0000825313-20-000031.txt : 20200428 0000825313-20-000031.hdr.sgml : 20200428 20200428071534 ACCESSION NUMBER: 0000825313-20-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200428 DATE AS OF CHANGE: 20200428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANCEBERNSTEIN HOLDING L.P. CENTRAL INDEX KEY: 0000825313 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 133434400 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09818 FILM NUMBER: 20822291 BUSINESS ADDRESS: STREET 1: 1345 AVE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2129691000 MAIL ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE CAPITAL MANAGEMENT HOLDING LP DATE OF NAME CHANGE: 19991101 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE CAPITAL MANAGEMENT LP DATE OF NAME CHANGE: 19961231 8-K 1 abh42820earningsreleas.htm 8-K ALLIANCEBERNSTEIN HOLDING L.P. Document
false0000825313 0000825313 2020-04-28 2020-04-28



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): April 28, 2020

ALLIANCEBERNSTEIN HOLDING L.P.
(Exact name of registrant as specified in its charter)

Delaware
001-09818
13-3434400
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification Number)

1345 Avenue of the Americas, New York, NY  10105
(Address of principal executive offices)
(Zip Code)
(212) 969-1000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:


☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐







Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class
Trading Symbol
Name of Each Exchange on which Registered
Units rep. assignments of beneficial ownership of limited partnership interests in AB Holding
AB
NYSE















































Item 2.02.    Results of Operations and Financial Condition.

AllianceBernstein L.P. and AllianceBernstein Holding L.P. (collectively, “AB”) are furnishing their news release issued on April 28, 2020 announcing financial and operating results for the quarter ended March 31, 2020 (the “1Q20 Release”). The 1Q20 Release is attached hereto as Exhibit 99.01.

Item 9.01.    Financial Statements and Exhibits.

(d)
Exhibits.
    
99.01


This exhibit is furnished pursuant to Item 2.02 hereof and should not be deemed to be "filed" under the Securities Exchange Act of 1934.

            










SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 
 
ALLIANCEBERNSTEIN HOLDING L.P.
Dated: April 28, 2020
 
By: 
/s/ David M. Lesser
 
 
 
David M. Lesser
Corporate Secretary


 EX-99.01 2 exhibit99011q20earning.htm EXHIBIT 99.01 PRESS RELEASE DATED APRIL 28, 2020 Exhibit
image0a97.gif

Mark Griffin, Investors
629.213.5672
mark.griffin@alliancebernstein.com
                       


Jennifer Casey, Media
212.969.1157
jennifer.casey@alliancebernstein.com
                       



ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FIRST 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, April 28, 2020 - 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, 2020.
"AB’s thoughts are with those most impacted by the COVID-19 crisis, including the communities and individuals, first responders and healthcare workers whose sacrifices are for the greater good,” said Seth P. Bernstein, President and CEO of AllianceBernstein. “I am proud of AB’s employees, who have remained resilient and focused, and have responded with solutions for both our clients and our communities as we collectively address the challenges of this unprecedented time. AB’s financial condition has remained strong throughout this period, enabling us to focus on our clients’ needs.”
(US $ Thousands except per Unit amounts)
1Q 2020
 
1Q 2019
 
% Change
 
4Q 2019
 
% Change
 
 
 
 
 
 
 
 
 
 
U.S. GAAP Financial Measures
 
 
 
 
 
 
 
 
 
Net revenues
$
874,156

 
$
795,462

 
9.9
 %
 
$
987,304

 
(11.5
%)
Operating income
$
178,223

 
$
168,151

 
6.0
 %
 
$
268,283

 
(33.6
%)
Operating margin
23.3
%
 
19.9
%
 
340 bps

 
26.4
%
 
(310 bps)

AB Holding Diluted EPU
$
0.63

 
$
0.49

 
28.6
 %
 
$
0.84

 
(25.0
%)
 
 
 
 
 
 
 
 
 
 
Adjusted Financial Measures (1)
 
 
 
 
 
 
 
 
 
Net revenues
$
743,803

 
$
657,884

 
13.1
 %
 
$
817,457

 
(9.0
%)
Operating income
$
205,590

 
$
158,857

 
29.4
 %
 
$
263,974

 
(22.1
%)
Operating margin
27.6
%
 
24.1
%
 
350 bps

 
32.3
%
 
(470 bps)

AB Holding Diluted EPU
$
0.64

 
$
0.49

 
30.6
 %
 
$
0.85

 
(24.7
%)
AB Holding cash distribution per Unit
$
0.64

 
$
0.49

 
30.6
 %
 
$
0.85

 
(24.7
%)
 
 
 
 
 
 
 
 
 

(US $ Billions)
 
 
 
 
 
 
 
 
 
Assets Under Management ("AUM")
 
 
 
 
 
 
 
 
 
Ending AUM
$
541.8

 
$
554.7

 
(2.3
%)
 
$
622.9

 
(13.0
%)
Average AUM
$
602.0

 
$
539.2

 
11.6
%
 
$
606.8

 
(0.8
%)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) The adjusted financial measures represent 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.

