Apollo Global Management, Inc. — Form 8-K Summary
Business Context and Reporting Period
Filed February 27, 2024, under Item 2.02 to update Apollo’s previously furnished earnings presentation for the fourth quarter and full year ended December 31, 2023. The update relates solely to the estimated tax effects of Bermuda’s Corporate Income Tax Act 2023.
Key Financial Metrics
| Metric | Fourth Quarter 2023 | Full Year 2023 |
|---|---|---|
| Revised income tax benefit | $1,620 million | $923 million |
| Previously reported income tax benefit | $1,749 million | $1,052 million |
| Revised net income attributable to Apollo common stockholders | $2,732 million | $5,001 million |
| Previously reported net income attributable to Apollo common stockholders | $2,861 million | $5,130 million |
The estimated deferred tax asset related to the Bermuda Corporate Income Tax was reduced from $1.9 billion to $1.8 billion, resulting in a $129 million reduction in the income tax benefit for both the fourth quarter and full year. GAAP net income and related line items were revised accordingly.
The filing does not provide revenue, cash flow, margins, debt, liquidity, or guidance figures. Apollo stated that Adjusted Net Income, Fee Related Earnings, Spread Related Earnings, and Principal Investing Income were unchanged.
Material Changes Versus the Prior Presentation
- Deferred tax asset estimate reduced by $100 million, from $1.9 billion to $1.8 billion.
- Income tax benefit reduced by $129 million for the fourth quarter and full year.
- Net income attributable to common stockholders reduced by $129 million for the fourth quarter and full year.
- No other changes were made to the original earnings presentation, according to the filing.
Outlook, Risks, and Unusual Items
The filing provides no new guidance or operating outlook. The revision reflects Apollo’s completed review of the Bermuda Corporate Income Tax Act 2023 and a change in the estimate of related deferred tax assets. The revised earnings presentation is available in the Investor Relations section of Apollo’s website.
Investor Verification Items
- Verify the revised earnings presentation and the detailed GAAP line-item revisions.
- Review the assumptions supporting the $1.8 billion deferred tax asset estimate.
- Confirm that Adjusted Net Income, Fee Related Earnings, Spread Related Earnings, and Principal Investing Income remain unchanged.
- Note that the Item 2.02 information was furnished, not filed, for purposes of Section 18 of the Exchange Act.