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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
Form 8-K
________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 24, 2024
__________________
WisdomTree, Inc.
(Exact name of registrant as specified in its charter)
_____________________
Delaware |
001-10932 |
13-3487784 |
(State or other jurisdiction
of incorporation) |
Commission
File Number: |
(IRS Employer
Identification No.) |
250 West 34th Street
3rd Floor
New York, NY 10119
(Address of principal executive offices, including
zip code)
(212) 801-2080
(Registrant’s telephone number, including area
code)
(Former name or former address, if changed
since last report)
_______________________
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Exchange
Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of each exchange
on which registered |
Common Stock, $0.01 par value |
|
WT |
|
The New York Stock Exchange |
Preferred Stock Purchase Rights |
|
WT |
|
The New York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
| Item 2.02. | Results of Operations and Financial Condition |
On July 26, 2024, WisdomTree, Inc. (the “Company”)
issued a press release announcing its financial results for the three and six months ended June 30, 2024. A copy of the press release
containing this information is being furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02,
including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, or otherwise subject to the liabilities under that Section and shall not be deemed incorporated by reference into any filing
of the Company under the Securities Act of 1933, as amended.
On July 24, 2024, the Company’s Board
of Directors declared a quarterly cash dividend of $0.03 per share of common stock, payable on August 21, 2024 to stockholders of record
as of the close of business on August 7, 2024. A copy of the press release issued in connection with the dividend is attached as Exhibit 99.1
to this Report on Form 8-K and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits:
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
WisdomTree, Inc. |
|
|
|
|
Date: July 26, 2024 |
|
By: |
/s/ Bryan Edmiston
|
|
|
|
Bryan Edmiston |
|
|
|
Chief Financial Officer |
Exhibit 99.1
-
WisdomTree Announces Second Quarter 2024 Results
Record AUM of $109.7 Billion
940 bps of Operating Margin Expansion vs.
YTD June 30, 2023
Diluted Earnings Per Share of $0.13 ($0.16,
as Adjusted)
New York, NY – (Business Wire) – July 26, 2024 – WisdomTree,
Inc. (NYSE: WT), a global financial innovator, today reported financial results for the second quarter of 2024.
$21.8 million of net income ($27.1(1) million of net income,
as adjusted), see “Non-GAAP Financial Measurements” for additional information.
$109.7 billion of ending AUM, an increase of 2.3% from the prior
quarter arising from market appreciation and net inflows.
$0.3 billion of net inflows, primarily driven by inflows into our
international developed equity, fixed income and U.S. equity products, partially offset by outflows from our commodity products.
0.37% average advisory fee, a 1 basis point increase from the prior
quarter.
$107.0 million of operating revenues, an increase of 10.5% from
the prior quarter due to higher average AUM and higher other revenues attributable to our European listed products.
81.2% gross margin(1),
a 1.8 point increase from the prior quarter due to higher revenues.
31.3% operating income margin (35.3%(1) as adjusted),
a 2.4 point increase (5.7 point increase, as adjusted(1)) compared to our operating margin of 28.9% (29.6%(1),
as adjusted) in the prior quarter primarily due to higher revenues.
$0.03 quarterly dividend declared, payable on August
21, 2024 to stockholders of record as of the close of business on August 7, 2024.
Update from Jonathan Steinberg, WisdomTree
CEO
“WisdomTree continued
to thrive in the second quarter, generating record assets under management with a global footprint and leadership in advisor solutions
and tokenization on the back of only 300 employees. It is truly a testament to the efficiency of our business model and reflects our
mission, vision and values. The broadening of our product lineup over the years while adding portfolio solutions for our advisor
clients are showcased in our three-plus years of strong net inflows and record assets under management. Continued traction in those
areas, alongside our leadership position in the industry’s secular shift toward ETFs, tokenization and blockchain technology, further
set the company up for success in the long run.”
|
Update from Jarrett Lilien, WisdomTree
COO and President
“WisdomTree once again
delivered strong revenue growth on the back of record assets under management, net inflows and expanding other revenue streams. With
well-managed expenses and scale benefits, we’ve expanded adjusted operating margins 840 basis points this year as compared to the
first half of last year. This all translates into an accelerated pace of EPS growth and strong returns for stockholders.”
|
OPERATING AND FINANCIAL HIGHLIGHTS
| |
| |
| |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | |
Consolidated Operating Highlights ($ in billions): | |
| | | |
| | | |
| | | |
| | | |
| | |
AUM—end of period | |
$ | 109.7 | | |
$ | 107.2 | | |
$ | 100.1 | | |
$ | 93.7 | | |
$ | 93.7 | |
Net inflows/(outflows) | |
$ | 0.3 | | |
$ | 2.0 | | |
$ | (0.3 | ) | |
$ | 2.0 | | |
$ | 2.3 | |
Average AUM | |
$ | 108.4 | | |
$ | 102.4 | | |
$ | 96.6 | | |
$ | 95.7 | | |
$ | 91.6 | |
Average advisory fee | |
| 0.37% | | |
| 0.36% | | |
| 0.36% | | |
| 0.36% | | |
| 0.36% | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Consolidated Financial Highlights ($ in millions, except per
share amounts): | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating revenues | |
$ | 107.0 | | |
$ | 96.8 | | |
$ | 90.8 | | |
$ | 90.4 | | |
$ | 85.7 | |
Net income | |
$ | 21.8 | | |
$ | 22.1 | | |
$ | 19.1 | | |
$ | 13.0 | | |
$ | 54.3 | |
Diluted earnings per share | |
$ | 0.13 | | |
$ | 0.13 | | |
$ | 0.16 | | |
$ | 0.07 | | |
$ | 0.32 | |
Operating income margin | |
| 31.3% | | |
| 28.9% | | |
| 28.7% | | |
| 29.5% | | |
| 21.2% | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
As Adjusted (Non-GAAP(1)): | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross margin | |
| 81.2% | | |
| 79.4% | | |
| 79.7% | | |
| 80.1% | | |
| 79.3% | |
Net income, as adjusted | |
$ | 27.1 | | |
$ | 20.3 | | |
$ | 18.6 | | |
$ | 18.0 | | |
$ | 14.9 | |
Diluted earnings per share, as adjusted | |