www.alliancebernstein.com
 
1 of 13

“First quarter results reflected the strength of AB’s diversified, global platform and the committed efforts of our talented team members during a turbulent period,” Bernstein said. “Despite sharp declines in markets in March, driven by the uncertain economic impact of the novel coronavirus, we generated solid year-over-year revenue growth and expanded operating margins. Both our institutional channel and active equity platform grew organically in the quarter, with our pipeline of institutional mandates reaching record levels. Investment performance was mixed; while active equities improved, fixed income lagged notably behind expectations, as most strategies maintained a strategic overweight to credit sectors. Bernstein Research had a very strong quarter as higher market volatility drove robust global trading volumes."
Bernstein continued, "In Retail, gross sales reached a record $24.2 billion - the highest in Retail history - and March was notably our fourth highest month ever. Our active equity platform generated net inflows while our Fixed Income business experienced net outflows in March, as investors retreated from volatile and illiquid markets, which are now showing signs of stabilization. In Institutional, net flows were positive, driven by a 13% active equity organic growth rate. Our institutional pipeline grew to a record $15.4B, with a 46% equity mix, the highest proportion ever. Our pipeline's annualized fee base reached a new high of over $40 million for the third consecutive quarter. In Private Wealth, advisor sales and productivity grew year-over-year, but most importantly, we were present when our clients needed us most, with proactive communications throughout the crisis. Bernstein Research grew by over 30% organically, benefitting from strong global trading volumes and a mix shift to higher-touch trades. As a firm, we expanded our adjusted operating margin of 27.6% by 350 basis points versus the same period a year ago."

Bernstein concluded, "AB’s financial results reflect the capital markets, and assets under management have declined by 13% from year-end 2019. Looking forward, we expect to experience further market volatility in the face of continued uncertainty stemming from the global effects of COVID-19. Despite operating almost entirely remotely, AB’s talented and dedicated staff continues to work diligently to help our clients navigate through tumultuous markets. While there will be enormous challenges to overcome, I believe AB is well positioned to capitalize on the opportunities that will undoubtedly arise as the severity of this health crisis abates and the unprecedented level of fiscal and monetary support begin to impact the global economy."

The firm’s cash distribution per Unit of $0.64 is payable on May 28, 2020, to holders of record of AB Holding Units at the close of business on May 11, 2020.
Market Performance
US and global equity and fixed income markets were mostly lower in the first quarter. The S&P 500’s total return was (19.6)% and the MSCI EAFE Index’s total return was (22.7)%. The Bloomberg Barclays US Aggregate Index returned 3.2% during the first quarter and the Bloomberg Barclays Global Aggregate ex US Index’s total return was (2.7)%.

www.alliancebernstein.com
 
2 of 13


Assets Under Management ($ Billions)
Total assets under management as of March 31, 2020 were $541.8 billion, down $81.1 billion, or 13.0%, from December 31, 2019, and down $12.9 billion, or 2.3%, from March 31, 2019.
 
Institutional
 
Retail
 
Private Wealth Management
 
Total
Assets Under Management 3/31/2020
$256.7
 
$198.6
 
$86.5
 
$541.8
Net Flows for Three Months Ended 3/31/2020:
 
 
 
 
 
 
 
       Active
$(0.7)
 
$(3.7)
 
$(0.8)
 
$(5.2)
       Passive
1.1

 
(1.7
)
 
0.2

 
(0.4
)
Total
$0.4
 
$(5.4)
 
$(0.6)
 
$(5.6)
 
 
 
 
 
 
 
 

Total net outflows were $5.6 billion in the first quarter, compared to net inflows of $6.5 billion in the fourth quarter of 2019, and net inflows of $1.1 billion in the prior year first quarter.
Institutional channel first quarter net inflows of $0.4 billion compared to net inflows of $1.4 billion in the fourth quarter of 2019. Institutional gross sales of $3.9 billion decreased sequentially from $5.4 billion. The pipeline of awarded but unfunded Institutional mandates increased sequentially to $15.4 billion at March 31, 2020 from $15.1 billion at December 31, 2019.
Retail channel first quarter net outflows of $5.4 billion compared to net inflows of $5.2 billion in the fourth quarter of 2019. Retail gross sales of $24.2 billion increased 28% sequentially from $18.9 billion.
Private Wealth channel first quarter net outflows of $0.6 billion compared to net outflows of $0.1 billion in the fourth quarter of 2019. Private Wealth gross sales of $3.5 billion increased sequentially from $2.7 billion.
Our ending AUM at March 31, 2020 reflects $1 billion in outflows resulting from AXA S.A.'s redemption of certain low-fee fixed income mandates. We expect these redemptions to total approximately $14 billion and to be completed in the first half of 2020.  The revenue we earn from the management of these assets is not significant.

First Quarter Financial Results
We are presenting both earnings information derived in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and non-GAAP, adjusted earnings information in this release. Management principally uses these non-GAAP financial measures in evaluating performance because we believe they present a clearer picture of our operating performance and allow management to see long-term trends without the distortion caused by long-term incentive compensation-related mark-to-market adjustments, real estate charges/credits and other adjustment items. Similarly, we believe that non-GAAP earnings information helps investors better understand the underlying trends in our results and, accordingly, provides a valuable perspective for investors. Please note, however, that these non-GAAP measures are provided in addition to, and not as a substitute for, any measures derived in accordance with US GAAP and they may not be comparable to non-GAAP measures presented by other companies. Management uses both US GAAP and non-GAAP measures in evaluating our financial performance. The non-GAAP measures alone may pose limitations because they do not include all of our revenues and expenses.

