Exhibit 99.1

 

LOGO

 

 

WisdomTree Announces Second Quarter 2020 Results – Diluted Loss Per Share of ($0.09), or Earnings Per Share of $0.05, as adjusted

New York, NY – (GlobeNewswire) – July 31, 2020 – WisdomTree Investments, Inc. (NASDAQ: WETF) today reported financial results for the second quarter of 2020.

During the second quarter of 2020, we experienced a partial recovery of our AUM which was adversely impacted by severe market declines arising from the COVID-19 pandemic toward the end of the prior quarter. This recovery was driven principally by market appreciation, resulting in a 14.6% increase of our ending AUM. Our business continues to operate remotely without disruption.

$23.0 million of non-cash charges, including (i) a loss on revaluation of deferred consideration of ($23.4) million (ii) a loss on extinguishment of debt of ($2.4) million and (iii) a release of a deferred tax valuation allowance of $2.8 million.

($13.3) million net loss ($8.51 million net income, as adjusted), see “Non-GAAP Financial Measurements” for additional information.

$57.6 billion of ending AUM, an increase of 14.6% resulting primarily from market appreciation.

$126 million of net inflows ($928 million of net inflows excluding HEDJ/DXJ), driven by inflows into our commodity and leveraged and inverse products, partly offset by outflows from our international developed market equity and U.S. equity products.

0.41% average global advisory fee, a decrease of 0.1 basis point due to AUM mix shift.

$58.1 million of operating revenues, a decrease of 9.0% primarily due to lower average AUM and a lower average global advisory fee.

75.1% gross margin1, a 2.2 point decrease primarily due to lower revenues.

20.3% operating income margin (20.4%1 as adjusted), a 4.2 point decrease (4.7 point decrease, as adjusted1) primarily due to lower revenues, partly offset by reduced discretionary spending as a result of the COVID-19 pandemic.

$150.0 million issuance of convertible senior notes due 2023, coupled with the repayment of $174.0 million of debt previously outstanding and termination of our revolver, collectively referred to in this press release as the “former Credit Facility.”

$24.9 million repurchase of 6.7 million shares of our common stock, principally in connection with the issuance of the convertible notes.

$0.03 quarterly dividend declared, payable on August 26, 2020 to stockholders of record as of the close of business on August 12, 2020.

Update from Jonathan Steinberg, WisdomTree CEO

“During the second quarter, assets under management rebounded, resulting in revenue tailwinds as we entered the second half of the year. The global WisdomTree team has remained focused on what we can control, and demonstrated strong execution in the quarter, including navigating unprecedented volatility in energy markets, generating record client engagement and producing strong U.S.-listed product gross sales and record Europe-listed product net flows.

“We’ve realized significant cost efficiencies in the current environment, some of which should prove sustainable in the future. We also successfully refinanced our debt, repurchased 6.7 million shares and improved our financial flexibility. Despite the uncertain environment, we are seeing momentum in important lead indicators, and we are well positioned for growth with the right team and strategy in place.”

 

1


OPERATING AND FINANCIAL HIGHLIGHTS

 

     Three Months Ended  
     June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

Consolidated Operating Highlights ($, in billions):

          

AUM

   $ 57.6     $ 50.3     $ 63.6     $ 60.0     $ 60.4  

Net inflows/(outflows)

   $ 0.1     $ (0.5   $ 0.4     $ (0.7   $ 0.3  

Average AUM

   $ 55.7     $ 59.8     $ 61.9     $ 60.3     $ 58.6  

Average advisory fee

     0.41     0.42     0.44     0.44     0.45

Consolidated Financial Highlights ($, in millions, except per share amounts):

          

Operating revenues

   $ 58.1     $ 63.9     $ 68.9     $ 67.7     $ 66.3  

Net (loss)/income

   $ (13.3   $ (8.6   $ (25.9   $ 4.2     $ 2.5  

Diluted (loss)/earnings per share

   $ (0.09   $ (0.06   $ (0.17   $ 0.02     $ 0.01  

Operating income margin

     20.3     24.5     21.5     23.8     18.0

As Adjusted (Non-GAAP1):

          

Gross Margin

     75.1     77.3     77.3     77.7     76.5

Net income, as adjusted

   $ 8.5     $ 11.2     $ 10.1     $ 10.6     $ 7.8  

Diluted earnings per share, as adjusted

   $ 0.05     $ 0.07     $ 0.06     $ 0.06     $ 0.05  

Operating income margin, as adjusted

     20.4     25.1     22.0     24.1     20.2

RECENT BUSINESS DEVELOPMENTS

Company News

 

   

In June 2020, we issued $150.0 million in aggregate principal amount of 4.25% Convertible Senior Notes due 2023, repaid our debt previously outstanding and terminated our former Credit Facility; and

 

   

In June 2020, we entered into a new distribution agreement in Italy for our model portfolios with The Intermonte Eye – a digital service providing investment products to its network of private banks.