$ | 0.16 | | |
$ | 0.12 | | |
$ | 0.11 | | |
$ | 0.10 | | |
$ | 0.09 | |
Operating income margin, as adjusted | |
| 35.3% | | |
| 29.6% | | |
| 28.7% | | |
| 29.5% | | |
| 26.9% | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
RECENT BUSINESS DEVELOPMENTS
Company News
| · | In June 2024, WisdomTree stockholders voted for all proposals, including to overwhelmingly elect all nine of WisdomTree’s nominees
to the Board of Directors at its 2024 Annual Meeting of Stockholders. |
| · | Also in June 2024, WisdomTree Europe was named ‘Best ETF Provider’ at the Online Money Awards for the third year in a
row. |
Product News
| · | In May 2024, we launched the WisdomTree India Hedged Equity Fund (INDH) on the NASDAQ; we were one of the first issuers to list Crypto
ETPs on the London Stock Exchange, including the WisdomTree Physical Bitcoin ETP (BTCW) and the WisdomTree Physical Ethereum ETP (ETHW);
and we listed eight 5x short-and-leveraged equity ETPs on the London Stock Exchange, Börse Xetra and Borsa Italiana. |
| · | In June 2024, we launched the WisdomTree Global Sustainable UCITS ETF (WSDG) on the London Stock Exchange and Börse Xetra, in
collaboration with Irish Life Investment Managers. |
| · | In July 2024, we introduced Portfolio Solutions, a comprehensive suite of solutions empowering new and deeper advisor relationships
through scalable model portfolios; we cross-listed the WisdomTree Global Sustainable UCITS ETF (WSDG) on Borsa Italiana; and we partnered
with Trading 212, one of the UK’s most popular commission-free investing apps, to offer six ETF model portfolios for European retail
investors. |
WISDOMTREE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Operating Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Advisory fees | |
$ | 98,938 | | |
$ | 92,501 | | |
$ | 86,988 | | |
$ | 86,598 | | |
$ | 82,004 | | |
$ | 191,439 | | |
$ | 159,641 | |
Other revenues | |
| 8,096 | | |
| 4,337 | | |
| 3,856 | | |
| 3,825 | | |
| 3,720 | | |
| 12,433 | | |
| 8,127 | |
Total revenues | |
| 107,034 | | |
| 96,838 | | |
| 90,844 | | |
| 90,423 | | |
| 85,724 | | |
| 203,872 | | |
| 167,768 | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Compensation and benefits | |
| 30,790 | | |
| 31,054 | | |
| 27,860 | | |
| 27,955 | | |
| 26,319 | | |
| 61,844 | | |
| 53,717 | |
Fund management and administration | |
| 20,139 | | |
| 19,962 | | |
| 18,445 | | |
| 18,023 | | |
| 17,727 | | |
| 40,101 | | |
| 34,880 | |
Marketing and advertising | |
| 5,110 | | |
| 4,408 | | |
| 4,951 | | |
| 3,833 | | |
| 4,465 | | |
| 9,518 | | |
| 8,472 | |
Sales and business development | |
| 3,640 | | |
| 3,611 | | |
| 3,881 | | |
| 3,383 | | |
| 3,326 | | |
| 7,251 | | |
| 6,320 | |
Contractual gold payments | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,583 | | |
| — | | |
| 6,069 | |
Professional fees | |
| 6,594 | | |
| 3,630 | | |
| 3,201 | | |
| 3,719 | | |
| 8,334 | | |
| 10,224 | | |
| 12,049 | |
Occupancy, communications and equipment | |
| 1,314 | | |
| 1,210 | | |
| 1,208 | | |
| 1,203 | | |
| 1,172 | | |
| 2,524 | | |
| 2,273 | |
Depreciation and amortization | |
| 418 | | |
| 383 | | |
| 335 | | |
| 307 | | |
| 121 | | |
| 801 | | |
| 230 | |
Third-party distribution fees | |
| 2,687 | | |
| 2,307 | | |
| 2,549 | | |
| 2,694 | | |
| 1,881 | | |
| 4,994 | | |
| 4,134 | |
Other | |
| 2,831 | | |
| 2,323 | | |
| 2,379 | | |
| 2,601 | | |
| 2,615 | | |
| 5,154 | | |
| 4,872 | |
Total operating expenses | |
| 73,523 | | |
| 68,888 | | |
| 64,809 | | |
| 63,718 | | |
| 67,543 | | |
| 142,411 | | |
| 133,016 | |
Operating income | |
| 33,511 | | |
| 27,950 | | |
| 26,035 | | |
| 26,705 | | |
| 18,181 | | |
| 61,461 | | |
| 34,752 | |
Other Income/(Expenses): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (4,140 | ) | |
| (4,128 | ) | |
| (3,758 | ) | |
| (3,461 | ) | |
| (4,021 | ) | |
| (8,268 | ) | |
| (8,023 | ) |
Gain on revaluation/termination of
deferred
consideration—gold payments | |
| — | | |
| — | | |
| — | | |
| — | | |
| 41,361 | | |
| — | | |
| 61,953 | |
Interest income | |
| 1,438 | | |
| 1,398 | | |
| 1,225 | | |
| 791 | | |
| 1,000 | | |
| 2,836 | | |
| 2,083 | |
Impairments | |
| — | | |
| — | | |
| (339 | ) | |
| (2,703 | ) | |
| — | | |
| — | | |
| (4,900 | ) |
Loss on extinguishment of convertible notes | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (9,721 | ) |
Other losses and gains, net | |
| (1,283 | ) | |
| 2,592 | | |
| 1,602 | | |
| (2,512 | ) | |
| 1,286 | | |
| 1,309 | | |
| (721 | ) |
Income before income taxes | |
| 29,526 | | |
| 27,812 | | |
| 24,765 | | |
| 18,820 | | |
| 57,807 | | |
| 57,338 | | |
| 75,423 | |
Income tax expense | |
| 7,767 | | |
| 5,701 | | |
| 5,688 | | |
| 5,836 | | |
| 3,555 | | |
| 13,468 | | |
| 4,938 | |
Net income | |
$ | 21,759 | | |
$ | 22,111 | | |
$ | 19,077 | | |
$ | 12,984 | | |
$ | 54,252 | | |
$ | 43,870 | | |
| 70,485 | |
Earnings per share—basic | |
$ | 0.13(2) | | |
$ | 0.14(2) | | |
$ | 0.16(2) | | |
$ | 0.07(2) | | |
$ | 0.32(2) | | |
$ | 0.27(2) | | |
$ | 0.43(2) | |
Earnings per share—diluted | |
$ | 0.13 | | |
$ | 0.13 | | |
$ | 0.16(2) | | |
$ | 0.07 | | |
$ | 0.32 | | |
$ | 0.26 | | |
$ | 0.42(2) | |
Weighted average common shares—basic | |
| 146,896 | | |
| 146,464 | | |
| 145,310 | | |
| 145,284 | | |
| 144,351 | | |
| 146,680 | | |
| 144,108 | |
Weighted average common shares—diluted | |
| 166,359 | | |
| 165,268 | | |
| 171,703 | | |
| 177,140 | | |
| 170,672 | | |
| 165,872 | | |
| 165,468 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
As Adjusted (Non-GAAP(1)) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total operating expenses | |
$ | 69,252 | | |
$ | 68,193 | | |
$ | 64,809 | | |
$ | 63,718 | | |
$ | 62,630 | | |
| | | |
| | |
Operating income | |
$ | 37,782 | | |
$ | 28,645 | | |
$ | 26,035 | | |
$ | 26,705 | | |
$ | 23,094 | | |
| | | |
| | |
Income before income taxes | |
$ | 36,083 | | |
$ | 26,987 | | |
$ | 23,908 | | |
$ | 23,902 | | |
$ | 19,752 | | |
| | | |
| | |
Income tax expense | |
$ | 9,008 | | |
$ | 6,731 | | |
$ | 5,342 | | |
$ | 5,854 | | |
$ | 4,833 | | |
| | | |
| | |
Net income | |
$ | 27,075 | | |
$ | 20,256 | | |
$ | 18,566 | | |
$ | 18,048 | | |
$ | 14,919 | | |
| | | |
| | |
Earnings per share—diluted | |
$ | 0.16 | | |
$ | 0.12 | | |
$ | 0.11 | | |
$ | 0.10 | | |
$ | 0.09 | | |
| | | |
| | |
Weighted average common shares—diluted | |
| 166,359 | | |
| 165,268 | | |
| 171,703 | | |
| 177,140 | | |
| 170,672 | | |
| | | |
| | |
QUARTERLY HIGHLIGHTS
