What changed in this filing

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Item 1. Financial Statements

2021-07-29 compared with 2021-04-29 · 44 added, 33 removed, 227 unchanged (25% of the section changed)

25 unchanged sentences

(in thousands, except per unit amounts)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2021 2020

Equity in net income attributable to AB Unitholders $ 97,407 $ 63,201 $ 186,314 $ 133,115

8 unchanged sentences

(in thousands)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2021 2020

Net income $ 90,917 $ 56,926 $ 172,004 $ 119,185

Other comprehensive (loss) income:

Other comprehensive income (loss):

Foreign currency translation adjustments, before tax 809 2,473 ( 1,923 ) ( 5,154 )

Income tax (expense) benefit ( 30 ) 6

Income tax benefit (expense) 21 72 ( 9 ) 78

Foreign currency translation adjustments, net of tax 830 2,545 ( 1,932 ) ( 5,076 )

1 unchanged sentence

Amortization of prior service cost 4 4 2 7

Recognized actuarial (loss) gain ( 274 ) 169

Recognized actuarial gain (loss) 212 295 ( 62 ) 464

Changes in employee benefit related items 216 299 ( 60 ) 471

Income tax benefit (expense) 2 ( 28 )

Income tax ( 1 ) ( 2 ) 1 ( 30 )

Employee benefit related items, net of tax 215 297 ( 59 ) 441

Other comprehensive (loss) ( 3,036 ) ( 7,477 )

Other comprehensive income (loss) 1,045 2,842 ( 1,991 ) ( 4,635 )

Comprehensive income $ 91,962 $ 59,768 $ 170,013 $ 114,550

3 unchanged sentences

(in thousands)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2021 2020

General Partner’s Capital

25 unchanged sentences

(in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from operating activities:

4 unchanged sentences

Changes in assets and liabilities:

Decrease in other assets 92 —

Increase (decrease) in other liabilities 5,778 ( 901 )

Decrease (increase) in other assets 76 ( 310 )

(Decrease) in other liabilities ( 1,111 ) ( 1,460 )

Net cash provided by operating activities 178,900 144,559

5 unchanged sentences

Cash distributions to Unitholders ( 179,308 ) ( 145,530 )

Capital contributions (to) from AB ( 6,096 ) 699

Capital contributions from AB 408 971

Proceeds from exercise of compensatory options to buy AB Holding Units 3,402 147

6 unchanged sentences

Notes to Condensed Financial Statements

March 31, 2021

June 30, 2021

The words “we” and “our” refer collectively to AllianceBernstein Holding L.P.

25 unchanged sentences

• Some passive management, including index and enhanced index strategies.

As of March 31, 2021, EQH owned approximately 4.0 % of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”).

As of June 30, 2021, EQH owned approximately 4.0 % of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”).

AllianceBernstein Corporation (an indirect wholly-owned subsidiary of EQH, “General Partner”) is the general partner of both AB Holding and AB.

AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1 % general partnership interest in AB.

As of March 31, 2021, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:

As of June 30, 2021, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:

EQH and its subsidiaries 62.9 %

1 unchanged sentence

Unaffiliated holders 0.8

Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 64.3 % economic interest in AB as of March 31, 2021.

Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 64.4 % economic interest in AB as of June 30, 2021.

Basis of Presentation

9 unchanged sentences

In addition, AB Holding's investment is adjusted to reflect its proportionate share of certain capital transactions of AB.

Subsequent Events

We have evaluated subsequent events through the date that these financial statements were filed with the Securities and Exchange Commission .

Cash Distributions

1 unchanged sentence

Available Cash Flow is defined as the cash distributions AB Holding receives from AB minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business (such as the payment of taxes) or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow.

On April 29, 2021, the General Partner declared a distribution of $ 0.81 per unit, representing a distribution of Available Cash Flow for the three months ended March 31, 2021.

Each general partnership unit in AB Holding is entitled to receive distributions equal to those received by each AB Holding Unit.

The distribution is payable on May 27, 2021 to holders of record at the close of business on May 10, 2021.

On July 29, 2021, the General Partner declared a distribution of $ 0.91 per unit, representing a distribution of Available Cash Flow for the three months ended June 30, 2021.

Each general partnership unit in AB Holding is entitled to receive

distributions equal to those received by each AB Holding Unit.

