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,
2025 2024 % Change 2025 2024 % 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, 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.
+Added: AB Holding's net income for the three and nine months ended September 30, 2025 decreased $53.4 million and $99.9 million, respectively, compared to the corresponding periods in 2024, primarily due to lower weighted average equity ownership interest in AB ( as discussed in Note 1 to the condensed financial statements in Item 1 ) and lower net income attributable to AB Unitholders primarily due to the recognition of a prior period gain of $128.5 million related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of AB CarVal in 2022 ( as discussed in Note 11 to AB's condensed financial statements in Exhibit 99.1 ).
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 10.9% during the three months ended June 30, 2025, compared to 7.5% during the three months ended June 30, 2024.
−Removed: 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.
+Added: AB Holding's effective tax rate was 9.4% during the three months ended September 30, 2025, compared to 6.7% during the three months ended September 30, 2024.
+Added: AB Holding's effective tax rate was 10.3% during the nine months ended September 30, 2025, compared to 7.9% during the nine months ended September 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
−Removed: limitations because they do not include all of AB’s revenues and expenses.
+Added: The non-GAAP measures alone may pose 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 June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
20 unchanged sentences
Capital Resources and Liquidity
−Removed: 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.
+Added: During the nine months ended September 30, 2025, net cash provided by operating activities was $275.1 million, compared to $253.0 million during the corresponding 2024 period.
The increase primarily resulted from higher cash distributions received from AB of $19.8 million.
−Removed: 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.
+Added: During the nine months ended September 30, 2025, net cash used in financing activities was $275.1 million, compared to $253.0 million during the corresponding 2024 period.
The increase was primarily due to higher cash distributions to Unitholders of $20.4 million.
26 unchanged sentences
Though we have stated that we do not expect any pending legal proceedings to have a material adverse effect on our results of operations, financial condition or liquidity, any settlement or judgment with respect to a legal proceeding could be significant and could have such an effect.
−Removed: • The possibility that we will engage in open market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program:
−Removed: The number of AB Holding Units AB may decide to buy in future periods, if any, to help fund incentive compensation awards depends on various factors, some of which are beyond our control, including the fluctuation in the price of an AB Holding Unit (NYSE:
+Added: • The possibility that we will engage in open market purchases of AB Holding Units for anticipated obligations under our incentive compensation award program:
+Added: The number of AB Holding Units AB may decide to buy in future periods, if any, for incentive compensation awards depends on various factors, some of which are beyond our control, including the fluctuation in the price of an AB Holding Unit (NYSE:
AB) and the availability of cash to make these purchases.
3 unchanged sentences
Quantitative and Qualitative Disclosures About Market Risk
−Removed: 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.
+Added: During the third 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.