4 unchanged sentences
Results of Operations
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 % Change 2021 2020 % Change
10 unchanged sentences
(1) Distributions reflect the impact of AB’s non-GAAP adjustments.
−Removed: 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.
+Added: AB Holding's net income for the three and nine months ended September 30, 2021 increased $21.7 million and $74.5 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 6.7% during the three months ended June 30, 2021, compared to 9.9% during the three months ended June 30, 2020.
−Removed: 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.
+Added: AB Holding’s effective tax rate was 7.6% during the three months ended September 30, 2021, compared to 9.3% during the three months ended September 30, 2020.
+Added: AB Holding's effective tax rate during the nine months ended September 30, 2021 was 7.6% compared to 10.1% during the nine months ended September 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 June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
1 unchanged sentence
AB non-GAAP adjustments, before taxes $ (8) $ (840) $ (1,702) $ 7,262
−Removed: AB income tax benefit (expense) on non-GAAP adjustments 196 797 268 (692)
+Added: AB income tax (expense) benefit on non-GAAP adjustments (56) 29 239 (584)
AB non-GAAP adjustments, after taxes (64) (811) (1,463) 6,678
14 unchanged sentences
Capital Resources and Liquidity
−Removed: 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.
+Added: During the nine months ended September 30, 2021, net cash provided by operating activities was $268.0 million, compared to $203.6 million during the corresponding 2020 period.
The increase primarily resulted from higher cash distributions received from AB of $65.0 million.
−Removed: 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.
+Added: During the nine months ended September 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 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: During the nine months ended September 30, 2021, net cash used in financing activities was $264.6 million, compared to $203.5 million during the corresponding 2020 period.
The increase was primarily due to higher cash distributions to Unitholders of $65.4 million.
35 unchanged sentences
• The Adverse Impact of COVID-19:
−Removed: 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.
−Removed: 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.
+Added: The severity of any possible adverse impact on our AUM and revenues of any new economic downturn caused by a possible resurgence of the COVID-19 pandemic would 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 are based on our assumptions that the recovery from any such possible new economic downturn would 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.