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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Revenue subject to contracts with customers $ 1,064,133 $ 837,395 $ 2,061,598 $ 1,744,715
Dividend and interest income 8,658 12,692 17,342 33,157
Investment gains (losses) 4,181 24,189 6,109 (20,117)
Other revenues 25,900 26,092 53,611 51,603
Total revenues 1,077,556 874,884 2,085,966 1,758,359
Less: Interest expense 734 3,435 1,878 12,754
Net revenues 1,076,822 871,449 2,084,088 1,745,605
Expenses:        
Employee compensation and benefits 435,707 349,638 841,766 711,910
Promotion and servicing:        
Amortization of deferred sales commissions 8,236 6,622 16,135 12,148
Trade execution, marketing, T&E and other 46,571 44,288 93,249 99,898
General and administrative:        
General and administrative 131,324 121,424 251,547 243,691
Real estate charges 0 5,526 0 5,526
Contingent payment arrangements 838 807 1,634 1,600
Interest on borrowings 1,241 1,096 2,535 3,930
Amortization of intangible assets 1,521 6,723 3,000 13,209
Total expenses 793,199 661,802 1,539,881 1,357,735
Operating income 283,623 209,647 544,207 387,870
Income taxes 12,480 11,386 29,225 20,860
Net income 271,143 198,261 514,982 367,010
Net income (loss) of consolidated entities attributable to non-controlling interests 3,573 20,940 3,281 (4,631)
Net income attributable to AB Unitholders $ 267,570 $ 177,321 $ 511,701 $ 371,641
Net income per AB Unit:        
Basic (in dollars per unit) $ 0.97 $ 0.65 $ 1.86 $ 1.36
Diluted (in dollars per unit) $ 0.97 $ 0.65 $ 1.86 $ 1.36
Investment advisory and services fees        
Revenues:        
Revenue subject to contracts with customers $ 777,624 $ 578,203 $ 1,481,090 $ 1,199,928
Bernstein research services        
Revenues:        
Revenue subject to contracts with customers 105,655 113,609 224,676 242,832
Distribution related        
Revenues:        
Revenue subject to contracts with customers 155,538 120,099 303,138 250,956
Promotion and servicing:        
Distribution-related payments $ 167,761 $ 125,678 $ 330,015 $ 265,823