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WisdomTree Announces First Quarter 2024 Results
--Diluted Earnings Per Share of $0.13 ($0.12, as Adjusted)
WisdomTree, Inc. (NYSE: WT), a global financial innovator, today reported financial results for the first quarter of 2024.
$22.1 million of net income ($20.3(1) million of net income, as adjusted), see "Non-GAAP Financial Measurements" for additional information.
$107.2 billion of ending AUM, an increase of 7.1% from the prior quarter arising from market appreciation and net inflows.
$2.0 billion of net inflows, primarily driven by inflows into our international developed equity and U.S. equity products.
0.36% average advisory fee, unchanged from the prior quarter.
$96.8 million of operating revenues, an increase of 6.6% from the prior quarter primarily due to higher average AUM.
79.4% gross margin(1), a 0.3 point decrease from the prior quarter due to higher fund costs.
28.9% operating income margin (29.6%(1) as adjusted), a 0.2 point increase (0.9 point increase, as adjusted(1)) compared to our operating margin of 28.7% in the prior quarter primarily due to higher revenues.
$0.03 quarterly dividend declared, payable on May 22, 2024 to stockholders of record as of the close of business on May 8, 2024.
Update from Jonathan Steinberg, WisdomTree CEO
"It has been a great start to the year with record AUM, nearly $2 billion of net inflows, and 820 basis points of margin expansion (as adjusted), driving a 71% increase in our earnings per share as compared to the first quarter of last year. Importantly, we expect that momentum to continue as we are executing on our key initiatives to drive the next $100 billion of assets under management: traction in our ETP lineup, an expanding models footprint, and leadership in the secular shift toward tokenization of financial assets. We achieved several key milestones in the quarter, including the receipt of a trust charter from the New York State Department of Financial Services - the premier regulator for digital asset businesses in the U.S. - and the launch of our debit card to WisdomTree Prime(TM) users. This key combination not only expands our geographic footprint but also allows us to offer value-added services to our customer base. We continue to believe that tokenized assets and blockchain-enabled finance represent a growth opportunity for WisdomTree, and this quarter's accomplishments are yet another positive step in unlocking new customers, new markets and new revenue streams." ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Update from Jarrett Lilien, WisdomTree COO and President
"We are pleased to report that we are delivering strong operating margin expansion and earnings growth, demonstrating our scalable operating model and ability to leverage our AUM growth. We are confident that we have the right strategy, the right products, the right team and the right culture to continue to create value for our clients and stockholders in the long term. We remain extremely bullish about 2024 and beyond as we continue to drive organic growth, expand our margins, and lead the industry's evolution in tokenized assets and blockchain-enabled finance. For a number of years, we have been alone talking about many of the themes driving our growth, including our diversified product suite, models and the potential of tokenization and blockchain-enabled finance - but now we have company. If you want to know what the industry is going to do tomorrow, look at what WisdomTree is doing today." ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
OPERATING AND FINANCIAL HIGHLIGHTS
Three Months Ended Three Months Ended
---------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Mar. 31, Mar. 31, Dec. 31, Dec. 31, Sept. 30, Sept. 30, June 30, June 30, Mar. 31, Mar. 31,
2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
---------------------- -------------------------------- ---------------------- -------------------------------- ---------------------- -------------------------------- ---------------------- -------------------------------- ---------------------- --------------------------------
Consolidated Operating Highlights ($ in billions):
----------------------------------------------------------------------------
$ $ 107.2 $ $ 100.1 $ $ 93.7 $ $ 93.7 $ $ 90.7
AUM--end of period
$ $ 2.0 $ $ (0.3) $ $ 2.0 $ $ 2.3 $ $ 6.3
Net inflows/(outflows)
$ $ 102.4 $ $ 96.6 $ $ 95.7 $ $ 91.6 $ $ 87.5
Average AUM
