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,
2024 2023 % Change 2024 2023 % 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, 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.
+Added: AB Holding's net income for the three and nine months ended September 30, 2024 increased $70.2 million and $133.0 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 7.5% during the three months ended June 30, 2024, compared to 12.4% during the three months ended June 30, 2023.
−Removed: 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.
+Added: AB Holding's effective tax rate was 6.7% during the three months ended September 30, 2024, compared to 13.3% during the three months ended September 30, 2023.
+Added: AB Holding's effective tax rate was 7.9% during the nine months ended September 30, 2024, compared to 12.4% during the nine months ended September 30, 2023.
See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.
12 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,
2024 2023 2024 2023
18 unchanged sentences
Capital Resources and Liquidity
−Removed: 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: During the nine months ended September 30, 2024, net cash provided by operating activities was $253.0 million, compared to $221.2 million during the corresponding 2023 period.
The increase primarily resulted from higher distributions received from AB of $32.6 million.
−Removed: 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.
+Added: During the nine months ended September 30, 2024, net cash used in financing activities was $253.0 million, compared to $221.2 million during the corresponding 2023 period.
The increase was primarily due to higher cash distributions to Unitholders of $30.2 million.
2 unchanged sentences
These distributions are subsequently distributed (net of taxes paid) in their entirety to AB Holding’s Unitholders.
−Removed: 1 Includes all AB non-GAAP adjustments to pre-tax income.
+Added: 1 Includes all AB non-GAAP adjustments to pre-tax income which includes the gain on divestiture.
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).
31 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.