Q3 2024 Apollo Global Management Inc Earnings Call Transcript
Key Points
- Apollo Global Management Inc (APO) reported record fee-related earnings of $531 million and near-record spread-related earnings of $856 million for the third quarter of 2024.
- The company outlined ambitious five-year growth targets, including doubling adjusted net income to $15 per share by 2029.
- Apollo's platforms, particularly ATLAS, showed strong performance with $50 billion of cumulative origination to date.
- Athene, Apollo's retirement services business, achieved $20 billion in organic growth for the quarter, indicating robust expansion in the retirement sector.
- Apollo's retail fundraising is on track to increase by 50% year-over-year in 2024, highlighting strong growth in individual investor engagement.
- Despite strong performance, Apollo faces the challenge of executing against ambitious growth targets in a competitive asset management industry.
- The company acknowledges the need for significant origination capabilities to sustain growth, which could be a limiting factor.
- Apollo's business model requires continuous innovation and adaptation to maintain its competitive edge, which could strain resources.
- The company's reliance on non-GAAP measures for assessing financial performance may not provide a complete picture of its financial health.
- Apollo's growth strategy involves navigating complex regulatory environments, particularly in the insurance and retirement sectors, which could pose risks.
Good morning, and welcome to Apollo Global Management's third-quarter 2024 earnings conference call. (Operator Instructions)
This conference call is being recorded. This call may contain or 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 website. 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.
Thanks, operator, and welcome again, everyone, to our
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