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ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FOURTH QUARTER RESULTS

·23 min read
Cision

GAAP Diluted Net Income of $1.27 per Unit

Adjusted Diluted Net Income of $1.29 per Unit

Cash Distribution of $1.29 per Unit


NASHVILLE, Tenn., Feb. 11, 2022 /PRNewswire/ -- 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, 2021.

"The firm drove strong financial and investment performance, further differentiating our global client offerings, in a robust year for financial markets. Full-year organic revenue growth accelerated to 5%, supporting continued growth investments across our diversified platform," said Seth P. Bernstein, President and CEO of AllianceBernstein. "For the year, we drove double-digit organic growth in active equities, including ESG, municipals, and alternatives/multi-asset. Supported by strong equity markets, our AUM grew to $779 billion, up 14% from the prior year. We launched a diverse set of new products focused on evolving client needs, and strengthened our strategic partnership with Equitable Holdings. Full year adjusted operating income increased by 32%, and adjusted operating margin grew by 350 basis points versus the prior year to 33.6%. Adjusted earnings and unitholder distributions grew by 34% year-over-year."

(US $ Thousands except per Unit amounts)

Q4 2021


Q4 2020


%
Change


2021


2020


%
Change













U.S. GAAP Financial Measures












Net revenues

$ 1,264,682


$ 1,062,892


19.0%


$ 4,441,602


$ 3,708,536


19.8%

Operating income

$ 392,605


$ 302,420


29.8%


$ 1,216,462


$ 907,436


34.1%

Operating margin

30.8%


28.4%


240 bps


27.3%


24.6%


270 bps

AB Holding Diluted EPU

$ 1.27


$ 0.97


30.9%


$ 3.88


$ 2.88


34.7%













Adjusted Financial Measures (1)












Net revenues

$ 1,024,326


$ 879,801


16.4%


$ 3,609,536


$ 3,049,326


18.4%

Operating income

$ 394,363


$ 301,170


30.9%


$ 1,214,310


$ 917,998


32.3%

Operating margin

38.5%


34.2%


430 bps


33.6%


30.1%


350 bps

AB Holding Diluted EPU

$ 1.29


$ 0.97


33.0%


$ 3.89


$ 2.91


33.7%

AB Holding cash distribution per Unit

$ 1.29


$ 0.97


33.0%


$ 3.90


$ 2.91


34.0%













(US $ Billions)












Assets Under Management ("AUM")












Ending AUM

$ 778.6


$ 685.9


13.5%


$ 778.6


$ 685.9


13.5%

Average AUM

$ 761.1


$ 651.7


16.8%


$ 730.8


$ 619.5


18.0%













(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.

Bernstein continued: "Our investment teams delivered strong performance, with 89% of fixed income and 73% of equity assets outperforming in 2021. Record full-year Retail gross sales of $100 billion were up 27% year-over-year, driven by accelerated 20% organic growth in active equity net inflows and continued strength in municipal offerings. In Institutional, active equity grew for the 4th straight year, while our year-end pipeline was $21.5 billion, with alternatives and active equities comprising over 80% of our fee base. Private Wealth gross sales were the highest in over 20 years, driving improved organic growth, with net inflows in all four quarters. Bernstein Research revenues declined by 2% year-over-year, as moderated trading volumes reflected less volatility as compared with Covid-related market swings of 2020.

Bernstein concluded, "We continue to manage our business to be responsive to changing market conditions, while concurrently investing for future growth. As we enter 2022, markets reflect increased volatility, amid both concerns of higher inflationary pressures and related monetary tightening by central banks, and heightened geopolitical tensions. As we navigate these dynamic markets for clients, our teams remain focused on pursuing insight that unlocks opportunity, for our clients, unitholders and stakeholders."

The firm's cash distribution per Unit of $1.29 is payable on March 17, 2022, to holders of record of AB Holding Units at the close of business on February 22, 2022.

Market Performance

U.S. and global equity markets were up in the fourth quarter and for the full year of 2021, while fixed income markets were mixed.


