APO - Apollo Global Management Inc. (APO) Q4 2023 Earnings Call Transcript
2024-02-08 13:16:07 ET
Apollo Global Management, Inc. (APO)
Q4 2023 Earnings Conference Call
February 08, 2024, 08:30 ET
Company Participants
Noah Gunn - MD & Global Head, IR in New York
Marc Rowan - Co-Founder, CEO & Director
Scott Kleinman - Co-President, Apollo Asset Management Inc. & Director
Martin Kelly - CFO & Partner
Conference Call Participants
William Katz - TD Cowen
Glenn Schorr - Evercore ISI
Alexander Blostein - Goldman Sachs Group
Michael Davitt - Autonomous Research
Benjamin Budish - Barclays Bank
Michael Brown - KBW
Brennan Hawken - UBS
Michael Cyprys - Morgan Stanley
Presentation
Operator
Good morning, and welcome to Apollo Global Management's Fourth Quarter and Full Year 2023 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 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.
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 website. And in short, fourth quarter results rounded out an exceptionally strong year for both our asset management and retirement services businesses. Our 2 primary earnings streams, fee-related earnings and spread-related earnings, grew more than 25% to a record $4.9 billion in 2023. Combined with principal investing income, HoldCo financing costs and taxes, we reported record adjusted net income of $4.1 billion or $6.74 per share for the full year.
One change to highlight in our financial reporting included with this morning's results. Beginning this quarter, within retirement services, you'll see spread-related earnings excluding notable items. And further down the page, we provide additional information highlighting the delta to arrive at our long-term return expectation for Athene's alternative investments. This information is useful in order to understand how we think about Athene's earnings power on a multiyear basis excluding quarterly mark-to-market fluctuations. And importantly, this change has no impact on historically reported SRE or the magnitude of historically reported notable items.
So joining me to discuss our strong results in more detail and outlook for the year ahead are Marc Rowan, CEO; Scott Kleinman, co-President; and Martin Kelly, CFO....
Apollo Global Management, Inc. (APO) Q4 2023 Earnings Call Transcript