0.36% 0.36% 0.36% 0.36% 0.36%
Average advisory fee
Consolidated Financial Highlights ($ in millions, except per share amounts):
----------------------------------------------------------------------------
$ $ 96.8 $ $ 90.8 $ $ 90.4 $ $ 85.7 $ $ 82.0
Operating revenues
$ $ 22.1 $ $ 19.1 $ $ 13.0 $ $ 54.3 $ $ 16.2
Net income
$ $ 0.13 $ $ 0.16 $ $ 0.07 $ $ 0.32 $ $ 0.10
Diluted earnings per share
28.9% 28.7% 29.5% 21.2% 20.2%
Operating income margin
As Adjusted (Non-GAAP(1)):
----------------------------------------------------------------------------
Gross margin 79.4% 79.7% 80.1% 79.3% 79.1%
Net income, as adjusted $ $ 20.3 $ $ 18.6 $ $ 18.0 $ $ 14.9 $ $ 11.2
$ $ 0.12 $ $ 0.11 $ $ 0.10 $ $ 0.09 $ $ 0.07
Diluted earnings per share, as adjusted
29.6% 28.7% 29.5% 26.9% 21.4%
Operating income margin, as adjusted
RECENT BUSINESS DEVELOPMENTS
Company News In February 2024, we launched the WisdomTree Prime(TM) Visa Debit Card, a digital and physical card enabling users to spend outside the WisdomTree Prime app. In March 2024, we were named 'Best Leveraged & Inverse ETF Issuer ($1bn+)' at the ETF Express European ETF Awards and 'Best ETF Provider' at the Diaman Quant Awards in Italy; we were granted a charter from the New York State Department of Financial Services (DFS) to operate as a limited purpose trust company under the New York Banking Law; and the Board of Directors extended our existing limited duration stockholder rights plan, as amended. Product News In February 2024, we cross-listed the WisdomTree Megatrends UCITS ETF (WMGT) on the SIX; and the WisdomTree Cybersecurity UCITS ETF (WCBR) was named 'Best Thematic and Sector ETF' at the Le Revenu Awards 2024 in France. In March 2024, we launched the WisdomTree 1-3 Year Laddered Treasury Fund (USSH) and the 7-10 Year Laddered Treasury Fund (USIN) on the Nasdaq; we celebrated the 10-year anniversary of the WisdomTree Floating Rate Treasury Fund (USFR); the European cryptocurrency ETP range surpassed $800 million in AUM; the WisdomTree Emerging Markets Small Cap Dividend UCITS ETF (DGSE) was named 'Best Emerging Markets Equity ETF' at the Mountain View Fund Awards 2024 in Germany; and the WisdomTree Artificial Intelligence UCITS ETF (WTAI) was named 'Best Equity ETF' at the Money Mate Awards in Italy. In April 2024, we launched the WisdomTree Energy Transition and Rare Earths Miners UCITS ETF (RARE) on the London Stock Exchange, Borse Xetra and Borsa Italiana; we launched the WisdomTree US Quality Growth UCITS ETF (QGRW) on the London Stock Exchange, Borse Xetra and Borsa Italiana; and we cross-listed a distributing class of the WisdomTree Global Quality Dividend Growth UCITS (GGRW) on the Borsa Italiana. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
WISDOMTREE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Three Months Ended
-------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Mar. 31, Mar. 31, Dec. 31, Dec. 31, Sept. 30, Sept. 30, June 30, June 30, Mar. 31, Mar. 31,
2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
-------------------- ---------------------------------- -------------------- ---------------------------------- -------------------- ---------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------
Operating Revenues:
$ $ 92,501 $ $ 86,988 $ $ 86,598 $ $ 82,004 $ $ 77,637
Advisory fees
4,337 3,856 3,825 3,720 4,407
Other income
-------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ----------
96,838 90,844 90,423 85,724 82,044
Total revenues
-------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ----------
Operating Expenses:
31,054 27,860 27,955 26,319 27,398
Compensation and benefits
19,962 18,445 18,023 17,727 17,153
Fund management and administration
4,408 4,951 3,833 4,465 4,007
Marketing and advertising
3,611 3,881 3,383 3,326 2,994
Sales and business development
-- -- -- 1,583 4,486
Contractual gold payments
3,630 3,201 3,719 8,334 3,715
Professional fees
1,210 1,208 1,203 1,172 1,101
Occupancy, communications and equipment
383 335 307 121 109
Depreciation and amortization
2,307 2,549 2,694 1,881 2,253
Third-party distribution fees
2,323 2,379 2,601 2,615 2,257
Other
-------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ----------
68,888 64,809 63,718 67,543 65,473
Total operating expenses
-------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ----------
Operating income 27,950 26,035 26,705 18,181 16,571
Other Income/(Expenses):
(4,128) (3,758) (3,461) (4,021) (4,002)
Interest expense.