4Q 2021

2021

S&P 500 Total Return

11.0%

28.7%

MSCI EAFE Total Return

2.7

11.8

Bloomberg Barclays US Aggregate Return

(1.5)

Bloomberg Barclays Global High Yield Index

(0.7)

1.0

Assets Under Management ($ Billions)

Total assets under management as of December 31, 2021 were $778.6 billion, up $36.4 billion, or 5%, from September 30, 2021, and up $92.7 billion, or 14%, from December 31, 2020.


Institutional


Retail


Private
Wealth Management


Total

Assets Under Management 12/31/21

$337.1


$319.9


$121.6


$778.6

Net Flows for Three Months Ended 12/31/21:








Active

$2.8


$3.9


$(0.3)


$6.4

Passive

(2.4)


2.4


1.0


$1.0

Total

$0.4


$6.3


$0.7


$7.4









Net Flows for Twelve Months Ended 12/31/21:








Active

$7.8


$18.6


$(0.1)


$26.3

Passive

(5.5)


2.2


3.1


$(0.2)

Total

$2.3


$20.8


$3.0


$26.1

Total net inflows were $7.4 billion in the fourth quarter, driven primarily by growth in active equities, versus net inflows of $7.2 billion in the third quarter, and net inflows of $3.2 billion in the prior year period. Total net inflows were $26.1 billion for the full year of 2021, driven primarily by growth in active equities, versus net outflows of $2.6 billion in the prior year. Prior period AXA S.A. ("AXA") redemptions of low-fee fixed income mandates and net flows excluding these redemptions were as follows:


4Q 2021


4Q 2020


2021


2020


(in billions)



AXA redemptions

$—


$0.7


$1.3


$11.8

Net Inflows (outflows) excluding AXA
redemptions

$7.4


$3.9


$27.4


$9.2

Institutional channel fourth quarter net inflows of $0.4 billion compared to net inflows of $0.2 billion in the third quarter. Institutional gross sales of $6.6 billion increased sequentially from $2.6 billion. Full year 2021 net inflows of $2.3 billion compared to net inflows of $1.0 billion in the prior year. Full year 2021 gross sales of $31.7 billion increased from $30.9 billion in the prior year. In the second quarter of 2021, there were $8.7 billion in sales and $10.0 billion in redemptions associated with Equitable Holding's sale to Venerable Holdings of its legacy variable annuity assets, for which AB remained the preferred investment manager. The pipeline of awarded but unfunded Institutional mandates increased sequentially to $21.5 billion at December 31, 2021 from $20.6 billion at September 30, 2021.

Retail channel fourth quarter net inflows of $6.3 billion compared to net inflows of $6.6 billion in the third quarter. Retail gross sales of $27.6 billion increased sequentially from $25.6 billion. Full year 2021 net inflows of $20.8 billion compared to net outflows of $1.6 billion in the prior year. Full year 2021 gross sales of $100.0 billion increased from $78.9 billion in the prior year.

Private Wealth channel fourth quarter net inflows of $0.7 billion compared to net inflows of $0.4 billion in the third quarter. Private Wealth gross sales of $5.2 billion increased sequentially from $4.1 billion. Full year 2021 net inflows of $3.0 billion compared to net outflows of $2.0 billion in the prior year. Full year 2021 gross sales of $18.3 billion increased from $14.3 billion in the prior year.

As previously disclosed, we expect additional redemptions by AXA of low-fee retail AUM in the first half of 2022 of approximately $5 billion.

Fourth Quarter and Full Year 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.

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

Fourth quarter 2021 net revenues of $1.3 billion increased 19% from the fourth quarter of 2020. Higher investment advisory base fees, performance-based fees, distribution revenues and net dividend and interest income were partially offset by investment losses compared to investment gains in the corresponding prior year period and lower Bernstein Research revenues.

Full year 2021 net revenues of $4.4 billion increased 20% from $3.7 billion in 2020. Higher investment advisory base fees, distribution revenues, performance-based fees, higher shareholder services fees and lower investment losses were partially offset by lower Bernstein Research revenues.

Fourth quarter 2021 Bernstein Research Services ("Bernstein") revenues decreased 4% from the prior year period and decreased 2% for the full year due to lower trading activity driven by lower global market volatility as compared to the COVID-related surge in 2020. This was partially offset by higher research payments across Bernstein and Autonomous Research ("Autonomous") products.

