ALLIANCEBERNSTEIN HOLDING LP

Previous wording

AB Holding's net income for the three months ended March 31, 2024 increased $9.8 million, compared to the three months ended March 31, 2023, primarily due to higher net income attributable to AB Unitholders.

Current wording

AB Holding's net income for the three and six months ended June 30, 2024 increased $53.0 million and $62.8 million, respectively, as compared to the corresponding periods in 2023 primarily due to higher net income attributable to AB Unitholders.

Previous wording

AB Holding’s partnership gross income is derived from its interest in AB. AB Holding’s income taxes, which reflect a 3.5% federal tax on its partnership gross income from the active conduct of a trade or business, are computed by multiplying certain AB qualifying revenues by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. Certain AB qualifying revenues are primarily U.S. investment advisory fees, research payments and brokerage commissions. AB Holding's effective tax rate was 10.5% during the three months ended March 31, 2024, compared to 11.7% during the three months ended March 31, 2023. See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.

Current wording

AB Holding’s partnership gross income is derived from its interest in AB. AB Holding’s income taxes, which reflect a 3.5% federal tax on its partnership gross income from the active conduct of a trade or business, are computed by multiplying certain AB qualifying revenues by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. Certain AB qualifying revenues are primarily U.S. investment advisory fees, research payments and brokerage commissions. AB Holding's effective tax rate was 7.5% during the three months ended June 30, 2024, compared to 12.4% during the three months ended June 30, 2023. AB Holding's effective tax rate was 8.7% during the six months ended June 30, 2024, compared to 12.0% during the six months ended June 30, 2023. See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.

Previous wording

These non-GAAP measures are provided in addition to, and not as substitutes for, net revenues, operating income and operating margin, and they may not be comparable to non-GAAP measures presented by other companies. Management uses both GAAP and non-GAAP measures in evaluating the company’s financial performance. The non-GAAP measures alone may pose limitations because they do not include all of AB’s revenues and expenses. Further, adjusted diluted net income per AB Holding Unit is not a liquidity measure and should not be used in place of cash flow measures. See AB’s MD&A contained in Exhibit 99.1.

Current wording

These non-GAAP measures are provided in addition to, and not as substitutes for, net revenues, operating income and operating margin, and they may not be comparable to non-GAAP measures presented by other companies. Management uses both GAAP and non-GAAP measures in evaluating the company’s financial performance. The non-GAAP measures alone may pose limitations because they do not include all of AB’s revenues and expenses. Further, adjusted diluted net income per AB

Previous wording

During the three months ended March 31, 2024, net cash provided by operating activities was $87.7 million, compared to $78.0 million during the corresponding 2023 period. The increase primarily resulted from higher cash distributions received from AB of $10.3 million.

Current wording

During the six months ended June 30, 2024, net cash provided by operating activities was $172.0 million, compared to $152.3 million during the corresponding 2023 period. The increase primarily resulted from higher distributions received from AB of $19.6 million.

Previous wording

During the three months ended March 31, 2024, net cash used in financing activities was $87.7 million, compared to $78.0 million during the corresponding 2023 period. The increase was primarily due to higher cash distributions to Unitholders of $9.3 million.

Current wording

During the six months ended June 30, 2024, net cash used in financing activities was $172.0 million, compared to $152.3 million during the corresponding 2023 period. The increase was primarily due to higher cash distributions to Unitholders of $18.4 million.

Previous wording

Management believes that AB Holding will have the resources it needs to meet its financial obligations as a result of the cash flow AB Holding realizes from its investment in AB. AB Holding’s cash inflow is comprised entirely of distributions from AB. These distributions are subsequently distributed (net of taxes paid) in their entirety to AB Holding’s Unitholders. As a result, AB Holding has no liquidity risk as it only pays distributions to AB Holding’s Unitholders to the extent of distributions received from AB (net of taxes paid).

Current wording

Management believes that AB Holding will have the resources it needs to meet its financial obligations as a result of the cash flow AB Holding realizes from its investment in AB. AB Holding’s cash inflow is comprised entirely of distributions from AB. These distributions are subsequently distributed (net of taxes paid) in their entirety to AB Holding’s Unitholders. As a result,

Previous wording

2 Includes all AB non-GAAP adjustments to pre-tax income.

Current wording

1 Includes all AB non-GAAP adjustments to pre-tax income.