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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Dividend and interest income $ 49,889 $ 30,437 $ 150,761 $ 64,424
Investment (losses) (6,694) (3,861) (760) (91,105)
Other revenues 24,484 27,096 75,349 80,201
Total revenues 1,059,554 1,007,753 3,145,571 3,096,579
Less: Broker-dealer related interest expense 27,498 20,769 80,968 32,464
Net revenues 1,032,056 986,984 3,064,603 3,064,115
Expenses:        
Employee compensation and benefits 453,619 429,842 1,315,861 1,267,535
Promotion and servicing:        
Amortization of deferred sales commissions 9,585 8,341 26,506 26,678
Trade execution, marketing, T&E and other 52,289 51,594 157,057 163,225
General and administrative 145,388 154,961 434,976 480,441
Contingent payment arrangements 15,364 2,371 20,251 4,047
Interest on borrowings 13,209 5,309 41,594 9,401
Amortization of intangible assets 11,732 12,256 35,148 14,652
Total expenses 856,806 816,679 2,485,432 2,452,760
Operating income 175,250 170,305 579,171 611,355
Income taxes 10,010 5,239 31,253 28,609
Net income 165,240 165,066 547,918 582,746
Net (loss) income of consolidated entities attributable to non-controlling interests (2,164) (10,114) 10,626 (61,930)
Net income attributable to AB Unitholders $ 167,404 $ 175,180 $ 537,292 $ 644,676
Net income per AB Unit:        
Basic (in dollars per share) $ 0.58 $ 0.64 $ 1.86 $ 2.35
Diluted (in dollars per share) $ 0.58 $ 0.64 $ 1.86 $ 2.35
Investment advisory and services fees        
Revenues:        
Revenue subject to contracts with customers $ 748,951 $ 714,564 $ 2,199,536 $ 2,257,822
Bernstein research services        
Revenues:        
Revenue subject to contracts with customers 93,875 91,557 285,760 315,806
Distribution revenues        
Revenues:        
Revenue subject to contracts with customers 149,049 147,960 434,925 469,431
Promotion and servicing:        
Distribution-related payments $ 155,620 $ 152,005 $ 454,039 $ 486,781