Q4 2024 Apollo Global Management Inc Earnings Call Transcript
Key Points
- Apollo Global Management Inc (APO) reported record fee-related earnings of $554 million or $0.90 per share for the fourth quarter.
- The company was added to the S&P 500 in December, reflecting its remarkable growth and institutionalization.
- Apollo achieved a record annual adjusted net income of $4.6 billion, showcasing strong financial performance.
- The firm reported a record AUM of $751 billion, with total inflows of $150 billion and origination volume over $220 billion.
- Apollo's strategy focuses on sustainable growth, aiming to grow fee-related earnings at an average annual rate of 20% over the next five years.
- The company faces internal challenges in executing its five-year plan, as identified by 90% of its partners.
- There is a risk of increased competition in the retirement market, which could impact growth in that segment.
- Apollo's cost of funding for Athene rose by 12 basis points sequentially, indicating potential pressure on spread-related earnings.
- The firm acknowledges regulatory uncertainties, particularly in the insurance and retirement sectors, which could impact future operations.
- Despite strong performance, the company is cautious about not growing disproportionately in any one quarter, which may limit short-term gains.
Good morning, and welcome to Apollo Global Management's fourth quarter and full year 2024 earnings conference call. (Operator Instructions) 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 website. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase any interest in Apollo Fund.
I would now like to turn the call over to Noah Gunn. Global Head of Investor Relations. Please go ahead.
Great. Thanks, operator, and welcome again, everyone, to our call.
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