www.alliancebernstein.com
 
3 of 13

AB Holding is required to distribute all of its Available Cash Flow, as defined in the AB Holding Partnership Agreement, to its Unitholders (including the General Partner). Available Cash Flow typically is the adjusted diluted net income per unit for the quarter multiplied by the number of units outstanding at the end of the quarter. Management anticipates that Available Cash Flow will continue to be based on adjusted diluted net income per unit, unless management determines, with concurrence of the Board of Directors, that one or more adjustments made to adjusted net income should not be made with respect to the Available Cash Flow calculation.
US GAAP Earnings
Revenues
First quarter net revenues of $874 million increased 10% from $795 million in the first quarter of 2019. Higher investment advisory fees, Bernstein Research revenues, distribution revenues and performance-based fees were partially offset by investment losses compared to investment gains in the prior year first quarter.
Sequentially, net revenues decreased 12% from $987 million. Lower performance-based fees, investment losses compared to investment gains in the prior period and lower investment advisory fees were partially offset by higher Bernstein Research revenues and distribution revenues.
First quarter Bernstein Research revenues of $129 million increased 43% compared to the prior year first quarter and increased 18% sequentially. Excluding revenues from the Autonomous acquisition, which closed on April 1, 2019, Bernstein Research revenues increased 31% from the prior year first quarter due to higher revenues in U.S., Europe and Asia, resulting from increased customer trading activity attributed to greater global market volatility, which also drove the sequential increase.
Expenses
First quarter operating expenses of $696 million increased 11% from $627 million in the first quarter of 2019. Total promotion and servicing, employee compensation and benefits and general and administrative (“G&A”) expenses were all higher. Promotion and servicing expense increased due to higher distribution related payments, trade execution costs and transfer fees, partially offset by lower travel and entertainment expenses. Employee compensation and benefits expense increased due to higher base compensation, incentive compensation and commissions, partially offset by lower fringes. The increase in G&A was primarily due to higher portfolio servicing fees, technology costs and occupancy expense, partially offset by lower professional fees.
Sequentially, operating expenses decreased 3%. Total employee compensation and benefits expense and G&A expenses were both lower. Employee compensation and benefits expense decreased due to lower incentive compensation, partially offset by higher commissions and base compensation. Within G&A, lower occupancy expense, other taxes, charitable contributions and a favorable foreign exchange translation impact were partially offset by higher portfolio servicing fees. In addition, during the fourth quarter of 2019, we recorded an intangible asset impairment charge of $3.1 million and a change in our contingent payment liability of $3.1 million, both relating to our 2016 acquisition.
Operating Income and Net Income Per Unit
First quarter operating income of $178 million increased 6% from $168 million in the first quarter of 2019 and the operating margin of 23.3% in the first quarter of 2020 increased 340 basis points from 19.9% in the first quarter of 2019.
Sequentially, operating income decreased 34% from $268 million in the fourth quarter of 2019 and the operating margin of 23.3% decreased 310 basis points from 26.4% in the fourth quarter of 2019.
First quarter diluted net income per Unit was $0.63 compared to $0.49 in the first quarter of 2019 and $0.84 in the fourth quarter of 2019.


www.alliancebernstein.com
 
4 of 13

Non-GAAP Earnings
This section discusses our first quarter 2020 non-GAAP financial results, compared to the first quarter of 2019 and the fourth quarter of 2019. The phrases “adjusted net revenues”, “adjusted operating expenses”, “adjusted operating income”, “adjusted operating margin” and “adjusted diluted net income per Unit” are used in the following earnings discussion to identify non-GAAP information.
Revenues
First quarter adjusted net revenues of $744 million increased 13% from the first quarter of 2019. Higher investment advisory fees and Bernstein Research revenues were partially offset by investment losses compared to investment gains in the prior year first quarter.
Sequentially, adjusted net revenues decreased 9% from $817 million. Lower performance-based fees, investment advisory base fees, investment losses compared to investment gains in the prior period and lower net dividend and interest income were partially offset by higher Bernstein Research revenues.
Expenses
First quarter adjusted operating expenses of $538 million increased 8% from $499 million in the first quarter of 2019, driven by higher total employee compensation and benefits and promotion and servicing expenses. Employee compensation and benefits expense increased due to higher incentive compensation, base compensation and commissions, partially offset by lower fringes. Within promotion and servicing expenses, higher trade execution costs, transfer fees and marketing expenses were partially offset by lower travel and entertainment expense.
Sequentially, adjusted operating expenses decreased 3% from $553 million. Total employee compensation and benefits, G&A and promotion and servicing expenses were all lower. Employee compensation and benefits expense decreased due to lower incentive compensation, partially offset by higher commissions and base compensation. Within G&A, the decrease was driven by lower professional fees, other taxes, charitable contributions and a favorable foreign exchange translation impact, partially offset by higher portfolio servicing fees. Promotion and servicing expense decreased due to lower travel and entertainment, partially offset by higher trade execution costs.
Operating Income, Margin and Net Income Per Unit
First quarter adjusted operating income of $206 million increased 29% from $159 million in the first quarter of 2019, and the adjusted operating margin of 27.6% increased 350 basis points from 24.1%.
Sequentially, adjusted operating income decreased 22% from $264 million and the adjusted operating margin of 27.6% in the first quarter of 2020 decreased 470 basis points from 32.3%.
First quarter adjusted diluted net income per Unit of $0.64 was up from $0.49 in the first quarter of 2019 and down from $0.85 in the fourth quarter of 2019.