Operating Revenues
| · | Operating revenues increased 10.5% and 24.9% from the first quarter of 2024 and the second quarter
of 2023, respectively, due to higher average AUM and higher other revenues attributable to our European listed exchange-traded products
(“ETPs”). |
| · | Our average advisory fee was 0.37%, 0.36% and 0.36% during the second quarter of 2024, the first quarter
of 2024 and the second quarter of 2023, respectively. |
Operating Expenses
| · | Operating expenses increased 6.7% from the first quarter of 2024 primarily due to higher professional
fees arising from expenses incurred in connection with an activist campaign, as well as higher marketing expenses. |
| · | Operating expenses increased 8.9% from the second quarter of 2023 primarily due to higher incentive
and stock-based compensation expense and increased headcount, fund management and administration costs, third-party distribution fees
and marketing expenses. These increases were partly offset by lower professional fees and the termination of the deferred consideration—gold
payments obligation on May 10, 2023. |
Other Income/(Expenses)
| · | Interest expense was essentially unchanged from the first quarter of 2024. Interest expense increased
3.0% from the second quarter of 2023 due to the recognition of imputed interest on our obligation payable to Gold Bullion Holdings (Jersey)
Limited (“GBH”), a subsidiary of the World Gold Council, in connection with our repurchase in November 2023 of our Series
C Non-Voting Convertible Preferred Stock, partly offset by a lower level of debt outstanding. |
| · | Interest income increased 2.9% and 43.8% from the first quarter of 2024 and second quarter of 2023,
respectively, due to a higher level of interest-earning assets. |
| · | Other losses and gains, net was a loss of $1.3 million for the second quarter of 2024. The quarter
included net losses of $1.3 million and $0.3 million on our investments and financial instruments owned, respectively. Gains and losses
also generally arise from the sale of gold and crypto earned from management fees paid by our physically-backed gold and crypto ETPs,
foreign exchange fluctuations and other miscellaneous items. |
Income Taxes
| · | Our effective income tax rate for the second quarter of 2024 was 26.3%, resulting in income tax expense
of $7.8 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to non-deductible executive compensation,
an increase in the deferred tax asset valuation allowance on losses recognized on our investments and state and local income taxes. These
items were partly offset by a lower tax rate on foreign earnings. |
| · | Our adjusted effective income tax rate for the second quarter of 2024 was 25.0%(1). |
SIX MONTH HIGHLIGHTS
| · | Operating revenues increased 21.5% as compared to 2023 due to higher average AUM and higher other revenues
attributable to our European listed ETPs. |
| · | Operating expenses increased 7.1% as compared to 2023 primarily due to higher incentive and stock-based
compensation expense and increased headcount, fund management and administration costs, marketing expenses, sales and business development
expenses, third-party distribution fees, as well as higher depreciation and amortization. These increases were partly offset by lower
contractual gold payments and professional fees. |
| · | Significant items reported in other income/(expense) in 2024 include: an increase in interest expense
of 3.1% due to imputed interest on our obligation payable to GBH, partly offset by a lower level of debt outstanding; an increase in interest
income of 36.1% due to an increase in our interest-earning assets; net gains on our financial instruments owned of $1.8 million; and losses
on our investments of $1.2 million. Gains and losses also generally arise from the sale of gold earned on management fees paid by our
physically-backed gold ETPs, foreign exchange fluctuations and other miscellaneous items. |
| · | Our effective income tax rate for 2024 was 23.5%, resulting in an income tax expense of $13.5 million.
Our tax rate differs from the federal statutory rate of 21.0% primarily due to non-deductible executive compensation and state and local
income taxes. These items were partly offset by a lower tax rate on foreign earnings and tax windfalls associated with the vesting of
stock-based compensation awards. |
CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS
WisdomTree will discuss its results and operational highlights during
a live webcast on Friday, July 26, 2024 at 11:00 a.m. ET, which can be accessed using the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=5z2QQw8B.
Participants also can dial in using the following numbers: (877)
407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers. To avoid delays, we encourage
participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time. All earnings materials and the webcast
can be accessed through WisdomTree’s investor relations website at https://ir.wisdomtree.com. A replay of the webcast will also
be available shortly after the call.
About WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified
suite of exchange-traded products (ETPs), models, solutions and products leveraging blockchain technology. We empower investors and consumers
to shape their future and support financial professionals to better serve their clients and grow their businesses. WisdomTree is leveraging
the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. Building on
our heritage of innovation, we are also developing and have launched next-generation digital products, services and structures, including
digital or blockchain-enabled mutual funds and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime®.*
* The WisdomTree Prime digital wallet and digital asset services
are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter
and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, in select U.S. jurisdictions and may be
limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York
State Department of Financial Services to engage in virtual currency business. Visit https://www.wisdomtreeprime.com or the WisdomTree
Prime mobile app for more information.
WisdomTree currently has approximately $111.2 billion in assets
under management globally.
For more information about WisdomTree and WisdomTree Prime®,
visit: https://www.wisdomtree.com.
Please visit us on X, at @WisdomTreeNews.
WisdomTree® is the marketing name for WisdomTree,
Inc. and its subsidiaries worldwide.
PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE PRIME:
NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY
LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY
The products and services available through the WisdomTree Prime
app are not endorsed, indemnified or guaranteed by any regulatory agency.
| (1) | See “Non-GAAP Financial Measurements.” |
| (2) | Earnings per share (“EPS”) is calculated pursuant to the two-class method as it results
in a lower EPS amount as compared to the treasury stock method. In addition, the three months ended December 31, 2023 includes a gain
of $7.966 recognized upon the repurchase of our Series C non-voting preferred shares convertible into approximately 13.1 million shares
of common stock from GBH, which is excluded from net income, but required to be added to net income to arrive at income available to common
stockholders in the calculation of EPS. This gain is excluded from our EPS when computed on a non-GAAP basis. |
Contact Information:
Investor Relations |
Corporate Communications |
Jeremy Campbell |
Jessica Zaloom |
+1.917.267.3859 |
+1.917.267.3735 |
jeremy.campbell@wisdomtree.com |
jzaloom@wisdomtree.com |
WISDOMTREE, INC. AND SUBSIDIARIES
KEY OPERATING STATISTICS
(Unaudited)
| |
| |
| |
Three Months Ended | |
| |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | |
GLOBAL ETPs ($ in millions) | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
Beginning of period assets | |
$ | 107,230 | | |
$ | 100,124 | | |
$ | 93,735 | | |
$ | 93,666 | | |
$ | 90,740 | |
Inflows/(outflows) | |
| 340 | | |
| 1,990 | | |
| (255 | ) | |
| 1,983 | | |
| 2,327 | |
Market appreciation/(depreciation) | |
| 2,116 | | |
| 5,116 | | |
| 6,644 | | |
| (1,914 | ) | |
| 599 | |
End of period assets | |
$ | 109,686 | | |
$ | 107,230 | | |
$ | 100,124 | | |
$ | 93,735 | | |
$ | 93,666 | |
Average assets during the period | |
$ | 108,392 | | |
$ | 102,360 | | |
$ | 96,534 | | |
$ | 95,743 | | |
$ | 91,578 | |
Average advisory fee during the period | |
| 0.37 | % | |
| 0.36 | % | |
| 0.36 | % | |
| 0.36 | % | |
| 0.36 | % |
Revenue days | |
| 91 | | |
| 91 | | |
| 92 | | |
| 92 | | |
| 91 | |
Number of ETFs—end of the period | |
| 350 | | |
| 338 | | |
| 337 | | |
| 344 | | |
| 344 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
U.S. LISTED ETFs ($ in millions) | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 78,087 | | |
$ | 72,486 | | |
$ | 68,018 | | |
$ | 65,903 | | |
$ | 61,283 | |
Inflows/(outflows) | |
| 1,106 | | |
| 1,983 | | |
| (67 | ) | |
| 3,601 | | |
| 3,249 | |
Market appreciation/(depreciation) | |
| 529 | | |
| 3,618 | | |
| 4,535 | | |
| (1,486 | ) | |
| 1,371 | |
End of period assets | |
$ | 79,722 | | |
$ | 78,087 | | |
$ | 72,486 | | |
$ | 68,018 | | |
$ | 65,903 | |
Average assets during the period | |
$ | 78,436 | | |
$ | 74,730 | | |
$ | 69,694 | | |
$ | 68,008 | | |
$ | 62,712 | |
Number of ETFs—end of the period | |
| 78 | | |
| 77 | | |
| 76 | | |
| 80 | | |
| 80 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
EUROPEAN LISTED ETPs ($ in millions) | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 29,143 | | |
$ | 27,638 | | |
$ | 25,717 | | |
$ | 27,763 | | |
$ | 29,457 | |
(Outflows)/inflows | |
| (766 | ) | |
| 7 | | |
| (188 | ) | |
| (1,618 | ) | |
| (922 | ) |
Market appreciation/(depreciation) | |
| 1,587 | | |
| 1,498 | | |
| 2,109 | | |
| (428 | ) | |
| (772 | ) |
End of period assets | |
$ | 29,964 | | |
$ | 29,143 | | |
$ | 27,638 | | |
$ | 25,717 | | |
$ | 27,763 | |
Average assets during the period | |
$ | 29,956 | | |
$ | 27,630 | | |
$ | 26,840 | | |
$ | 27,735 | | |
$ | 28,866 | |
Number of ETPs—end of the period | |
| 272 | | |
| 261 | | |
| 261 | | |
| 264 | | |
| 264 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
PRODUCT CATEGORIES ($ in millions) | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
U.S. Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 31,670 | | |
$ | 29,156 | | |
$ | 25,643 | | |
$ | 26,001 | | |
$ | 24,534 | |
Inflows | |
| 221 | | |
| 536 | | |
| 487 | | |
| 864 | | |
| 414 | |
Market (depreciation)/appreciation | |
| (57 | ) | |
| 1,978 | | |
| 3,026 | | |
| (1,222 | ) | |
| 1,053 | |
End of period assets | |
$ | 31,834 | | |
$ | 31,670 | | |
$ | 29,156 | | |
$ | 25,643 | | |
$ | 26,001 | |
Average assets during the period | |
$ | 31,252 | | |
$ | 30,056 | | |
$ | 26,822 | | |
$ | 26,501 | | |
$ | 24,732 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Commodity & Currency | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 21,944 | | |
$ | 21,336 | | |
$ | 20,466 | | |
$ | 22,384 | | |
$ | 24,924 | |
Outflows | |
| (1,499 | ) | |
| (460 | ) | |
| (449 | ) | |
| (1,814 | ) | |
| (1,513 | ) |
Market appreciation/(depreciation) | |
| 1,542 | | |
| 1,068 | | |
| 1,319 | | |
| (104 | ) | |
| (1,027 | ) |
End of period assets | |
$ | 21,987 | | |
$ | 21,944 | | |
$ | 21,336 | | |
$ | 20,466 | | |
$ | 22,384 | |
Average assets during the period | |
$ | 22,437 | | |
$ | 20,837 | | |
$ | 21,254 | | |
$ | 22,278 | | |
$ | 24,033 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Fixed Income | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 21,218 | | |
$ | 21,197 | | |
$ | 21,797 | | |
$ | 20,215 | | |
$ | 18,708 | |
Inflows/(outflows) | |
| 236 | | |
| (14 | ) | |
| (715 | ) | |
| 1,670 | | |
| 1,471 | |
Market (depreciation)/appreciation | |
| (24 | ) | |
| 35 | | |
| 115 | | |
| (88 | ) | |
| 36 | |
End of period assets | |
$ | 21,430 | | |
$ | 21,218 | | |
$ | 21,197 | | |
$ | 21,797 | | |
$ | 20,215 | |
Average assets during the period | |
$ | 21,277 | | |
$ | 21,082 | | |
$ | 21,889 | | |
$ | 20,965 | | |
$ | 19,185 | |
| |
Three Months Ended | |
| |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | |
International Developed Market Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 18,103 | | |
$ | 15,103 | | |
$ | 13,902 | | |
$ | 13,423 | | |
$ | 11,433 | |
Inflows | |
| 1,253 | | |
| 1,599 | | |
| 9 | | |
| 798 | | |
| 1,593 | |
Market appreciation/(depreciation) | |
| 29 | | |
| 1,401 | | |
| 1,192 | | |
| (319 | ) | |
| 397 | |
End of period assets | |
$ | 19,385 | | |
$ | 18,103 | | |
$ | 15,103 | | |
$ | 13,902 | | |
$ | 13,423 | |
Average assets during the period | |
$ | 18,809 | | |
$ | 16,688 | | |
$ | 14,266 | | |
$ | 13,873 | | |
$ | 12,276 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Emerging Market Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 11,189 | | |
