Company Quick10K Filing
Alliancebernstein
Price-0.00 EPS3
Shares268 P/E-0
MCap-0 P/FCF-0
Net Debt-722 EBIT790
TEV-722 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-23
10-Q 2020-03-31 Filed 2020-04-28
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-10-24
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-14
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-11
10-Q 2015-09-30 Filed 2015-10-22
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-12
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-12
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-12
10-Q 2012-09-30 Filed 2012-10-24
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-10
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-06-30 Filed 2011-07-29
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-10
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-02-11
8-K 2020-09-10 Regulation FD, Exhibits
8-K 2020-08-26 Officers, Exhibits
8-K 2020-08-11 Regulation FD, Exhibits
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-07-13 Regulation FD, Exhibits
8-K 2020-07-06 Officers
8-K 2020-06-11
8-K 2020-06-09
8-K 2020-05-11
8-K 2020-04-28
8-K 2020-04-13
8-K 2020-03-30
8-K 2020-03-10
8-K 2020-02-12
8-K 2020-01-13
8-K 2020-01-13
8-K 2019-12-19
8-K 2019-12-11
8-K 2019-11-21
8-K 2019-11-12
8-K 2019-11-04
8-K 2019-10-24
8-K 2019-10-09
8-K 2019-09-11
8-K 2019-08-13
8-K 2019-07-25
8-K 2019-07-11
8-K 2019-06-21
8-K 2019-06-12
8-K 2019-06-05
8-K 2019-05-13
8-K 2019-04-25
8-K 2019-04-15
8-K 2019-04-02
8-K 2019-03-26
8-K 2019-03-11
8-K 2019-02-13
8-K 2019-01-10
8-K 2018-12-13
8-K 2018-11-20
8-K 2018-11-13
8-K 2018-10-24
8-K 2018-10-19
8-K 2018-10-10
8-K 2018-10-03
8-K 2018-09-14
8-K 2018-08-09
8-K 2018-07-26
8-K 2018-07-20
8-K 2018-07-12
8-K 2018-06-12
8-K 2018-05-11
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-04-24
8-K 2018-04-18
8-K 2018-04-10
8-K 2018-03-13
8-K 2018-02-13
8-K 2018-01-31
8-K 2018-01-11

ABLP 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a063020exhibit311.htm
EX-31.2 a063020exhibit312.htm
EX-32.1 a063020exhibit321.htm
EX-32.2 a063020exhibit322.htm

Alliancebernstein Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.00.80.60.40.20.02012201420172020
Rev, G Profit, Net Income
0.70.3-0.1-0.4-0.8-1.22012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                         to
Commission File No.  000-29961
ALLIANCEBERNSTEIN L.P.
(Exact name of registrant as specified in its charter)
Delaware
 
13-4064930
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
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)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 
No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
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(g) of the Act:
Title of Each Class
 
Trading Symbol
 
Name of Each Exchange on Which Registered
None
 
None
 
None

The number of units of limited partnership interest outstanding as of June 30, 2020 was 268,620,187.




ALLIANCEBERNSTEIN L.P.
Index to Form 10-Q

 
 
Page
 
 
 
 
Part I
 
 
 
 
 
FINANCIAL INFORMATION
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
Part II
 
 
 
 
 
OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 




Part I
FINANCIAL INFORMATION
Item 1. Financial Statements
ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Condensed Consolidated Statements of Financial Condition
(in thousands, except unit amounts)
(unaudited)
 
June 30,
2020
 
December 31,
2019
ASSETS
Cash and cash equivalents
$
824,837

 
$
679,738

Cash and securities segregated, at fair value (cost: $1,877,798 and $1,090,443)
1,882,188

 
1,094,866

Receivables, net:
 

 
 

Brokers and dealers
165,776

 
97,966

Brokerage clients
1,563,333

 
1,536,674

AB funds fees
200,233

 
261,588

Other fees
134,645

 
148,744

Investments:
 

 
 

Long-term incentive compensation-related
53,611

 
50,902

Other
241,055

 
215,892

Assets of consolidated company-sponsored investment funds:
 
 
 
   Cash and cash equivalents
33,076

 
11,433

   Investments
234,096

 
581,004

   Other assets
7,897

 
19,810

Furniture, equipment and leasehold improvements, net
131,633

 
145,251

Goodwill
3,082,778

 
3,076,926

Intangible assets, net
54,489

 
55,366

Deferred sales commissions, net
58,583

 
36,296

Right-of-use assets
317,723

 
362,693

Other assets
341,821

 
330,943

Total assets
$
9,327,774

 
$
8,706,092

 
 
