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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AllianceBernstein Holding LP | NYSE:AB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.21 | -0.62% | 33.50 | 34.18 | 32.80 | 33.49 | 609,313 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-3434400 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Yes | ☒ | No | ☐ |
Yes | ☒ | No | ☐ |
Yes | ☐ | No | ☒ |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Units Rep. Assignments of Beneficial Ownership of LP Interests in AB Holding ("Units") | AB | New York Stock Exchange |
Page | |||||||||||
Part I | |||||||||||
FINANCIAL INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Part II | |||||||||||
OTHER INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
September 30,
2020 |
December 31,
2019 |
||||||||||
ASSETS | |||||||||||
Investment in AB | $ | 1,496,263 | $ | 1,554,203 | |||||||
Other assets | 121 | 61 | |||||||||
Total assets | $ | 1,496,384 | $ | 1,554,264 | |||||||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||||||
Liabilities: | |||||||||||
Other liabilities | $ | 392 | $ | 1,726 | |||||||
Total liabilities | 392 | 1,726 | |||||||||
Commitments and contingencies (See Note 8)
|
|||||||||||
Partners’ capital: | |||||||||||
General Partner: 100,000 general partnership units issued and outstanding | 1,384 | 1,402 | |||||||||
Limited partners: 96,074,568 and 98,092,098 limited partnership units issued and outstanding
|
1,556,501 | 1,619,200 | |||||||||
AB Holding Units held by AB to fund long-term incentive compensation plans | (22,691) | (27,436) | |||||||||
Accumulated other comprehensive loss | (39,202) | (40,628) | |||||||||
Total partners’ capital | 1,495,992 | 1,552,538 | |||||||||
Total liabilities and partners’ capital | $ | 1,496,384 | $ | 1,554,264 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 73,874 | $ | 66,722 | $ | 206,989 | $ | 178,383 | ||||||||||||||||||||||||||||||
Income taxes | 6,875 | 6,894 | 20,805 | 19,842 | ||||||||||||||||||||||||||||||||||
Net income | $ | 66,999 | $ | 59,828 | $ | 186,184 | $ | 158,541 | ||||||||||||||||||||||||||||||
Net income per unit: | ||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.70 | $ | 0.62 | $ | 1.95 | $ | 1.65 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.70 | $ | 0.62 | $ | 1.95 | $ | 1.65 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Net income | $ | 66,999 | $ | 59,828 | $ | 186,184 | $ | 158,541 | |||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, before tax | 5,872 | (4,470) | 718 | (4,303) | |||||||||||||||||||||||||||||||
Income tax benefit | 38 | 77 | 116 | 24 | |||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | 5,910 | (4,393) | 834 | (4,279) | |||||||||||||||||||||||||||||||
Changes in employee benefit related items: | |||||||||||||||||||||||||||||||||||
Amortization of prior service cost | 3 | 3 | 10 | 8 | |||||||||||||||||||||||||||||||
Recognized actuarial gain | 149 | 174 | 613 | 374 | |||||||||||||||||||||||||||||||
Changes in employee benefit related items | 152 | 177 | 623 | 382 | |||||||||||||||||||||||||||||||
Income tax (expense) benefit | (1) | 90 | (31) | 102 | |||||||||||||||||||||||||||||||
Employee benefit related items, net of tax | 151 | 267 | 592 | 484 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 6,061 | (4,126) | 1,426 | (3,795) | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 73,060 | $ | 55,702 | $ | 187,610 | $ | 154,746 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
General Partner’s Capital | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,374 | $ | 1,375 | $ | 1,402 | $ | 1,385 | |||||||||||||||||||||||||||
Net income | 71 | 63 | 192 | 166 | |||||||||||||||||||||||||||||||
Cash distributions to Unitholders | (61) | (56) | (210) | (169) | |||||||||||||||||||||||||||||||
