4 unchanged sentences
Results of Operations
−Removed: Three Months Ended March 31,
−Removed: 2021 2020 % Change
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2021 2020 % Change 2021 2020 % Change
(in thousands, except per unit amounts)
9 unchanged sentences
(1) Distributions reflect the impact of AB’s non-GAAP adjustments.
−Removed: AB Holding's net income for the three months ended March 31, 2021 increased $18.8 million as compared to the corresponding period in 2020, primarily due to higher net income attributable to AB Unitholders.
+Added: AB Holding's net income for the three and six months ended June 30, 2021 increased $34.0 million and $52.8 million, respectively, due to higher net income attributable to AB Unitholders and a slightly higher weighted average equity ownership interest.
AB Holding’s partnership gross income is derived from its interest in AB.
1 unchanged sentence
investment advisory fees, research payments and brokerage commissions) by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate.
−Removed: AB Holding’s effective tax rate was 8.8% during the three months ended March 31, 2021, compared to 10.9% during the three months ended March 31, 2020.
+Added: AB Holding’s effective tax rate was 6.7% during the three months ended June 30, 2021, compared to 9.9% during the three months ended June 30, 2020.
+Added: AB Holding's effective tax rate during the six months ended June 30, 2021 was 7.7% compared to 10.5% during the six months ended June 30, 2020.
See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.
10 unchanged sentences
The impact of these adjustments on AB Holding’s net income and diluted net income per AB Holding Unit is as follows:
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2021 2020 2021 2020
(in thousands, except per Unit amounts)
17 unchanged sentences
Capital Resources and Liquidity
−Removed: During the three months ended March 31, 2021, net cash provided by operating activities was $104.1 million, compared to $83.0 million during the corresponding 2020 period.
+Added: During the six months ended June 30, 2021, net cash provided by operating activities was $178.9 million, compared to $144.6 million during the corresponding 2020 period.
The increase primarily resulted from higher cash distributions received from AB of $34.0 million.
−Removed: During the three months ended March 31, 2021, net cash used in investing activities was $1.9 million, compared to $0.1 million during the corresponding 2020 period.
+Added: During the six months ended June 30, 2021, net cash used in investing activities was $3.4 million, compared to $0.1 million during the corresponding 2020 period.
The activity in both periods reflects the investments in AB with proceeds from exercises of compensatory options to buy AB Holding Units.
−Removed: During the three months ended March 31, 2021, net cash used in financing activities was $102.2 million, compared to $82.9 million during the corresponding 2020 period.
−Removed: The increase was primarily due to higher cash distributions to Unitholders of $14.3 million and higher capital contributions to AB of $6.8 million.
+Added: During the six months ended June 30, 2021, net cash used in financing activities was $175.5 million, compared to $144.4 million during the corresponding 2020 period.
+Added: The increase was primarily due to higher cash distributions to Unitholders of $33.8 million.
Management believes that AB Holding will have the resources it needs to meet its financial obligations as a result of the cash flow AB Holding realizes from its investment in AB.
34 unchanged sentences
• The Adverse Impact of COVID-19:
−Removed: The severity of any possible adverse impact on our AUM and revenues of any economic downturn caused by the COVID-19 pandemic will depend on the depth and length of the downturn and its impact on the companies in which we invest.
−Removed: Our conclusions about the possible continuing adverse impact on us is based on our assumptions that the recovery will be gradual and that there will be lasting high unemployment and economic damage.
+Added: The severity of any possible adverse impact on our AUM and revenues of any new economic downturn caused by a resurgence of the COVID-19 pandemic will depend on the depth and length of any such downturn and its impact on the companies in which we invest.
+Added: Our conclusions about the possible adverse impact on us is based on our assumptions that the recovery from any such new economic downturn will be gradual and that there could again be significant, lasting high unemployment and economic damage.
We believe that these assumptions are reasonable, but they may not be correct and economic conditions likely will differ from our assumptions.
2 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.