Earnings Rollforward 2019 full year FRE of 2.19, up 17% year-over-year and 4Q19 FRE of 0.59, up 13% quarter-over-quarter 2019 full year FRE margin increased to 55%, compared to 54% during full year 2018 Quarterly Trailing…
Distributable Earnings and Dividend DE per share more than doubled quarter-over-quarter, primarily due to growth in FRE and net realized performance fees. Supplemented existing dividend policy by announcing intent to distribute a minimum…
Assets Under Management Total AUM increased to 331.1 billion, driven by 10.5 billion of inflows during the quarter, primarily from growth of Athene and across the credit platform; inflows over the twelve months ended December 31, 2019…
Performance Fee Assets Under Management Total Performance Fee-Eligible AUM of 132.5 billion grew 9% year-over-year, driven by growth in permanent capital vehicles and fundraising throughout our corporate credit funds Performance…
Total AUM & Fee-Generating AUM Total AUM Rollforward1 Fee-Generating AUM Rollforward1 Private Private Credit3 Real Assets Total Credit Real Assets Total ( in millions) Equity ( in millions) Equity 3Q'19 207,658 77,863 37,153…
Capital Deployment, Dry Powder & Performance Fee-Eligible AUM Dry Powder Composition Performance Fee-Eligible AUM ( in billions) ( in billions) Credit Uninvested Real Assets Performance 9.7 Fee-Eligible AUM 4.8 44.7 Currently…
Permanent Capital Vehicles, Athene, and Athora Permanent Capital AUM Supplemental Information ( in billions) 166 ( in billions) 3Q'19 4Q'19 136 Athene3 125.5 130.3 Athora 14.0 13.9 87 72 MidCap 8.6 9.0 49% 50% 45% 47% ARI1 6.7…
Net Performance Fee Receivable Rollforward Net Performance Fee Receivable1 (Per Share2) Net Performance Net Realized Fees/Other3 Performance Fees +0.48 1.93 1.85 (0.56) 1.55 1.29 1.15 4Q'18 1Q'19 2Q'19 3Q'19…
Segment Highlights
Credit Commentary Advisory and ( in billions) Total AUM increased 4% quarter-over-quarter to 216 billion, primarily driven by the acquisition of PK AirFinance from GE Capitals Other Aviation Services unit, as well as other Athene…
Private Equity Commentary Total AUM remained at 77 billion at quarter end, driven by market activity and inflows, net of realizations Natural ( in billions) Resources Generated inflows of 0.4 billion during the quarter, primarily…
Real Assets Commentary AUM increased 4% quarter-over-quarter to 39 billion driven by strong inflows and fund appreciation Infrastructure ( in billions) Principal 2.2 Inflows of 1.4 billion during the quarter were driven by ARI, real…
Balance Sheet Highlights
GAAP Consolidated Statements of Financial Condition (Unaudited) ( in thousands, except share data) As of As of December 31, 2019 December 31, 2018 Assets: Cash and cash equivalents 1,556,202 609,747 Restricted cash 19,779 3,457…
Segment Balance Sheet Highlights Summary Balance Sheet1 Share Repurchase Activity - 1Q16 through 4Q195 Supplemental Details ( in millions) 4Q'19 ( and share amounts in millions) Inception to Date A/A Cash and cash equivalents…
Supplemental Details
Segment Performance Fees As of December 31, 4Q'19 FY'19 2019 Performance Fees Unrealized Realized Total Unrealized Realized Total Receivable on an Performance Performance Performance Performance Performance Performance ( in…
Stockholder Dividend Generated 1.10 of Distributable Earnings per Share during the quarter Apollo declared a quarterly dividend of 0.89 per share of Class A Common Stock to holders of record as of February 11, 2020, which is payable on…
Investment Records as of December 31, 2019 Committed Total Invested Realized Remaining Unrealized Total ( in millions) Vintage Year Total AUM Gross IRR Net IRR Capital Capital Value Cost Value Value Private Equity: Fund IX 2018…
Investment Records as of December 31, 2019 - Continued Permanent Capital Vehicles Total Returns7 ( in millions) IPO Year8 Total AUM 4Q'19 FY'19 4Q'18 FY18 Credit: MidCap9 N/A 8,962 4% 17% 4% 19% AIF 2013 377 2 19 (9) (5) AFT 2011…
Reconciliations and Disclosures
Reconciliation of GAAP to Non-GAAP Financial Measures ( in thousands) 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 FY'18 FY'19 GAAP Net Income (Loss) Attributable to Apollo Global Management, (196,408) 139,893 155,659 354,106 156,879 (42,038)…
Reconciliation of GAAP to Non-GAAP Financial Measures - Continued Share Reconciliation 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 Total GAAP Class A Common Stock Outstanding 201,400,500 201,375,418 200,435,587 222,403,296 222,994,407 Non-GAAP…
Reconciliation of GAAP to Non-GAAP Financial Measures ( in thousands) 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 FY'18 FY'19 Total Consolidated Revenues (GAAP) (114,885) 677,777 636,579 702,721 914,772 1,093,065 2,931,849 Equity awards granted by…
Total Segment Revenues, Expenses and Other Income (Loss) The following table sets forth Apollos total segment revenues for the combined segments ( in thousands) 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 FY'18 FY'19 Management fees 344,716 358,623…
Non-GAAP Financial Information & Definitions Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the…
Non-GAAP Financial Information & Definitions Contd Assets Under Management, or AUM, refers to the assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related…
Non-GAAP Financial Information & Definitions Contd Athene Holding refers to Athene Holding Ltd. (together with its subsidiaries, Athene), a leading retirement services company that issues, reinsures and acquires retirement savings…
Non-GAAP Financial Information & Definitions Contd Net IRR of a real assets fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from…
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