$ | 10,726 | | |
$ | 9,569 | | |
$ | 9,191 | | |
$ | 8,811 | |
Inflows | |
| 57 | | |
| 217 | | |
| 412 | | |
| 451 | | |
| 329 | |
Market appreciation/(depreciation) | |
| 629 | | |
| 246 | | |
| 745 | | |
| (73 | ) | |
| 51 | |
End of period assets | |
$ | 11,875 | | |
$ | 11,189 | | |
$ | 10,726 | | |
$ | 9,569 | | |
$ | 9,191 | |
Average assets during the period | |
$ | 11,448 | | |
$ | 10,900 | | |
$ | 9,833 | | |
$ | 9,652 | | |
$ | 8,998 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Leveraged & Inverse | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 1,828 | | |
$ | 1,815 | | |
$ | 1,781 | | |
$ | 1,864 | | |
$ | 1,785 | |
(Outflows)/inflows | |
| (18 | ) | |
| (50 | ) | |
| (59 | ) | |
| (1 | ) | |
| 12 | |
Market appreciation/(depreciation) | |
| 112 | | |
| 63 | | |
| 93 | | |
| (82 | ) | |
| 67 | |
End of period assets | |
$ | 1,922 | | |
$ | 1,828 | | |
$ | 1,815 | | |
$ | 1,781 | | |
$ | 1,864 | |
Average assets during the period | |
$ | 1,905 | | |
$ | 1,792 | | |
$ | 1,803 | | |
$ | 1,894 | | |
$ | 1,798 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Cryptocurrency | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 874 | | |
$ | 414 | | |
$ | 243 | | |
$ | 248 | | |
$ | 239 | |
Inflows | |
| 75 | | |
| 158 | | |
| 28 | | |
| 10 | | |
| (1 | ) |
Market (depreciation)/appreciation | |
| (111 | ) | |
| 302 | | |
| 143 | | |
| (15 | ) | |
| 10 | |
End of period assets | |
$ | 838 | | |
$ | 874 | | |
$ | 414 | | |
$ | 243 | | |
$ | 248 | |
Average assets during the period | |
$ | 856 | | |
$ | 614 | | |
$ | 325 | | |
$ | 238 | | |
$ | 236 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Alternatives | |
| | | |
| | | |
| | | |
| | | |
| | |
Beginning of period assets | |
$ | 404 | | |
$ | 377 | | |
$ | 334 | | |
$ | 340 | | |
$ | 306 | |
Inflows | |
| 15 | | |
| 4 | | |
| 32 | | |
| 5 | | |
| 22 | |
Market (depreciation)/appreciation | |
| (4 | ) | |
| 23 | | |
| 11 | | |
| (11 | ) | |
| 12 | |
End of period assets | |
$ | 415 | | |
$ | 404 | | |
$ | 377 | | |
$ | 334 | | |
$ | 340 | |
Average assets during the period | |
$ | 408 | | |
$ | 391 | | |
$ | 342 | | |
$ | 342 | | |
$ | 320 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Headcount | |
| 304 | | |
| 300 | | |
| 303 | | |
| 299 | | |
| 291 | |
Note: Previously issued statistics may be restated due to fund closures
and trade adjustments
Source: WisdomTree
WISDOMTREE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
| |
June 30, 2024
| |
Dec. 31, 2023
|
| |
(Unaudited) | |
| | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash, cash equivalents and restricted cash | |
$ | 132,459 | | |
$ | 129,305 | |
Financial instruments owned, at fair value | |
| 69,783 | | |
| 58,722 | |
Accounts receivable | |
| 42,664 | | |
| 35,473 | |
Prepaid expenses | |
| 8,595 | | |
| 5,258 | |
Other current assets | |
| 1,199 | | |
| 1,036 | |
Total current assets | |
| 254,700 | | |
| 229,794 | |
Fixed assets, net | |
| 413 | | |
| 427 | |
Securities held-to-maturity | |
| 218 | | |
| 230 | |
Deferred tax assets, net | |
| 6,786 | | |
| 11,057 | |
Investments | |
| 8,288 | | |
| 9,684 | |
Right of use assets—operating leases | |
| 847 | | |
| 563 | |
Goodwill | |
| 86,841 | | |
| 86,841 | |
Intangible assets, net | |
| 605,580 | | |
| 605,082 | |
Other noncurrent assets | |
| 457 | | |
| 459 | |
Total assets | |
$ | 964,130 | | |
$ | 944,137 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Fund management and administration payable | |
$ | 26,551 | | |
$ | 30,085 | |
Compensation and benefits payable | |
| 20,315 | | |
| 38,111 | |
Payable to Gold Bullion Holdings (Jersey) Limited (“GBH”) | |
| 14,804 | | |
| 14,804 | |
Income taxes payable | |
| 1,830 | | |
| 3,866 | |
Operating lease liabilities | |
| 847 | | |
| 578 | |
Accounts payable and other liabilities | |
| 20,341 | | |
| 15,772 | |
Total current liabilities | |
| 84,688 | | |
| 103,216 | |
Convertible notes—long term | |
| 275,638 | | |
| 274,888 | |
Payable to GBH | |
| 25,671 | | |
| 24,328 | |
Total liabilities | |
| 385,997 | | |
| 402,432 | |
Preferred stock: | |
| | | |
| | |
Series A
Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding | |
| 132,569 | | |
| 132,569 | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Common stock, par value $0.01; 400,000 shares authorized: | |
| | | |
| | |
Issued and outstanding: 151,857 and 150,330 at June 30, 2024 and December 31, 2023, respectively | |
| 1,519 | | |
| 1,503 | |
Additional paid-in capital | |
| 315,359 | | |
| 312,440 | |
Accumulated other comprehensive loss | |
| (931 | ) | |
| (548 | ) |
Retained earnings | |
| 129,617 | | |
| 95,741 | |
Total stockholders’ equity | |
| 445,564 | | |
| 409,136 | |
Total liabilities and stockholders’ equity | |
$ | 964,130 | | |
$ | 944,137 | |
WISDOMTREE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
| |
Six Months Ended June 30, |
| |
2024 | | |
2023 |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 43,870 | | |
$ | 70,485 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Advisory and license fees paid in gold, other precious metals and cryptocurrency | |
| (25,365 | ) | |
| (25,692 | ) |
Stock-based compensation | |
| 10,755 | | |
| 8,506 | |
Deferred income taxes | |
| 4,326 | | |
| 2,964 | |
Gains on financial instruments owned, at fair value | |
| (1,772 | ) | |
| (947 | ) |
Imputed interest on payable to GBH | |
| 1,342 | | |
| — | |
Losses on investments | |
| 1,195 | | |
| 819 | |
Depreciation and amortization | |
| 801 | | |
| 230 | |
Amortization of issuance costs—convertible notes | |
| 750 | | |
| 1,069 | |
Amortization of right of use asset | |
| 647 | | |
| 640 | |
Gain on revaluation/termination of deferred consideration—gold payments | |
| — | | |
| (61,953 | ) |
Loss on extinguishment of convertible notes | |
| — | | |
| 9,721 | |
Impairments | |
| — | | |
| 4,900 | |
Contractual gold payments | |
| — | | |
| 6,069 | |
Other | |
| — | | |
| (946 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (7,132 | ) | |
| (5,254 | ) |
Prepaid expenses | |
| (3,353 | ) | |
| (3,425 | ) |
Gold and other precious metals | |
| 24,972 | | |
| 18,441 | |
Other assets | |
| (118 | ) | |
| 347 | |
Fund management and administration payable | |
| (3,430 | ) | |
| 6,419 | |
Compensation and benefits payable | |
| (17,657 | ) | |
| (18,941 | ) |
Income taxes payable | |
| (2,028 | ) | |
| (2,523 | ) |
Operating lease liabilities | |
| (662 | ) | |
| (652 | ) |
