trending Market Intelligence /marketintelligence/en/news-insights/trending/TDcil8QZHKuYNl2-tQ8k5g2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Strong carried interest income boosts Apollo Global Management's Q4'16 results

Blog

Banking Essentials Newsletter: May Edition

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on IFRS 9

Blog

Banking Essentials Newsletter: April Edition - Part 2

Blog

The Evolution of Cloud Banking: Successful Implementation & Frameworks


Strong carried interest income boosts Apollo Global Management's Q4'16 results

Apollo Global Management LLC reported fourth-quarter 2016 economic net income of $394.1 million, or 98 cents per share, up from $32.9 million, or 8 cents per share, in the prior-year quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 80 cents.

The company's results were boosted by "the recent highly successful" IPO of Athene Holding Ltd., Chairman and CEO Leon Black said in a news release.

Distributable earnings after taxes and related payables for the quarter climbed year over year to $225.9 million, or 55 cents per common share, from $127.2 million, or 31 cents per common share, in the year-ago period.

On a GAAP basis, Apollo Global Management posted fourth-quarter 2016 net income attributable to the company of $167.0 million, or 87 cents per class A share, up from $6.1 million, or 2 cents per class A share, in the prior-year period.

Total revenues on a GAAP basis rose to $685.4 million in the fourth quarter of 2016 from $193.7 million in the prior-year quarter. Management fees climbed to $268.3 million from $236.2 million. Net advisory and transaction fees in the most recent quarter were $44.0 million, compared with a loss of $20.1 million in the fourth quarter of 2015. Carried interest income was $373.1 million, compared with a carried interest loss of $22.4 million.

Total AUM as of Dec. 31, 2016, was $191.69 billion, up from $188.64 billion as of Sept. 30, 2016, and up from $170.12 billion as of Dec. 31, 2015. Fee-generating AUM was $150.80 billion as of Dec. 31, 2016, up from $148.67 billion as of Sept. 30, 2016, and up from $138.10 billion as of Dec. 31, 2015.

For 2016, the company reported economic net income of $946.7 million, or $2.36 per share, up from $385.1 million, or 96 cents per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for 2016 was $2.12.

On a GAAP basis, net income attributable to the company was $402.9 million, or $2.11 per class A share, for 2016, compared with $134.5 million, or 61 cents per class A share in the prior year.

In addition, the company declared a fourth-quarter 2016 cash distribution of 45 cents per class A share, up from the previous distribution of 35 cents per class A share. The distribution is payable to holders of record at the close of business as of Feb. 2.

Through Dec. 31, 2016, the company repurchased shares totaling $54 million.