 
 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND CAPITAL
Liabilities:
 

 
 

Payables:
 

 
 

Brokers and dealers
$
280,019

 
$
201,778

Securities sold not yet purchased
15,920

 
30,157

Brokerage clients
3,203,222

 
2,531,946

AB mutual funds
65,879

 
71,142

Accounts payable and accrued expenses
209,431

 
192,110

Lease liabilities
416,477

 
468,451

Liabilities of consolidated company-sponsored investment funds
26,422

 
31,017

Accrued compensation and benefits
479,717

 
276,829

Debt
685,000

 
560,000

Total liabilities
5,382,087

 
4,363,430

 
 
 
 
Commitments and contingencies (See Note 12)


 



1


 
June 30,
2020
 
December 31,
2019
Redeemable non-controlling interest
51,081

 
325,561

Capital:
 

 
 

General Partner
38,647

 
41,225

Limited partners: 268,620,187 and 270,380,314 units issued and outstanding
4,066,211

 
4,174,201

Receivables from affiliates
(9,167
)
 
(9,011
)
AB Holding Units held for long-term incentive compensation plans
(73,726
)
 
(76,310
)
Accumulated other comprehensive loss
(127,359
)
 
(113,004
)
Partners’ capital attributable to AB Unitholders
3,894,606

 
4,017,101

Total liabilities, redeemable non-controlling interest and capital
$
9,327,774

 
$
8,706,092

 

See Accompanying Notes to Condensed Consolidated Financial Statements.

2


ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per unit amounts)
(unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
 
Investment advisory and services fees
 
$
578,203

 
$
596,364

 
$
1,199,928

 
$
1,152,958

Bernstein research services
 
113,609

 
105,991

 
242,832

 
196,226

Distribution revenues
 
120,099

 
108,347

 
250,956

 
208,856

Dividend and interest income
 
12,692

 
27,654

 
33,157

 
55,000

Investment gains (losses)
 
24,189

 
10,949

 
(20,117
)
 
26,684

Other revenues
 
26,092

 
24,796

 
51,603

 
47,002

Total revenues
 
874,884

 
874,101

 
1,758,359

 
1,686,726

Less: Interest expense
 
3,435

 
16,302

 
12,754

 
33,465

Net revenues
 
871,449

 
857,799

 
1,745,605

 
1,653,261

 
 
 
 
 
 
 
 
 
Expenses:
 
 

 
 

 
 

 
 

Employee compensation and benefits
 
349,638

 
363,702

 
711,910

 
703,011

Promotion and servicing:
 
 
 
 
 
 

 
 

Distribution-related payments
 
125,678

 
116,254

 
265,823

 
222,247

Amortization of deferred sales commissions
 
6,622

 
3,241

 
12,148

 
6,743

Trade execution, marketing, T&E and other
 
44,288

 
57,550

 
99,898

 
107,198

General and administrative:
 
 
 
 
 
 

 
 

General and administrative
 
121,424

 
120,180

 
243,691

 
238,028

Real estate charges
 
5,526

 
548

 
5,526

 
548

Contingent payment arrangements
 
807

 
829

 
1,600

 
883

Interest on borrowings
 
1,096

 
3,990

 
3,930

 
7,973

Amortization of intangible assets
 
6,723

 
7,285

 
13,209

 
14,259

Total expenses
 
661,802

 
673,579

 
1,357,735

 
1,300,890

 
 
 
 
 
 
 
 
 
Operating income
 
209,647

 
184,220

 
387,870

 
352,371

 
 
 
 
 
 
 
 
 
Income taxes
 
11,386

 
10,211

 
20,860

 
19,132

 
 
 
 
 
 
 
 
 
Net income
 
198,261

 
174,009

 
367,010

 
333,239

 
 
 
 
 
 
 
 
 
Net income (loss) of consolidated entities attributable to non-controlling interests
 
20,940

 
7,757

 
(4,631
)
 
17,873

 
 
 
 
 
 
 
 
 
Net income attributable to AB Unitholders
 
$
177,321

 
$
166,252

 
$
371,641

 
$
315,366

 
 
 
 
 
 
 
 
 
Net income per AB Unit:
 
 

 
 

 
 

 
 

Basic
 
$
0.65

 
$
0.61

 
$
1.36

 
$
1.17

Diluted
 
$
0.65

 
$
0.61

 
$
1.36

 
$
1.17


See Accompanying Notes to Condensed Consolidated Financial Statements.