Accounts payable and other liabilities | |
| 4,031 | | |
| 9,752 | |
Net cash provided by operating activities | |
| 31,172 | | |
| 20,029 | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of financial instruments owned, at fair value | |
| (14,193 | ) | |
| (40,532 | ) |
Purchase of investments | |
| — | | |
| (10,000 | ) |
Cash paid—software development | |
| (1,184 | ) | |
| — | |
Purchase of fixed assets | |
| (102 | ) | |
| (58 | ) |
Proceeds from the sale of financial instruments owned, at fair value | |
| 5,303 | | |
| 102,020 | |
Proceeds from the exit from investment in Securrency, Inc. | |
| 465 | | |
| — | |
Proceeds from held-to-maturity securities maturing or called prior to maturity | |
| 12 | | |
| 14 | |
Receipt of contingent consideration—Sale of Canadian ETF business | |
| — | | |
| 1,477 | |
Acquisition of Securrency Transfers, Inc. (net of cash acquired) | |
| — | | |
| (985 | ) |
Net cash (used in)/provided by investing activities | |
| (9,699 | ) | |
| 51,936 | |
Cash flows from financing activities: | |
| | | |
| | |
Dividends paid | |
| (9,873 | ) | |
| (9,647 | ) |
Shares repurchased | |
| (7,820 | ) | |
| (3,540 | ) |
Repurchase and maturity of convertible notes | |
| — | | |
| (184,272 | ) |
Proceeds from the issuance of convertible notes | |
| — | | |
| 130,000 | |
Termination of deferred consideration—gold payments | |
| — | | |
| (50,005 | ) |
Issuance costs—convertible notes | |
| — | | |
| (3,548 | ) |
Issuance costs—Series C Non-Voting Convertible Preferred Stock | |
| — | | |
| (97 | ) |
Net cash used in financing activities | |
| (17,693 | ) | |
| (121,109 | ) |
(Decrease)/increase in cash flow due to changes in foreign exchange rate | |
| (626 | ) | |
| 778 | |
Net increase/(decrease) in cash, cash equivalents and restricted cash | |
| 3,154 | | |
| (48,366 | ) |
Cash, cash equivalents and restricted cash—beginning of year | |
| 129,305 | | |
| 132,101 | |
Cash, cash equivalents and restricted cash—end of period | |
$ | 132,459 | | |
$ | 83,735 | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash paid for income taxes | |
$ | 11,138 | | |
$ | 5,900 | |
Cash paid for interest | |
$ | 6,175 | | |
$ | 4,514 | |
NON-GAAP FINANCIAL MEASUREMENTS
In an effort to provide additional information
regarding our results as determined by GAAP, we also disclose certain non-GAAP information which we believe provides useful and meaningful
information. Our management reviews these non-GAAP financial measurements when evaluating our financial performance and results of operations;
therefore, we believe it is useful to provide information with respect to these non-GAAP measurements so as to share this perspective
of management. Non-GAAP measurements do not have any standardized meaning, do not replace nor are superior to GAAP financial measurements
and are unlikely to be comparable to similar measures presented by other companies. These non-GAAP financial measurements should be considered
in the context with our GAAP results. The non-GAAP financial measurements contained in this press release include:
Adjusted Operating Income, Operating Expenses, Income Before
Income Taxes, Income Tax Expense, Net Income and Diluted Earnings per Share
We disclose adjusted operating income, operating
expenses, income before income taxes, income tax expense, net income and diluted earnings per share as non-GAAP financial measurements
in order to report our results exclusive of items that are non-recurring or not core to our operating business. We believe presenting
these non-GAAP financial measurements provides investors with a consistent way to analyze our performance. These non-GAAP financial measurements
exclude the following:
Gains or losses on financial instruments
owned: We account for our financial instruments owned as trading securities, which requires these instruments to be measured at
fair value with gains and losses reported in net income. We exclude these items when calculating our non-GAAP financial measurements as
the gains and losses introduce volatility in earnings and are not core to our operating business.
Tax windfalls and shortfalls upon vesting
of stock-based compensation awards: GAAP requires the recognition of tax windfalls and shortfalls within income tax expense. These
items arise upon the vesting of stock-based compensation awards and the magnitude is directly correlated to the number of awards vesting/exercised
as well as the difference between the price of our stock on the date the award was granted and the date the award vested or was exercised.
We exclude these items when calculating our non-GAAP financial measurements as they introduce volatility in earnings and are not core
to our operating business.
Imputed interest on our payable to the
Gold Bullion Holdings (Jersey) Limited (“GBH”): During the fourth quarter of 2023, we repurchased our Series C Non-Voting
Convertible Preferred Stock, which was convertible into approximately 13.1 million shares of WisdomTree common stock, from GBH, a subsidiary
of the World Gold Council, for aggregate cash consideration of approximately $84.4 million. Under the terms of the transaction, we paid
GBH $40.0 million on the closing date, with the remainder of the purchase price payable in equal annual installments on the first, second
and third anniversaries of the closing date, with no requirement to pay interest. Under US GAAP, the obligation is recorded at its present
value utilizing a market rate of interest on the closing date of 7.0% and the corresponding discount is amortized as interest expense
pursuant to the effective interest method of accounting over the life of the obligation. We exclude this item when calculating our non-GAAP
financial measurements as recognition of interest expense is non-cash and contrary to the stated terms of our obligation.
Other items: Gains and losses
recognized on our investments, changes in deferred tax asset valuation allowance, expenses incurred in response to an activist campaign,
unrealized gains or losses on the revaluation/termination of deferred consideration—gold payments which we terminated in the second
quarter of 2023, loss on extinguishment of convertible notes, impairments and litigation expenses associated with certain provisions of
our Stockholder Rights Agreement dated as of March 17, 2023, as amended, with Continental Stock Transfer & Trust Company, as Rights
Agent, are excluded when calculating our non-GAAP financial measurements.