www.alliancebernstein.com
 
5 of 13

Headcount
As of March 31, 2020, we had 3,846 employees, compared to 3,657 employees as of March 31, 2019 and 3,811 as of December 31, 2019.
Unit Repurchases
 
 
1Q20
 
1Q19
 
 
(US $ Millions)
Total amount of AB Holding Units Purchased (1)
 
0.9

 
2.0

Total Cash Paid for AB Holding Units Purchased (1)
 
$
19.8

 
$
58.6

Open Market Purchases of AB Holding Units Purchased (2)
 
0.8

 
1.9

Total Cash Paid for Open Market Purchases of AB Holding Units (2)
 
$
17.3

 
$
55.2

(1) Purchased on a trade date basis.
(2) The remainder related to purchases of AB Holding Units from employees to all them to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards.

First Quarter 2020 Earnings Conference Call Information
Management will review First Quarter 2020 financial and operating results during a conference call beginning at 8:00 a.m. (EDT) on Tuesday, April 28, 2020. The conference call will be hosted by Seth P. Bernstein, President and Chief Executive Officer, and John C. Weisenseel, Chief Financial Officer.
Parties may access the conference call by either webcast or telephone:
1. To listen by webcast, please visit AB’s Investor Relations website at http://alliancebernstein.com/investorrelations at least 15 minutes prior to the call to download and install any necessary audio software.
2. To listen by telephone, please dial (866) 556-2265 in the U.S. or (973) 935-8521 outside the U.S. 10 minutes before the scheduled start time. The conference ID# is 9592750.
The presentation management will review during the conference call will be available on AB’s Investor Relations website shortly after the release of First Quarter 2020 financial and operating results on April 28, 2020.
A replay of the webcast will be made available beginning approximately one hour after the conclusion of the conference call and will be available on AB’s website for one week. An audio replay of the conference call will also be available for one week. To access the audio replay, please call (855) 859-2056 in the US, or (404) 537-3406 outside the US, and provide the conference ID #: 9592750.


www.alliancebernstein.com
 
6 of 13


Cautions Regarding Forward-Looking Statements
Certain statements provided by management in this news release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately-managed accounts, general economic conditions, industry trends, future acquisitions, integration of acquired companies, competitive conditions, and government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. AB cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AB undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see “Risk Factors” and “Cautions Regarding Forward-Looking Statements” in AB’s Form 10-K for the year ended December 31, 2019 and subsequent Forms 10-Q. Any or all of the forward-looking statements made in this news release, Form 10-K, Forms 10-Q, other documents AB files with or furnishes to the SEC, and any other public statements issued by AB, may turn out to be wrong. It is important to remember that other factors besides those listed in “Risk Factors” and “Cautions Regarding Forward-Looking Statements”, and those listed below, could also adversely affect AB’s revenues, financial condition, results of operations and business prospects.
The forward-looking statements referred to in the preceding paragraph include statements regarding:
•
The pipeline of new institutional mandates not yet funded: Before they are funded, institutional mandates do not represent legally binding commitments to fund and, accordingly, the possibility exists that not all mandates will be funded in the amounts and at the times currently anticipated, or that mandates ultimately will not be funded.
•
The possibility that AB 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.
Qualified Tax Notice
This announcement is intended to be a qualified notice under Treasury Regulation §1.1446-4(b)(4). Please note that 100% of AB Holding’s distributions to foreign investors is attributable to income that is effectively connected with a United States trade or business. Accordingly, AB Holding’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate, 37% effective January 1, 2018.
About AllianceBernstein
AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.
As of March 31, 2020, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 35.9% of AllianceBernstein and Equitable Holdings ("EQH"), directly and through various subsidiaries, owned an approximate 64.9% economic interest in AllianceBernstein.
Additional information about AllianceBernstein may be found on our website, www.alliancebernstein.com.



www.alliancebernstein.com
 
7 of 13


AB (The Operating Partnership)
 
 
 
 
 
 
 
 
 
US GAAP Consolidated Statement of Income (Unaudited)
 
 
 
 
 
 
 
 
 
(US $ Thousands)
1Q 2020
 
1Q 2019
 
% Change
 
4Q 2019
 
% Change
 
 
 
 
 
 
 
 
 
 
GAAP revenues:
 
 
 
 
 
 
 
 
 
Base fees
$
613,587

 
$
552,230

 
11.1
%
 
$
626,357

 
(2.0
)%
Performance fees
8,138

 
4,364

 
86.5

 
76,344

 
(89.3
)
Bernstein research services
129,223

 
90,235

 
43.2

 
109,671

 
17.8

Distribution revenues
130,857

 
100,509

 
30.2

 
127,553

 
2.6

Dividends and interest
20,465

 
27,346

 
(25.2
)
 
24,539

 
(16.6
)
Investments gains (losses)
(44,306
)
 
15,735

 
n/m

 
7,541

 
n/m

Other revenues
25,511

 
22,206

 
14.9

 
26,061

 
(2.1
)
  Total revenues
883,475

 
812,625

 
8.7

 
998,066

 
(11.5
)
Less: interest expense
9,319

 
17,163

 
(45.7
)
 
