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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 | |
---|---|---|---|---|---|---|---|---|
-0.12 | -0.36% | 33.16 | 33.70 | 32.70 | 32.82 | 244,564 | 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. | ||||||||
March 31,
2021 |
December 31,
2020 |
||||||||||
ASSETS | |||||||||||
Investment in AB | $ | 1,632,943 | $ | 1,605,941 | |||||||
Other assets | — | 92 | |||||||||
Total assets | $ | 1,632,943 | $ | 1,606,033 | |||||||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||||||
Liabilities: | |||||||||||
Other liabilities | $ | 7,654 | $ | 1,876 | |||||||
Total liabilities | 7,654 | 1,876 | |||||||||
Commitments and contingencies (See Note 8)
|
|||||||||||
Partners’ capital: | |||||||||||
General Partner: 100,000 general partnership units issued and outstanding
|
1,395 | 1,410 | |||||||||
Limited partners: 100,389,849 and 98,222,942 limited partnership units issued and outstanding
|
1,712,801 | 1,656,816 | |||||||||
AB Holding Units held by AB to fund long-term incentive compensation plans | (51,973) | (20,171) | |||||||||
Accumulated other comprehensive loss | (36,934) | (33,898) | |||||||||
Total partners’ capital | 1,625,289 | 1,604,157 | |||||||||
Total liabilities and partners’ capital | $ | 1,632,943 | $ | 1,606,033 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 88,907 | $ | 69,914 | ||||||||||||||||||||||
Income taxes | 7,820 | 7,655 | ||||||||||||||||||||||||
Net income | $ | 81,087 | $ | 62,259 | ||||||||||||||||||||||
Net income per unit: | ||||||||||||||||||||||||||
Basic | $ | 0.81 | $ | 0.63 | ||||||||||||||||||||||
Diluted | $ | 0.81 | $ | 0.63 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income | $ | 81,087 | $ | 62,259 | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Foreign currency translation adjustments, before tax | (2,732) | (7,627) | |||||||||||||||||||||
Income tax (expense) benefit | (30) | 6 | |||||||||||||||||||||
Foreign currency translation adjustments, net of tax | (2,762) | (7,621) | |||||||||||||||||||||
Changes in employee benefit related items: | |||||||||||||||||||||||
Amortization of prior service cost | (2) | 3 | |||||||||||||||||||||
Recognized actuarial (loss) gain | (274) | 169 | |||||||||||||||||||||
Changes in employee benefit related items | (276) | 172 | |||||||||||||||||||||
Income tax benefit (expense) | 2 | (28) | |||||||||||||||||||||
Employee benefit related items, net of tax | (274) | 144 | |||||||||||||||||||||
Other comprehensive (loss) | (3,036) | (7,477) | |||||||||||||||||||||
Comprehensive income | $ | 78,051 | $ | 54,782 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
General Partner’s Capital | |||||||||||||||||||||||
Balance, beginning of period | $ | 1,410 | $ | 1,402 | |||||||||||||||||||
Net income | 83 | 62 | |||||||||||||||||||||
Cash distributions to Unitholders | (98) | (84) | |||||||||||||||||||||
Balance, end of period | 1,395 | 1,380 | |||||||||||||||||||||
Limited Partners’ Capital | |||||||||||||||||||||||
Balance, beginning of period | 1,656,816 | 1,619,200 | |||||||||||||||||||||
Net income | 81,004 | 62,197 | |||||||||||||||||||||
Cash distributions to Unitholders | (97,947) | (83,621) | |||||||||||||||||||||
Retirement of AB Holding Units | (29,847) | (14,220) | |||||||||||||||||||||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 100,861 | 8,458 | |||||||||||||||||||||
Exercise of compensatory options to buy AB Holding Units | 1,914 | 147 | |||||||||||||||||||||
Balance, end of period | 1,712,801 | 1,592,161 | |||||||||||||||||||||
AB Holding Units held by AB to fund long-term incentive compensation plans | |||||||||||||||||||||||
Balance, beginning of period | (20,171) | (27,436) | |||||||||||||||||||||
Change in AB Holding Units held by AB to fund long-term incentive compensation plans | (31,802) | (1,566) | |||||||||||||||||||||
Balance, end of period | (51,973) | (29,002) | |||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||
Balance, beginning of period | (33,898) | (40,628) | |||||||||||||||||||||
Foreign currency translation adjustment, net of tax | (2,762) | (7,621) | |||||||||||||||||||||
Changes in employee benefit related items, net of tax | (274) | 144 | |||||||||||||||||||||
Balance, end of period | (36,934) | (48,105) | |||||||||||||||||||||
Total Partners’ Capital | $ | 1,625,289 | $ | 1,516,434 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 81,087 | $ | 62,259 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in net income attributable to AB Unitholders | (88,907) | (69,914) | |||||||||
Cash distributions received from AB | 106,091 | 91,562 | |||||||||
Changes in assets and liabilities: | |||||||||||
Decrease in other assets | 92 | — | |||||||||
Increase (decrease) in other liabilities | 5,778 | (901) | |||||||||
Net cash provided by operating activities | 104,141 | 83,006 | |||||||||
Cash flows from investing activities: | |||||||||||
Investments in AB with proceeds from exercise of compensatory options to buy AB Holding Units
|
(1,914) | (147) | |||||||||
Net cash used in investing activities | (1,914) | (147) | |||||||||
Cash flows from financing activities: | |||||||||||
Cash distributions to Unitholders | (98,045) | (83,705) | |||||||||
Capital contributions (to) from AB | (6,096) | 699 | |||||||||
Proceeds from exercise of compensatory options to buy AB Holding Units | 1,914 | 147 | |||||||||
Net cash used in financing activities | (102,227) | (82,859) | |||||||||
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 | 62.8 | % | |||
AB Holding | 36.5 | ||||
Unaffiliated holders | 0.7 | ||||
100.0 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Total amount of AB Holding Units Purchased (1)
|
1.0 | 0.9 | ||||||||||||||||||||||||
Total Cash Paid for AB Holding Units Purchased(1)
|
$ | 37.4 | $ | 19.8 | ||||||||||||||||||||||
Open Market Purchases of AB Holding Units Purchased (2)
|
0.6 | 0.8 | ||||||||||||||||||||||||
Total Cash Paid for Open Market Purchases of AB Holding Units (2)
|
$ | 24.2 | $ | 17.3 |
Three Months Ended
March 31, |
||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||
Net income – basic | $ | 81,087 | $ | 62,259 | ||||||||||||||||||||||
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options
|
18 | 15 | ||||||||||||||||||||||||
Net income – diluted | $ | 81,105 | $ | 62,274 | ||||||||||||||||||||||
Weighted average units outstanding – basic | 100,146 | 98,309 | ||||||||||||||||||||||||
Dilutive effect of compensatory options | 32 | 32 | ||||||||||||||||||||||||
Weighted average units outstanding – diluted | 100,178 | 98,341 | ||||||||||||||||||||||||
Basic net income per unit | $ | 0.81 | $ | 0.63 | ||||||||||||||||||||||
Diluted net income per unit | $ | 0.81 | $ | 0.63 |
Three Months Ended
March 31, |
||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(amounts as shown) | ||||||||||||||||||||||||||
Anti-dilutive options excluded from diluted net income | — | 29,056 |
Investment in AB as of December 31, 2020 | $ | 1,605,941 | |||
Equity in net income attributable to AB Unitholders | 88,907 | ||||
Changes in accumulated other comprehensive income | (3,036) | ||||
Cash distributions received from AB | (106,091) | ||||
Additional investments with proceeds from exercise of compensatory options to buy AB Holding Units | 1,914 | ||||
Capital contributions to AB | 6,096 | ||||
AB Holding Units retired | (29,847) | ||||
AB Holding Units issued to fund long-term incentive compensation plans | 100,861 | ||||
Change in AB Holding Units held by AB for long-term incentive compensation plans | (31,802) | ||||
Investment in AB as of March 31, 2021 | $ | 1,632,943 |
Outstanding as of December 31, 2020 | 98,322,942 | ||||
Options exercised | 79,108 | ||||
Units issued | 2,847,552 | ||||
Units retired | (759,753) | ||||
Outstanding as of March 31, 2021 | 100,489,849 |
Three Months Ended
March 31, |
||||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 244,131 | $ | 194,320 | 25.6 | % | ||||||||||||||||||||||||||||||||
Multiplied by: weighted average equity ownership interest | 36.4 | % | 36.0 | % | ||||||||||||||||||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 88,907 | $ | 69,914 | 27.2 | |||||||||||||||||||||||||||||||||
AB qualifying revenues | $ | 706,392 | $ | 702,340 | 0.6 | |||||||||||||||||||||||||||||||||
Multiplied by: weighted average equity ownership interest for calculating tax
|
30.6 | % | 30.6 | % | ||||||||||||||||||||||||||||||||||
Multiplied by: federal tax | 3.5 | % | 3.5 | % | ||||||||||||||||||||||||||||||||||
Federal income taxes | 7,572 | 7,515 | ||||||||||||||||||||||||||||||||||||
State income taxes | 248 | 140 | ||||||||||||||||||||||||||||||||||||
Total income taxes | $ | 7,820 | $ | 7,655 | 2.2 | |||||||||||||||||||||||||||||||||
Effective tax rate | 8.8 | % | 10.9 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | ||||||||||||||||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 244,131 | $ | 194,320 | 25.6 | % | ||||||||||||||||||||||||||||||||
Weighted average equity ownership interest | 36.4 | % | 36.0 | % | ||||||||||||||||||||||||||||||||||
Equity in net income attributable to AB Unitholders | 88,907 | 69,914 | 27.2 | |||||||||||||||||||||||||||||||||||
Income taxes | 7,820 | 7,655 | 2.2 | |||||||||||||||||||||||||||||||||||
Net income of AB Holding | $ | 81,087 | $ | 62,259 | 30.2 | |||||||||||||||||||||||||||||||||
Diluted net income per AB Holding Unit | $ | 0.81 | $ | 0.63 | 28.6 | |||||||||||||||||||||||||||||||||
Distribution per AB Holding Unit(1)
|
$ | 0.81 | $ | 0.64 | 26.6 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(in thousands, except per Unit amounts) | ||||||||||||||||||||||||||
AB non-GAAP adjustments, before taxes | $ | (815) | $ | 1,796 | ||||||||||||||||||||||
AB income tax benefit (expense) on non-GAAP adjustments | 23 | (888) | ||||||||||||||||||||||||
AB non-GAAP adjustments, after taxes | (792) | 908 | ||||||||||||||||||||||||
AB Holding’s weighted average equity ownership interest in AB | 36.4 | % | 36.0 | % | ||||||||||||||||||||||
Impact on AB Holding’s net income of AB non-GAAP adjustments | $ | (289) | $ | 326 | ||||||||||||||||||||||
Net income – diluted, GAAP basis | $ | 81,105 | $ | 62,274 | ||||||||||||||||||||||
Impact on AB Holding’s net income of AB non-GAAP adjustments | (289) | 326 | ||||||||||||||||||||||||
Adjusted net income – diluted | $ | 80,816 | $ | 62,600 | ||||||||||||||||||||||
Diluted net income per AB Holding Unit, GAAP basis | $ | 0.81 | $ | 0.63 | ||||||||||||||||||||||
Impact of AB non-GAAP adjustments | — | 0.01 | ||||||||||||||||||||||||
Adjusted diluted net income per AB Holding Unit | $ | 0.81 | $ | 0.64 |
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 |
||||||||||||||||||||||
1/1/21 - 1/31/21(1)(2)
|
73,550 | $ | 33.72 | — | — | |||||||||||||||||||||
2/1/21 - 2/28/21(1)(2)
|
376,726 | 37.15 | — | — | ||||||||||||||||||||||
3/1/21 - 3/31/21(2)
|
547,210 | 38.31 | — | — | ||||||||||||||||||||||
Total | 997,486 | $ | 37.54 | — | — |
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 |
||||||||||||||||||||||
1/1/21 - 1/31/21 | — | $ | — | — | — | |||||||||||||||||||||
2/1/21 - 2/28/21 | — | — | — | — | ||||||||||||||||||||||
3/1/21 - 3/31/21(1)
|
1,400 | 37.00 | — | — | ||||||||||||||||||||||
Total | 1,400 | $ | 37.00 | — | — |
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 March 31, 2021, formatted in Inline XBRL (included in Exhibit 101). |
Date: April 29, 2021 | ALLIANCEBERNSTEIN HOLDING L.P. | ||||||||||
By: | /s/ Ali Dibadj | ||||||||||
Ali Dibadj | |||||||||||
Chief Financial Officer and Head of Strategy | |||||||||||
By: | /s/ William R. Siemers | ||||||||||
William R. Siemers | |||||||||||
Chief Accounting Officer |
1 Year AllianceBernstein Chart |
1 Month AllianceBernstein Chart |
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