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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Dividend and interest income $ 50,193 $ 22,512 $ 100,872 $ 33,987
Investment gains (losses) 670 (48,220) 5,934 (87,244)
Other revenues 24,719 26,950 50,865 53,105
Total revenues 1,033,905 980,290 2,086,017 2,088,826
Less: Broker-dealer related interest expense 25,449 8,846 53,470 11,695
Net revenues 1,008,456 971,444 2,032,547 2,077,131
Expenses:        
Employee compensation and benefits 428,079 398,273 862,242 837,693
Promotion and servicing:        
Amortization of deferred sales commissions 8,767 8,953 16,921 18,336
Trade execution, marketing, T&E and other 54,138 60,404 104,768 111,631
General and administrative 149,935 147,855 289,588 325,480
Contingent payment arrangements 2,443 838 4,887 1,676
Interest on borrowings 14,672 2,681 28,385 4,092
Amortization of intangible assets 11,723 1,260 23,416 2,396
Total expenses 819,795 778,796 1,628,626 1,636,080
Operating income 188,661 192,648 403,921 441,051
Income taxes 9,901 10,650 21,243 23,371
Net income 178,760 181,998 382,678 417,680
Net income (loss) of consolidated entities attributable to non-controlling interests 3,023 (26,771) 12,790 (51,816)
Net income attributable to AB Unitholders $ 175,737 $ 208,769 $ 369,888 $ 469,496
Net income per AB Unit:        
Basic (in dollars per share) $ 0.61 $ 0.76 $ 1.28 $ 1.71
Diluted (in dollars per share) $ 0.61 $ 0.76 $ 1.28 $ 1.71
Investment advisory and services fees        
Revenues:        
Revenue subject to contracts with customers $ 721,678 $ 719,476 $ 1,450,585 $ 1,543,258
Bernstein research services        
Revenues:        
Revenue subject to contracts with customers 91,847 106,442 191,885 224,249
Distribution revenues        
Revenues:        
Revenue subject to contracts with customers 144,798 153,130 285,876 321,471
Promotion and servicing:        
Distribution-related payments $ 150,038 $ 158,532 $ 298,419 $ 334,776