Product News

 

   

In May 2020, we listed sterling trading lines for the WisdomTree Brent Crude Oil (BRNG), the WisdomTree Brent Crude Oil Pre-roll (BRNB) and the WisdomTree WTI Crude Oil Pre-roll (WTIB) on the London Stock Exchange.

 

   

In June 2020, we announced the results of a WisdomTree study revealing various investor behavior data as it relates to model portfolio usage and allocation.

 

   

In July 2020, we secured additional third-party relationships for our model portfolios, including: Carson Group, Riskalzye, Kwanti, ETF Logic and Orion; we listed WisdomTree Battery Solutions UCITS ETF (VOLT) and WisdomTree Cloud Computing UCITS ETF (WCLD) on SIX, the Swiss Exchange; and the WisdomTree WTI Crude Oil ETC (CRUD) security holders voted in favour of changing the underlying index tracked by the ETC. The new index is the result of extensive work between WisdomTree and Bloomberg to create an index which would be more resilient to extreme conditions in the WTI Crude Oil market.

 

2


WISDOMTREE INVESTMENTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended     Six Months Ended  
     June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
    June 30,
2020
    June 30,
2019
 

Operating Revenues:

              

Advisory fees

   $ 57,208     $ 62,950     $ 68,179     $ 67,006     $ 65,627     $ 120,158     $ 130,467  

Other income

     918       924       728       712       666       1,842       1,311  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     58,126       63,874       68,907       67,718       66,293       122,000       131,778  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Expenses:

              

Compensation and benefits

     17,455       17,295       19,280       18,880       21,300       34,750       42,601  

Fund management and administration

     14,461       14,485       15,650       15,110       15,576       28,946       30,742  

Marketing and advertising

     1,949       2,468       3,551       3,022       2,910       4,417       5,590  

Sales and business development

     2,181       3,417       5,329       4,354       4,171       5,598       8,593  

Contractual gold payments

     4,063       3,760       3,516       3,502       3,110       7,823       6,208  

Professional and consulting fees

     1,357       1,273       1,604       1,259       1,296       2,630       2,778  

Occupancy, communications and equipment

     1,643       1,551       1,587       1,549       1,548       3,194       3,166  

Depreciation and
amortization

     251       256       253       259       264       507       533  

Third-party distribution fees

     1,340       1,355       1,146       1,503       1,919       2,695       4,319  

Acquisition and disposition- related costs

     33       383       366       190       33       416       346  

Other

     1,596       1,997       1,816       1,959       2,255       3,593       4,308  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     46,329       48,240       54,098       51,587       54,382       94,569       109,184  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     11,797       15,634       14,809       16,131       11,911       27,431       22,594  

Other Income/(Expenses):

              

Interest expense

     (2,044     (2,419     (2,606     (2,832     (2,910     (4,463     (5,802

(Loss)/gain on revaluation of deferred consideration – gold payments

     (23,358     (2,208     (5,354     (6,306     (4,037     (25,566     367  

Interest income

     119       163       936       799       818       282       1,597  

Impairments

     —         (19,672     (30,138     —         —         (19,672     (572

Loss on extinguishment of debt

     (2,387     —         —         —         —         (2,387     —    

Other gains and losses, net

     1,819       (2,507     (2     843       284       (688     (4,343
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss)/income before income taxes

     (14,054     (11,009     (22,355     8,635       6,066       (25,063     13,841  

Income tax (benefit)/expense

     (804     (2,371     3,525       4,483       3,587       (3,175     2,538  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss)/income

   $ (13,250   $ (8,638   $ (25,880   $ 4,152     $ 2,479     $ (21,888   $ 11,303  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss)/earnings per share – basic

     ($0.09     ($0.06     ($0.17   $ 0.02 2    $ 0.01 2      ($0.15 )2    $ 0.07  

(Loss)/earnings per share – diluted

     ($0.09     ($0.06     ($0.17   $ 0.02     $ 0.01       ($0.15 )2    $ 0.07  

Weighted average common shares – basic

     151,623       152,519       151,948       151,897       151,818       152,071       151,722  

Weighted average common shares – diluted

     151,623       152,519       151,948       167,163       167,249       152,071       166,855  

As Adjusted (Non-GAAP1)

              

