ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FIRST QUARTER RESULTS

Financial Performance - AllianceBernstein reported GAAP net income of $0.67 per unit and adjusted net income of $0.80 per unit for Q1 2025, with a cash distribution of $0.80 per unit [1][42] - Total net revenues for Q1 2025 were $1.08 billion, a decrease of 2.1% from Q1 2024 and a 14.1% decrease from Q4 2024 [13][14] - Adjusted net revenues were $838 million, down 5.2% year-over-year and down 14% sequentially [21][22] - Operating income for Q1 2025 was $236 million, a 2% decrease from Q1 2024 and a 26% decrease from Q4 2024 [17][41] - The adjusted operating income increased by 6% year-over-year to $283 million, but decreased by 20% sequentially [25] Assets Under Management (AUM) - As of March 31, 2025, total AUM was $784.5 billion, reflecting a 3.4% increase from the previous year but a 1% decrease from the end of Q4 2024 [7][42] - Average AUM for Q1 2025 was $797.5 billion, up 7.9% from Q1 2024 [7][42] - Institutional AUM was $324.1 billion, with net inflows of $0.4 billion, while retail AUM also saw net inflows of $0.9 billion [8][10] Market Trends and Client Activity - The company experienced $2.7 billion in active net inflows across all global distribution channels in Q1 2025, driven by strong institutional deployments into private alternative strategies [2][3] - Retail channel gross sales exceeded $25 billion for the third consecutive quarter, with a consistent annualized growth rate of 19% in tax-exempt fixed income [3] - Institutional flows returned to positive territory, with a pipeline of awarded but unfunded mandates increasing to $13.5 billion [9] Expense Management - Operating expenses for Q1 2025 were $844 million, a decrease of 2% from Q1 2024, primarily due to lower employee compensation and benefits [15][16] - Adjusted operating expenses also decreased by 10% year-over-year to $555 million [23][24] Distribution and Shareholder Returns - The cash distribution per unit of $0.80 is scheduled for payment on May 22, 2025, to holders of record as of May 5, 2025 [4][42] - The adjusted earnings per unit and distributions to unitholders rose by 10% compared to the previous year [2]