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Last10K.com | 10-Q Quarterly Report Wed Oct 24 2018
 | Andrea Prochniak, Investors and Media 212.756.4542 andrea.prochniak@AllianceBernstein.com | |
ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES THIRD QUARTER RESULTS
GAAP Diluted Net Income of $0.68 per Unit
Adjusted Diluted Net Income of $0.69 per Unit
Cash Distribution of $0.69 per Unit
New York, NY, October 24, 2018 - AllianceBernstein L.P. (“AB”) and AllianceBernstein Holding L.P. (“AB Holding”) (NYSE: AB) today reported financial and operating results for the quarter ended September 30, 2018.
“Results from this quarter reflect relentless execution of our long-term strategy.” said Seth P. Bernstein, President and CEO of AllianceBernstein. “Our portfolio fee rate increased by nearly 2% year-on-year, thanks largely to continued growth in alternatives and active equities. Active net inflows of $2.5 billion in the quarter were led by equity net inflows of $2.9 billion and essentially flat fixed income net flows represented a $5.5 billion sequential improvement. Adjusted operating income and adjusted earnings per unit were up 31% and 35%, respectively, year-on-year.”
(US $ Thousands except per Unit amounts) | 3Q 2018 | 3Q 2017 | 3Q 2018 vs 3Q 2017 % Change | 2Q 2018 | 3Q 2018 vs 2Q 2018 % Change | ||||||||||||
U.S. GAAP Financial Measures | |||||||||||||||||
Net revenues | $ | 850,176 | $ | 812,150 | 4.7 | % | $ | 844,738 | 0.6 | % | |||||||
Operating income | $ | 213,819 | $ | 162,027 | 32.0 | % | $ | 189,464 | 12.9 | % | |||||||
Operating margin | 25.1 | % | 17.9 | % | 720 bps | 22.4 | % | 270 bps | |||||||||
AB Holding Diluted EPU | $ | 0.68 | $ | 0.46 | 47.8 | % | $ | 0.59 | 15.3 | % | |||||||
Adjusted Financial Measures (1) | |||||||||||||||||
Net revenues (2) | $ | 727,143 | $ | 662,742 | 9.7 | % | $ | 719,692 | 1.0 | % | |||||||
Operating income | $ | 215,758 | $ | 165,393 | 30.5 | % | $ | 196,744 | 9.7 | % | |||||||
Operating margin (2) | 29.7 | % | 25.0 | % | 470 bps | 27.3 | % | 240 bps | |||||||||
AB Holding Diluted EPU | $ | 0.69 | $ | 0.51 | 35.3 | % | $ | 0.62 | 11.3 | % | |||||||
AB Holding cash distribution per Unit | $ | 0.69 | $ | 0.51 | 35.3 | % | $ | 0.62 | 11.3 | % | |||||||
(US $ Billions) | |||||||||||||||||
Assets Under Management | |||||||||||||||||
Ending AUM | $ | 550.4 | $ | 534.9 | 2.9 | % | $ | 539.8 | 2.0 | % | |||||||
Average AUM | $ | 546.9 | $ | 526.6 | 3.9 | % | $ | 542.2 | 0.9 | % | |||||||
(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 Holding L.P. (AB) on Wednesday, October 24, 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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Alliancebernstein Holding L.P.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Other - Other Highlight
The increase primarily resulted from higher cash distributions received from AB of $62.3 million.
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Revenue - Product Highlight
As supplemental information, AB provides the performance measures adjusted net revenues , adjusted operating income and adjusted operating margin , which are the principal metrics management uses in evaluating and comparing the period-to-period operating performance of AB.
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Legal - Other Highlight
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 pending or future legal proceeding could be significant, and could have such an effect.
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Financial - Cash Flow Highlight
Management anticipates that Available Cash Flow will continue to be based on adjusted diluted net income per unit, unless management determines, with the concurrence of the Board of Directors, that one or more adjustments that are made for adjusted net income should not be made with respect to the Available Cash Flow calculation.
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Other - Other Highlight
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: 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: AB and the availability of cash to make these purchases.
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Alliancebernstein Holding L.P. provided additional information to their SEC Filing as exhibits
Ticker: AB
CIK: 825313
Form Type: 10-Q Quarterly Report
Accession Number: 0000825313-18-000058
Submitted to the SEC: Wed Oct 24 2018 6:53:39 AM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Investment Advice
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