ALLIANCEBERNSTEIN L.P. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2025 12 months to Dec 31, 2025	FY2024 12 months to Dec 31, 2024	FY2023 12 months to Dec 31, 2023	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales commissions
Non-cash long-term incentive compensation expense
Depreciation and other amortization
Unrealized (gains) on investments
Excluding company-sponsored investment funds
Company-sponsored investment funds
Total unrealized (gains) on investments

Equity losses of equity method investments
Non-cash lease expense
(Gain) on divestiture
(Gain) on assets held for sale
Remeasurement of contingent payment arrangements
Retirement plan loss
Other, net
Changes in assets and liabilities:
Decrease in securities, segregated
(Increase) decrease in receivables
(Increase) decrease in investments
Excluding company-sponsored investment funds
Company-sponsored investment funds
Total (Increase) decrease in investments

(Increase) in deferred sales commissions
(Increase) decrease in other assets
Excluding company-sponsored investment funds
Company-sponsored investment funds
Total (Increase) decrease in other assets

(Increase) decrease in other assets of consolidated company-sponsored investment funds
Increase (decrease) in other liabilities of consolidated company-sponsored investment funds
Increase (decrease) in payables
(Decrease) increase in accounts payable and accrued expenses
(Decrease) increase in accrued compensation and benefits
Cash payments to relieve operating lease liabilities
Net cash provided by operating activities
Cash flows from investing activities:
Purchases of equity method investments
Purchases of furniture, equipment and leasehold improvements
Divestiture of business (includes $304.0 million in cash proceeds in 2024)
Capital contribution to equity method investments
Debt repayment from equity method investments
Acquisition of businesses, net of cash acquired
Net cash used in investing activities

Cash flows from financing activities:
Proceeds from debt, net
Repayment of debt, net
(Decrease) in overdrafts payable
Distributions to General Partner and Unitholders
Additional investments by AB Holding with proceeds from exercise of compensatory options to buy AB Holding Units
Subscriptions of non-controlling interests of consolidated company-sponsored investment funds, net
Redemptions of non-controlling interests of consolidated company-sponsored investment funds, net
Capital contributions (to) AB Holding
Purchases of AB Holding Units for long-term incentive compensation plan awards, net
Proceeds from issuance of private units to EQH
Payment of acquisition-related debt obligation
Other, net
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net (decrease) in cash and cash equivalents
Cash and cash equivalents as of beginning of the period
Cash and cash equivalents as of end of the period
Cash paid:
Interest paid
Income taxes paid
Cash Flow, Noncash Investing and Financing Activities Disclosure
Fair value of assets acquired (excluding cash acquired of zero , zero and $40.8 million, for 2024, 2023 and 2022, respectively)
Fair value of deferred tax asset recorded
Fair value of liabilities assumed
Fair value of non-redeemable non-controlling interest recorded
Non-cash financing activities:
Payables recorded under contingent payment arrangements
Retirement of AB Holding Units in connection with the EQH Exchange and Amended Exchange Agreement
EQH Amended Exchange Agreement
Total retirement of AB Holding Units in connection with the EQH Exchange and Amended Exchange Agreement
Issuance of AB Units for EQH Exchange Agreement
Issuance of AB Holding Units in connection with the EQH Exchange and Amended Exchange Agreement
EQH Amended Exchange Agreement
Total issuance of AB Holding Units in connection with the EQH Exchange and Amended Exchange Agreement

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