0001411494-19-000017.txt : 20190301 0001411494-19-000017.hdr.sgml : 20190301 20190301160945 ACCESSION NUMBER: 0001411494-19-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190301 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190301 DATE AS OF CHANGE: 20190301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Apollo Global Management LLC CENTRAL INDEX KEY: 0001411494 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 208880053 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35107 FILM NUMBER: 19649400 BUSINESS ADDRESS: STREET 1: 9 West 57th Str CITY: new York STATE: ny ZIP: 10019 BUSINESS PHONE: 212-515-3200 MAIL ADDRESS: STREET 1: 9 West 57th Str CITY: new York STATE: ny ZIP: 10019 8-K 1 agmdebt8-k4q18.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
March 1, 2019
Date of Report (Date of earliest event reported)
 
 
Apollo Global Management, LLC
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
001-35107
 
20-8880053
(State of Incorporation)
 
(Commission File Number)
 
(IRS Employer
 
 
 
 
Identification Number)
 
 
9 West 57th Street, 43rd Floor
 
 
 
 
New York, New York 10019
 
 
 
 
(Address of principal executive offices) (Zip Code)
 
 
 
(212) 515-3200
(Registrant's telephone number, including area code)
 
N/A
(Former Name or Former Address, if Changed Since Last Report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o




Item 7.01     Regulation FD Disclosure.

On March 1, 2019, Apollo Global Management, LLC (the “Company”) filed its annual report on Form 10-K as of and for the fiscal year ended December 31, 2018. Pursuant to that certain indenture, dated as of May 30, 2014, as supplemented, among Apollo Management Holdings, L.P. (“AMH”), the guarantors party thereto (collectively with AMH, the “Credit Parties”) and Wells Fargo Bank, National Association, as trustee, attached as Exhibit 99.1 is a copy of the unaudited reconciliation indicating the differences between the financial information of the Company and the financial information of the Credit Parties and their subsidiaries on a combined and consolidated basis, taken as a whole.

The information included in this Current Report on Form 8-K (including the exhibit hereto) is being furnished under Item 7.01, “Regulation FD Disclosure” and Item 9.01 “Financial Statements and Exhibits” of Form 8-K. As such, the information (including the exhibit) herein shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.



Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No.
Description
Unaudited reconciliation of financial data.







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
APOLLO GLOBAL MANAGEMENT, LLC
Date: March 1, 2019
By:
/s/ Robert MacGoey
 
 
Robert MacGoey
 
 
Chief Accounting Officer





EXHIBIT INDEX

Exhibit No.
Description
Exhibit 99.1
Unaudited reconciliation of financial data.




 EX-99.1 2 agmdebt8-k4q18exhibit991.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 fiscal year ended December 31, 2018. 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 December 31, 2018
 
Total Apollo Operating Group Consolidated
 
Consolidated Funds & VIEs
 
Other (1)
 
Total Apollo Global Management, LLC Consolidated
Statement of Financial Data
(dollars in thousands)
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
608,181

 
$
4

 
$
1,562

 
$
609,747

Restricted cash
3,457

 
—

 
—

 
3,457

U.S. Treasury securities, at fair value
392,932

 
—

 
—

 
392,932

Investments (includes performance allocations of $912,182 as of December 31, 2018)
2,811,445

 
558

 
(89,391
)
 
2,722,612

Assets of consolidated variable interest entities:
 
 
 
 
 
 
 
Cash and cash equivalents
—

 
49,671

 
—

 
49,671

Investments, at fair value
—

 
1,175,985

 
(308
)
 
1,175,677

Other assets
—

 
65,543

 
—

 
65,543

Incentive fee receivable
6,792

 
—

 
—

 
6,792

Due from related parties
522,122

 
—

 
(144,014
)
 
378,108

Deferred tax assets, net
5,999

 
—

 
300,095

 
306,094

Other assets
174,087

 
—

 
(817
)
 
173,270

Goodwill
88,852

 
—

 
—

 
88,852

Intangible assets, net
18,899

 
—

 
—

 
18,899

Total Assets
$
4,632,766

 
$
1,291,761

 
$
67,127

 
$
5,991,654

 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
70,791

 
$
—

 
$
87

 
$
70,878

Accrued compensation and benefits
73,583

 
—

 
—

 
73,583

Deferred revenue
111,097

 
—

 
—

 
111,097

Due to related parties
139,537

 
—

 
285,898

 
425,435

Profit sharing payable
452,141

 
—

 
—

 
452,141

Debt
1,360,448

 
—

 
—

 
1,360,448

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

 
899,651

 
(44,190
)
 