Balance, end of period | 1,384 | 1,382 | 1,384 | 1,382 | |||||||||||||||||||||||||||||||
Limited Partners’ Capital | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | 1,556,813 | 1,542,918 | 1,619,200 | 1,555,892 | |||||||||||||||||||||||||||||||
Net income | 66,928 | 59,765 | 185,992 | 158,375 | |||||||||||||||||||||||||||||||
Cash distributions to Unitholders | (58,877) | (53,971) | (204,258) | (162,026) | |||||||||||||||||||||||||||||||
Retirement of AB Holding Units | (8,645) | (19,029) | (54,823) | (92,412) | |||||||||||||||||||||||||||||||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 282 | 18 | 10,243 | 60,921 | |||||||||||||||||||||||||||||||
Exercise of compensatory options to buy AB Holding Units | — | 691 | 147 | 9,642 | |||||||||||||||||||||||||||||||
Balance, end of period | 1,556,501 | 1,530,392 | 1,556,501 | 1,530,392 | |||||||||||||||||||||||||||||||
AB Holding Units held by AB to fund long-term incentive compensation plans | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | (26,202) | (35,746) | (27,436) | (27,759) | |||||||||||||||||||||||||||||||
Change in AB Holding Units held by AB to fund long-term incentive compensation plans | 3,511 | 1,830 | 4,745 | (6,157) | |||||||||||||||||||||||||||||||
Balance, end of period | (22,691) | (33,916) | (22,691) | (33,916) | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||||||||||||
Balance, beginning of period | (45,263) | (39,130) | (40,628) | (39,461) | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | 5,910 | (4,393) | 834 | (4,279) | |||||||||||||||||||||||||||||||
Changes in employee benefit related items, net of tax | 151 | 267 | 592 | 484 | |||||||||||||||||||||||||||||||
Balance, end of period | (39,202) | (43,256) | (39,202) | (43,256) | |||||||||||||||||||||||||||||||
Total Partners’ Capital | $ | 1,495,992 | $ | 1,454,602 | $ | 1,495,992 | $ | 1,454,602 |
Nine Months Ended
September 30, |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 186,184 | $ | 158,541 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Equity in net income attributable to AB Unitholders | (206,989) | (178,383) | |||||||||||||||
Cash distributions received from AB | 225,802 | 182,475 | |||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
(Increase) in other assets | (60) | (61) | |||||||||||||||
(Decrease) increase in other liabilities | (1,334) | 93 | |||||||||||||||
Net cash provided by operating activities | 203,603 | 162,665 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Investments in AB with proceeds from exercise of compensatory options to buy AB Holding Units
|
(147) | (9,642) | |||||||||||||||
Net cash used in investing activities | (147) | (9,642) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Cash distributions to Unitholders | (204,468) | (162,195) | |||||||||||||||
Capital contributions from (to) AB | 865 | (470) | |||||||||||||||
Proceeds from exercise of compensatory options to buy AB Holding Units | 147 | 9,642 | |||||||||||||||
Net cash used in financing activities | (203,456) | (153,023) | |||||||||||||||
Change in cash and cash equivalents | — | — | |||||||||||||||
Cash and cash equivalents as of beginning of period | — | — | |||||||||||||||
Cash and cash equivalents as of end of period | $ | — | $ | — |
EQH and its subsidiaries | 63.8 | % | |||
AB Holding | 35.5 | ||||
Unaffiliated holders | 0.7 | ||||
100.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Total amount of AB Holding Units Purchased (1)
|
0.3 | 0.9 | 2.5 | 2.9 | ||||||||||||||||||||||||||||||||||||||||
Total Cash Paid for AB Holding Units Purchased(1)
|
$ | 6.8 | $ | 25.1 | $ | 54.4 | $ | 83.7 | ||||||||||||||||||||||||||||||||||||
Open Market Purchases of AB Holding Units Purchased (2)
|
0.2 | 0.6 | 2.4 | 2.5 | ||||||||||||||||||||||||||||||||||||||||