Compensation and benefits

   $ 17,455     $ 17,295     $ 19,280     $ 18,880     $ 19,825      

Total expenses

   $ 46,296     $ 47,857     $ 53,732     $ 51,397     $ 52,874      

Operating income

   $ 11,830     $ 16,017     $ 15,175     $ 16,321     $ 13,419      

Income before income taxes

   $ 10,911     $ 14,358     $ 13,503     $ 15,131     $ 11,611      

Income tax expense

   $ 2,417     $ 3,134     $ 3,396     $ 4,489     $ 3,798      

Net income

   $ 8,494     $ 11,224     $ 10,107     $ 10,642     $ 7,813      

Earnings per share – diluted

   $ 0.05     $ 0.07     $ 0.06     $ 0.06     $ 0.05      

 

3


QUARTERLY HIGHLIGHTS

Operating Revenues

 

   

Operating revenues decreased 9.0% from the first quarter of 2020 due to lower average AUM of our U.S. listed products due to market depreciation arising from the COVID-19 pandemic toward the end of the prior quarter and net outflows. Also, our average global advisory fee declined 1 basis point due to AUM mix shift. These declines were partly offset by net inflows into our international listed products and market appreciation.

 

   

Operating revenues decreased 12.3% from the second quarter of 2019 due to lower average AUM of our U.S. listed products arising from market depreciation and net outflows, as well as a 4 basis point decline in our average global advisory fee due to AUM mix shift. These declines were partly offset by higher average AUM of our international listed products arising from net inflows and market appreciation.

 

   

Our average global advisory fee was 0.41%, 0.42% and 0.45% during the second quarter of 2020, the first quarter of 2020 and the second quarter of 2019, respectively.

Operating Expenses

 

   

Operating expenses decreased 4.0% from the first quarter of 2020 due to lower discretionary spending as a result of the COVID-19 pandemic, including lower sales and business development costs and marketing expenses.

 

   

Operating expenses decreased 14.8% from the second quarter of 2019 largely due to lower incentive compensation accruals as well as $1.5 million of severance expense included in the prior period, lower fund management and administration costs due to lower average AUM and lower sales and business development costs, marketing expenses and third-party distribution costs. These declines were partly offset by higher contractual gold payments due to higher average gold prices.

Other Income/(Expenses)

 

   

We recognized a non-cash loss on revaluation of deferred consideration of ($23.4) million, ($2.2) million and ($4.0) million during the second quarter of 2020, first quarter of 2020 and second quarter of 2019, respectively. These losses arose due to an increase in forward-looking gold prices when compared to the previous periods’ forward-looking gold curves. The magnitude of any gain or loss recognized is highly correlated to the magnitude of the change in the forward-looking price of gold.

 

   

Interest expense decreased 15.5% and 29.8% from the first quarter of 2020 and second quarter of 2019, respectively, due to lower levels of debt outstanding and lower interest rates.

 

   

During the second quarter of 2020, we recognized a non-cash loss on extinguishment of debt of $2.4 million arising from the acceleration of debt issuance cost amortization in connection with the termination of our former Credit Facility.

 

   

Other gains and losses, net, for the second quarter of 2020 includes a gain of $0.9 million arising from an adjustment to the estimated fair value of consideration received from the exit of our investment in AdvisorEngine. Gains and losses also generally arise from the sale of gold earned from management fees paid by our physically-backed gold ETPs, foreign exchange fluctuations, securities owned and other miscellaneous items.

Income Taxes

 

   

Our effective income tax rate for 2020 of 5.7% resulted in an income tax benefit of $0.8 million. Our tax rate differs from the federal statutory tax rate of 21% primarily due to a non-deductible loss on revaluation of deferred consideration. This loss was partly offset by a tax benefit of $2.8 million recognized in connection with the release of a deferred tax asset valuation allowance on interest carryforwards arising from our debt previously held in the United Kingdom and a lower tax rate on foreign earnings.

 

   

Our adjusted effective income tax rate was 22.2%1.

SIX MONTH HIGHLIGHTS

 

   

Operating revenues decreased 7.4% as compared to 2019 due to lower average AUM of our U.S. listed products and a 3 basis point decline in our average global advisory fee due to AUM mix shift. These declines were partly offset by higher average AUM of our international listed products.

 

   

Operating expenses decreased 13.4% as compared to 2019 largely due to lower incentive compensation accruals as well as $3.5 million of severance expense included in the prior period, lower fund management and administration costs due to lower average AUM and lower sales and business development costs, marketing expenses and third-party distribution costs. These declines were partly offset by higher contractual gold payments due to higher average gold prices.

 

   

Significant changes in items reported in other income/(expenses) include a non-cash loss on revaluation of deferred consideration of ($25.6) million in 2020 as compared to a gain of $0.4 million in 2019; a non-cash impairment charge of $19.7 million recorded in the first quarter of 2020 in connection with the exit from our investment in AdvisorEngine; a loss on extinguishment of debt of

 

4


 

$2.4 million in 2020; non-cash charges of $6.0 million and $4.3 million in 2020 and 2019, respectively, arising from the release of tax-related indemnification assets upon the expiration of the statute of limitations (an equal and offsetting benefit was recognized in income tax expense); and a gain of $0.9 million in the second quarter of 2020 arising from an adjustment to the estimated fair value of consideration received from the exit of our investment in AdvisorEngine.