855,461

Other liabilities
—

 
79,244

 
(267
)
 
78,977

Due to related parties
—

 
1,787

 
(1,787
)
 
—

Other liabilities
111,794

 
—

 
—

 
111,794

Total Liabilities
2,319,391

 
980,682

 
239,741

 
3,539,814

 
 
 
 
 
 
 
 
Shareholders’ Equity:
 
 
 
 
 
 
 
Apollo Global Management, LLC shareholders' equity:
 
 
 
 
 
 
 
Series A Preferred shares, 11,000,000 shares issued and outstanding as of December 31, 2018
264,398

 
—

 
—

 
264,398

Series B Preferred shares, 12,000,000 shares issued and outstanding as of December 31, 2018
289,815

 
—

 
—

 
289,815

Additional paid in capital
—

 
—

 
1,299,418

 
1,299,418

Accumulated deficit
953,366

 
17,673

 
(1,444,315
)
 
(473,276
)
Accumulated other comprehensive loss
(4,043
)
 
(2,479
)
 
2,363

 
(4,159
)
Total Apollo Global Management, LLC shareholders’ equity
1,503,536

 
15,194

 
(142,534
)
 
1,376,196

Non-Controlling Interests in consolidated entities
5,717

 
295,885

 
(30,080
)
 
271,522

Non-Controlling Interests in Apollo Operating Group
804,122

 
—

 
—

 
804,122

Total Shareholders’ Equity
2,313,375

 
311,079

 
(172,614
)
 
2,451,840

Total Liabilities and Shareholders’ Equity
$
4,632,766

 
$
1,291,761

 
$
67,127

 
$
5,991,654


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






 
For the Year Ended December 31, 2018
 
Total Apollo Operating Group Consolidated
 
Consolidated Funds & VIEs
 
Other(1)
 
Total Apollo Global Management, LLC Consolidated
Statement of Operating Data
(dollars in thousands)
Revenues:
 
 
 
 
 
 
 
      Management fees
$
1,349,234

 
$
—

 
$
(3,982
)
 
$
1,345,252

      Advisory and transaction fees, net
112,278

 
—

 
—

 
112,278

      Investment income (loss):


 

 


 

Performance allocations
(392,061
)
 
—

 
(8,244
)
 
(400,305
)
Principal investment income
9,282

 
—

 
(4,160
)
 
5,122

      Total investment income (loss)
(382,779
)
 
—

 
(12,404
)
 
(395,183
)
      Incentive fees
30,718

 
—

 
—

 
30,718

Total Revenues
1,109,451

 
—

 
(16,386
)
 
1,093,065

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
      Compensation and benefits:
 
 
 
 
 
 
 
    Salary, bonus and benefits
459,604

 
—

 
—

 
459,604

    Equity-based compensation
173,228

 
—

 
—

 
173,228

    Profit sharing expense
(57,833
)
 
—

 
—

 
(57,833
)
                           Total compensation and benefits
574,999

 
—

 
—

 
574,999

      Interest expense
59,369

 
—

 
5

 
59,374

      General, administrative and other
266,105

 
—

 
339

 
266,444

      Placement fees
2,122

 
—

 
—

 
2,122

Total Expenses
902,595

 
—

 
344

 
902,939

 
 
 
 
 
 
 
 
Other Income (Loss):
 
 
 
 
 
 
 
      Net losses from investment activities
(186,426
)
 
(23
)
 
—

 
(186,449
)
      Net gains from investment activities of consolidated variable interest entities
—

 
39,840

 
5,272

 
45,112

      Interest income
21,882

 
11

 
(1,239
)
 
20,654

      Other income, net
418

 
—

 
35,411

 
35,829

               Total Other Income (Loss)
(164,126
)
 
39,828

 
39,444

 
(84,854
)
      Income before income tax provision
42,730

 
39,828

 
22,714

 
105,272

      Income tax provision
(9,764
)
 
—

 
(76,257
)
 
(86,021
)
                Net Income
32,966

 
39,828

 
(53,543
)
 
19,251

      Net income attributable to Non-Controlling Interests
(2,156
)
 
(27,471
)
 
—

 
(29,627
)
Net Income (Loss) Attributable to Apollo Global Management, LLC
30,810

 
12,357

 
(53,543
)
 
(10,376
)
      Net income attributable to Series A Preferred Shareholders
(17,531
)
 
—

 
—

 
(17,531
)
      Net income attributable to Series B Preferred Shareholders
(14,131
)
 
—

 
—

 
(14,131
)
Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders
$
(852
)
 
$
12,357

 
$
(53,543
)
 
$
(42,038
)

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