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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Dividend and interest income $ 43,986 $ 50,193 $ 88,501 $ 100,872
Investment (losses) gains (23,629) 670 (11,886) 5,934
Other revenues 39,167 24,719 64,460 50,865
Total revenues 1,049,756 1,033,905 2,177,624 2,086,017
Less: Broker-dealer related interest expense 21,813 25,449 45,530 53,470
Net revenues 1,027,943 1,008,456 2,132,094 2,032,547
Expenses:        
Employee compensation and benefits 423,324 428,079 876,096 862,242
Promotion and servicing:        
Amortization of deferred sales commissions 13,348 8,767 25,147 16,921
Trade execution, marketing, T&E and other 40,940 54,138 95,931 104,768
General and administrative 145,732 149,935 283,642 289,588
Contingent payment arrangements 2,558 2,443 5,116 4,887
Interest on borrowings 11,313 14,672 28,683 28,385
Amortization of intangible assets 11,531 11,723 23,303 23,416
Total expenses 828,654 819,795 1,690,808 1,628,626
Operating income 199,289 188,661 441,286 403,921
Gain on divestiture 134,555 0 134,555 0
Non-operating income 134,555 0 134,555 0
Pre-tax income 333,844 188,661 575,841 403,921
Income taxes 20,092 9,901 36,134 21,243
Net income 313,752 178,760 539,707 382,678
Net income of consolidated entities attributable to non-controlling interests 4,180 3,023 12,208 12,790
Net income attributable to AB Unitholders $ 309,572 $ 175,737 $ 527,499 $ 369,888
Net income per AB Unit:        
Basic (in dollars per share) $ 1.07 $ 0.61 $ 1.82 $ 1.28
Diluted (in dollars per share) $ 1.07 $ 0.61 $ 1.82 $ 1.28
Investment advisory and services fees        
Revenues:        
Revenue subject to contracts with customers $ 817,327 $ 721,678 $ 1,601,732 $ 1,450,585
Bernstein research services        
Revenues:        
Revenue subject to contracts with customers 0 91,847 96,222 191,885
Distribution revenues        
Revenues:        
Revenue subject to contracts with customers 172,905 144,798 338,595 285,876
Promotion and servicing:        
Distribution-related payments $ 179,908 $ 150,038 $ 352,890 $ 298,419