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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Dividend and interest income $ 8,794 $ 9,070 $ 26,136 $ 42,227
Investment (losses) gains (2,724) 1,106 3,385 (19,011)
Other revenues 26,973 26,583 80,584 78,186
Total revenues 1,093,792 901,505 3,179,758 2,659,864
Less: Interest expense 960 1,467 2,838 14,221
Net revenues 1,092,832 900,038 3,176,920 2,645,643
Expenses:        
Employee compensation and benefits 433,928 357,821 1,275,694 1,069,731
Promotion and servicing:        
Amortization of deferred sales commissions 8,731 7,434 24,866 19,582
Trade execution, marketing, T&E and other 47,428 41,220 140,677 141,118
General and administrative:        
General and administrative 132,064 119,318 383,611 363,009
Real estate charges 0 0 0 5,526
Contingent payment arrangements 838 813 2,472 2,413
Interest on borrowings 1,280 1,073 3,815 5,003
Amortization of intangible assets 1,502 6,833 4,502 20,042
Total expenses 813,182 682,892 2,353,063 2,040,627
Operating income 279,650 217,146 823,857 605,016
Income taxes 16,029 9,089 45,254 29,949
Net income 263,621 208,057 778,603 575,067
Net (loss) income of consolidated entities attributable to non-controlling interests (1,074) 81 2,207 (4,550)
Net income attributable to AB Unitholders $ 264,695 $ 207,976 $ 776,396 $ 579,617
Net income per AB Unit:        
Basic (in dollars per unit) $ 0.96 $ 0.77 $ 2.82 $ 2.13
Diluted (in dollars per unit) $ 0.96 $ 0.77 $ 2.82 $ 2.13
Investment advisory and services fees        
Revenues:        
Revenue subject to contracts with customers $ 776,797 $ 630,539 $ 2,257,887 $ 1,830,467
Bernstein research services        
Revenues:        
Revenue subject to contracts with customers 113,340 98,514 338,016 341,346
Distribution related        
Revenues:        
Revenue subject to contracts with customers 170,612 135,693 473,750 386,649
Promotion and servicing:        
Distribution-related payments $ 187,411 $ 148,380 $ 517,426 $ 414,203