Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 50

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 50
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 Adjusted Net Income:

Three months ended March 31,(In millions)20252024GAAP Net Income (Loss) Attributable to Apollo Global Management, Inc.$418 $1,403 Preferred dividends24 24 Net income (loss) attributable to non-controlling interests496 338 GAAP Net Income (Loss)$938 $1,765 Income tax provision (benefit)243 422 GAAP Income (Loss) Before Income Tax Provision (Benefit)$1,181 $2,187 Asset Management Adjustments:Equity-based profit sharing expense13094Equity-based compensation9974Net (income) loss attributable to non-controlling interests in consolidated entities(549)(377)Unrealized performance fees(119)(268)Unrealized profit sharing expense105 159 HoldCo interest and other financing costs234 15 Unrealized principal investment (income) loss2 (11)Unrealized net (gains) losses from investment activities61 (16)Transaction-related costs, restructuring and other non-operating expenses3276 51 Retirement Services Adjustments:Investment (gains) losses, net of offsets(151)22 Non-operating change in insurance liabilities and related derivatives4367 (673)Integration, restructuring and other non-operating expenses30 30 Equity-based compensation11 13 Segment Income1,377 1,300 HoldCo interest and other financing costs2(34)(15)Taxes and related payables(224)(221)Adjusted Net Income$1,119 $1,064 1 Equity-based profit sharing expense 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 purchase restricted shares of common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed periods, sufficient to cover the associated equity-based compensation expense.2 Represents interest and other financing costs related to AGM not attributable to any specific segment. 3 Transaction-related costs, restructuring and other non-operating expenses includes; (a) contingent consideration, certain equity-based charges, amortization of intangible assets and certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs