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Andrea Prochniak, Investors
212.756.4542
andrea.prochniak@alliancebernstein.com
                       

Jonathan Freedman, Media
212.823.2687
jonathan.freedman@alliancebernstein.com




ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FIRST QUARTER RESULTS
GAAP Diluted Net Income of $0.60 per Unit
Adjusted Diluted Net Income of $0.73 per Unit
Cash Distribution of $0.73 per Unit


New York, NY, April 26, 2018 - AllianceBernstein L.P. (“AB”) and AllianceBernstein Holding L.P. (“AB Holding”) (NYSE: AB) today reported financial and operating results for the quarter ended March 31, 2018.
“Following a robust 2017, mounting concerns over inflation, rising interest rates and geopolitical events made for turbulent markets in the first quarter of 2018,” said Seth P. Bernstein, President and CEO of AllianceBernstein. “While this volatility affected AB’s flows, most of our investment strategies performed exceptionally well. More than 75% and 80% of our total assets were in outperforming services for the three- and five-year periods through quarter-end.”
(US $ Thousands except per Unit amounts)
1Q 2018
 
1Q 2017
 
1Q 2018 vs 1Q 2017 % Change
 
4Q 2017
 
1Q 2018 vs 4Q 2017 % Change
 
 
 
 
 
 
 
 
 
 
U.S. GAAP Financial Measures
 
 
 
 
 
 
 
 
 
Net revenues
$
867,787

 
$
764,917

 
13.4
%
 
$
919,141

 
(5.6
%)
Operating income
$
222,671

 
$
166,312

 
33.9
%
 
$
283,035

 
(21.3
%)
Operating margin
23.0
%
 
19.6
%
 
340 bps

 
29.9
%
 
(690 bps)

AB Holding Diluted EPU
$
0.60

 
$
0.46

 
30.4
%
 
$
0.84

 
(28.6
%)
 
 
 
 
 
 
 
 
 
 
Adjusted Financial Measures (1)
 
 
 
 
 
 
 
 
 
Net revenues (2)
$
782,349

 
$
625,926

 
25.0
%
 
$
772,565

 
1.3
%
Operating income
$
235,330

 
$
150,584

 
56.3
%
 
$
271,816

 
(13.4
%)
Operating margin (2)
30.1
%
 
24.1
%
 
600 bps

 
35.2
%
 
(510 bps)

AB Holding Diluted EPU
$
0.73

 
$
0.46

 
58.7
%
 
$
0.84

 
(13.1
%)
AB Holding cash distribution per Unit
$
0.73

 
$
0.46

 
58.7
%
 
$
0.84

 
(13.1
%)
 
 
 
 
 
 
 
 
 
 
(US $ Billions)
 
 
 
 
 
 
 
 
 
Assets Under Management
 
 
 
 
 
 
 
 
 
Ending AUM
$
549.5

 
$
497.9

 
10.4
%
 
$
554.5

 
(0.9
%)
Average AUM
$
557.1

 
$
491.2

 
13.4
%
 
$
545.3

 
2.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The adjusted financial measures are all non-GAAP financial measures. See page 11 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 12-13 for notes describing the adjustments.
(2) Prior period adjusted net revenues and operating margin have been revised due to a GAAP reclassification of certain promotion and servicing expenses that impacted adjusted revenues previously presented.

www.alliancebernstein.com
 
1 of 13

The following information was filed by Alliancebernstein L.P. on Thursday, April 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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