3


ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
 
Net income
 
$
198,261

 
$
174,009

 
$
367,010

 
$
333,239

Other comprehensive income (loss):
 
 

 
 

 
 
 
 
Foreign currency translation adjustments, before tax
 
6,317

 
(2,178
)
 
(15,079
)
 
452

Income tax benefit (expense)
 
67

 
(73
)
 
140

 
(150
)
Foreign currency translation adjustments, net of tax
 
6,384

 
(2,251
)
 
(14,939
)
 
302

Changes in employee benefit related items:
 
 

 
 

 
 
 
 
Amortization of prior service cost
 
6

 
6

 
12

 
12

Recognized actuarial gain
 
325

 
285

 
650

 
552

Changes in employee benefit related items
 
331

 
291

 
662

 
564

Income tax (expense) benefit
 
(1
)
 
25

 
(78
)
 
35

Employee benefit related items, net of tax
 
330

 
316

 
584

 
599

Other comprehensive income (loss)
 
6,714

 
(1,935
)
 
(14,355
)
 
901

Less: Comprehensive income (loss) in consolidated entities attributable to non-controlling interests
 
20,940

 
7,774

 
(4,631
)
 
17,870

Comprehensive income attributable to AB Unitholders
 
$
184,035

 
$
164,300

 
$
357,286

 
$
316,270

 
See Accompanying Notes to Condensed Consolidated Financial Statements.


4


ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Partners' Capital
(in thousands)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
General Partner’s Capital
 
 
 
 
 
 
 
Balance, beginning of period
$
40,571

 
$
39,403

 
$
41,225

 
$
40,240

Net income
1,774

 
1,663

 
3,717

 
3,154

Cash distributions to General Partner
(3,396
)
 
(1,521
)
 
(5,938
)
 
(3,438
)
Long-term incentive compensation plans activity
3

 
12

 
5

 
185

(Retirement) issuance of AB Units, net
(305
)
 
459

 
(362
)
 
(125
)
Balance, end of period
38,647

 
40,016

 
38,647

 
40,016

Limited Partners' Capital
 
 
 
 
 
 
 
Balance, beginning of period
4,109,946

 
3,992,590

 
4,174,201

 
4,075,306

Net income
175,547

 
164,589

 
367,924

 
312,212

Cash distributions to Unitholders
(189,425
)
 
(150,465
)
 
(440,686
)
 
(340,033
)
Long-term incentive compensation plans activity
293

 
1,270

 
628

 
18,255

(Retirement) issuance of AB Units, net
(30,150
)
 
45,376

 
(35,856
)
 
(12,380
)
Balance, end of period
4,066,211

 
4,053,360

 
4,066,211

 
4,053,360

Receivables from Affiliates
 
 
 
 
 
 
 
Balance, beginning of period
(9,279
)
 
(11,666
)
 
(9,011
)
 
(11,430
)
Long-term incentive compensation awards expense
209

 
227

 
393

 
692

Capital contributions from AB Holding
(97
)
 
1,600

 
(549
)
 
899

Balance, end of period
(9,167
)
 
(9,839
)
 
(9,167
)
 
(9,839
)
AB Holding Units held for Long-term Incentive Compensation Plans
 
 
 
 
 
 
 
Balance, beginning of period
(81,314
)
 
(69,503
)
 
(76,310
)
 
(77,990
)
Purchases of AB Holding Units to fund long-term compensation plans, net
(29,665
)
 
94

 
(47,415
)
 
(58,358
)
Retirement (issuance) of AB Units, net
30,455

 
(45,860
)
 
36,218

 
12,480

Long-term incentive compensation awards expense
7,268

 
8,011

 
14,675

 
26,615

Re-valuation of AB Holding Units held in rabbi trust
(473
)
 
113

 
(909
)
 
(9,892
)
Other
3

 
6,692

 
15

 
6,692

Balance, end of period
(73,726
)
 
(100,453
)
 
(73,726
)
 
(100,453
)
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
Balance, beginning of period
(134,073
)
 
(108,012
)
 
(113,004
)
 
(110,866
)
Foreign currency translation adjustment, net of tax
6,384

 
(2,267
)
 
