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Item 5. Market for Registrant’s Common Equity

2022-02-11 compared with 2021-02-11 · 8 added, 91 removed, 31 unchanged (76% of the section changed)

2 unchanged sentences

Cash Distributions

AB Holding Units are listed on the NYSE and trade publicly under the ticker symbol “AB.” There is no established public trading market for AB Units, which are subject to significant restrictions on transfer.

AB Holding Units are listed on the NYSE and trade publicly under the ticker symbol “AB".

There is no established public trading market for AB Units, which are subject to significant restrictions on transfer.

For information about these transfer restrictions, see “Structure-related Risks” in Item 1A .

9 unchanged sentences

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Each quarter since the third quarter of 2011, AB has implemented plans to repurchase AB Holding Units pursuant to Rules 10b5-1 and 10b-18 under the Exchange Act.

The plan adopted during the fourth quarter of 2020 expired at the close of business on February 10, 2021.

Each quarter, AB considers whether to implement a plan to repurchase AB Holding Units pursuant to Rules 10b5-1 and 10b-18 under the Exchange Act.

We did not, however, adopt a plan during the fourth quarter of 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 the firm’s incentive compensation award program and for other corporate purposes.

For additional information about Rule 10b5-1 plans, see “Units Outstanding” in Item 7 .

AllianceBernstein

AB Holding Units bought by us or one of our affiliates during the fourth quarter of 2021 are as follows:

10 unchanged sentences

2,449,657 49.95 — —

2,343,310 32.58 — —

Total 2,731,236 $ 50.00 — —

________________________________________________________________________________________________________________________

(1) During the fourth quarter of 2021, we purchased 2,449,716 AB Holding Units from employees to allow them to fulfill statutory withholding tax requirements at the time of distribution of long-term incentive compensation awards.

(2) During the fourth quarter of 2021, we purchased 281,520 AB Holding Units on the open market pursuant to a Rule 10b5-1 plan to help fund anticipated obligations under our incentive compensation award program.

AB Units bought by us or one of our affiliates during the fourth quarter of 2020 are as follows:

Issuer Purchases of Equity Securities

Period Total Number

Purchased Average

Commissions Total

Units Purchased as

Programs Maximum

Dollar Value)

10/1/20-10/31/20 — — — —

11/1/20-11/30/20 — — — —

12/1/20-12/31/20 (1)

800 32.57 — —

Total 800 $ 32.57 — —

________________________________________________________________________________________________________________________

(1) During December 2020, we purchased 800 AB Units in a private transaction.

Selected Financial Data

AllianceBernstein Holding L.P.

The following selected financial data is derived from the consolidated financial statements of AllianceBernstein Holding L.P.

and provides summary historical financial information for the periods ended and as of the dates indicated:

Years Ended December 31,

2020 2019 2018 2017 2016

(in thousands, except per unit amounts)

Income statement data:

Equity in net income attributable to AB Unitholders $ 308,404 $ 266,292 $ 270,647 $ 232,393 $ 239,389

Income taxes 29,024 27,729 28,250 24,971 22,803

Net income $ 279,380 $ 238,563 $ 242,397 $ 207,422 $ 216,586

Basic net income per unit $ 2.88 $ 2.49 $ 2.50 $ 2.19 $ 2.24

Diluted net income per unit $ 2.88 $ 2.49 $ 2.50 $ 2.19 $ 2.23

Cash distributions per unit (1)

$ 2.91 $ 2.53 $ 2.68 $ 2.30 $ 1.92

Balance sheet data at period end:

Total assets $ 1,606,033 $ 1,554,264 $ 1,490,701 $ 1,544,704 $ 1,540,508

Partners’ capital $ 1,604,157 $ 1,552,538 $ 1,490,057 $ 1,543,550 $ 1,539,889

________________________

(1) AB Holding is required to distribute all of its Available Cash Flow, as defined in the AB Holding Partnership Agreement, to its Unitholders;

for all years presented, the cash distributions per unit reflect the impact of AB’s non-GAAP adjustments.

