4 unchanged sentences
Results of Operations
−Removed: Three Months Ended March 31,
−Removed: 2025 2024 % Change
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2025 2024 % Change 2025 2024 % Change
(in thousands, except per unit amounts)
5 unchanged sentences
Net income per AB Holding Unit $ 0.64 $ 0.99 (35.4) $ 1.31 $ 1.66 (21.1)
−Removed: Distribution per AB Holding Unit (1)
+Added: Distribution declared per AB Holding Unit (1)
$ 0.76 $ 0.71 7.0 $ 1.56 $ 1.44 8.3
1 unchanged sentence
(1) Distributions reflect the impact of AB’s non-GAAP adjustments.
−Removed: AB Holding's net income for the three months ended March 31, 2025 decreased $3.2 million, compared to the three months ended March 31, 2024, primarily due to lower weighted average equity ownership interest in AB, partially offset by higher net income attributable to AB Unitholders.
+Added: AB Holding's net income for the three and six months ended June 30, 2025 decreased $43.3 million and $46.5 million, respectively, compared to the corresponding periods in 2024, primarily due to lower weighted average equity ownership interest in AB and lower 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.
−Removed: AB Holding's effective tax rate was 10.5% during the three months ended March 31, 2025 and 2024.
+Added: AB Holding's effective tax rate was 10.9% during the three months ended June 30, 2025, compared to 7.5% during the three months ended June 30, 2024.
+Added: AB Holding's effective tax rate was 10.7% during the six months ended June 30, 2025, compared to 8.7% during the six months ended June 30, 2024.
See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.
7 unchanged sentences
Management uses both GAAP and non-GAAP measures in evaluating the company’s financial performance.
−Removed: The non-GAAP measures alone may pose limitations because they do not include all of AB’s revenues and expenses.
+Added: The non-GAAP measures alone may pose
+Added: limitations because they do not include all of AB’s revenues and expenses.
Further, adjusted net income per AB Holding Unit is not a liquidity measure and should not be used in place of cash flow measures.
1 unchanged sentence
The impact of these adjustments on AB Holding’s net income and 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: 2025 2024 2025 2024
(in thousands, except per Unit amounts)
1 unchanged sentence
$ 39,228 $ (86,791) $ 79,364 $ (70,705)
−Removed: AB income tax (expense) on non-GAAP adjustments (2,441) (487)
+Added: AB income tax (expense) benefit on non-GAAP adjustments (2,836) 5,471 (5,248) 5,227
AB non-GAAP adjustments, after taxes 36,392 (81,320) 74,116 (65,478)
15 unchanged sentences
Capital Resources and Liquidity
−Removed: During the three months ended March 31, 2025, net cash provided by operating activities was $115.3 million, compared to $87.7 million during the corresponding 2024 period.
+Added: During the six months ended June 30, 2025, net cash provided by operating activities was $203.9 million, compared to $172.0 million during the corresponding 2024 period.
The increase primarily resulted from higher cash distributions received from AB of $33.7 million.
−Removed: During the three months ended March 31, 2025, net cash used in financing activities was $115.3 million, compared to $87.7 million during the corresponding 2024 period.
+Added: During the six months ended June 30, 2025, net cash used in financing activities was $203.9 million, compared to $172.0 million during the corresponding 2024 period.
The increase was primarily due to higher cash distributions to Unitholders of $32.5 million.
33 unchanged sentences
Quantitative and Qualitative Disclosures About Market Risk
−Removed: During the first quarter of 2025, there have been no material changes in AB Holding’s market risk from the information provided under “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A of AB Holding's Form 10-K for the year ended December 31, 2024.
+Added: During the second quarter of 2025, there have been no material changes in AB Holding’s market risk from the information provided under “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A of AB Holding's Form 10-K for the year ended December 31, 2024.
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.