 

   

Our effective income tax rate for 2020 of 12.7% resulted in an income tax benefit of $3.2 million. Our tax rate differs from the federal statutory rate of 21% primarily due to a valuation allowance on capital losses, a non-deductible loss on revaluation of deferred consideration and tax shortfalls associated with the vesting and exercise of stock-based compensation awards. These items were partly offset by a tax benefit of $6.0 million recognized in connection with the release of the tax-related indemnification asset described above, a $2.9 million non-taxable gain recognized upon sale of our Canadian ETF business in the first quarter, a tax benefit of $2.8 million recognized in connection with the release of a deferred tax asset valuation allowance on interest carryforwards arising from our debt previously held in the United Kingdom and a lower tax rate on foreign earnings.

CONFERENCE CALL

WisdomTree will discuss its results and operational highlights during a conference call on Friday, July 31, 2020 at 9:00 a.m. ET. The call-in number will be (877) 303-7209. Anyone outside the U.S. or Canada should call (970) 315-0420. The slides used during the presentation will be available at http://ir.wisdomtree.com. For those unable to join the conference call at the scheduled time, an audio replay will be available on http://ir.wisdomtree.com.

ABOUT WISDOMTREE

WisdomTree Investments, Inc., through its subsidiaries in the U.S. and Europe (collectively, “WisdomTree”), is an ETF and ETP sponsor and asset manager headquartered in New York. WisdomTree offers products covering equity, commodity, fixed income, leveraged and inverse, currency and alternative strategies. WisdomTree currently has approximately $61.5 billion in assets under management globally.

WisdomTree® is the marketing name for WisdomTree Investments, Inc. and its subsidiaries worldwide.

 

1

See “Non-GAAP Financial Measurements.”

2

(Loss)/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.

Contact Information:

 

Investor Relations    Media Relations
Jason Weyeneth, CFA    Jessica Zaloom
+1.917.267.3858    +1.917.267.3735
jweyeneth@wisdomtree.com    jzaloom@wisdomtree.com

 

5


WisdomTree Investments, Inc.

Key Operating Statistics (Unaudited)

 

     Three Months Ended  
     June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

GLOBAL ETPs ($ in millions)

          

Beginning of period assets

   $ 50,323     $ 63,615     $ 59,981     $ 60,389     $ 59,112  

Assets sold

     —         (778     —         —         —    

Inflows/(outflows)

     126       (536     390       (698     343  

Market appreciation/(depreciation)

     7,494       (11,958     3,247       471       934  

Fund closures

     (296     (20     (3     (181     —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 57,647     $ 50,323     $ 63,615     $ 59,981     $ 60,389  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 55,689     $ 59,819     $ 61,858     $ 60,306     $ 58,575  

Average advisory fee during the period

     0.41     0.42     0.44     0.44     0.45

Revenue days

     91       91       92       92       91  

Number of ETFs – end of the period

     311       331       349       348       536  

U.S. LISTED ETFs ($ in millions)

          

Beginning of period assets

   $ 28,893     $ 40,600     $ 37,592     $ 39,220     $ 39,366  

Inflows/(outflows)

     (1,474     (1,273     563       (1,198     (166

Market appreciation/(depreciation)

     4,039       (10,424     2,448       (430     20  

Fund closures

     (114     (10     (3     —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 31,344     $ 28,893     $ 40,600     $ 37,592     $ 39,220  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 30,607     $ 36,936     $ 39,094     $ 37,857     $ 38,945  

Average advisory fee during the period

     0.41     0.43     0.44     0.44     0.44

Number of ETFs – end of the period

     67       77       80       80       79  

INTERNATIONAL LISTED ETPs ($ in millions)

          

Beginning of period assets

   $ 21,430     $ 23,015     $ 22,389     $ 21,169     $ 19,746  

Assets sold

     —         (778     —         —         —    

Inflows/(outflows)

     1,600       737       (173     500       509  

Market appreciation/(depreciation)

     3,455       (1,534     799       901       914  

Fund closures

     (182     (10     —         (181     —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 26,303     $ 21,430     $ 23,015     $ 22,389     $ 21,169  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 25,082     $ 22,883     $ 22,764     $ 22,449     $ 19,630  

Average advisory fee during the period

     0.41     0.41     0.44     0.44     0.46

Number of ETPs – end of the period

     244       254       269       268       457  

PRODUCT CATEGORIES ($ in millions)

          

Commodity & Currency

          

Beginning of period assets

   $ 19,823     $ 20,074     $ 19,713     $ 18,204     $ 16,689  

Inflows/(outflows)

