Apollo Global Management, Inc. Quarterly Report for Q1 Ended Mar 31, 2024

Summary

Apollo Global Management, Inc. (APO) reported strong financial results for the first quarter of 2024, driven by robust performance across its Asset Management and Retirement Services segments. Total revenues increased by 32.8% year-over-year to $7.04 billion, primarily fueled by a significant 36.9% rise in net investment income within the Retirement Services segment. This growth was supported by an expanding investment portfolio and higher interest rates. Fee Related Earnings (FRE) for the Asset Management segment also showed healthy growth, increasing by 16.4% to $462 million, indicating strong management fee generation and growth in Assets Under Management (AUM). Net income attributable to Apollo Global Management, Inc. common stockholders surged by 38.9% to $1.40 billion. The company's strategic focus on its core businesses, coupled with favorable market conditions, contributed to this performance. Apollo's AUM grew to $671 billion, demonstrating continued investor confidence and effective capital deployment. The company's liquidity remains strong, with substantial cash reserves and available credit facilities, positioning it well for future growth and strategic initiatives.

Key Highlights

• 1Total Revenues increased by 32.8% to $7.04 billion compared to Q1 2023.
• 2Net income attributable to Apollo Global Management, Inc. common stockholders increased by 38.9% to $1.40 billion.
• 3Retirement Services segment Net Investment Income grew by 36.9% to $3.58 billion.
• 4Asset Management segment Fee Related Earnings (FRE) increased by 16.4% to $462 million.
• 5Total Assets Under Management (AUM) grew by 3.1% to $671.0 billion.
• 6The company maintains a strong liquidity position with $17.7 billion in unrestricted cash and cash equivalents.
• 7Equity-based compensation expense increased to $176 million from $124 million in the prior year's quarter.

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