AllianceBernstein L.P.

Selected Consolidated Financial Data

Years Ended December 31,

2020 2019 2018 2017 2016

(in thousands, except per unit amounts and unless otherwise indicated)

INCOME STATEMENT DATA:

Investment advisory and services fees $ 2,595,436 $ 2,472,044 $ 2,362,211 $ 2,201,305 $ 1,933,471

Bernstein research services 459,744 407,911 439,432 449,919 479,875

Distribution revenues 529,781 455,043 418,562 412,063 384,405

Dividend and interest income 50,923 104,421 98,226 71,162 46,939

Investment (losses) gains (16,401) 38,659 2,653 92,102 93,353

Other revenues 104,703 97,559 98,676 97,135 99,859

Total revenues 3,724,186 3,575,637 3,419,760 3,323,686 3,037,902

interest expense 15,650 57,205 52,399 25,165 9,123

Net revenues 3,708,536 3,518,432 3,367,361 3,298,521 3,028,779

Employee compensation and benefits:

Employee compensation and benefits

1,494,198 1,442,783 1,378,811 1,313,469 1,229,721

Promotion and servicing:

Distribution-related payments 569,283 487,965 427,186 411,467 363,603

Amortization of deferred sales commissions 27,355 15,029 21,343 31,886 41,066

Trade execution, marketing, T&E and other 189,787 219,860 222,630 213,275 216,542

General and administrative:

General and administrative 485,544 484,750 448,996 481,488 426,147

Real estate charges 5,526 3,324 7,160 36,669 17,704

Contingent payment arrangements 1,855 (510) (2,219) 267 (20,245)

Interest on borrowings 6,180 13,035 10,359 8,194 4,765

Amortization of intangible assets 21,372 28,759 27,781 27,896 26,311

Total expenses 2,801,100 2,694,995 2,542,047 2,524,611 2,305,614

Operating income 907,436 823,437 825,314 773,910 723,165

Income taxes 45,653 41,754 45,816 53,110 28,319

Net income 861,783 781,683 779,498 720,800 694,846

Net (loss) income of consolidated entities attributable to non-controlling interests (4,169) 29,641 21,910 58,397 21,488

Net income attributable to AB Unitholders $ 865,952 $ 752,042 $ 757,588 $ 662,403 $ 673,358

Basic net income per AB Unit $ 3.19 $ 2.78 $ 2.79 $ 2.46 $ 2.48

Diluted net income per AB Unit $ 3.19 $ 2.78 $ 2.78 $ 2.45 $ 2.47

Operating margin (1)

24.6 % 22.6 % 23.9 % 21.7 % 23.2 %

CASH DISTRIBUTIONS PER AB UNIT (2)

$ 3.20 $ 2.82 $ 2.96 $ 2.57 $ 2.15

Years Ended December 31,

2020 2019 2018 2017 2016

BALANCE SHEET DATA AT PERIOD END:

Total assets $ 9,697,840 $ 8,706,092 $ 8,789,098 $ 9,282,734 $ 8,741,158

Debt $ 675,000 $ 560,000 $ 546,267 $ 565,745 $ 512,970

Total capital $ 4,111,523 $ 4,017,101 $ 3,916,209 $ 4,063,304 $ 4,068,189

ASSETS UNDER MANAGEMENT AT PERIOD END (in millions) $ 685,923 $ 622,915 $ 516,353 $ 554,491 $ 480,201

(1) Operating income excluding net (loss) income attributable to non-controlling interests as a percentage of net revenues.

(2) Cash distributions per AB Unit reflect the impact of AB's non-GAAP adjustments.

Refer to Item 7 for additional information concerning our non-GAAP adjustments.

Neither we nor our affiliates bought any AB Units during the fourth quarter of 2021.

2021 Annual Report 31

AllianceBernstein

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-K

Item 5. Market for Registrant’s Common Equity