Apollo Global Management, Inc. (new) · NYSE:APO
Apollo Global Management, Inc. (new) — Apollo Global Management — Corporate Update (November 2023)
13 slides from Apollo Global Management, Inc. (new)'s corporate update, Nov 1, 2023
Slide 1: Senior Leader Compensation
November 1, 2023 Senior Leader Compensation
Slide 2: Objectives of Senior Leadership Compensation Arrangements
1Private and Confidential Objectives of Senior Leadership Compensation Arrangements Enterprise Alignment As part of succession planning, align senior leaders with Apollo’s long-term performance, business objectives and strategic enterprise priorities 1 Shareholder Alignment Reallocate compensation b
Slide 3: Components to Create Value for Shareholders
2Private and Confidential Components to Create Value for Shareholders Aggregate Value of New Stock Grant for Key Leaders ~$557mm award value at grant1 Ongoing Savings Through Exchange of Economics Reduce compensation within FRE SRE PII Stock Compensation Pivot - Reallocate Carry Savings and Increase
Slide 4: Value Accretive to Shareholders
3Private and Confidential Value Accretive to Shareholders 1 1% on $3.1B FRE revenues for LTM 3Q ‘23 at 20x multiple and 20% tax rate. Valuation Positive Value-accretive at current multiples Each 1% reduction in FRE compensation ratio creates ~$500mm of enterprise value1 Share Count Neutral We have a
Slide 5: What We Said At Our 2021 Investor Day
4Private and Confidential(1) Reflects average of 2020 actual and 2021 expected comp ratio as reported on Investor Day. What We Said At Our 2021 Investor Day FRE Comp Ratio PII Comp Ratio 60% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80% 2022 2023 2024 2025 2026 Target Range 30% ~25% 15% 20% 25% 30% 2022 20
Slide 6: We Are Ahead of Plan
5Private and Confidential(1) Represents YTD – 3Q ‘23. Elevated PII comp ratio in YTD ‘23 driven by cyclically low performance fee realization. We Are Ahead of Plan FRE Comp Ratio Ahead of Plan PII Comp Ratio In Line With Plan 29% 27% (1) 30% ~25% 15% 20% 25% 30% 2022 2023 2024 2025 2026 Actual Inves
Slide 7: New Arrangements Help Exceed Long-Term Targets
6Private and Confidential (1) Represents YTD – 3Q ‘23. (2) 1% on $3.1B FRE revenues for LTM 3Q ‘23 at 20x multiple and 20% tax rate. New Arrangements Help Exceed Long-Term Targets Solidifies Current Trajectory to Drive Lower FRE Comp Ratio PII Comp Reallocated from Senior Leaders and Further Allocat
Slide 8: Aligning Incentives Helps Drive Long-Term Value Creation for Shareholders
7Private and Confidential Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Source: FactSet. S&P Capital IQ Pro, and Bloomberg Finance LP. Data as of October 26, 2023. 1. Represents CAGR over 2019 – 3Q’23 LTM. Aligning Incentives Helps Drive Long-Term Value Creation for Shareholders APO 75% S&P 500 12% XLF
Slide 9: Forward Looking Statements & Other Important Disclosures
8Private and Confidential Forward Looking Statements & Other Important Disclosures Forward Looking Statements. In this presentation, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, Inc. and its subsidiaries, or as the context may otherwise
Slide 10: Financial Information
9Private and Confidential Financial Information ($ in millions) FY'19 FY'20 FY'21 FY'22 YTD 3Q'23 Management Fees Yield $812 $957 $1,172 $1,416 $1,179 Hybrid 102 137 185 211 181 Equity 577 553 521 507 485 Total management fees 1,491 1,647 1,878 2,134 1,845 Capital solutions fees and other, net 123 2
Slide 11: Reconciliation of GAAP to Non-GAAP Financial Measures
10Private and Confidential Reconciliation of GAAP to Non-GAAP Financial Measures 1. Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to p
Slide 12: Reconciliation of GAAP to Non-GAAP Financial Measures – cont'd
11Private and Confidential Reconciliation of GAAP to Non-GAAP Financial Measures – cont’d 1. Includes change in fair values of derivatives and embedded derivatives, net of offsets. ($ in millions) 2019 2020 2021 Net income available to Athene Holding Ltd. common shareholders $ 2,136 $ 1,446 $ 3,718
Slide 13: Definitions
12Private and Confidential Definitions • “Segment Income”, or “SI”, is the key performance measure used by management in evaluating the performance of the asset management, retirement services, and principal investing segments. Management uses Segment Income to make key operating decisions such as t
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