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Last10K.com | 10-Q Quarterly Report Fri Aug 06 2021
Exhibit 99.1
WisdomTree Announces Second Quarter 2021 Results – Diluted Earnings Per Share of $0.11 ($0.10, as adjusted)
New York, NY – (GlobeNewswire) – July 30, 2021 – WisdomTree Investments, Inc. (NASDAQ: WETF)
today reported financial results for the second quarter of 2021.$17.6 million net income ($16.81 million net income, as adjusted), see “Non-GAAP Financial Measurements” for additional information.
$73.9 billion of ending AUM, an increase of 6.3% arising from market appreciation and net inflows.
$0.9 billion of net inflows, driven by inflows into our emerging markets equity, international developed market equity, U.S. equity and fixed income products.
0.41% average global advisory fee, a decrease of 1 basis point due to AUM mix shift.
$77.6 million of operating revenues, an increase of 6.6% due to higher average AUM, partly offset by a lower average global advisory fee.
79.1% gross margin1, a 0.4 point increase from the previous quarter.
30.5% operating income margin, a 5.0 point increase primarily due to higher revenues.
$150.0 million issuance of convertible senior notes due 2026, bearing interest at a rate of 3.25% and issued with a conversion price of $11.04 per share. We used a portion of the proceeds to repurchase our common stock and intend to use the remainder of the net proceeds for working capital and other general corporate purposes, which may include debt retirement, organic and inorganic growth initiatives and common stock repurchases.
$31.9 million repurchase of 4.6 million shares of our common stock, principally in connection with the issuance of the convertible notes.
$0.03 quarterly dividend declared, payable on August 25, 2021 to stockholders of record as of the close of business on August 11, 2021.
Update from Jonathan Steinberg, WisdomTree CEO
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“Many businesses across the financial services ecosystem are struggling to balance legacy business models and the conflicts that arise with fast moving technological advancements - not WisdomTree. Our solid operating and financial results in the second quarter demonstrate continued growth and strong execution across our business today, along with exciting progress on our long-term strategic initiatives, all while showing the efficiency and scalability of our business.
“We continue to strengthen our position in areas of growing interest such as liquid alternatives, ESG and model portfolios. We are also quickly establishing expertise around digital assets, delivering the insights from our pioneering work in regulated cryptocurrency exposures and our broader vision for the applications of blockchain technology in the form of investor-facing research and events.
“The focus and flexibility of our remote first business model have enabled WisdomTree to attract and retain world-class talent, drive strong operating results, and engage with our clients across different modalities with an ever-expanding set of resources.”
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The following information was filed by Wisdomtree Investments, Inc. (WETF) on Friday, July 30, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Financial - Expense Highlight
Operating Expenses - Total operating expenses increased 16.4% from the three months ended June 30, 2020 to $53.9 million primarily due to higher incentive compensation and headcount, fund management and administration costs, marketing expenses, third-party distribution fees and professional fees.
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Other - Other Highlight
Cash and cash equivalents increased $94.2 million during the six months ended June 30, 2021 due to $150.0 million of proceeds received from the issuance of the 2021 Notes and $0.9 million provided by other activities.
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Financial - Debt Highlight
Loss on extinguishment of debt During the three months ended June 30, 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 on June 16, 2020.
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Financial - Debt Highlight
Loss on extinguishment of debt During the six months ended June 30, 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 on June 16, 2020.
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Financial - Expense Highlight
Other items: An unrealized gain recognized on our investment in Securrency, impairment charges, interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the Convertible Notes (prior to January 1, 2021, the effective date of Accounting Standards Update 2020-06, Debt - Debt with Conversion and Other Options, Cash Conversion), a 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, a gain recognized upon the sale of our Canadian ETF business and acquisition and disposition-related costs are excluded when calculating our non-GAAP financial measurements.