The distribution is payable on August 19, 2021 to holders of record at the close of business on August 9, 2021.

Long-term Incentive Compensation Plans

3 unchanged sentences

AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB.

Repurchases of AB Holding Units for the three months ended March 31, 2021 and 2020 consisted of the following:

Three Months Ended March 31,

Repurchases of AB Holding Units for the three and six months ended June 30, 2021 and 2020 consisted of the following:

Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2021 2020

(in millions)

Total amount of AB Holding Units Purchased (1)

0.9 1.3 1.9 2.2

Total Cash Paid for AB Holding Units Purchased (1)

1 unchanged sentence

Open Market Purchases of AB Holding Units Purchased (2)

0.8 1.3 1.4 2.2

Total Cash Paid for Open Market Purchases of AB Holding Units (2)

6 unchanged sentences

Repurchases are subject to regulations promulgated by the SEC as well as certain price, market volume and timing constraints specified in the plan.

The plan adopted during the first quarter of 2021 expired at the close of business on April 28, 2021.

The plan adopted during the second quarter of 2021 expired at the close of business on July 28, 2021.

AB may adopt additional plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under its incentive compensation award program and for other corporate purposes.

During the first three months of 2021 and 2020, AB awarded to employees and Eligible Directors 3.4 million and 0.1 million restricted AB Holding Unit awards, respectively.

During the first six months of 2021 and 2020, AB awarded to employees and Eligible Directors 3.5 million and 0.2 million restricted AB Holding Unit awards, respectively.

AB used AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units to fund these restricted AB Holding Unit awards.

During the first three months of 2021 and 2020, AB Holding issued 0.1 million and 5,182 AB Holding Units, respectively, upon exercise of options to buy AB Holding Units.

During the first six months of 2021 and 2020, AB Holding issued 0.1 million and 5,182 AB Holding Units, respectively, upon exercise of options to buy AB Holding Units.

AB Holding used the proceeds of $ 3.4 million and $ 0.1 million, respectively, received from award recipients as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units.

2 unchanged sentences

Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“Net income – diluted”) and dividing by the diluted weighted average number of units outstanding for each period.

Three Months Ended

Three Months Ended June 30, Six Months Ended

2021 2020 2021 2020

(in thousands, except per unit amounts)

7 unchanged sentences

Diluted net income per unit $ 0.91 $ 0.59 $ 1.72 $ 1.23

Three Months Ended

Three Months Ended June 30, Six Months Ended

2021 2020 2021 2020

(amounts as shown)

1 unchanged sentence

Investment in AB

Changes in AB Holding’s investment in AB during the three-month period ended March 31, 2021 are as follows (in thousands):

Changes in AB Holding’s investment in AB during the six-month period ended June 30, 2021 are as follows (in thousands):

Investment in AB as of December 31, 2020 $ 1,605,941

3 unchanged sentences

Additional investments with proceeds from exercise of compensatory options to buy AB Holding Units 3,402

Capital contributions to AB 6,096

Capital contributions (from) AB ( 408 )

AB Holding Units retired ( 70,688 )

1 unchanged sentence

Change in AB Holding Units held by AB for long-term incentive compensation plans ( 30,818 )

Investment in AB as of March 31, 2021 $ 1,632,943

Investment in AB as of June 30, 2021 $ 1,604,945

Units Outstanding

Changes in AB Holding Units outstanding during the three-month period ended March 31, 2021 are as follows:

Changes in AB Holding Units outstanding during the six-month period ended June 30, 2021 are as follows:

Outstanding as of December 31, 2020 98,322,942

2 unchanged sentences

Units retired ( 1,676,876 )

Outstanding as of March 31, 2021 100,489,849

Outstanding as of June 30, 2021 99,808,806

AB Holding is a “grandfathered” publicly-traded partnership (“PTP”) for federal tax purposes and, accordingly, is not subject to federal or state corporate income taxes.

4 unchanged sentences

AB Holding Units in AB’s consolidated rabbi trust are not considered outstanding for purposes of calculating AB Holding’s ownership interest in AB.

Three Months Ended

2021 2020 % Change

Three Months Ended June 30, Six Months Ended

2021 2020 % Change 2021 2020 % Change

(in thousands)

29 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements