EX-99.1 2 a991unauditedreconciliatio.htm EXHIBIT 99.1 Exhibit


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 three and nine months ended September 30, 2016. 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, LLC’s financial statements for the relevant periods.
 
As of September 30, 2016
 
Total Apollo Operating Group Consolidated
 
VIE & Consolidated Funds
 
Other (1)
 
Total Apollo Global Management, LLC Consolidated
Statement of Financial Data
(dollars in thousands)
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
922,217

 
$

 
$
4,715

 
$
926,932

Cash and cash equivalents held at consolidated funds

 
6,014

 

 
6,014

Restricted cash
4,776

 

 

 
4,776

Investments
1,470,080

 
14,622

 
(93,704
)
 
1,390,998

Assets of consolidated variable interest entities:
 
 
 
 
 
 
 
Cash and cash equivalents

 
53,489

 

 
53,489

Investments, at fair value

 
946,836

 
(302
)
 
946,534

Other assets

 
49,733

 

 
49,733

Carried interest receivable
993,074

 

 
(1,259
)
 
991,815

Due from related parties
568,333

 

 
(270,614
)
 
297,719

Deferred tax assets
10,308

 

 
585,920

 
596,228

Other assets
105,868

 
6,653

 
(89
)
 
112,432

Goodwill
88,852

 

 

 
88,852

Intangible assets, net
24,693

 

 

 
24,693

Total Assets
$
4,188,201

 
$
1,077,347

 
$
224,667

 
$
5,490,215

 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
116,277

 
$

 
$

 
$
116,277

Accrued compensation and benefits
122,143

 

 

 
122,143

Deferred revenue
204,516

 

 

 
204,516

Due to related parties
153,834

 

 
507,681

 
661,515

Profit sharing payable
466,055

 

 

 
466,055

Debt
1,355,994

 

 

 
1,355,994

Liabilities of consolidated variable interest entities:
 
 
 
 
 
 
 
Debt, at fair value

 
882,884

 
(44,180
)
 
838,704

Other liabilities

 
54,934

 
(133
)
 
54,801

Due to related parties

 
1,995

 
(1,995
)
 

Other liabilities
58,189

 
1,156

 

 
59,345

Total Liabilities
2,477,008

 
940,969

 
461,373

 
3,879,350

 
 
 
 
 
 
 
 
Shareholders’ Equity:
 
 
 
 
 
 
 
Apollo Global Management, LLC shareholders' Equity:
 
 
 
 
 
 
 
Additional paid in capital

 

 
1,876,342

 
1,876,342

Accumulated deficit
916,000

 
28,933

 
(2,092,731
)
 
(1,147,798
)
Accumulated other comprehensive income (loss)
(4,312
)
 
(1,754
)
 
616

 
(5,450
)
Total Apollo Global Management, LLC shareholders’ equity
911,688

 
27,179

 
(215,773
)
 
723,094

Non-Controlling Interests in consolidated entities
6,234

 
109,199

 
(20,933
)
 
94,500

Non-Controlling Interests in Apollo Operating Group
793,271

 

 

 
793,271

Total Shareholders’ Equity
1,711,193

 
136,378

 
(236,706
)
 
1,610,865

Total Liabilities and Shareholders’ Equity
$
4,188,201

 
$
1,077,347

 
$
224,667

 
$
5,490,215


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









 
For the Nine Month Ended September 30, 2016
 
Total Apollo Operating Group Consolidated
 
VIE & Consolidated Funds
 
Other (1)
 
Total Apollo Global Management, LLC Consolidated
Statement of Operating Data
(dollars in thousands)
Revenues:
 
 
 
 
 
 
 
      Advisory and transaction fees from related parties, net
$
102,699

 
$

 
$

 
$
102,699

      Management fees from related parties
777,973

 
(70
)
 
(2,732
)
 
775,171

      Carried interest income from related parties
407,134

 

 

 
407,134

Total Revenues
1,287,806

 
(70
)
 
(2,732
)
 
1,285,004

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
Compensation and benefits:
 
 
 
 
 
 
 
Salary, bonus and benefits
290,013

 

 

 
290,013

Equity-based compensation
74,203

 

 

 
74,203

Profit sharing expense
179,767

 

 

 
179,767

Total Compensation and Benefits
543,983

 

 

 
543,983

Interest expense
30,505

 

 

 
30,505

General, administrative and other
92,759

 
192

 
19

 
92,970

Professional fees
50,955

 

 

 
50,955

Occupancy
29,221

 

 

 
29,221

Placement fees
5,781

 

 

 
5,781

Depreciation and amortization
14,139

 

 

 
14,139

Total Expenses
767,343

 
192

 
19

 
767,554

 
 
 
 
 
 
 
 
Other Income:
 
 
 
 
 
 
 
      Net gains from investment activities
49,360

 
927

 

 
50,287

      Net gains (loss) from investment activities of consolidated variable interest entities

 
(1,218
)
 
4,035

 
2,817

      Income from equity method investments
65,821

 

 
(1,465
)
 
64,356

      Interest income
3,271

 
1,106

 
(1,304
)
 
3,073

      Other income, net
485

 

 

 
485

Total Other Income
118,937

 
815

 
1,266

 
121,018

      Income before income tax provision
639,400

 
553

 
(1,485
)
 
638,468

      Income tax provision
(11,715
)
 

 
(50,793
)
 
(62,508
)
Net Income
627,685

 
553

 
(52,278
)
 
575,960

      Net income (loss) attributable to Non-controlling Interests
(340,990
)
 
913

 

 
(340,077
)
Net Income Attributable to Apollo Global Management, LLC
$
286,695

 
$
1,466

 
$
(52,278
)
 
$
235,883


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















 
For the Three Month Ended September 30, 2016
 
Total Apollo Operating Group Consolidated
 
VIE & Consolidated Funds
 
Other (1)
 
Total Apollo Global Management, LLC Consolidated
Statement of Operating Data
(dollars in thousands)
Revenues:
 
 
 
 
 
 
 
      Advisory and transaction fees from related parties, net
$
29,801

 
$

 
$

 
$
29,801

      Management fees from related parties
275,252

 
(21
)
 
(918
)
 
274,313

      Carried interest income from related parties
199,617

 

 

 
199,617

Total Revenues
504,670

 
(21
)
 
(918
)
 
503,731

Expenses:
 
 
 
 
 
 
 
Compensation and benefits:
 
 
 
 
 
 
 
Salary, bonus and benefits
92,591

 

 

 
92,591

Equity-based compensation
26,163

 

 

 
26,163

Profit sharing expense
90,152

 

 

 
90,152

Total Compensation and Benefits
208,906

 

 

 
208,906

Interest expense
12,832

 

 

 
12,832

General, administrative and other
32,320

 
83

 

 
32,403

Professional fees
11,816

 

 

 
11,816

Occupancy
9,701

 

 

 
9,701

Placement fees
1,953

 

 

 
1,953

Depreciation and amortization
4,646

 

 

 
4,646

Total Expenses
282,174

 
83

 

 
282,257

 
 
 
 
 
 
 
 
Other Income:
 
 
 
 
 
 
 
      Net gains from investment activities
17,361

 
385

 

 
17,746

      Net gains (loss) from investment activities of consolidated variable interest entities

 
(627
)
 
1,427

 
800

      Income from equity method investments
23,726

 

 
(513
)
 
23,213

      Interest income
1,326

 
376

 
(510
)
 
1,192

      Other income (loss), net
(40
)
 

 

 
(40
)
Total Other Income
42,373

 
134

 
404

 
42,911

      Income before income tax provision
264,869

 
30

 
(514
)
 
264,385

      Income tax provision
(4,419
)
 

 
(25,248
)
 
(29,667
)
Net Income
260,450

 
30

 
(25,762
)
 
234,718

      Net income (loss) attributable to Non-controlling Interests
(140,582
)
 
483

 

 
(140,099
)
Net Income Attributable to Apollo Global Management, LLC
$
119,868

 
$
513

 
$
(25,762
)
 
$
94,619


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