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Financial - Expense
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Other - Other
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M & A - Other
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We lease approximately 38,000 square...Read more
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Other - Other
Included in other gains, net...Read more
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Other - Other
Continued investments in technology-enabled and...Read more
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Financial - Dividend
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See Note 7 to our...Read more
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41 Table of Contents Six...Read more
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Indefinite-lived intangible assets are impaired...Read more
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The gain in the current...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income/(Loss)
Consolidated Statements Of Operations
Cash And Cash Equivalents
Cash And Cash Equivalents - Additional Information (Detail)
Contingencies
Contingencies - Additional Information (Detail)
Contingent Payments
Contingent Payments - Additional Information (Detail)
Convertible Notes
Convertible Notes (Tables)
Convertible Notes - Additional Information (Detail)
Convertible Notes - Schedule Of Key Terms Of Convertible Notes (Detail)
Convertible Notes - Summary Of The Carrying Value Of The Convertible Notes (Detail)
Deferred Consideration
Deferred Consideration (Tables)
Deferred Consideration - Additional Information (Detail)
Deferred Consideration - Schedule Of Deferred Consideration (Detail)
Deferred Consideration - Summary Of Valuation Of Deferred Consideration (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Reconciliation Of Basic And Diluted Earnings Per Share (Detail)
Earnings Per Shares - Schedule Of Weighted Average Number Of Shares (Detail)
Earnings Per Shares - Schedule Of Weighted Average Number Of Shares (Parenthetical) (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Summary Of Categorization Of Assets And Liabilities Measured At Fair Value (Detail)
Fair Value Measurements - Summary Of Categorization Of Assets And Liabilities Measured At Fair Value (Parenthetical) (Detail)
Fair Value Measurements - Summary Of Reconciliation Of Recurring Fair Value Measurements (Detail)
Fixed Assets, Net
Fixed Assets, Net (Tables)
Fixed Assets, Net - Schedule Of Fixed Assets (Detail)
Former Credit Facility
Former Credit Facility - Additional Information (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Summary Of Goodwill By Reporting Unit (Detail)
Goodwill And Intangible Assets - Summary Of Indefinite-Lived Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Schedule Of Changes In Balance Of Gross Unrecognized Tax Benefits (Detail)
Income Taxes - Schedule Of Changes In Balance Of Gross Unrecognized Tax Benefits (Parenthetical) (Detail)
Income Taxes - Summary Of Deferred Tax Assets (Detail)
Investment - Additional Information (Detail)
Investment - Summary Of Table Below Presents The Inputs Used In Backsolve Valuation Approach As Follows (Detail)
Investments
Investments (Tables)
Investments - Details Of Investments Carried At Cost (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Additional Information Regarding Company's Leases (Detail)
Leases - Summary Of Future Minimum Lease Payments (Detail)
Leases - Summary Of Reconciles Future Minimum Lease Payments (Detail)
Organization And Description Of Business
Preferred Shares
Preferred Shares (Tables)
Preferred Shares - Additional Information (Detail)
Preferred Shares - Summary Of Preferred Share Balance (Detail)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Detail)
Related Party Transactions - Summary Of Accounts Receivable From Related Parties (Detail)
Related Party Transactions - Summary Of Revenues From Advisory Services Provided To Related Parties (Detail)
Revenues From Contracts With Customers
Revenues From Contracts With Customers (Tables)
Revenues From Contracts With Customers - Additional Information (Detail)
Revenues From Contracts With Customers - Summary Of Geographic Distribution Of Revenue (Detail)
Revenues From Contracts With Customers - Summary Of Revenues From Contracts With Customers (Detail)
Securities Held-To-Maturity
Securities Held-To-Maturity (Tables)
Securities Held-To-Maturity - Additional Information (Detail)
Securities Held-To-Maturity - Schedule Of Maturity Profile Of Securities Held-To-Maturity (Detail)
Securities Held-To-Maturity - Schedule Of Securities Held-To-Maturity (Detail)
Securities Held-To-Maturity - Schedule Of Unrealized Gains, Losses And Fair Value Of Securities Held-To-Maturity (Detail)
Securities Owned
Securities Owned (Tables)
Securities Owned - Additional Information (Detail)
Securities Owned- Schedule Of Securities Owned (Detail)
Shares Repurchased
Shares Repurchased - Additional Information (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Significant Accounting Policies - Schedule Of Estimated Useful Lives Of Related Assets (Detail)
Stock-Based Awards
Stock-Based Awards (Tables)
Stock-Based Awards - Stock-Based Awards - Summary Of Stock Options, Restricted Stock And Restricted Stock Unit Activity (Detail)
Stock-Based Awards - Additional Information (Detail)
Stock-Based Awards - Summary Of Unrecognized Stock-Based Compensation Expense And Average Remaining Vesting Period (Detail)
Subsequent Events
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Summary Of Information About Variable Interests (Detail)
Material Contracts, Statements, Certifications & more
Wisdomtree Investments, Inc. provided additional information to their SEC Filing as exhibits
Ticker: WETF
CIK: 880631
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-21-238824
Submitted to the SEC: Fri Aug 06 2021 10:16:47 AM EST
Accepted by the SEC: Fri Aug 06 2021
Period: Wednesday, June 30, 2021
Industry: Security Brokers Dealers And Flotation Companies
External Resources:
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