Summary
Apollo Global Management, Inc. (APO) filed this Form 8-K to provide an update on its financial results for the fourth quarter and full year ended December 31, 2023. The primary purpose of this filing is to revise a previously issued earnings presentation due to a change in the estimated deferred tax assets related to Bermuda's new Corporate Income Tax Act. This adjustment resulted in a reduction of the estimated deferred tax asset from $1.9 billion to $1.8 billion, impacting the income tax benefit and net income reported for the period. Specifically, Apollo's income tax benefit for Q4 2023 and full-year 2023 has been revised downwards by $129 million in total. Consequently, net income attributable to common stockholders for Q4 2023 is now reported as $2,732 million (down from $2,861 million), and for the full year 2023, it is $5,001 million (down from $5,130 million). It is important to note that this revision primarily impacts GAAP-based figures, and key non-GAAP metrics such as Adjusted Net Income, Fee Related Earnings, Spread Related Earnings, and Principal Investing Income remain unchanged from the original presentation.
Key Highlights
- 1Revision of Q4 and full-year 2023 GAAP net income due to a change in estimated deferred tax assets related to Bermuda Corporate Income Tax.
- 2Estimated deferred tax asset adjusted down from $1.9 billion to $1.8 billion.
- 3Total income tax benefit reduced by $129 million for the reported periods.
- 4Q4 2023 net income attributable to common stockholders revised to $2,732 million (from $2,861 million).
- 5Full-year 2023 net income attributable to common stockholders revised to $5,001 million (from $5,130 million).
- 6Key non-GAAP performance metrics including Adjusted Net Income and Fee Related Earnings are unaffected by this revision.
- 7The filing serves to update a previous earnings presentation furnished on February 8, 2024.