     1,316       592       (244     511       611  

Market appreciation/(depreciation)

     3,121       (843     605       998       904  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 24,260     $ 19,823     $ 20,074     $ 19,713     $ 18,204  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 23,037     $ 20,407     $ 19,892     $ 19,558     $ 16,643  

U.S. Equity

          

Beginning of period assets

   $ 12,159     $ 17,746     $ 16,296     $ 15,903     $ 15,759  

Inflows/(outflows)

     (242     (285     458       241       108  

Market appreciation/(depreciation)

     2,090       (5,302     992       152       36  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 14,007     $ 12,159     $ 17,746     $ 16,296     $ 15,903  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 13,312     $ 16,022     $ 16,983     $ 15,885     $ 15,690  

International Developed Market Equity

          

Beginning of period assets

   $ 8,653     $ 13,043     $ 12,200     $ 13,346     $ 14,092  

Inflows/(outflows)

     (964     (1,100     (139     (1,011     (736

Market appreciation/(depreciation)

     1,158       (3,290     982       (135     (10
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 8,847     $ 8,653     $ 13,043     $ 12,200     $ 13,346  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 8,783     $ 11,474     $ 12,640     $ 12,409     $ 13,628  

 

6


     Three Months Ended  
     June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

Emerging Market Equity

                                                                                                    

Beginning of period assets

   $ 4,610     $ 6,417     $ 5,713     $ 5,981     $ 5,644  

Inflows/(outflows)

     (21     65       198       176       344  

Market appreciation/(depreciation)

     840       (1,872     506       (444     (7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 5,429     $ 4,610     $ 6,417     $ 5,713     $ 5,981  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 5,143     $ 5,933     $ 6,008     $ 5,743     $ 5,691  

Fixed Income

          

Beginning of period assets

   $ 3,527     $ 3,585     $ 3,337     $ 3,946     $ 3,692  

Inflows/(outflows)

     (53     21       218       (594     235  

Market appreciation/(depreciation)

     56       (79     30       (15     19  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 3,530     $ 3,527     $ 3,585     $ 3,337     $ 3,946  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 3,523     $ 3,653     $ 3,540     $ 3,731     $ 3,796  

Leveraged & Inverse

          

Beginning of period assets

   $ 883     $ 995     $ 1,002     $ 989     $ 1,060  

Inflows/(outflows)

     312       12       (22     11       (55

Market appreciation/(depreciation)

     153       (124     15       2       (16
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 1,348     $ 883     $ 995     $ 1,002     $ 989  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 1,162     $ 1,009     $ 1,033     $ 1,020     $ 1,042  

Alternatives

          

Beginning of period assets

   $ 244     $ 359     $ 419     $ 434     $ 515  

Inflows/(outflows)

     (29     (66     (61     (17     (80

Market appreciation/(depreciation)

     11       (49     1       2       (1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ 226     $ 244     $ 359     $ 419     $ 434  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 227     $ 328     $ 399     $ 429     $ 476  

Closed ETPs

          

Beginning of period assets

   $ 424     $ 1,396     $ 1,301     $ 1,586     $ 1,661  

Assets sold

     —         (778     —         —         —    

Inflows/(outflows)

     (193     225       (18     (15     (84

Market appreciation/(depreciation)

     65       (399     116       (89     9  

Fund closures

     (296     (20     (3     (181     —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

End of period assets

   $ —       $ 424     $ 1,396     $ 1,301     $ 1,586  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average assets during the period

   $ 502     $ 993     $ 1,363     $ 1,531     $ 1,609  

Headcount

     214       210       208       212       214  

Note: Previously issued statistics may be restated due to fund closures and trade adjustments

Source: WisdomTree

 

7


WISDOMTREE INVESTMENTS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

 

     June 30,
2020
    Dec. 31,
2019
 
     (Unaudited)        

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 50,255     $ 74,972  

Securities owned, at fair value

     13,110       17,319  

Accounts receivable

     24,372       26,838  

Prepaid expenses

     5,621       3,724  

Other current assets

     1,414       207  
  

 

 

   

 

 

 

Total current assets

     94,772       123,060  

Fixed assets, net

     7,835       8,127  

Notes receivable

     —         28,172  

Securities held-to-maturity

     581       16,863  

Deferred tax assets, net

     5,540       7,398  

Investments

     11,192       11,192  

Right of use assets – operating leases

     17,230       18,161  

Goodwill

     85,856       85,856  

Intangible assets

     601,247       603,294  

Other noncurrent assets

     184       983  
  

 

 

   

 

 

 

Total assets

   $ 824,437     $ 903,106  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES

    

Current liabilities:

    