(14,939
)
 
304

Changes in employee benefit related items, net of tax
330

 
316

 
584

 
599

Balance, end of period
(127,359
)
 
(109,963
)
 
(127,359
)
 
(109,963
)

5


 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Total Partners' Capital attributable to AB Unitholders
3,894,606

 
3,873,121

 
3,894,606

 
3,873,121

Non-redeemable Non-controlling Interests in Consolidated Entities
 

 
 

 
 
 
 

Balance, beginning of period

 
945

 

 
949

Net income

 
58

 

 
74

Foreign currency translation adjustment

 
17

 

 
(3
)
Balance, end of period

 
1,020

 

 
1,020

Total Capital
$
3,894,606

 
$
3,874,141

 
$
3,894,606

 
$
3,874,141

See Accompanying Notes to Condensed Consolidated Financial Statements.

6



ALLIANCEBERNSTEIN L.P. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
Six Months Ended June 30,
 
2020
 
2019
 
 
 
 
Cash flows from operating activities:
 
 
 
Net income
$
367,010

 
$
333,239

 
 
 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Amortization of deferred sales commissions
12,148

 
6,743

Non-cash long-term incentive compensation expense
15,068

 
27,307

Depreciation and other amortization
72,034

 
83,997

Unrealized losses (gains) on investments
13,637

 
(16,724
)
Unrealized losses (gains) on investments of consolidated company-sponsored investment funds
11,938

 
(32,173
)
Other, net
154

 
11,537

Changes in assets and liabilities:
 

 
 

(Increase) decrease in securities, segregated
(787,322
)
 
59,965

(Increase) decrease in receivables
(145,247
)
 
43,325

(Increase) decrease in investments
(42,626
)
 
506,061

Decrease (increase) in investments of consolidated company-sponsored investment funds
334,970

 
(86,566
)
(Increase) in deferred sales commissions
(34,435
)
 
(10,309
)
Decrease (increase) in right-of-use assets
5,278

 
(1,150
)
(Increase) in other assets
(9,909
)
 
(4,515
)
Increase in other assets and liabilities of consolidated company-sponsored investment funds, net
7,318

 
7,194

Increase (decrease) in payables
851,419

 
(440,029
)
(Decrease) in lease liabilities
(49,946
)
 
(59,924
)
Increase (decrease) in accounts payable and accrued expenses
(2,295
)
 
(61,705
)
Increase in accrued compensation and benefits
202,893

 
180,701

Net cash provided by operating activities
822,087

 
546,974

 
 
 
 
Cash flows from investing activities:
 

 
 

Purchases of furniture, equipment and leasehold improvements
(6,531
)
 
(11,276
)
Acquisition of businesses, net of cash acquired
(13,552
)
 
5,255

Net cash used in investing activities
(20,083
)
 
(6,021
)
 
 
 
 

7


 
Six Months Ended June 30,
 
2020
 
2019
Cash flows from financing activities:
 

 
 

(Repayment) of commercial paper, net

 
(85,888
)
Proceeds of EQH Facility
125,000

 

(Repayment) of bank loans

 
(25,000
)
Increase (decrease) in overdrafts payable
16,570

 
(19,144
)
Distributions to General Partner and Unitholders
(446,624
)
 
(343,471
)
(Redemptions) subscriptions of non-controlling interest in consolidated company-sponsored investment funds, net
(269,849
)
 
49,026

Capital contributions (to) from affiliates
(971
)
 
495

Additional investments by AB Holding with proceeds from exercise of compensatory options to buy AB Holding Units
147

 
8,951

Purchases of AB Holding Units to fund long-term incentive compensation plan awards, net
(47,415
)
 
(58,358
)
Other
(958
)
 
291

Net cash (used in) financing activities
(624,100
)
 
(473,098
)
Effect of exchange rate changes on cash and cash equivalents
(11,162
)
 
(179
)
Net increase (decrease) in cash and cash equivalents
166,742

 
67,676

Cash and cash equivalents as of beginning of the period
691,171

 
653,324

Cash and cash equivalents as of end of the period
$
857,913

 
$
721,000

 
 
 
 
Non-cash investing activities:
 
 
 
Fair value of assets acquired (excluding cash acquired of $0.6 million and $11.8 million, respectively)
$
18,389

 
$
28,966

Fair value of liabilities assumed
$
437

 
$
16,837

 
 
 
 
Non-cash financing activities:
 
 
 
Payables recorded under contingent payment arrangements
$
4,400

 
$
17,384


See Accompanying Notes to Condensed Consolidated Financial Statements.