Total Cash Paid for Open Market Purchases of AB Holding Units (2)
|
$ | 6.7 | $ | 15.3 | $ | 51.8 | $ | 70.6 |
Three Months Ended September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||||||||||||||||||||
Net income – basic | $ | 66,999 | $ | 59,828 | $ | 186,184 | $ | 158,541 | ||||||||||||||||||||||||||||||||||||
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options
|
14 | 17 | 32 | 62 | ||||||||||||||||||||||||||||||||||||||||
Net income – diluted | $ | 67,013 | $ | 59,845 | $ | 186,216 | $ | 158,603 | ||||||||||||||||||||||||||||||||||||
Weighted average units outstanding – basic | 96,350 | 96,376 | 95,415 | 95,939 | ||||||||||||||||||||||||||||||||||||||||
Dilutive effect of compensatory options | 27 | 36 | 23 | 52 | ||||||||||||||||||||||||||||||||||||||||
Weighted average units outstanding – diluted | 96,377 | 96,412 | 95,438 | 95,991 | ||||||||||||||||||||||||||||||||||||||||
Basic net income per unit | $ | 0.70 | $ | 0.62 | $ | 1.95 | $ | 1.65 | ||||||||||||||||||||||||||||||||||||
Diluted net income per unit | $ | 0.70 | $ | 0.62 | $ | 1.95 | $ | 1.65 |
Three Months Ended September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
(amounts as shown) | ||||||||||||||||||||||||||||||||||||||||||||
Anti-dilutive options excluded from diluted net income | 29,056 | 29,056 | 29,056 | 29,056 |
Investment in AB as of December 31, 2019 | $ | 1,554,203 | |||
Equity in net income attributable to AB Unitholders | 206,989 | ||||
Changes in accumulated other comprehensive income | 1,426 | ||||
Cash distributions received from AB | (225,802) | ||||
Additional investments with proceeds from exercise of compensatory options to buy AB Holding Units | 147 | ||||
Capital contributions (from) AB | (865) | ||||
AB Holding Units retired | (54,823) | ||||
AB Holding Units issued to fund long-term incentive compensation plans | 10,243 | ||||
Change in AB Holding Units held by AB for long-term incentive compensation plans | 4,745 | ||||
Investment in AB as of September 30, 2020 | $ | 1,496,263 |
Outstanding as of December 31, 2019 | 98,192,098 | ||||
Options exercised | 5,182 | ||||
Units issued | 422,703 | ||||
Units retired | (2,445,415) | ||||
Outstanding as of September 30, 2020 | 96,174,568 |
Three Months Ended September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 207,976 | $ | 187,811 | 10.7 | % | $ | 579,617 | $ | 503,177 | 15.2 | % | ||||||||||||||||||||||||||||||||||||||
Multiplied by: weighted average equity ownership interest | 35.5 | % | 35.5 | % | 35.7 | % | 35.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 73,874 | $ | 66,722 | 10.7 | $ | 206,989 | $ | 178,383 | 16.0 | ||||||||||||||||||||||||||||||||||||||||
AB qualifying revenues | $ | 642,303 | $ | 656,173 | (2.1) | $ | 1,931,252 | $ | 1,886,176 | 2.4 | ||||||||||||||||||||||||||||||||||||||||
Multiplied by: weighted average equity ownership interest for calculating tax
|
30.0 | % | 29.4 | % | 30.2 | % | 29.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Multiplied by: federal tax | 3.5 | % | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Federal income taxes | 6,738 | 6,759 | 20,432 | 19,459 | ||||||||||||||||||||||||||||||||||||||||||||||
State income taxes | 137 | 135 | 373 | 383 | ||||||||||||||||||||||||||||||||||||||||||||||
Total income taxes | $ | 6,875 | $ | 6,894 | (0.3) | $ | 20,805 | $ | 19,842 | 4.9 | ||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 9.3 | % | 10.3 | % | 10.1 | % | 11.1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 207,976 | $ | 187,811 | 10.7 | % | $ | 579,617 | $ | 503,177 | 15.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average equity ownership interest | 35.5 | % | 35.5 | % | 35.7 | % | 35.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income attributable to AB Unitholders | 73,874 | 66,722 | 10.7 | 206,989 | 178,383 | 16.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 6,875 | 6,894 | (0.3) | 20,805 | 19,842 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income of AB Holding | $ | 66,999 | $ | 59,828 | 12.0 | $ | 186,184 | $ | 158,541 | 17.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted net income per AB Holding Unit | $ | 0.70 | $ | 0.62 | 12.9 | $ | 1.95 | $ | 1.65 | 18.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution per AB Holding Unit(1)