10,762

 
(13.4
)
Total net revenues
874,156

 
795,462

 
9.9

 
987,304

 
(11.5
)
 
 
 
 
 
 
 
 
 
 
GAAP operating expenses:
 
 
 
 
 
 
 
 
 
Employee compensation and benefits
362,272

 
339,309

 
6.8

 
377,951

 
(4.1
)
Promotion and servicing
 
 
 
 
 
 
 
 
 
   Distribution-related payments
140,145

 
105,993

 
32.2

 
137,992

 
1.6

Amortization of deferred sales commissions
5,526

 
3,502

 
57.8

 
4,681

 
18.1

Trade execution, marketing, T&E and other
55,610

 
49,648

 
12.0

 
58,848

 
(5.5
)
General and administrative
 
 
 
 
 
 
 
 
 
   General & administrative
122,267

 
117,848

 
3.7

 
129,666

 
(5.7
)
   Real estate charges (credits)
—

 
—

 
—

 
2,623

 
(100.0
)
Contingent payment arrangements
793

 
54

 
n/m

 
(2,222
)
 
n/m

Interest on borrowings
2,834

 
3,983

 
(28.8
)
 
2,259

 
25.5

Amortization of intangible assets
6,486

 
6,974

 
(7.0
)
 
7,223

 
(10.2
)
Total operating expenses
695,933

 
627,311

 
10.9

 
719,021

 
(3.2
)
 
 
 
 
 
 
 
 
 
 
Operating income
178,223

 
168,151

 
6.0

 
268,283

 
(33.6
)
 
 
 
 
 
 
 
 
 
 
Income taxes
9,474

 
8,921

 
6.2

 
11,795

 
(19.7
)
 
 
 
 
 
 
 
 
 
 
Net income
168,749

 
159,230

 
6.0

 
256,488

 
(34.2
)
 
 
 
 
 
 
 
 
 
 
Net (loss) income of consolidated entities attributable to non-controlling interests
(25,571
)
 
10,116

 
n/m

 
7,623

 
n/m

 
 
 
 
 
 
 
 
 
 
Net income attributable to AB Unitholders
$
194,320

 
$
149,114

 
30.3

 
$
248,865

 
(21.9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

www.alliancebernstein.com
 
8 of 13

AB Holding L.P. (The Publicly-Traded Partnership)
 
 
 
 
 
 
 
 
 
SUMMARY STATEMENTS OF INCOME
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(US $ Thousands)
1Q 2020
 
1Q 2019
 
% Change
 
4Q 2019
 
% Change
 
 
 
 
 
 
 
 
 
 
Equity in Net Income Attributable to AB Unitholders
$
69,914

 
$
52,638

 
32.8
%
 
$
87,909

 
(20.5
)%
Income Taxes
7,655

 
6,199

 
23.5

 
7,887

 
(2.9
)
Net Income
62,259

 
46,439

 
34.1

 
80,022

 
(22.2
)
 
 
 
 
 
 
 
 
 
 
Additional Equity in Earnings of Operating Partnership (1)
15

 
26

 
(42.3
%)
 
19

 
(21.1
)%
Net Income - Diluted
$
62,274

 
$
46,465

 
34.0

 
$
80,041

 
(22.2
)
Diluted Net Income per Unit
$
0.63

 
$
0.49

 
28.6

 
$
0.84

 
(25.0
)
Distribution per Unit
$
0.64

 
$
0.49

 
30.6

 
$
0.85

 
(24.7
)
 
 
 
 
 
 
 
 
 
 
(1) To reflect higher ownership in the Operating Partnership resulting from application of the treasury stock method to outstanding options.
 
Units Outstanding
1Q 2020
 
1Q 2019
 
% Change
 
4Q 2019
 
% Change
AB L.P.
 
 
 
 
 
 
 
 
 
Period-end
269,981,431

 
267,186,102

 
1.0
%
 
270,380,314

 
(0.1
)%
Weighted average - basic
270,497,710

 
267,336,134

 
1.2
%
 
267,909,846

 
1.0

Weighted average - diluted
270,529,887

 
267,408,249

 
1.2
%
 
267,943,122

 
1.0

AB Holding L.P.
 
 
 
 
 
 
 
 
 
Period-end
97,793,215

 
94,994,404

 
2.9
%
 
98,192,098

 
(0.4
)%
Weighted average - basic
98,309,494

 
95,144,146

 
3.3
%
 
95,719,226

 
2.7

Weighted average - diluted
98,341,671

 
95,216,261

 
3.3
%
 
95,752,502

 
2.7






















www.alliancebernstein.com
 
9 of 13

AllianceBernstein L.P.
 