-- -- -- 41,361 20,592
Gain on revaluation/termination of deferred consideration--gold payments
1,398 1,225 791 1,000 1,083
Interest income
-- (339) (2,703) -- (4,900)
Impairments
-- -- -- -- (9,721)
Loss on extinguishment of convertible notes
2,592 1,602 (2,512) 1,286 (2,007)
Other gains and losses, net
-------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ----------
Income before income taxes 27,812 24,765 18,820 57,807 17,616
Income tax expense 5,701 5,688 5,836 3,555 1,383
-------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ----------
Net income $ $ 22,111 $ $ 19,077 $ $ 12,984 $ $ 54,252 $ $ 16,233
==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ==========
Earnings per share--basic $ $ 0.14(2) $ $ 0.16(2) $ $ 0.07(2) $ $ 0.32(2) $ $ 0.10(2)
Earnings per share--diluted $ $ 0.13 $ $ 0.16(2) $ $ 0.07 $ $ 0.32 $ $ 0.10
Weighted average common shares--basic 146,464 145,310 145,284 144,351 143,862
Weighted average common shares--diluted 165,268 171,703 177,140 170,672 159,887
As Adjusted (Non-GAAP(1))
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total operating expenses $ $ 68,193 $ $ 64,809 $ $ 63,718 $ $ 62,630 $ $ 64,506
Operating income $ $ 28,645 $ $ 26,035 $ $ 26,705 $ $ 23,094 $ $ 17,538
Income before income taxes $ $ 26,987 $ $ 23,908 $ $ 23,902 $ $ 19,752 $ $ 14,485
Income tax expense $ $ 6,731 $ $ 5,342 $ $ 5,854 $ $ 4,833 $ $ 3,287
Net income $ $ 20,256 $ $ 18,566 $ $ 18,048 $ $ 14,919 $ $ 11,198
Earnings per share--diluted $ $ 0.12 $ $ 0.11 $ $ 0.10 $ $ 0.09 $ $ 0.07
Weighted average common shares--diluted 165,268 171,703 177,140 170,672 159,887
---------------------------------------------------------------------------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ----------
QUARTERLY HIGHLIGHTS
Operating Revenues
Operating revenues increased 6.6% and 18.0% from the fourth quarter of 2023 and the first quarter of 2023, respectively, primarily due to higher average AUM. Our average advisory fee was 0.36% during each of the first quarter of 2024, the fourth quarter of 2023 and the first quarter of 2023.
Operating Expenses
Operating expenses increased 6.3% from the fourth quarter of 2023 primarily due to higher compensation arising from payroll taxes, benefits and other items in connection with the payment of year-end bonuses, as well as higher fund management and administration costs and professional fees. These increases were partly offset by lower marketing expenses, sales and business development expenses and third-party distribution fees. Operating expenses increased 5.2% from the first quarter of 2023 primarily due to higher incentive and stock-based compensation expense and increased headcount, as well as higher fund management and administration costs. These increases were partly offset by the termination of the deferred consideration--gold payments obligation on May 10, 2023.
Other Income/(Expenses)
Interest expense increased 9.8% from the fourth quarter of 2023 primarily due to the recognition of a full quarter 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. Interest expense increased 3.1% from the first quarter of 2023 due to the recognition of imputed interest on our obligation payable to GBH, partly offset by a lower level of debt outstanding. Interest income increased 14.1% and 29.1% from the fourth quarter of 2023 and first quarter of 2023, respectively, due to a higher level of interest-earning assets. Other gains and losses, net was a gain of $2.6 million for the first quarter of 2024. This quarter includes gains of $2.1 million and $0.1 million on our financial instruments and our investments, respectively. Gains and losses also generally arise from the sale of gold earned from management fees paid by our physically-backed gold exchange-traded products ("ETPs"), foreign exchange fluctuations and other miscellaneous items.
Income Taxes
Our effective income tax rate for the first quarter of 2024 was 20.5%, resulting in income tax expense of $5.7 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to the decrease in the deferred tax asset valuation allowance on losses recognized on the Company's financial instruments owned, tax windfalls associated with the vesting of stock-based compensation awards and a lower tax rate on foreign earnings. These items were partly offset by state and local income taxes. Our adjusted effective income tax rate for the first quarter of 2024 was 24.9%(1).
CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS
WisdomTree will discuss its results and operational highlights during a live webcast on Friday, April 26, 2024 at 11:00 a.m. ET, which can be accessed using the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=fQD4Npsv.