Fund management and administration payable

   $ 23,240     $ 22,021  

Compensation and benefits payable

     7,629       26,501  

Deferred consideration – gold payments

     16,364       13,953  

Securities sold, but not yet purchased, at fair value

     —         582  

Operating lease liabilities

     3,293       3,682  

Income taxes payable

     2,277       3,372  

Accounts payable and other liabilities

     9,376       8,930  
  

 

 

   

 

 

 

Total current liabilities

     62,179       79,041  

Convertible notes

     141,479       —    

Debt

     —         175,956  

Deferred consideration – gold payments

     182,420       159,071  

Operating lease liabilities

     18,258       19,057  
  

 

 

   

 

 

 

Total liabilities

     404,336       433,125  

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; 250,000 shares authorized:

    

Issued and outstanding: 149,796 and 155,264 at June 30, 2020 and December 31, 2019, respectively

     1,498       1,553  

Additional paid-in capital

     325,406       352,658  

Accumulated other comprehensive income

     260       945  

Accumulated deficit

     (39,632     (17,744
  

 

 

   

 

 

 

Total stockholders’ equity

     287,532       337,412  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 824,437     $ 903,106  
  

 

 

   

 

 

 

 

8


WISDOMTREE INVESTMENTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

     Six Months Ended  
     June 30,
2020
    June 30,
2019
 

Cash flows from operating activities:

    

Net (loss)/income

   $ (21,888   $ 11,303  

Adjustments to reconcile net (loss)/income to net cash provided by operating activities:

    

Advisory fees received in gold and other precious metals

     (29,135     (22,872

Loss/(gain) on revaluation of deferred consideration – gold payments

     25,566       (367

Impairments

     19,672       572  

Contractual gold payments

     7,823       6,208  

Stock-based compensation

     6,159       6,207  

Gain on sale –Canadian ETF business

     (2,877     —    

Loss on extinguishment of debt

     2,387       —    

Amortization of right of use asset

     1,588       1,590  

Amortization of issuance costs - former Credit Facility

     1,328       1,430  

Deferred income taxes

     832       2,443  

Depreciation and amortization

     507       533  

Amortization of issuance costs - convertible notes

     115       —    

Paid-in-kind interest income

     —         (1,223

Other

     (83     5  

Changes in operating assets and liabilities:

    

Securities owned, at fair value

     4,209       (222

Accounts receivable

     4,461       1,833  

Income taxes payable

     (1,046     (44

Prepaid expenses

     (2,016     (1,746

Gold and other precious metals

     20,882       16,318  

Other assets

     (702     (552

Fund management and administration payable

     1,677       1,231  

Compensation and benefits payable

     (18,431     (3,938

Securities sold, but not yet purchased, at fair value

     (582     (1,155

Operating lease liabilities

     (1,845     (1,760

Accounts payable and other liabilities

     781       (435
  

 

 

   

 

 

 

Net cash provided by operating activities

     19,382       15,359  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchase of fixed assets

     (224     (15

Funding of notes receivable

     —         (1,540

Proceeds from held-to-maturity securities maturing or called prior to maturity

     16,365       39  

Proceeds from the sale of our financial interests in AdvisorEngine

     8,155       —    

Proceeds from sale of Canadian ETF business, net

     2,774       —    
  

 

 

   

 

 

 

Net cash provided by/(used in) investing activities

     27,070       (1,516
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Repayment of debt

     (179,000     —    

Shares repurchased

     (26,444     (2,107

Dividends paid

     (10,270     (10,191

Convertible notes issuance costs

     (4,611     —    

Proceeds from the issuance of convertible notes

     150,000       —    

Proceeds from exercise of stock options

     240       14  
  

 

 

   

 

 

 

Net cash used in financing activities

     (70,085     (12,284
  

 

 

   

 

 

 

(Decrease)/increase in cash flows due to changes in foreign exchange rate

     (1,084     268  
  

 

 

   

 

 

 

(Decrease)/increase in cash and cash equivalents

     (24,717     1,827  

Cash and cash equivalents – beginning of year

     74,972       77,784  
  

 

 

   

 

 

 

Cash and cash equivalents – year

   $ 50,255     $ 79,611  
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

    

Cash paid for taxes

   $ 2,200     $ 4,403  
  

 

 

   

 

 

 

Cash paid for interest

   $ 3,390     $ 4,559  
  

 

 

   

 

 

 

 

9


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 release include:

 

 

Adjusted compensation, operating income, operating expenses, income before income taxes, income tax expense, net income and diluted earnings per share. We disclose adjusted compensation, 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 measures provides investors with a consistent way to analyze our performance. These non-GAAP financial measures exclude the following:

 

   

Unrealized gains or losses on the revaluation of deferred consideration: Deferred consideration is an obligation we assumed in connection with the ETFS acquisition that is carried at fair value. This item represents the present value of an obligation to pay fixed ounces of gold into perpetuity and is measured using forward-looking gold prices. Changes in the forward-looking price of gold may have a material impact on the carrying value of the deferred consideration and our reported financial results. We exclude this item when calculating our non-GAAP financial measurements as it is not core to our operating business. The item is not adjusted for income taxes as the obligation was assumed by a wholly-owned subsidiary of ours that is based in Jersey, a jurisdiction where we are subject to a zero percent tax rate.

