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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Dividend and interest income $ 38,940 $ 49,889 $ 127,441 $ 150,761
Investment (losses) (3,512) (6,694) (15,398) (760)
Other revenues 39,673 24,484 104,133 75,349
Total revenues 1,106,703 1,059,554 3,284,327 3,145,571
Less: Broker-dealer related interest expense 21,214 27,498 66,744 80,968
Net revenues 1,085,489 1,032,056 3,217,583 3,064,603
Expenses:        
Employee compensation and benefits 424,893 453,619 1,300,989 1,315,861
Promotion and servicing:        
Amortization of deferred sales commissions 15,005 9,585 40,152 26,506
Trade execution, marketing, T&E and other 38,312 52,289 134,243 157,057
General and administrative 155,808 145,388 439,450 434,976
Contingent payment arrangements (125,947) 15,364 (120,831) 20,251
Interest on borrowings 8,456 13,209 37,139 41,594
Amortization of intangible assets 11,451 11,732 34,754 35,148
Total expenses 720,208 856,806 2,411,016 2,485,432
Operating income 365,281 175,250 806,567 579,171
Gain on divestiture 0 0 134,555 0
Non-operating income 0 0 134,555 0
Pre-tax income 365,281 175,250 941,122 579,171
Income taxes 14,255 10,010 50,389 31,253
Net income 351,026 165,240 890,733 547,918
Net income of consolidated entities attributable to non-controlling interests 5,054 (2,164) 17,262 10,626
Net income attributable to AB Unitholders $ 345,972 $ 167,404 $ 873,471 $ 537,292
Net income per AB Unit:        
Basic (in dollars per share) $ 1.20 $ 0.58 $ 3.02 $ 1.86
Diluted (in dollars per share) $ 1.20 $ 0.58 $ 3.02 $ 1.86
Investment advisory and services fees        
Revenues:        
Revenue subject to contracts with customers $ 842,386 $ 748,951 $ 2,444,118 $ 2,199,536
Bernstein research services        
Revenues:        
Revenue subject to contracts with customers 0 93,875 96,222 285,760
Distribution revenues        
Revenues:        
Revenue subject to contracts with customers 189,216 149,049 527,811 434,925
Promotion and servicing:        
Distribution-related payments $ 192,230 $ 155,620 $ 545,120 $ 454,039