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(TM).*
* The WisdomTree Prime digital wallet and digital asset services are made available through WisdomTree Digital Movement, Inc. (NMLS ID: 2372500) in select U.S. jurisdictions and may be limited where prohibited by law. Visit https://www.wisdomtreeprime.com or the WisdomTree Prime mobile app for more information.
WisdomTree currently has approximately $106.0 billion in assets under management globally.
For more information about WisdomTree and WisdomTree Prime(TM), visit: https://www.wisdomtree.com.
Please visit us on X, formerly known as Twitter, at @WisdomTreeNews.
WisdomTree(R) is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.
PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE PRIME:
NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY
The products and services available through the WisdomTree Prime app are not endorsed, indemnified or guaranteed by any regulatory agency.
_________________ (1) See "Non-GAAP Financial Measurements." See "Non-GAAP Financial Measurements."
WISDOMTREE, INC. AND SUBSIDIARIES
KEY OPERATING STATISTICS
(Unaudited)
Three Months Ended Three Months Ended
-------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Mar. 31, Mar. 31, Dec. 31, Dec. 31, Sept. 30, Sept. 30, June 30, June 30, Mar. 31, Mar. 31,
2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
-------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------
GLOBAL ETPs ($ in millions)
---------------------------------------------
Beginning of period assets $ $ 100,124 $ $ 93,735 $ $ 93,666 $ $ 90,740 $ $ 81,993
Inflows/(outflows) 1,990 (255) 1,983 2,327 6,341
Market appreciation/(depreciation) 5,116 6,644 (1,914) 599 2,406
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 107,230 $ $ 100,124 $ $ 93,735 $ $ 93,666 $ $ 90,740
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Average assets during the period $ $ 102,435 $ $ 96,547 $ $ 95,743 $ $ 91,578 $ $ 87,508
Average advisory fee during the period 0.36% 0.36% 0.36% 0.36% 0.36%
Revenue days 91 92 92 91 90
Number of ETFs--end of the period 338 337 344 344 341
U.S. LISTED ETFs ($ in millions)
---------------------------------------------
Beginning of period assets $ $ 72,486 $ $ 68,018 $ $ 65,903 $ $ 61,283 $ $ 55,973
Inflows/(outflows) 1,983 (67) 3,601 3,249 4,012
Market appreciation/(depreciation) 3,618 4,535 (1,486) 1,371 1,298
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 78,087 $ $ 72,486 $ $ 68,018 $ $ 65,903 $ $ 61,283
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
Average assets during the period $ $ 74,805 $ $ 69,707 $ $ 68,008 $ $ 62,712 $ $ 59,430
Number of ETFs--end of the period 77 76 80 80 80
EUROPEAN LISTED ETPs ($ in millions)
---------------------------------------------
Beginning of period assets $ $ 27,638 $ $ 25,717 $ $ 27,763 $ $ 29,457 $ $ 26,020
Inflows/(outflows) 7 (188) (1,618) (922) 2,329
Market appreciation/(depreciation) 1,498 2,109 (428) (772) 1,108
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 29,143 $ $ 27,638 $ $ 25,717 $ $ 27,763 $ $ 29,457
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Average assets during the period $ $ 27,630 $ $ 26,840 $ $ 27,735 $ $ 28,866 $ $ 28,078
Number of ETPs--end of the period 261 261 264 264 261
PRODUCT CATEGORIES ($ in millions)
---------------------------------------------
U.S. Equity
Beginning of period assets $ $ 29,156 $ $ 25,643 $ $ 26,001 $ $ 24,534 $ $ 24,112
Inflows/(outflows) 536 487 864 414 (149)
Market appreciation/(depreciation) 1,978 3,026 (1,222) 1,053 571
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 31,670 $ $ 29,156 $ $ 25,643 $ $ 26,001 $ $ 24,534
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Average assets during the period $ $ 30,130 $ $ 26,835 $ $ 26,501 $ $ 24,732 $ $ 24,725
Commodity & Currency
Beginning of period assets $ $ 21,336 $ $ 20,466 $ $ 22,384 $ $ 24,924 $ $ 22,097
(Outflows)/inflows (460) (449) (1,814) (1,513) 2,003
Market appreciation/(depreciation) 1,068 1,319 (104) (1,027) 824
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 21,944 $ $ 21,336 $ $ 20,466 $ $ 22,384 $ $ 24,924