8


ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
June 30, 2020
(unaudited)

The words “we” and “our” refer collectively to AllianceBernstein L.P. and its subsidiaries (“AB”), or to their officers and employees. Similarly, the word “company” refers to AB. These statements should be read in conjunction with AB’s audited consolidated financial statements included in AB’s Form 10-K for the year ended December 31, 2019.

1. Business Description Organization and Basis of Presentation

Business Description

We provide diversified investment management, research and related services globally to a broad range of clients. Our principal services include:

Institutional Services – servicing our institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments worldwide, and affiliates such as Equitable Holdings, Inc. ("EQH") and its subsidiaries, by means of separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles.

Retail Services – servicing our retail clients, primarily by means of retail mutual funds sponsored by AB or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately-managed account programs sponsored by financial intermediaries worldwide and other investment vehicles.

Private Wealth Management Services – servicing our private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities, by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles.

Bernstein Research Services – servicing institutional investors, such as pension fund, hedge fund and mutual fund managers, seeking high-quality fundamental research, quantitative services and brokerage-related services in equities and listed options.

We also provide distribution, shareholder servicing, transfer agency services and administrative services to the mutual funds we sponsor.
 
Our high-quality, in-depth research is the foundation of our business.  Our research disciplines include economic, fundamental equity, fixed income and quantitative research.  In addition, we have experts focused on multi-asset strategies, wealth management and alternative investments.

We provide a broad range of investment services with expertise in:

Actively-managed equity strategies, with global and regional portfolios across capitalization ranges, concentration ranges and investment strategies, including value, growth and core equities;

Actively-managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies;

Passive management, including index and enhanced index strategies;

Alternative investments, including hedge funds, fund of funds, direct lending and private equity; and

Multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds.

Our services span various investment disciplines, including market capitalization (e.g., large-, mid- and small-cap equities), term (e.g., long-, intermediate- and short-duration debt securities), and geographic location (e.g., U.S., international, global, emerging markets, regional and local), in major markets around the world.

9



Organization

During the second quarter of 2018, AXA S.A. ("AXA") completed the sale of a minority stake in EQH through an initial public offering ("IPO"). Since then, AXA has completed additional offerings and taken other steps, most recently during the fourth quarter of 2019. As a result, AXA owned less than 10% of the outstanding common stock of EQH as of June 30, 2020.

As of June 30, 2020, EQH owned approximately 4.2% of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AllianceBernstein Holding L.P. (“AB Holding Units”). AllianceBernstein Corporation (an indirect wholly-owned subsidiary of EQH, “General Partner”) is the general partner of both AllianceBernstein Holding L.P. (“AB Holding”) and AB. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1% general partnership interest in AB.

As of June 30, 2020, the ownership structure of AB, including limited partnership units outstanding as well as the general partner's 1% interest, was as follows:

EQH and its subsidiaries
63.7
%
AB Holding
35.5

Unaffiliated holders
0.8

 
100.0
%


Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 65.2% economic interest in AB as of June 30, 2020.

Basis of Presentation

The interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim results, have been made. The preparation of the condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed consolidated statement of financial condition as of December 31, 2019 was derived from audited financial statements, but it does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”).

Principles of Consolidation

The condensed consolidated financial statements include AB and its majority-owned and/or controlled subsidiaries, and the consolidated entities that are considered to be variable interest entities (“VIEs”) and voting interest entities (“VOEs”) in which AB has a controlling financial interest. Non-controlling interests on the condensed consolidated statements of financial condition include the portion of consolidated company-sponsored investment funds in which we do not have direct equity ownership. All significant inter-company transactions and balances among the consolidated entities have been eliminated.

Reclassifications

During 2020, prior period amounts for the changes in right-of-use assets and lease liabilities previously presented with amounts related to the adoption of ASC 842 in our Condensed Consolidated Statement of Cash Flows are now presented net of the adoption impact of ASU 842 to conform to the current period's presentation.


10



2.
Significant Accounting Policies

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). This new guidance relates to the accounting for credit losses on financial instruments and introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. We adopted this standard prospectively on January 1, 2020. The adoption of this standard did not have a material impact on our financi