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authoritative, expire, flat, modification, modified, moot, rally, UNREGISTERED
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Financial report summary
?Risks
- Difficult political, market or economic conditions may adversely affect our business in many ways which could materially reduce our revenue, net income and cash flow and adversely affect our financial prospects and condition.
- We are subject to risks associated with public health crises, such as pandemics and epidemics, including the COVID-19 pandemic which has caused severe disruptions in the U.S. and global economy and could continue to impact our business, financial condition and results of operations.
- Climate change and regulatory and other efforts to reduce climate change could adversely affect our business.
- We may not be successful in expanding into new investment strategies, markets and businesses, each of which may result in additional risks and uncertainties in our business.
- We operate in highly competitive industries, which could limit our ability to achieve our growth strategies and could materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.
- We depend on certain key personnel and the loss of their services could have a material adverse effect on us.
- Misconduct by our current and former employees, directors, advisers, third party-service providers or others affiliated with us could harm us by impairing our ability to attract and retain investors and by subjecting us to significant legal liability, regulatory scrutiny and reputational harm.
- We rely on technology and information systems, many of which are controlled by third-party vendors, to maintain the security of our information and technology networks and to conduct our business, and any failures or interruptions of these systems could adversely affect our business and results of operations.
- Our business, financial condition, results of operations, liquidity and cash flows depend on the accuracy of our management’s assumptions and estimates, and we could experience significant gains or losses if these assumptions and estimates differ significantly from actual results.
- Many of the funds we manage invest in illiquid assets and we may fail to realize profits from these assets for a considerable period of time, or lose some or all of the principal amount we invest in these assets if we are required to sell our invested assets at a loss at inopportune times or in response to changes in applicable rules and regulations.
- We rely on the debt financing markets for the operation of our business.
- Changes to the method of determining the LIBOR or the selection of a replacement for LIBOR may affect the value of investments held by or due to us or the funds we manage and could affect our results of operations and financial results.
- A portion of our revenues, earnings and cash flow is highly variable, which may make it difficult for us to achieve steady earnings growth on a quarterly basis, which may cause the price of our Preferred shares to be volatile.
- We may experience a decline in revenue.
- We depend on investors in the funds we manage for our continued success.
- Historical performance metrics are unreliable indicators of our current or future results of operations.
- Valuations for the funds we manage entail significant complications and are not an indicator for actual realizations.
- Investments made by the funds we manage entail significant risks and uncertainties.
- The performance of the funds we manage, and our performance, may be adversely affected by the financial performance of portfolio companies of the funds we manage and the industries in which the funds we manage invest.
- The funds that we manage in our yield strategy are subject to numerous additional risks.
- Our failure to deal appropriately with conflicts of interest could damage our reputation and adversely affect our business.
- Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business.
- We are subject to third-party litigation from time to time that could result in significant liabilities and reputational harm, which could have a material adverse effect on our results of operations, financial condition and liquidity.
- Changes in U.S. and non-U.S. tax law could adversely affect our ability to raise funds from certain investors.
- Our non-U.S. subsidiaries may be subject to U.S. federal income taxation in an amount greater than expected.
- The Base Erosion and Anti-Abuse Tax (“BEAT”) may significantly increase our tax liability.
- The market price and trading volume of our Preferred shares may be volatile, which could result in rapid and substantial losses for our stockholders.
- An investment in our Preferred shares is not an investment in any of the funds we manage, and the assets and revenues of such funds are not directly available to us.
- We cannot assure you that our intended quarterly dividends on our Preferred shares will be paid each quarter or at all.
- Apollo Global Management, Inc. holds all of our shares of common stock.
- We are not required to comply with most corporate governance requirements under the rules of the NYSE.
- We are required to pay our Former Managing Partners and Contributing Partners for most of the actual tax benefits we realize as a result of the tax basis step-up we received in connection with our acquisitions of units from them.
- Our Certificate of Incorporation provides that the Court of Chancery of the State of Delaware is the sole and exclusive forum for certain legal actions between us and our stockholders, which could limit our stockholders’ ability to obtain a judicial forum viewed by the stockholders as more favorable for disputes with us or our directors, officers or employees, and the enforceability of the exclusive forum provision may be subject to uncertainty.
Management Discussion
- Below is a discussion of our condensed consolidated results of operations for the three and six months ended June 30, 2023 and 2022. For additional analysis of the factors that affected our results at the segment level, see “—Segment Analysis” below:
- Note: “NM” denotes not meaningful. Changes from negative to positive amounts and positive to negative amounts are not considered meaningful. Increases or decreases from zero and changes greater than 500% are also not considered meaningful.
- In this section, references to 2023 refer to the three months ended June 30, 2023 and references to 2022 refer to the three months ended June 30, 2022.