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Average assets during the period $ $ 20,838 $ $ 21,254 $ $ 22,278 $ $ 24,033 $ $ 23,807
Fixed Income
Beginning of period assets $ $ 21,197 $ $ 21,797 $ $ 20,215 $ $ 18,708 $ $ 15,273
(Outflows)/inflows (14) (715) 1,670 1,471 3,513
Market appreciation/(depreciation) 35 115 (88) 36 (78)
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 21,218 $ $ 21,197 $ $ 21,797 $ $ 20,215 $ $ 18,708
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Three Months Ended Three Months Ended
-------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Mar. 31, Mar. 31, Dec. 31, Dec. 31, Sept. 30, Sept. 30, June 30, June 30, Mar. 31, Mar. 31,
2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
-------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------ -------------------- ------------------------------
International Developed Market Equity
Beginning of period assets $ $ 15,103 $ $ 13,902 $ $ 13,423 $ $ 11,433 $ $ 10,195
Inflows 1,599 9 798 1,593 450
Market appreciation/(depreciation) 1,401 1,192 (319) 397 788
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 18,103 $ $ 15,103 $ $ 13,902 $ $ 13,423 $ $ 11,433
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Average assets during the period $ $ 16,688 $ $ 14,266 $ $ 13,873 $ $ 12,276 $ $ 10,879
Emerging Market Equity
Beginning of period assets $ $ 10,726 $ $ 9,569 $ $ 9,191 $ $ 8,811 $ $ 8,116
Inflows 217 412 451 329 486
Market appreciation/(depreciation) 246 745 (73) 51 209
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 11,189 $ $ 10,726 $ $ 9,569 $ $ 9,191 $ $ 8,811
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Average assets during the period $ $ 10,900 $ $ 9,833 $ $ 9,652 $ $ 8,998 $ $ 8,666
Leveraged & Inverse
Beginning of period assets $ $ 1,815 $ $ 1,781 $ $ 1,864 $ $ 1,785 $ $ 1,754
(Outflows)/inflows (50) (59) (1) 12 43
Market appreciation/(depreciation) 63 93 (82) 67 (12)
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 1,828 $ $ 1,815 $ $ 1,781 $ $ 1,864 $ $ 1,785
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Average assets during the period $ $ 1,792 $ $ 1,803 $ $ 1,894 $ $ 1,798 $ $ 1,757
Cryptocurrency
Beginning of period assets $ $ 414 $ $ 243 $ $ 248 $ $ 239 $ $ 136
Inflows/(outflows) 158 28 10 (1) 13
Market appreciation/(depreciation) 302 143 (15) 10 90
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 874 $ $ 414 $ $ 243 $ $ 248 $ $ 239
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Average assets during the period $ $ 614 $ $ 325 $ $ 238 $ $ 236 $ $ 190
Alternatives
Beginning of period assets $ $ 377 $ $ 334 $ $ 340 $ $ 306 $ $ 310
Inflows/(outflows) 4 32 5 22 (18)
Market appreciation/(depreciation) 23 11 (11) 12 14
-------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
End of period assets $ $ 404 $ $ 377 $ $ 334 $ $ 340 $ $ 306
==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
Average assets during the period $ $ 391 $ $ 342 $ $ 342 $ $ 320 $ $ 308
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)
March 31, Dec 31,
2024 2023 2023 2023
-------------------- -------------------- -------------------- --------------------
(Unaudited) (Unaudited) (Unaudited)
ASSETS
Current assets:
$ $ 116,926 $ $ 129,305
Cash, cash equivalents and restricted cash
58,301 58,722
Financial instruments owned, at fair value
40,020 35,473
Accounts receivable
6,491 5,258
Prepaid expenses
1,284 1,036
Other current assets
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
223,022 229,794
Total current assets
Fixed assets, net 436 427
Securities held-to-maturity 224 230
Deferred tax assets, net 5,477 11,057
Investments 9,606 9,684
Right of use assets--operating leases 243 563
Goodwill 86,841 86,841
Intangible assets, net 605,347 605,082
Other noncurrent assets 456 459
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total assets $ $ 931,652 $ $ 944,137
==================== ==================== ==================== ==================== ==================== ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current liabilities:
$ $ 32,665 $ $ 30,085
Fund management and administration payable
9,624 38,111
Compensation and benefits payable
14,804 14,804
Payable to Gold Bullion Holdings (Jersey) Limited ("GBH")