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



ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FOURTH QUARTER RESULTS
GAAP Diluted Net Income of $0.63 per Unit
Adjusted Diluted Net Income of $0.64 per Unit
Cash Distribution of $0.64 per Unit

New York, NY, February 13, 2019 - AllianceBernstein L.P. (“AB”) and AllianceBernstein Holding L.P. (“AB Holding”) (NYSE: AB) today reported financial and operating results for the quarter ended December 31, 2018.
"We continued to take steps to strengthen our strategic position and maintained strong underlying momentum across our business in 2018,” said Seth P. Bernstein, President and CEO of AllianceBernstein. "Our full year results reflect our sustained investment in active equities, which grew at an organic rate of nearly 8%, and the growth of our equities and alternatives services drove an improvement of 1% in our average fee rate. Through disciplined expense management, we added 140 basis points to our adjusted operating margin of 29.1%.”
(US $ Thousands except per Unit amounts)
4Q 2018
 
4Q 2017
 
4Q 2018 vs 4Q 2017 % Change
 
2018
 
2017
 
2018 vs 2017 % Change
 
 
 
 
 
 
 
 
 
 
 
 
U.S. GAAP Financial Measures
 
 
 
 
 
 
 
 
 
 
 
Net revenues
$
804,660

 
$
919,141

 
(12.5
)%
 
$
3,367,361

 
$
3,298,521

 
2.1
%
Operating income
$
199,359

 
$
283,035

 
(29.6
)%
 
$
825,314

 
$
773,910

 
6.6
%
Operating margin
25.0
%
 
29.9
%
 
(490 bps)

 
23.9
%
 
21.7
%
 
220 bps

AB Holding Diluted EPU
$
0.63

 
$
0.84

 
(25.0
)%
 
$
2.50

 
$
2.19

 
14.2
%
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Financial Measures (1)
 
 
 
 
 
 
 
 
 
 
 
Net revenues
$
696,418

 
$
772,565

 
(9.9
)%
 
$
2,925,604

 
$
2,712,899

 
7.8
%
Operating income
$
204,227

 
$
271,816

 
(24.9
)%
 
$
852,059

 
$
750,118

 
13.6
%
Operating margin
29.3
%
 
35.2
%
 
(590 bps)

 
29.1
%
 
27.7
%
 
140 bps

AB Holding Diluted EPU
$
0.64

 
$
0.84

 
(23.8
)%
 
$
2.67

 
$
2.30

 
16.1
%
AB Holding cash distribution per Unit
$
0.64

 
$
0.84

 
(23.8
)%
 
$
2.68

 
$
2.30

 
16.5
%
 
 
 
 
 
 
 
 
 
 
 
 
(US $ Billions)
 
 
 
 
 
 
 
 
 
 
 
Assets Under Management
 
 
 
 
 
 
 
 
 
 
 
Ending AUM
$
516.4

 
$
554.5

 
(6.9
%)
 
$
516.4

 
$
554.5

 
(6.9
%)
Average AUM
$
532.5

 
$
545.3

 
(2.3
%)
 
$
544.2

 
$
518.0

 
5.1
%
 
 
 
 
 
 
 
 
 
 
 
 
(1) The adjusted financial measures are all non-GAAP financial measures. See page 15 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 16-17 for notes describing the adjustments.



www.alliancebernstein.com
 
1 of 17

The following information was filed by Alliancebernstein Holding L.P. (AB) on Wednesday, February 13, 2019 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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