 
ASSETS UNDER MANAGEMENT | March 31, 2020
 
 
($ Billions)
 
 
Ending and Average
Three Months Ended
 
 
3/31/20
3/31/19
 
Ending Assets Under Management
$541.8
$554.7
 
Average Assets Under Management
$602.0
$539.2

Three-Month Changes By Distribution Channel
 
 
 
 
 
 
 
 
 
Institutions
 
Retail
 
Private Wealth Management
 
Total
 
Beginning of Period
$
282.7

 
$
239.2

 
$
101.0

 
$
622.9

 
Sales/New accounts
3.9

 
24.2

 
3.5

 
31.6

 
Redemption/Terminations
(2.9
)
 
(25.6
)
 
(4.2
)
 
(32.7
)
 
Net Cash Flows
(0.6
)
 
(4.0
)
 
0.1

 
(4.5
)
 
Net Flows
0.4

 
(5.4
)
 
(0.6
)
 
(5.6
)
 
Transfers
0.1

 
(0.1
)
 
—

 
—

 
Acquisition
—

 
0.2

 
—

 
0.2

 
Investment Performance
(26.5
)
 
(35.3
)
 
(13.9
)
 
(75.7
)
 
End of Period
$
256.7

 
$
198.6

 
$
86.5

 
$
541.8


Three-Month Changes By Investment Service
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Active
 
Equity Passive (1)
 
Fixed Income Taxable
 
Fixed Income Tax-Exempt
 
Fixed Income Passive (1)
 
Other (2)
 
Total
 
Beginning of Period
$
177.2

 
$
60.1

 
$
258.3

 
$
47.1

 
$
9.3

 
$
70.9

 
$
622.9

 
Sales/New accounts
12.1

 
0.4

 
14.7

 
2.9

 
—

 
1.5

 
31.6

 
Redemption/Terminations
(9.1
)
 
—

 
(19.8
)
 
(2.9
)
 
(0.1
)
 
(0.8
)
 
(32.7
)
 
Net Cash Flows
(1.6
)
 
(1.7
)
 
(1.3
)
 
—

 
0.8

 
(0.7
)
 
(4.5
)
 
Net Flows
1.4

 
(1.3
)
 
(6.4
)
 
—

 
0.7

 
—

 
(5.6
)
 
Acquisition
—

 
—

 
—

 
—

 
—

 
0.2

 
0.2

 
Investment Performance
(37.1
)
 
(11.6
)
 
(15.8
)
 
(1.2
)
 
0.3

 
(10.3
)
 
(75.7
)
 
End of Period
$
141.5

 
$
47.2

 
$
236.1

 
$
45.9

 
$
10.3

 
$
60.8

 
$
541.8


Three-Month Net Flows By Investment Service (Active versus Passive)
 
 
Actively Managed
 
Passively Managed (1)
 
Total
 
 
Equity
$
1.4

 
(1.3
)
 
$
0.1

 
 
Fixed Income
(6.4
)
 
0.7

 
(5.7
)
 
 
Other (2)
(0.2
)
 
0.2

 
—

 
 
Total
$
(5.2
)
 
$
(0.4
)
 
$
(5.6
)
 

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services and certain alternative investments.

By Client Domicile
 
 
 
 
 
 
 
 
 
Institutions
 
Retail
 
Private Wealth
 
Total
 
U.S. Clients
$
165.6

 
$
108.7

 
$
84.7

 
$
359.0

 
Non-U.S. Clients
91.1

 
89.9

 
1.8

 
182.8

 
Total
$
256.7

 
$
198.6

 
$
86.5

 
$
541.8



www.alliancebernstein.com
 
10 of 13

AB L.P.
 
 
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF GAAP FINANCIAL RESULTS TO ADJUSTED FINANCIAL RESULTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
(US $ Thousands, unaudited)
 
3/31/2020
 
12/31/2019
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
12/31/2018
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
Net Revenues, GAAP basis
 
$
874,156

 
$
987,304

 
$
877,867

 
$
857,799

 
$
795,462

 
$
804,660

 
 
Exclude:
 
 
 
 
 
 
 
 
 
 

 
 
 
 
Distribution-related adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution revenues
(130,857
)
 
(127,553
)
 
(118,635
)
 
(108,347
)
 
(100,509
)
 
(100,952
)
 
 
Investment advisory services fees
(14,814
)
 
(15,120
)
 
(12,696
)
 
(11,148
)
 
(8,986
)
 
(7,388
)
 
 
Pass through adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment advisory services fees
(7,062
)
 
(6,717
)
 
(5,119
)
 
(4,356
)
 
(4,722
)
 
(1,099
)
 
 
Other revenues
(9,607
)
 
(9,436
)
 
(9,571
)
 
(9,160
)
 
(7,759
)
 
(7,940
)
 
 
Impact of consolidated company-sponsored investment funds
24,135

 
(8,567
)
 
(4,820
)
 
(8,697
)
 
(10,959
)
 
931

 
 
Long-term incentive compensation-related investment losses (gains)
7,099

 
(1,457
)
 
(189
)
 
(1,389
)
 
(4,496
)
 
7,104

 
 
Long-term incentive compensation-related dividends and interest
(106
)
 
(997
)
 
(128
)
 
(136
)
 
(147
)
 
(1,631
)
 
 
Write-down of investment
859

 
—

 
—

 
—

 
—

 
2,733

 
Adjusted Net Revenues
 
$
743,803

 
$
817,457

 
$
726,709

 
$
714,566

 
$
657,884

 
$
696,418

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income, GAAP basis
 
$
178,223

 
$
268,283

 
$
202,783

 
$
184,220

 
$
168,151

 
$
199,359

 
 
Exclude:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate (credits) charges
(339
)
 
2,623

 
—

 
—

 
—

 
670

 
 
Long-term incentive compensation-related items
566

 
66

 
517

 
277

 
357

 
243

 
 
CEO's EQH award compensation
184

 
217

 
217

 
227

 
465

 
—

 
 
