Alliancebernstein Holding L.P. (AB) 10-Q Quarterly Report Tue Apr 28 2020

New York, NY, February 12, 2020 - AllianceBernstein L.P. (“AB”) and AllianceBernstein Holding L.P. (“AB Holding”) (NYSE: AB) today reported financial and operating results for the quarter and year ended December 31, 2019.

"Our global platform experienced broad-based growth during 2019, demonstrating strong progress in executing on our growth strategy,” said Seth P. Bernstein, President and CEO of AllianceBernstein. "Active organic growth of 6.5% reflected strength across our global fixed income, equity and alternative platforms. Combined with strong markets, AUM of $623 billion grew 21% from the prior year, while our fee rate remained essentially flat. Investments to revitalize our active equities platform and diversify our global business have produced distinguished results and position the firm to sustain our momentum.”



(US $ Thousands except per Unit amounts)	4Q 2019			4Q 2018			% Change		2019			2018			% Change

U.S. GAAP Financial Measures
Net revenues	$	987,304		$	804,660		22.7	%	$	3,518,432		$	3,367,361		4.5	%
Operating income	$	268,283		$	199,359		34.6	%	$	823,437		$	825,314		(0.2	%)
Operating margin	26.4		%	25.0		%	140 bps		22.6		%	23.9		%	(130 bps)
AB Holding Diluted EPU	$	0.84		$	0.63		33.3	%	$	2.49		$	2.50		(0.4	%)

Adjusted Financial Measures ⁽¹⁾
Net revenues	$	817,457		$	696,418		17.4	%	$	2,916,615		$	2,925,604		(0.3	%)
Operating income	$	263,974		$	204,227		29.3	%	$	802,444		$	852,059		(5.8	%)
Operating margin	32.3		%	29.3		%	300 bps		27.5		%	29.1		%	(160 bps)
AB Holding Diluted EPU	$	0.85		$	0.64		32.8	%	$	2.52		$	2.67		(5.6	%)
AB Holding cash distribution per Unit	$	0.85		$	0.64		32.8	%	$	2.53		$	2.68		(5.6	%)

(US $ Billions)
Assets Under Management ("AUM")
Ending AUM	$	622.9		$	516.4		20.6	%	$	622.9		$	516.4		20.6	%
Average AUM	$	606.8		$	532.5		14.0	%	$	574.2		$	544.2		5.5	%

⁽¹⁾The adjusted financial measures represent 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.



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The following information was filed by Alliancebernstein Holding L.P. (AB) on Wednesday, February 12, 2020 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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Inside Alliancebernstein Holding L.P.'s 10-Q Quarterly Report:

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.

Financial - Expense Highlight
These assumptions include: the amount and timing of employee relocation costs, severance and overlapping compensation and occupancy costs we experience; and the timing for execution of each phase of our relocation implementation plan.
Other - Other Highlight
The increase primarily resulted from higher cash distributions received from AB of $24.1 million.
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 legal proceeding could be significant and could have such an effect.
Financial - Earnings Highlight
Our adjusted operating margin, which was 27.5% during 2019, increased to 27.6% during the first three months of 2020.
Financial - Cash Flow
Management anticipates that Available Cash...Read more
Other - Other
For further information regarding these...Read more
Other - Other
The possibility that we will...Read more
Financial - Income
Our fixed income investment performance:...Read more
Other - Other
The increase primarily was due...Read more
Financial - Cash Flow
Available Cash Flow typically is...Read more
Financial - Earnings
Index Our 2020 Margin Target:...Read more
Financial - Earnings
We remain committed to achieving...Read more
Revenue - Product
An increase in redemptions, absent...Read more
Revenue - Product
It is important to remember...Read more
Financial - Income
The forward-looking statements referred to...Read more
Financial - Cash Flow
Our financial condition and ability...Read more
Revenue - Product
These non-GAAP measures are provided...Read more
Revenue - Product
Fluctuations in our revenues and/or...Read more
Other - Other
We believe that these assumptions...Read more
Financial - Earnings
Our ability to access public...Read more
Financial - Earnings
Further, adjusted diluted net income...Read more

Financial Statements, Disclosures and Schedules

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Material Contracts, Statements, Certifications & more

Alliancebernstein Holding L.P. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 99.1: Additional Exhibits

Ticker: AB
CIK: 825313
Form Type: 10-Q Quarterly Report
Accession Number: 0000825313-20-000030
Submitted to the SEC: Tue Apr 28 2020 6:49:33 AM EST
Accepted by the SEC: Tue Apr 28 2020
Period: Tuesday, March 31, 2020
Industry: Investment Advice

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Alliancebernstein Holding L.P. (AB) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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