Expenses

Fourth quarter 2021 operating expenses of $872 million increased 15% from the fourth quarter of 2020. The increase was driven by higher general and administrative ("G&A") expense, promotion and servicing expenses and employee compensation and benefits. G&A increased due to higher portfolio servicing fees, technology fees, office-related expenses and professional fees offset by lower charitable contributions. Within promotion and servicing expenses, higher distribution related payments, travel and entertainment, marketing expense and transfer fees were offset by lower trade execution costs. Within employee compensation and benefit expense, higher base compensation, commissions and fringes were partially offset by lower incentive compensation.

Full year 2021 operating expenses of $3.2 billion increased 15% from $2.8 billion in 2020. Higher total employee compensation and benefits, promotion and servicing expense and G&A expense were partially offset by lower amortization of intangible assets. Employee compensation and benefits expense increased due to higher incentive compensation, base compensation, commissions, fringes and other employment costs, largely driven by higher revenues. Promotion and servicing expense increased due to higher distribution related payments, transfer fees, amortization of deferred sales commissions and marketing expenses, partially offset by lower trade execution costs. G&A increased due to higher portfolio servicing fees, technology fees, office-related expenses, professional fees and unfavorable foreign exchange translation impact, offset by lower charitable contributions.

Operating Income and Net Income Per Unit

Fourth quarter 2021 operating income of $393 million increased 30% from $302 million in the fourth quarter of 2020 and operating margin of 30.8% increased 240 basis points from 28.4% in the fourth quarter of 2020. Full year 2021 operating income of $1.2 billion increased 34% from $907 million in 2020, and operating margin of 27.3% increased 270 basis points from 24.6% in 2020.

Fourth quarter 2021 diluted net income per Unit was $1.27 as compared to $0.97 in the fourth quarter of 2020. Full year 2021 diluted net income per Unit was $3.88 as compared to $2.88 in 2020.

Non-GAAP Earnings

This section discusses our fourth quarter and full year 2021 non-GAAP financial results, compared to the fourth quarter and full year 2020 financial results. 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

Fourth quarter 2021 adjusted net revenues of $1.0 billion increased 16% from the fourth quarter of 2020. Higher investment advisory base fees and performance-based fees were partially offset by lower Bernstein Research revenues.

Full year 2021 adjusted net revenues of $3.6 billion increased 18% from 2020. Higher investment advisory base fees, performance-based fees and investment gains versus investment losses in the prior year period were partially offset by lower Bernstein Research revenues.

Expenses

Fourth quarter 2021 adjusted operating expenses of $630 million increased 9% from the fourth quarter of 2020. The increase is due to higher total general and administrative ("G&A") expenses, employee compensation and benefits and promotion and servicing expense. Within G&A, the increase was driven by higher technology costs, office-related expenses, portfolio servicing fees, professional fees and an unfavorable foreign exchange translation impact, partially offset by lower charitable contributions. Employee compensation and benefits expense increased due to higher base compensation, commissions and fringes, partially offset by lower incentive compensation. Promotion and servicing expense increased due to higher travel and entertainment, marketing expense and transfer fees, partially offset by lower trade execution costs.

Full year 2021 adjusted operating expenses of $2.4 billion increased 12% from 2020. Higher total employee compensation and benefits, G&A expenses and promotion and servicing expenses were partially offset by lower amortization of intangible assets and interest on borrowings. Employee compensation and benefits expense increased due to higher incentive compensation, base compensation, commissions and fringes. Within G&A, the increase was driven by higher technology costs, office-related expenses, portfolio servicing fees, professional fees and an unfavorable foreign exchange translation impact, partially offset by lower charitable contributions. Promotion and servicing expense increased due to higher transfer fees and marketing expenses, partially offset by lower trade execution costs.

Operating Income, Margin and Net Income Per Unit

Fourth quarter 2021 adjusted operating income of $394 million increased 31% from $301 million in the fourth quarter of 2020. Adjusted operating margin of 38.5% increased 430 basis points from 34.2%.

Full year 2021 adjusted operating income of $1.2 billion increased 32% from $918 million in 2020. Adjusted operating margin of 33.6% increased 350 basis points from 30.1%.

Fourth quarter 2021 adjusted diluted net income per Unit was $1.29 as compared to $0.97 in the fourth quarter of 2020. Full year adjusted diluted net income per Unit was $3.89 as compared to $2.91 in 2020.

