4 unchanged sentences
Results of Operations
−Removed: Three Months Ended March 31,
−Removed: 2024 2023 % Change
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2024 2023 % Change 2024 2023 % 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, 2024 increased $9.8 million, compared to the three months ended March 31, 2023, 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, 2024 increased $53.0 million and $62.8 million, respectively, as compared to the corresponding periods in 2023 primarily due to higher net income attributable to AB Unitholders.
AB Holding’s partnership gross income is derived from its interest in AB.
2 unchanged sentences
investment advisory fees, research payments and brokerage commissions.
−Removed: AB Holding's effective tax rate was 10.5% during the three months ended March 31, 2024, compared to 11.7% during the three months ended March 31, 2023.
+Added: AB Holding's effective tax rate was 7.5% during the three months ended June 30, 2024, compared to 12.4% during the three months ended June 30, 2023.
+Added: AB Holding's effective tax rate was 8.7% during the six months ended June 30, 2024, compared to 12.0% during the six months ended June 30, 2023.
See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.
8 unchanged sentences
The non-GAAP measures alone may pose limitations because they do not include all of AB’s revenues and expenses.
−Removed: Further, adjusted diluted net income per AB Holding Unit is not a liquidity measure and should not be used in place of cash flow measures.
+Added: Further, adjusted diluted net income per AB
+Added: Holding Unit is not a liquidity measure and should not be used in place of cash flow measures.
See AB’s MD&A contained in Exhibit 99.1 .
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: 2024 2023 2024 2023
(in thousands, except per Unit amounts)
AB non-GAAP adjustments 1 $ (86,791) $ 21,637 $ (70,705) $ 40,954
−Removed: AB income tax (expense) on non-GAAP adjustments (487) (506)
+Added: AB income tax benefit (expense) on non-GAAP adjustments 5,471 (982) 5,227 (1,485)
AB non-GAAP adjustments, after taxes (81,320) 20,655 (65,478) 39,469
14 unchanged sentences
Capital Resources and Liquidity
−Removed: During the three months ended March 31, 2024, net cash provided by operating activities was $87.7 million, compared to $78.0 million during the corresponding 2023 period.
−Removed: The increase primarily resulted from higher cash distributions received from AB of $10.3 million.
−Removed: During the three months ended March 31, 2024, net cash used in financing activities was $87.7 million, compared to $78.0 million during the corresponding 2023 period.
+Added: During the six months ended June 30, 2024, net cash provided by operating activities was $172.0 million, compared to $152.3 million during the corresponding 2023 period.
+Added: The increase primarily resulted from higher distributions received from AB of $19.6 million.
+Added: During the six months ended June 30, 2024, net cash used in financing activities was $172.0 million, compared to $152.3 million during the corresponding 2023 period.
The increase was primarily due to higher cash distributions to Unitholders of $18.4 million.
2 unchanged sentences
These distributions are subsequently distributed (net of taxes paid) in their entirety to AB Holding’s Unitholders.
−Removed: As a result, AB Holding has no liquidity risk as it only pays distributions to AB Holding’s Unitholders to the extent of distributions received from AB (net of taxes paid).
+Added: 1 Includes all AB non-GAAP adjustments to pre-tax income.
+Added: AB Holding has no liquidity risk as it only pays distributions to AB Holding’s Unitholders to the extent of distributions received from AB (net of taxes paid).
Commitments and Contingencies
See Note 8 to the condensed financial statements in Item 1 .
−Removed: 2 Includes all AB non-GAAP adjustments to pre-tax income.
CAUTIONS REGARDING FORWARD-LOOKING STATEMENTS
28 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.