Write-down of investment
859

 
—

 
—

 
—

 
—

 
2,733

 
 
Acquisition-related expenses
526

 
3,459

 
556

 
2,718

 
—

 
1,924

 
 
Contingent payment arrangements
—

 
(3,051
)
 
—

 
—

 
—

 
(2,429
)
 
 
      Sub-total of non-GAAP adjustments
1,796

 
3,314

 
1,290

 
3,222

 
822

 
3,141

 
 
Less: Net (loss) income of consolidated entities attributable to non-controlling interests
(25,571
)
 
7,623

 
4,145

 
7,757

 
10,116

 
(1,727
)
 
Adjusted Operating Income
 
$
205,590

 
$
263,974

 
$
199,928

 
$
179,685

 
$
158,857

 
$
204,227

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Margin, GAAP basis excl. non-controlling interests
23.3
%
 
26.4
%
 
22.6
%
 
20.6
%
 
19.9
%
 
25.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Operating Margin
27.6
%
 
32.3
%
 
27.5
%
 
25.1
%
 
24.1
%
 
29.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AB Holding L.P.
 
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF GAAP EPU TO ADJUSTED EPU
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
($ Thousands except per Unit amounts, unaudited)
3/31/2020
 
12/31/2019
 
9/30/2019
 
6/30/2019
 
3/31/2019
 
12/31/2018
 
Net Income - Diluted, GAAP basis
$
62,274

 
$
80,041

 
$
59,845

 
$
52,293

 
$
46,465

 
$
59,951

 
Impact on net income of AB non-GAAP adjustments
326

 
1,234

 
512

 
1,234

 
462

 
1,000

 
Adjusted Net Income - Diluted
$
62,600

 
$
81,275

 
$
60,357

 
$
53,527

 
$
46,927

 
$
60,951

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted Net Income per Holding Unit, GAAP basis
$
0.63

 
$
0.84

 
$
0.62

 
$
0.54

 
$
0.49

 
$
0.63

 
Impact of AB non-GAAP adjustments
0.01

 
0.01

 
0.01

 
0.02

 
—

 
0.01

 
Adjusted Diluted Net Income per Holding Unit
$
0.64

 
$
0.85

 
$
0.63

 
$
0.56

 
$
0.49

 
$
0.64


www.alliancebernstein.com
 
11 of 13

AB
Notes to Consolidated Statements of Income and Supplemental Information
(Unaudited)

Adjusted Net Revenues
Net Revenue, as adjusted, is reduced to exclude all of the company's distribution revenues, which are recorded as a separate line item on the consolidated statement of income, as well as a portion of investment advisory services fees received that is used to pay distribution and servicing costs. For certain products, based on the distinct arrangements, certain distribution fees are collected by us and passed-through to third-party client intermediaries, while for certain other products, we collect investment advisory services fees and a portion is passed-through to third-party client intermediaries. In both arrangements, the third-party client intermediary owns the relationship with the client and is responsible for performing services and distributing the product to the client on our behalf. We believe offsetting distribution revenues and certain investment advisory services fees is useful for our investors and other users of our financial statements because such presentation appropriately reflects the nature of these costs as pass-through payments to third parties that perform functions on behalf of our sponsored mutual funds and/or shareholders of these funds. Distribution-related adjustments fluctuate each period based on the type of investment products sold, as well as the average AUM over the period. Also, we adjust distribution revenues for the amortization of deferred sales commissions as these costs, over time, will offset such revenues.

Lastly, we adjust investment advisory and services fees and other revenues for pass through costs, primarily related to our transfer agent and shareholder servicing fees. These fees do not affect operating income, but they do affect our operating margin. As such, we exclude these fees from adjusted net revenues.

We adjust for the revenue impact of consolidating company-sponsored investment funds by eliminating the consolidated company-sponsored investment funds' revenues and including AB's fees from such consolidated company-sponsored investment funds and AB's investment gains and losses on its investments in such consolidated company-sponsored investment funds that were eliminated in consolidation.

Adjusted net revenues exclude investment gains and losses and dividends and interest on employee long-term
incentive compensation-related investments.

Lastly, we wrote-down an investment which had been received in exchange for the sale of software technology; the first quarter 2020 write-down brought the investment balance to zero.

Adjusted Operating Income
Adjusted operating income represents operating income on a US GAAP basis excluding (1) real estate charges (credits), (2) acquisition-related expenses, (3) the impact on net revenues and compensation expense of the investment gains and losses (as well as the dividends and interest) associated with employee long-term incentive compensation-related investments, (4) our CEO's EQH award compensation, as discussed below, (5) the impact of consolidated company-sponsored investment funds, (6) the write-down of an investment, and (7) adjustments to contingent payment arrangements.

Real estate charges (credits) incurred have been excluded because they are not considered part of our core operating results when comparing financial results from period to period and to industry peers. However, beginning in the fourth quarter of 2019, real estate charges (credits), while excluded in the period in which the charges (credits) are recorded, are included ratably over the remaining applicable lease term.

Acquisition-related expenses have been excluded because they are not considered part of our core operating results when comparing financial results from period to period and to industry peers.