Headcount

As of December 31, 2021, we had 4,118 employees, compared to 3,929 employees as of December 31, 2020 and 4,050 as of September 30, 2021.

Unit Repurchases


Three Months Ended
December 31,


Twelve Months Ended
December 31,


2021


2020


2021


2020


(in millions)

Total amount of AB Holding Units Purchased(1)

2.7


2.9


5.6


5.4

Total Cash Paid for AB Holding Units Purchased(1)

$ 136.6


$ 94.6


$ 262.3


$ 149.0

Open Market Purchases of AB Holding Units Purchased(2)

0.3


0.7


2.6


3.1

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

$ 14.2


$ 22.2


$ 117.9


$ 74.0



(1)

Purchased on a trade date basis.

(2)

The remainder related to purchases of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of
long-term incentive compensation awards.

Fourth Quarter 2021 Earnings Conference Call Information

Management will review Fourth Quarter 2021 financial and operating results during a conference call beginning at 9:00 a.m. (CDT) on Friday, February 11, 2022. The conference call will be hosted by Seth P. Bernstein, President and Chief Executive Officer, Ali Dibadj, Chief Financial Officer and Head of Strategy; and Catherine Burke, Chief Operating 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 (833) 495-0952 in the U.S. or (409) 216-0498 outside the U.S. 10 minutes before the scheduled start time. The conference ID# is 2091524.

The presentation management will review during the conference call will be available on AB's Investor Relations website shortly after the release of Fourth Quarter 2021 financial and operating results on February 11, 2022.

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 two weeks. An audio replay of the conference call will also be available for two weeks. 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 #: 2091524.

Availability of 2021 Form 10-K

Unitholders may obtain a copy of our Form 10-K for the year ended December 31, 2021 in either electronic format or hard copy on www.alliancebernstein.com:

  • Download Electronic Copy: Unitholders can download an electronic version of the report by visiting the "Investor & Media Relations" page of our website at www.alliancebernstein.com/investorrelations and clicking on the "Reports & SEC Filings" section.

  • Order Hard Copy Electronically or by Phone: Unitholders may also order a hard copy of the report, which is expected to be available for mailing in approximately eight weeks, free of charge. Unitholders with internet access can follow the above instructions to order a hard copy electronically. Unitholders without internet access, or who would prefer to order by phone, can call 615-622-0000.

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, 2021. Any or all of the forward-looking statements made in this news release, Form 10-K, 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 December 31, 2021, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 36.2% of AllianceBernstein and Equitable Holdings ("EQH"), directly and through various subsidiaries, owned an approximate 64.5% economic interest in AllianceBernstein.

Additional information about AllianceBernstein may be found on our website, www.alliancebernstein.com.

AB (The Operating Partnership)





US GAAP Consolidated Statement of Income

(Unaudited)


(US $ Thousands)

Q4 2021


Q4 2020


% Change









GAAP revenues:







Base fees

$ 779,473


$ 656,334


18.8%


Performance fees

157,164


108,635


44.7%


Bernstein research services

114,001


118,398


(3.7%)


Distribution revenues

178,490


143,131


24.7%


Dividends and interest

12,598


8,696


44.9%


Investments (losses) gains

(4,021)


2,610


n/m


Other revenues

27,825


26,517


4.9%


Total revenues

1,265,530


1,064,321


18.9%


Less: interest expense

848


1,429


(40.7%)


Total net revenues

1,264,682


1,062,892


19.0%









GAAP operating expenses:







Employee compensation and benefits

440,319


424,468


3.7%


Promotion and servicing







Distribution-related payments

190,691


155,080


23.0%


Amortization of deferred sales commissions

9,498


7,773


22.2%


Trade execution, marketing, T&E and other

56,809


48,669


16.7%


General and administrative

171,997


122,533


40.4%


Contingent payment arrangements

238


(558)


n/m


Interest on borrowings

1,330


1,177


13.0%


Amortization of intangible assets

1,195


1,330


(10.2%)


