APO - Apollo Global Management Inc. (APO) Q1 2024 Earnings Call Transcript
2024-05-02 12:52:02 ET
Apollo Global Management, Inc. (APO)
Q1 2024 Earnings Conference Call
May 02, 2024 08:30 AM ET
Company Participants
Noah Gunn - Global Head, Investor Relations
Marc Rowan - Chief Executive Officer
Jim Zelter - Co-President
Martin Kelly - Chief Financial Officer
Conference Call Participants
Glenn Schorr - Evercore
Alex Blostein - Goldman Sachs
Brennan Hawken - UBS
Bill Katz - TD Cowen
Ben Budish - Barclays
Patrick Davitt - Autonomous Research
Michael Cyprys - Morgan Stanley
Alex Bernstein - JPMorgan Chase
Presentation
Operator
Good morning, and welcome to Apollo Global Management's First Quarter 2024 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 and 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 performances. 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 measures 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 for 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.
Noah Gunn
Thanks, operator, 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 website.
We report strong first quarter financial results, which included FRE of $462 million or $0.75 per share and SRE of $817 million or $1.32 per share. Together, these two earnings streams totaled $1.3 billion, increasing 18% year-over-year. Combined with principal investing income, HoldCo financing costs and taxes, we reported adjusted net income of $1.1 billion or $1.72 per share, up 26% year-over-year.
Additionally, we declared a quarterly cash dividend of approximately $0.46 per share for the first quarter, reflecting the new higher annual run rate level of $1.85 per share as previously announced.
Joining me this morning to discuss our results in further detail are Marc Rowan, CEO; Jim Zelter, Co-President; and Martin Kelly, CFO....
Apollo Global Management, Inc. (APO) Q1 2024 Earnings Call Transcript