 

   

Tax shortfalls and windfalls upon vesting and exercise of stock-based compensation awards: GAAP requires the recognition of tax windfalls and shortfalls within income tax expense. These items arise upon the vesting and exercise 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.

 

   

Interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the convertible notes: GAAP requires convertible instruments to be separated into their liability and equity components by allocating the issuance proceeds to each of these components. The liability component for convertible instruments that qualify for a derivative scope exception (applicable to our convertible notes) is allocated proceeds equal to the estimated fair value of similar debt without the conversion option. The difference between the gross proceeds received from the issuance of the convertible instrument and the proceeds allocated to the liability component represents the residual amount that is classified in equity. The discount arising from the recognition of the residual amount classified in equity is amortized as interest expense over the life of the instrument. We exclude this item when calculating our non-GAAP financial measurements as it is non-cash and distorts our actual cost of borrowing. In addition, in June 2020, the FASB approved amendments to ASC 470-20, Debt – Debt with Conversion and Other Options, Cash Conversion and once issued, will include the elimination of the requirement to bifurcate conversion options qualifying for a derivative scope exception. Once effective, this interest expense will no longer be recognized.

 

   

Other items: Loss on extinguishment of debt, the release of a deferred tax asset valuation allowance recognized on interest carryforwards arising from our debt previously outstanding in the United Kingdom, a gain arising from an adjustment to the estimated fair value of consideration received from the exit of our investment in AdvisorEngine, impairment charges, a gain recognized upon sale of our Canadian ETF business, severance expense and acquisition and disposition-related costs 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.

 

 

Adjusted operating income margin. We disclose adjusted operating income margin as a non-GAAP financial measurement in order to report our operating income margin exclusive of items that are non-recurring or not core to our operating business.

 

10


WISDOMTREE INVESTMENTS, INC. AND SUBSIDIARIES

GAAP to NON-GAAP RECONCILIATION (CONSOLIDATED)

(in thousands)

(Unaudited)

 

     Three Months Ended  
Adjusted Net Income and Diluted Earnings per Share:    June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

Net (loss)/income, as reported

   $ (13,250   $ (8,638   $ (25,880   $ 4,152     $ 2,479  

Add back: Loss on revaluation of deferred consideration

     23,358       2,208       5,354       6,306       4,037  

Add back: Loss on extinguishment of debt, net of income taxes

     1,910       —         —         —         —    

Deduct: Release of a deferred tax asset valuation allowance recognized on interest carryforwards arising from debt previously outstanding in the United Kingdom

     (2,842     —         —         —         —    

Add back: Interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the convertible notes, net of income taxes

     42       —         —         —         —    

Deduct: Gain arising from an adjustment to the estimated fair value of consideration received from the exit of investment in AdvisorEngine

     (868     —         —         —         —    

Add back: Impairments, net of income taxes

     —         19,672       30,138       —         —    

Deduct: Gain recognized upon sale of Canadian ETF business

     —         (2,877     —         —         —    

Add back: Severance expense, net of income taxes

     —         —         —         —         1,194  

Add back: Tax shortfalls upon vesting and exercise of stock-based compensation awards

     119       501       142       30       76  

Add back: Acquisition and disposition-related costs, net of income taxes

     25       358       353       154       27  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income

   $ 8,494     $ 11,224     $ 10,107     $ 10,642     $ 7,813  

Weighted average common shares - diluted

     166,634       167,561       167,203       167,163       167,249  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted earnings per share - diluted

   $ 0.05     $ 0.07     $ 0.06     $ 0.06     $ 0.05  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended  
Gross Margin and Gross Margin Percentage:    June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

Operating revenues

   $ 58,126     $ 63,874     $ 68,907     $ 67,718     $ 66,293  

Less: Fund management and administration

     (14,461     (14,485     (15,650     (15,110     (15,576
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross margin

   $ 43,665     $ 49,389     $ 53,257     $ 52,608     $ 50,717  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross margin percentage

     75.1     77.3     77.3     77.7     76.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended  
Adjusted Operating Income and Adjusted Operating Income Margin:    June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

Operating revenues

   $ 58,126     $ 63,874     $ 68,907     $ 67,718     $ 66,293  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