Total operating expenses

872,077


760,472


14.7%


Operating income

392,605


302,420


29.8%


Income taxes

17,474


15,704


11.3%


Net income

375,131


286,716


30.8%


Net income of consolidated entities attributable to
non-controlling interests

2,904


381


n/m


Net income attributable to AB Unitholders

$ 372,227


$ 286,335


30.0%




















































AB Holding L.P. (The Publicly-Traded Partnership)






SUMMARY STATEMENTS OF INCOME














(US $ Thousands)

Q4 2021


Q4 2020


% Change









Equity in Net Income Attributable to AB Unitholders

$ 134,091


$ 101,415


32.2%


Income Taxes

8,929


8,219


8.6%


Net Income

125,162


93,196


34.3%


Additional Equity in Earnings of Operating
Partnership (1)

3


25


(88.0%)


Net Income - Diluted

$ 125,165


$ 93,221


34.3%


Diluted Net Income per Unit

$ 1.27


$ 0.97


30.9%


Distribution per Unit

$ 1.29


$ 0.97


33.0%









(1) To reflect higher ownership in the Operating Partnership resulting from application of the treasury stock method
to outstanding options.


Units Outstanding

Q4 2021


Q4 2020


% Change


AB L.P.







Period-end

271,453,043


270,509,658


0.3%


Weighted average - basic

270,664,117


268,131,726


0.9%


Weighted average - diluted

270,667,648


268,169,320


0.9%


AB Holding L.P.







Period-end

99,271,727


98,322,942


1.0%


Weighted average - basic

98,482,801


95,944,280


2.6%


Weighted average - diluted

98,486,332


95,981,874


2.6%


AB (The Operating Partnership)







US GAAP Consolidated Statement of Income
(Unaudited)














(US $ Thousands)


2021


2020


% Change

GAAP revenues:







Base fees


$ 2,949,405


2,462,810


19.8%

Performance fees


245,119


132,626


84.8%

Bernstein research services


452,017


459,744


(1.7)%

Distribution revenues


652,240


529,781


23.1%

Dividends and interest


38,734


50,923


(23.9)%

Investments (losses)


(636)


(16,401)


(96.1)%

Other revenues


108,409


104,703


3.5%

Total revenues


4,445,288


3,724,186


19.4%

Less: interest expense


3,686


15,650


(76.4)%

Total net revenues


4,441,602


3,708,536


19.8%








GAAP operating expenses:







Employee compensation and benefits


1,716,013


1,494,198


14.8%

Promotion and servicing







Distribution-related payments


708,117


569,283


24.4%

Amortization of deferred sales commissions


34,364


27,355


25.6%

Trade execution, marketing, T&E and other


197,486


189,787


4.1%

General and administrative







General & administrative


555,608


485,544


14.4%

Real estate charges



5,526


(100.0)%

Contingent payment arrangements


2,710


1,855


46.1%

Interest on borrowings


5,145


6,180


(16.7)%

Amortization of intangible assets


5,697


21,372


(73.3)%

Total operating expenses


3,225,140


2,801,100


15.1%








Operating income


1,216,462


907,436


34.1%








Income taxes


62,728


45,653


37.4%








Net income


1,153,734


861,783


33.9%








Net income (loss) of consolidated entities
attributable to non-controlling interests


5,111


(4,169)


n/m








Net income attributable to AB Unitholders


$ 1,148,623


$ 865,952


32.6%





























AB Holding L.P. (The Publicly-Traded Partnership)




SUMMARY STATEMENTS OF INCOME
















2021


2020


% Change

Equity in Net Income Attributable to AB Unitholders


$ 416,326


$ 308,404


35.0%

Income Taxes


30,483


29,024


5.0%

Net Income


385,843


279,380


38.1%

Additional Equity in Earnings of Operating
Partnership (1)


30


56


(46.4)%

Net Income - Diluted


$ 385,873


$ 279,436


38.1%

Diluted Net Income per Unit


$3.88


$2.88


34.7%

Distribution per Unit


$3.90


$2.91


34.0%








(1) To reflect higher ownership in the Operating Partnership resulting from application of the treasury stock method to outstanding options.






















Units Outstanding


2021


2020


% Change

AB L.P.







Period-end


271,453,043


270,509,658


...

0.3%

Weighted average - basic


271,729,240


269,058,018


1.0%

Weighted average - diluted


271,740,732


269,085,407


1.0%

AB Holding L.P.







Period-end

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