Start Time: 08:30 January 1, 0000 9:34 AM ET
Apollo Global Management, Inc. (NYSE:APO)
Q3 2023 Earnings Conference Call
November 01, 2023, 08:30 AM ET
Company Participants
Marc Rowan - CEO
Scott Kleinman - Co-President
Martin Kelly - CFO
Noah Gunn - Global Head, IR
Conference Call Participants
Patrick Davitt - Autonomous Research
Glenn Schorr - Evercore ISI
Michael Brown - KBW
Alex Blostein - Goldman Sachs
Michael Cyprys - Morgan Stanley
Brian Bedell - Deutsche Bank
Brennan Hawken - UBS
Ben Budish - Barclays
Operator
Good morning, and welcome to Apollo Global Management's Third Quarter 2023 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 be open for questions. Please limit yourself to one question, then rejoin the queue. This conference call is being recorded.
This call may include forward-looking statements and projections, which do 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 will now turn the call over to Noah Gunn, Global Head of Investor Relations. Please go ahead.
Noah Gunn
Great. Thanks, Donna, and welcome again everyone to our call. Earlier this morning, we published our earnings release and financial supplement on the Investor Relations portion of our Web site. We reported strong third quarter financial results, which included record quarterly FRE of $472 million, or $0.77 per share, and record quarterly SRE of $873 million, or $1.43 per share. Together, these two earnings streams totaled $1.3 billion in the third quarter, increasing more than 30% year-over-year and reflecting solid execution from both our asset management and retirement services businesses. Combined with principal investing income, HoldCo financing costs and taxes, we reported adjusted net income of $1 billion, or $1.71 per share, up 23% year-over-year.
Joining me this morning to discuss our results and strong relative positioning in further detail are Marc Rowan, CEO; Scott Kleinman, Co-President; and Martin Kelly, CFO.