   $ 11,797     $ 15,634     $ 14,809     $ 16,131     $ 11,911  

Add back: Severance expense, before income taxes

     —         —         —         —         1,475  

Add back: Acquisition and disposition-related costs, before income taxes

     33       383       366       190       33  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income

   $ 11,830     $ 16,017     $ 15,175     $ 16,321     $ 13,419  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted operating income margin

     20.4     25.1     22.0     24.1     20.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

11


     Three Months Ended  
Adjusted Compensation Expense:    June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

Compensation expense

   $ 17,455     $ 17,295     $ 19,280     $ 18,880     $ 21,300  

Deduct: Severance expense, before income taxes

     —           —           —           —           (1,475
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted compensation expense

   $ 17,455     $ 17,295     $ 19,280     $ 18,880     $ 19,825  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended  
Adjusted Total Operating Expenses:    June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

Total operating expenses

   $ 46,329     $ 48,240     $ 54,098     $ 51,587     $ 54,382  

Deduct: Severance expense, before income taxes

     —         —         —         —         (1,475

Deduct: Acquisition and disposition-related costs, before income taxes

     (33     (383     (366     (190     (33
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted total operating expenses

   $ 46,296     $ 47,857     $ 53,732     $ 51,397     $ 52,874  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Three Months Ended  
Adjusted Income Before Income Taxes:    June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

(Loss)/income before income taxes

   $ (14,054   $ (11,009   $ (22,355   $ 8,635     $ 6,066  

Add back: Loss on revaluation of deferred consideration

     23,358       2,208       5,354       6,306       4,037  

Add back: Loss on extinguishment of debt

     2,387       —         —         —         —    

Add back: Interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the convertible notes, before income taxes

     55       —         —         —         —    

Deduct: Gain arising from an adjustment to the estimated fair value of consideration received from the exit of investment in AdvisorEngine

     (868     —         —         —         —    

Add back: Impairments, before income taxes

     —         19,672       30,138       —         —    

Add back: Loss recognized upon reduction of a tax-related indemnification asset

     —         5,981       —         —         —    

Deduct: Gain recognized upon sale of Canadian ETF business

     —         (2,877     —         —         —    

Add back: Acquisition and disposition-related costs, before income taxes

     33       383       366       190       33  

Add back: Severance expense, before income taxes

     —         —         —         —         1,475  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income before income taxes

   $ 10,911     $ 14,358     $ 13,503     $ 15,131     $ 11,611  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

12


     Three Months Ended  
Adjusted Income Tax Expense and Adjusted Effective Income Tax Rate:    June 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sept. 30,
2019
    June 30,
2019
 

Adjusted income before income taxes (above)

   $ 10,911     $ 14,358     $ 13,503     $ 15,131     $ 11,611  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax (benefit)/expense

   $ (804   $ (2,371   $ 3,525     $ 4,483     $ 3,587  

Add back: Tax benefit arising from loss on extinguishment of debt

     477       —         —         —         —    

Add back: Release of a deferred tax asset valuation allowance recognized on interest carryforwards arising from debt previously outstanding in the United Kingdom

     2,842       —         —         —         —    

Add back: Tax benefit arising from the amortization of discount associated with the bifurcation of the conversion option embedded in the convertible notes

     13       —         —         —         —    

Add back: Tax benefit arising from reduction of a tax-related indemnification asset

     —         5,981       —         —         —    

Deduct: Tax shortfalls upon vesting and exercise of stock-based compensation awards

     (119     (501     (142     (30     (76

Add back: Tax benefit arising from acquisition and disposition-related costs

     8       25       13       36       6  

Add back: Tax benefit arising from severance expense

     —         —         —         —         281  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income tax expense

   $ 2,417     $ 3,134     $ 3,396     $ 4,489     $ 3,798  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted effective income tax rate

     22.2     21.8     25.1     29.7     32.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

13


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 which 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

 

   

the ultimate duration of the COVID-19 pandemic and its short-term and long-term impact on our business and the global economy;

 

   

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;

 

   

our ability to develop new products and services;

 

   

our ability to maintain current vendors or find new vendors to provide services to us at favorable costs;

 

   

our ability to successfully operate and expand our business in non-U.S. markets; and

 

   

the effect of laws and regulations that apply to our business.

Our business is subject to many risks and uncertainties, including without limitation:

 

   

declining prices of securities, gold and other precious metals and other commodities 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 a pandemic event such as COVID-19, may negatively impact revenues and operating margins, and may impede our ability to refinance our debt upon maturity, increase the cost of borrowing or result in our debt being called prior to maturity;

 

   

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;

 

   

over the last few years, we have expanded our business globally. This expansion subjects us to increased operational, regulatory, financial and other risks;

 

   

many of our ETPs have a limited track record, and poor investment performance could cause our revenues to decline; and

 

   

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.

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, 2019 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

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.

 

14

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