Apollo Global Management, Inc. (APO) Q4 2022 Earnings Call Transcript

For the period ending DECEMBER 31, 2022

February 09, 2023, 08:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to Apollo Global Management's Fourth Quarter and Full Year 2022 Earnings Conference Call. During today’s discussion, all callers will be placed in listen-only mode. And following management’s prepared remarks, the conference call will open for questions. Please limit yourself to one question and then rejoin the queue. This conference call is being recorded.

This call may include forward-looking statements and projections, which does not guarantee future events or performance. Please refer to Apollo's most recent SEC filings for risk factors related to these statements. Apollo will be discussing certain non-GAAP measures on this call, which management believes are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to GAAP figures in Apollo's earnings presentation, which is available on the company's Web site. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Apollo fund.

I would now like to turn the call over to Noah Gunn, Global Head of Investor Relations. Please go ahead.

Noah Gunn

Thanks, Donna, and a special thanks to a couple of members of the research community who selected two of the three songs for our hold music jukebox that was playing before we got on the line today.

Earlier this morning, we published our earnings release and financial supplement on the Investor Relations portion of our Web site. In short, we’re very pleased to deliver a strong set of results for 2022 that featured record fee-related earnings of $1.4 billion or $2.36 per share and record normalized spread-related earnings of $2.3 billion or $3.88 per share. This strong combination of fee and spread-related earnings alongside principal investing income drove total adjusted net income of $3.1 billion or $5.21 per share for the full year.

Joining me this morning to discuss these results and our positive outlook on the business in further detail are Marc Rowan, CEO; Jim Zelter, Co-President; and Martin Kelly, CFO.

With that, I’ll turn the call over to Marc.

Marc Rowan

Thank you, Noah, and good morning to all. 2022 was a transformational year for the firm. At the end of 2021, we held our first Investor Day and we set out our five-year targets and laid out what we needed to accomplish internally to achieve those targets. End of 2021 seems like a lifetime ago or at least a Fed regime or two ago. However, in 2022, we met or exceeded those targets.