Adjusted Effective Income Tax Rate
We disclose our adjusted effective income tax
rate as a non-GAAP financial measurement in order to report our effective income tax rate exclusive of items that are non-recurring or
not core to our operating business. We believe reporting our adjusted effective income tax rate provides investors with a consistent way
to analyze our income taxes. Our adjusted effective income tax rate is calculated by dividing adjusted income tax expense by adjusted
income before income taxes. See above for information regarding the items that are excluded.
Gross Margin and Gross Margin Percentage
We disclose our gross margin and gross margin
percentage as non-GAAP financial measurements because we believe they provide investors with a consistent way to analyze the amount we
retain after paying third-party service providers to operate our ETPs. These measures also assist us in analyzing the profitability of
our products. We define gross margin as total operating revenues less fund management and administration expenses. Gross margin percentage
is calculated as gross margin divided by total operating revenues.
GAAP to NON-GAAP RECONCILIATION (CONSOLIDATED)
(in thousands)
(Unaudited)
| |
Three Months Ended | |
Adjusted Net Income and Diluted Earnings per Share: | |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| | |
| |
Net income, as reported | |
$ | 21,759 | | |
$ | 22,111 | | |
$ | 19,077 | | |
$ | 12,984 | | |
$ | 54,252 | |
Add back: Expenses incurred in response to an activist
campaign, net of income taxes | |
| 3,234 | | |
| 526 | | |
| — | | |
| — | | |
| 3,720 | |
Add back/(deduct): Losses/(gains) recognized on investments,
net of income taxes | |
| 998 | | |
| (93 | ) | |
| (336 | ) | |
| 323 | | |
| (2,346 | ) |
Add back: Imputed interest on payable to GBH, net of income
taxes | |
| 513 | | |
| 504 | | |
| 224 | | |
| — | | |
| — | |
Add back/(deduct): Increase/(decrease) in deferred tax asset
valuation allowance on financial instruments owned and
investments | |
| 391 | | |
| (531 | ) | |
| (280 | ) | |
| 1,234 | | |
| (508 | ) |
Add back/(deduct): Losses/(gains) on financial instruments
owned, net of income taxes | |
| 220 | | |
| (1,562 | ) | |
| (370 | ) | |
| 1,479 | | |
| 762 | |
(Deduct)/add back: Tax (windfalls)/shortfalls upon vesting of
stock-based compensation awards | |
| (40 | ) | |
| (699 | ) | |
| (6 | ) | |
| (18 | ) | |
| 33 | |
Add back: Litigation expenses associated with certain
provisions of the Stockholder Rights Agreement, net of
income taxes | |
| — | | |
| — | | |
| — | | |
| — | | |
| 367 | |
Add back: Impairments, net of income taxes | |
| — | | |
| — | | |
| 257 | | |
| 2,046 | | |
| — | |
Deduct: Gain on revaluation/termination of deferred
consideration—gold payments | |
| — | | |
| — | | |
| — | | |
| — | | |
| (41,361 | ) |
Adjusted net income | |
$ | 27,075 | | |
$ | 20,256 | | |
$ | 18,566 | | |
$ | 18,048 | | |
$ | 14,919 | |
Weighted average common shares—diluted | |
| 166,359 | | |
| 165,268 | | |
| 171,703 | | |
| 177,140 | | |
| 170,672 | |
Adjusted earnings per share—diluted | |
$ | 0.16 | | |
$ | 0.12 | | |
$ | 0.11 | | |
$ | 0.10 | | |
$ | 0.09 | |
| |
Three Months Ended | |
Gross Margin and Gross Margin Percentage: | |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| | |
| |
Operating revenues | |
$ | 107,034 | | |
$ | 96,838 | | |
$ | 90,844 | | |
$ | 90,423 | | |
$ | 85,724 | |
Less: Fund management and administration | |
| (20,139 | ) | |
| (19,962 | ) | |
| (18,445 | ) | |
| (18,023 | ) | |
| (17,727 | ) |
Gross margin | |
$ | 86,895 | | |
$ | 76,876 | | |
$ | 72,399 | | |
$ | 72,400 | | |
$ | 67,997 | |
Gross margin percentage | |
| 81.2% | | |
| 79.4% | | |
| 79.7% | | |
| 80.1% | | |
| 79.3% | |
| |
Three Months Ended | |
Adjusted Operating Income and Adjusted Operating Income Margin: | |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| | |
| |
Operating revenues | |
$ | 107,034 | | |
$ | 96,838 | | |
$ | 90,844 | | |
$ | 90,423 | | |
$ | 85,724 | |
Operating income | |
$ | 33,511 | | |
$ | 27,950 | | |
$ | 26,035 | | |
$ | 26,705 | | |
$ | 18,181 | |
Add back: Expenses incurred in response to an activist
campaign | |
| 4,271 | | |
| 695 | | |
| — | | |
| — | | |
| 4,913 | |
Adjusted operating income | |
$ | 37,782 | | |
$ | 28,645 | | |
$ | 26,035 | | |
$ | 26,705 | | |
$ | 23,094 | |
Adjusted operating income margin | |
| 35.3% | | |
| 29.6% | | |
| 28.7% | | |
| 29.5% | | |
| 26.9% | |
| |
Three Months Ended | |
Adjusted Total Operating Expenses: | |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| | |
| |
Total operating expenses | |
$ | 73,523 | | |
$ | 68,888 | | |
$ | 64,809 | | |
$ | 63,718 | | |
$ | 67,543 | |
Deduct: Expenses incurred in response to an activist campaign | |
| (4,271 | ) | |
| (695 | ) | |
| — | | |
| — | | |
| (4,913 | ) |
Adjusted total operating expenses | |
$ | 69,252 | | |
$ | 68,193 | | |
$ | 64,809 | | |
$ | 63,718 | | |
$ | 62,630 | |
| |
Three Months Ended | |
Adjusted Income Before Income Taxes: | |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| | |
| |
Income before income taxes | |
$ | 29,526 | | |
$ | 27,812 | | |
$ | 24,765 | | |
$ | 18,820 | | |
$ | 57,807 | |
Add back: Expenses incurred in response to an activist
campaign | |
| 4,271 | | |
| 695 | | |
| — | | |
| — | | |
| 4,913 | |
Add back/(deduct): Losses/(gains) recognized on investments | |
| 1,318 | | |
| (123 | ) | |
| (1,003 | ) | |
| 426 | | |
| (3,099 | ) |
Add back: Imputed interest on payable to GBH | |
| 677 | | |
| 666 | | |
| 296 | | |
| — | | |
| — | |
Add back/(deduct): Losses/(gains) on financial instruments
owned | |
| 291 | | |
| (2,063 | ) | |
| (489 | ) | |
| 1,953 | | |
| 1,007 | |
Add back: Litigation expenses associated with certain
provisions of the Stockholder Rights Agreement | |
| — | | |
| — | | |
| — | | |
| — | | |
| 485 | |
Add back: Impairments | |
| — | | |
| — | | |
| 339 | | |
| 2,703 | | |
| — | |
Deduct: Gain on revaluation/termination of deferred
consideration—gold payments | |
| — | | |
| — | | |
| — | | |
| — | | |
| (41,361 | ) |
Add back: Loss on extinguishment of convertible notes | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Adjusted income before income taxes | |
$ | 36,083 | | |
$ | 26,987 | | |
$ | 23,908 | | |
$ | 23,902 | | |
$ | 19,752 | |
| |
Three Months Ended | |
Adjusted Income Tax Expense and Adjusted Effective Income
Tax Rate: | |
June 30, 2024 | | |
Mar. 31, 2024 | | |
Dec. 31, 2023 | | |
Sept. 30, 2023 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| | |
| |
Adjusted income before income taxes (above) | |
$ | 36,083 | | |
$ | 26,987 | | |
$ | 23,908 | | |
$ | 23,902 | | |
$ | 19,752 | |
Income tax expense | |
$ | 7,767 | | |
$ | 5,701 | | |
$ | 5,688 | | |
$ | 5,836 | | |
$ | 3,555 | |
Add back: Tax benefit arising from expenses incurred in
response to an activist campaign | |
| 1,037 | | |
| 169 | | |
| — | | |
| — | | |
| 1,193 | |