Prior to 2009, a significant portion of employee compensation was in the form of long-term incentive compensation awards that were notionally invested in AB investment services and generally vested over a period of four years. AB economically hedged the exposure to market movements by purchasing and holding these investments on its balance sheet. All such investments had vested as of year-end 2012 and the investments have been delivered to the participants, except for those investments with respect to which the participant elected a long-term deferral. Fluctuation in the value of these investments is recorded within investment gains and losses on the income

www.alliancebernstein.com
 
12 of 13

statement and also impacts compensation expense. Management believes it is useful to reflect the offset achieved from economically hedging the market exposure of these investments in the calculation of adjusted operating income and adjusted operating margin. The non-GAAP measures exclude gains and losses and dividends and interest on employee long-term incentive compensation-related investments included in revenues and compensation expense.

The board of directors of EQH granted to Seth P. Bernstein (“CEO”) equity awards in connection with EQH's IPO and Mr. Bernstein's membership on the EQH Management Committee. Mr. Bernstein may receive additional equity or cash compensation from EQH in the future related to his service on the Management Committee. Any awards granted to Mr. Bernstein by EQH are recorded as compensation expense in AB’s consolidated statement of income. The compensation expense associated with these awards has been excluded from our non-GAAP measures because they are non-cash and are based upon EQH's, and not AB's, financial performance.
We adjusted for the operating income impact of consolidating certain company-sponsored investment funds by
eliminating the consolidated company-sponsored funds' revenues and expenses and including AB's revenues and expenses that were eliminated in consolidation. We also excluded the limited partner interests we do not own.

The write-down of the investment has been excluded due to their non-recurring nature and because they are not part of our core operating results.

The recording of changes in estimates of contingent consideration payable with respect to contingent payment arrangements associated with our acquisitions are not considered part of our core operating results and, accordingly, have been excluded.

Adjusted Operating Margin
Adjusted operating margin allows us to monitor our financial performance and efficiency from period to period without the volatility noted above in our discussion of adjusted operating income and to compare our performance to industry peers on a basis that better reflects our performance in our core business. Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenues.


www.alliancebernstein.com
 
13 of 13
 EX-101.SCH 3 ab-20200428.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001000 - Document - Cover Page link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 ab-20200428_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ab-20200428_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ab-20200428_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Cover page. Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Incorporation, State or Country Code Entity Incorporation, State or Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Entity Emerging Growth Company Entity Emerging Growth Company Title of 12(b) Security Title of 12(b) Security Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Central Index Key Entity Central Index Key Amendment Flag Amendment Flag EX-101.PRE 7 ab-20200428_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 8 image0a97.gif GRAPHIC begin 644 image0a97.gif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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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abh42820earningsreleas_htm.xml IDEA: XBRL DOCUMENT 0000825313 2020-04-28 2020-04-28 false 0000825313 8-K 2020-04-28 ALLIANCEBERNSTEIN HOLDING L.P. DE 001-09818 13-3434400 1345 Avenue of the Americas New York NY 10105 212 969-1000 false false false false false Units rep. assignments of beneficial ownership of limited partnership interests in AB Holding AB NYSE ZIP 13 0000825313-20-000031-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000825313-20-000031-xbrl.zip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�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ilingSummary.xml IDEA: XBRL DOCUMENT 3.20.1 html 1 95 1 false 0 0 false 0 false false R1.htm 0001000 - Document - Cover Page Sheet http://www.abglobal.com/role/CoverPage Cover Page Cover 1 false false All Reports Book All Reports abh42820earningsreleas.htm ab-20200428.xsd ab-20200428_cal.xml ab-20200428_def.xml ab-20200428_lab.xml ab-20200428_pre.xml exhibit99011q20earning.htm http://xbrl.sec.gov/dei/2019-01-31 true true JSON 15 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "abh42820earningsreleas.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "calculationLink": { "local": [ "ab-20200428_cal.xml" ] }, "definitionLink": { "local": [ "ab-20200428_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "abh42820earningsreleas.htm" ] }, "labelLink": { "local": [ "ab-20200428_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "ab-20200428_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "ab-20200428.xsd" ], "remote": [ "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd", "http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 23, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "ab", "nsuri": "http://www.abglobal.com/20200428", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "div", "div", "body", "html" ], "baseRef": "abh42820earningsreleas.htm", "contextRef": "D2020Q2Apr28-Apr28", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "0001000 - Document - Cover Page", "role": "http://www.abglobal.com/role/CoverPage", "shortName": "Cover Page", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "div", "div", "body", "html" ], "baseRef": "abh42820earningsreleas.htm", "contextRef": "D2020Q2Apr28-Apr28", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover page.", "label": "Cover page." } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code", "terseLabel": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security", "terseLabel": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.abglobal.com/role/CoverPage" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } XML 17 R1.htm IDEA: XBRL DOCUMENT v3.20.1
Cover Page
Apr. 28, 2020
Cover page.  
Document Type 8-K
Document Period End Date Apr. 28, 2020
Entity Registrant Name ALLIANCEBERNSTEIN HOLDING L.P.
Entity Incorporation, State or Country Code DE
Entity File Number 001-09818
Entity Tax Identification Number 13-3434400
Entity Address, Address Line One 1345 Avenue of the Americas
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10105
City Area Code 212
Local Phone Number 969-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Units rep. assignments of beneficial ownership of limited partnership interests in AB Holding
Trading Symbol AB
Security Exchange Name NYSE
Entity Central Index Key 0000825313
Amendment Flag false