|
$ | 0.69 | $ | 0.63 | 9.5 | $ | 1.94 | $ | 1.68 | 15.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
(in thousands, except per Unit amounts) | ||||||||||||||||||||||||||||||||||||||||||||
AB non-GAAP adjustments, before taxes | $ | (840) | $ | 1,290 | $ | 7,262 | $ | 5,334 | ||||||||||||||||||||||||||||||||||||
AB income tax benefit (expense) on non-GAAP adjustments | 29 | 151 | (584) | 882 | ||||||||||||||||||||||||||||||||||||||||
AB non-GAAP adjustments, after taxes | (811) | 1,441 | 6,678 | 6,216 | ||||||||||||||||||||||||||||||||||||||||
AB Holding’s weighted average equity ownership interest in AB | 35.5 | % | 35.5 | % | 35.7 | % | 35.5 | % | ||||||||||||||||||||||||||||||||||||
Impact on AB Holding’s net income of AB non-GAAP adjustments | $ | (289) | $ | 512 | $ | 2,385 | $ | 2,204 | ||||||||||||||||||||||||||||||||||||
Net income – diluted, GAAP basis | $ | 67,013 | $ | 59,845 | $ | 186,216 | $ | 158,603 | ||||||||||||||||||||||||||||||||||||
Impact on AB Holding’s net income of AB non-GAAP adjustments | (289) | 512 | 2,385 | 2,204 | ||||||||||||||||||||||||||||||||||||||||
Adjusted net income – diluted | $ | 66,724 | $ | 60,357 | $ | 188,601 | $ | 160,807 | ||||||||||||||||||||||||||||||||||||
Diluted net income per AB Holding Unit, GAAP basis | $ | 0.70 | $ | 0.62 | $ | 1.95 | $ | 1.65 | ||||||||||||||||||||||||||||||||||||
Impact of AB non-GAAP adjustments | (0.01) | 0.01 | 0.03 | 0.03 | ||||||||||||||||||||||||||||||||||||||||
Adjusted diluted net income per AB Holding Unit | $ | 0.69 | $ | 0.63 | $ | 1.98 | $ | 1.68 |
Period |
Total Number
of AB Holding Units Purchased |
Average Price
Paid Per
AB Holding Unit, net of
Commissions
|
Total Number of
AB Holding Units Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number
(or Approximate Dollar Value) of AB Holding Units that May Yet Be Purchased Under the Plans or Programs |
||||||||||||||||||||||
7/1/20 - 7/31/20(1)
|
1,520 | $ | 27.43 | — | — | |||||||||||||||||||||
8/1/20 - 8/31/20(2)
|
9,052 | 27.90 | — | — | ||||||||||||||||||||||
9/1/20 - 9/30/20(1)(2)
|
239,704 | 27.17 | — | — | ||||||||||||||||||||||
Total | 250,276 | $ | 27.20 | — | — |
Period |
Total Number
of AB Units Purchased |
Average Price
Paid Per
AB Unit, net of
Commissions
|
Total Number of
AB Units Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number
(or Approximate Dollar Value) of AB Units that May Yet Be Purchased Under the Plans or Programs |
||||||||||||||||||||||
7/1/20 - 7/31/20 | — | $ | — | — | — | |||||||||||||||||||||
8/1/20 - 8/31/20 | — | — | — | — | ||||||||||||||||||||||
9/1/20 - 9/30/20(1)
|
700 | 28.26 | — | — | ||||||||||||||||||||||
Total | 700 | $ | 28.26 | — | — |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
99.1 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | ||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, formatted in Inline XBRL (included in Exhibit 101). |
Date: October 22, 2020 | ALLIANCEBERNSTEIN HOLDING L.P. | ||||||||||||||||
By: | /s/ John C. Weisenseel | ||||||||||||||||
John C. Weisenseel | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
By: | /s/ William R. Siemers | ||||||||||||||||
William R. Siemers | |||||||||||||||||
Chief Accounting Officer |
1 Year AllianceBernstein Chart |
1 Month AllianceBernstein Chart |
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