(Deduct)/add back: (Increase)/decrease in deferred tax asset
valuation allowance on financial instruments owned and
investments | |
| (391 | ) | |
| 531 | | |
| 280 | | |
| (1,234 | ) | |
| 508 | |
Add back/(deduct): Tax benefit/(expense) on gains and losses on
investments | |
| 320 | | |
| (30 | ) | |
| (667 | ) | |
| 103 | | |
| (753 | ) |
Add back: Tax benefit on imputed interest | |
| 164 | | |
| 162 | | |
| 72 | | |
| — | | |
| — | |
Add back/(deduct): Tax benefit/(expense) arising from
(gains)/losses on financial instruments owned | |
| 71 | | |
| (501 | ) | |
| (119 | ) | |
| 474 | | |
| 245 | |
Add back/(deduct): Tax windfalls/(shortfalls) upon vesting of
stock-based compensation awards | |
| 40 | | |
| 699 | | |
| 6 | | |
| 18 | | |
| (33 | ) |
Add back: Tax benefit arising from litigation expenses
associated with certain provisions of the Stockholder Rights
Agreement | |
| — | | |
| — | | |
| — | | |
| — | | |
| 118 | |
Add back: Tax benefit arising from impairments | |
| — | | |
| — | | |
| 82 | | |
| 657 | | |
| — | |
Adjusted income tax expense | |
$ | 9,008 | | |
$ | 6,731 | | |
$ | 5,342 | | |
$ | 5,854 | | |
$ | 4,833 | |
Adjusted effective income tax rate | |
| 25.0% | | |
| 24.9% | | |
| 22.3% | | |
| 24.5% | | |
| 24.5% | |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking
statements that are based on our management’s beliefs and assumptions and on information currently available to our management.
Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future
events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by
terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue”
or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance
on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases,
beyond our control and could materially affect results. Factors that may cause actual results to differ materially from current expectations
include, among other things, the risks described below. If one or more of these or other risks or uncertainties occur, or if our underlying
assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking
statements. No forward-looking statement is a guarantee of future performance. You should read this press release completely and with
the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking
statements.
In particular, forward-looking statements
in this press release may include statements about:
| · | anticipated trends, conditions and investor sentiment in the global markets and ETPs; |
| · | anticipated levels of inflows into and outflows out of our ETPs; |
| · | our ability to deliver favorable rates of return to investors; |
| · | competition in our business; |
| · | whether we will experience future growth; |
| · | our ability to develop new products and services and their potential for success; |
| · | our ability to maintain current vendors or find new vendors to provide services to us at favorable costs; |
| · | our ability to successfully implement our strategy relating to digital assets and blockchain-enabled financial services, including
WisdomTree Prime®, and achieve its objectives; |
| · | our ability to successfully operate and expand our business in non-U.S. markets; |
| · | the effect of laws and regulations that apply to our business; and |
| · | actions of activist stockholders. |
Our business is subject to many risks and
uncertainties, including without limitation:
| · | declining prices of securities, gold and other precious metals and other commodities and changes in interest rates and general market
conditions can adversely affect our business by reducing the market value of the assets we manage or causing WisdomTree ETP investors
to sell their fund shares and trigger redemptions; |
| · | fluctuations in the amount and mix of our AUM, whether caused by disruptions in the financial markets or otherwise, including but
not limited to events such as a pandemic or war, geopolitical conflicts, political events, acts of terrorism and other matters beyond
our control, may negatively impact revenues and operating margins, and may impede our ability to refinance our debt upon maturity or increase
the cost of borrowing upon a refinancing; |
| · | competitive pressures could reduce revenues and profit margins; |
| · | we derive a substantial portion of our revenues from a limited number of products, and, as a result, our operating results are particularly
exposed to investor sentiment toward investing in the products’ strategies and our ability to maintain the AUM of these products,
as well as the performance of these products and market-specific and political and economic risk; |
| · | a significant portion of our AUM is held in products with exposure to U.S. and international developed markets, and we therefore have
exposure to domestic and foreign market conditions and are subject to currency exchange rate risks; |
| · | withdrawals or broad changes in investments in our ETPs by investors with significant positions may negatively impact revenues and
operating margins; |
| · | we face increased operational, regulatory, financial and other risks as a result of conducting our business internationally, and as
we expand our digital assets product offerings and services beyond our existing ETP business; |
| · | many of our ETPs have a limited track record, and poor investment performance could cause our revenues to decline; |
| · | we depend on third parties to provide many critical services to operate our business and our ETPs. The failure of key vendors to adequately
provide such services could materially affect our operating business and harm WisdomTree ETP investors; and |
| · | actions of activist stockholders against us, which have been costly and may be disruptive and cause uncertainty about the strategic
direction of our business. |
Other factors, such as general economic conditions,
including currency exchange rate fluctuations, also may have an effect on the results of our operations. For a more complete description
of the risks noted above and other risks that could cause our actual results to differ from our current expectations, see “Risk
Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and our quarterly report on Form 10-Q for the
quarter ended March 31, 2024.
The forward-looking statements in this press
release represent our views as of the date of this press release. We anticipate that subsequent events and developments may cause
our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current
intention of doing so except to the extent required by applicable law. Therefore, these forward-looking statements do not represent
our views as of any date other than the date of this press release.
Category: Business Update
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Grafico Azioni WisdomTree (NYSE:WT)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni WisdomTree (NYSE:WT)
Storico
Da Feb 2024 a Feb 2025