4 unchanged sentences
Results of Operations
−Removed: Three Months Ended March 31,
−Removed: 2022 2021 % Change
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2022 2021 % Change 2022 2021 % 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, 2022 increased $4.8 million as compared to the corresponding period in 2021 primarily due to higher net income attributable to AB Unitholders, partially offset by slightly lower weighted average equity ownership interest.
+Added: AB Holding's net income for the three and six months ended June 30, 2022 decreased $22.8 million and $17.9 million, respectively, as compared to the corresponding periods in 2021 primarily due to lower net income attributable to AB Unitholders.
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 8.9% during the three months ended March 31, 2022, compared to 8.8% during the three months ended March 31, 2021.
+Added: AB Holding’s effective tax rate was 9.6% during the three months ended June 30, 2022, compared to 6.7% during the three months ended June 30, 2021.
+Added: AB Holding's effective tax rate during the six months ended June 30, 2022 was 9.2% compared to 7.7% during the six months ended June 30, 2021.
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: 2022 2021 2022 2021
(in thousands, except per Unit amounts)
17 unchanged sentences
Capital Resources and Liquidity
−Removed: During the three months ended March 31, 2022, net cash provided by operating activities was $127.1 million, compared to $104.1 million during the corresponding 2021 period.
+Added: During the six months ended June 30, 2022, net cash provided by operating activities was $218.0 million, compared to $178.9 million during the corresponding 2021 period.
The increase primarily resulted from higher cash distributions received from AB of $40.8 million.
−Removed: During the three months ended March 31, 2022, there was no cash used in investing activities, compared to $1.9 million during the corresponding 2021 period.
−Removed: The activity during the three months ended March 31, 2021 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, 2022, net cash used in financing activities was $127.1 million, compared to $102.2 million during the corresponding 2021 period.
−Removed: The increase was primarily due to higher cash distributions to Unitholders of $29.6 million, partially offset by higher capital contributions from AB of $6.6 million.
+Added: During the six months ended June 30, 2022, net cash used in investing activities was $178 thousand compared to $3.4 million during the corresponding 2021 period.
+Added: The activity in both periods reflects the investments in AB with proceeds from exercises of compensatory options to buy AB Holding Units.
+Added: During the six months ended June 30, 2022, net cash used in financing activities was $217.8 million, compared to $175.5 million during the corresponding 2021 period.
+Added: The increase was primarily due to higher cash distributions to Unitholders of $38.3 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.
30 unchanged sentences
The aggregate extent to which COVID-19, including existing and new variants and its impact on the global economy, affects AB’s business, liquidity, results of operations and financial condition, will depend on future COVID-19 developments that are highly uncertain, including the scope and duration of the pandemic and any recovery period, the emergence, spread and seriousness of COVID-19 variants, the continuing prevalence of severe, unconstrained and/or escalating rates of infection and hospitalization in various countries and regions, the availability, adoption and efficacy of treatments and vaccines, and future actions taken by governmental authorities, central banks and other parties in response to COVID-19.
−Removed: • The probability that our acquisition of CarVal Investors, LP will close as anticipated.
−Removed: These statements concern expected growth, client and stockholder benefits, key assumptions, timing of closing of the transaction, revenue realization, financial benefits or returns, accretion and integration costs.
+Added: • The impact of our acquisition of CarVal:
+Added: These statements concern expected growth, client and stockholder benefits, key assumptions, revenue realization, financial benefits or returns, accretion and integration costs.
The most significant transaction-related and other risk factors that may cause actual results to differ materially from future results expressed or implied by our forward-looking statements include:
−Removed: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the acquisition agreement;
−Removed: (ii) the transaction closing conditions may not be satisfied in a timely manner or at all, including due to the failure to obtain regulatory and client approvals;
−Removed: (iii) the announcement and pendency of the acquisition may disrupt CarVal’s business operations (including the threatened or actual loss of employees, clients or suppliers);
−Removed: (iv) CarVal could experience financial or other setbacks if the transaction encounters unanticipated problems;
−Removed: and (v) anticipated benefits of the transaction, including the realization of revenue, accretion, and financial benefits or returns, may not be fully realized or may take longer to realize than expected, including if AB Holding units to be issued after the closing trade at a price below anticipated levels.
+Added: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the acquisition agreement and (ii) anticipated benefits of the transaction, including the realization of revenue, accretion, and financial benefits or returns, may not be fully realized or may take longer to realize than expected, including if AB Holding units to be issued after the closing trade at a price below anticipated levels.
We caution readers to carefully consider such factors.
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.