• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    WisdomTree Announces Second Quarter 2024 Results

    7/26/24 7:00:00 AM ET
    $WT
    Investment Bankers/Brokers/Service
    Finance
    Get the next $WT alert in real time by email

    Record AUM of $109.7 Billion

    940 bps of Operating Margin Expansion vs. YTD June 30, 2023

    Diluted Earnings Per Share of $0.13 ($0.16, as Adjusted)

    WisdomTree, Inc. (NYSE:WT), a global financial innovator, today reported financial results for the second quarter of 2024.

    $21.8 million of net income ($27.1(1) million of net income, as adjusted), see "Non-GAAP Financial Measurements" for additional information.

    $109.7 billion of ending AUM, an increase of 2.3% from the prior quarter arising from market appreciation and net inflows.

    $0.3 billion of net inflows, primarily driven by inflows into our international developed equity, fixed income and U.S. equity products, partially offset by outflows from our commodity products.

    0.37% average advisory fee, a 1 basis point increase from the prior quarter.

    $107.0 million of operating revenues, an increase of 10.5% from the prior quarter due to higher average AUM and higher other revenues attributable to our European listed products.

    81.2% gross margin(1), a 1.8 point increase from the prior quarter due to higher revenues.

    31.3% operating income margin (35.3%(1) as adjusted), a 2.4 point increase (5.7 point increase, as adjusted(1)) compared to our operating margin of 28.9% (29.6%(1), as adjusted) in the prior quarter primarily due to higher revenues.

    $0.03 quarterly dividend declared, payable on August 21, 2024 to stockholders of record as of the close of business on August 7, 2024.

    Update from Jonathan Steinberg, WisdomTree CEO

     

    "WisdomTree continued to thrive in the second quarter, generating record assets under management with a global footprint and leadership in advisor solutions and tokenization on the back of only 300 employees. It is truly a testament to the efficiency of our business model and reflects our mission, vision and values. The broadening of our product lineup over the years while adding portfolio solutions for our advisor clients are showcased in our three-plus years of strong net inflows and record assets under management. Continued traction in those areas, alongside our leadership position in the industry's secular shift toward ETFs, tokenization and blockchain technology, further set the company up for success in the long run."

     

    Update from Jarrett Lilien, WisdomTree COO and President

     

    "WisdomTree once again delivered strong revenue growth on the back of record assets under management, net inflows and expanding other revenue streams. With well-managed expenses and scale benefits, we've expanded adjusted operating margins 840 basis points this year as compared to the first half of last year. This all translates into an accelerated pace of EPS growth and strong returns for stockholders."

     

    OPERATING AND FINANCIAL HIGHLIGHTS

     

    Three Months Ended

     

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

    Consolidated Operating Highlights ($ in billions):

     

     

     

     

     

    AUM—end of period

    $

    109.7

     

    $

    107.2

     

    $

    100.1

     

    $

    93.7

     

    $

    93.7

     

    Net inflows/(outflows)

    $

    0.3

     

    $

    2.0

     

    $

    (0.3

    )

    $

    2.0

     

    $

    2.3

     

    Average AUM

    $

    108.4

     

    $

    102.4

     

    $

    96.6

     

    $

    95.7

     

    $

    91.6

     

    Average advisory fee

     

    0.37

    %

     

    0.36

    %

     

    0.36

    %

     

    0.36

    %

     

    0.36

    %

     

     

     

     

     

     

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

     

     

     

     

     

    Operating revenues

    $

    107.0

     

    $

    96.8

     

    $

    90.8

     

    $

    90.4

     

    $

    85.7

     

    Net income

    $

    21.8

     

    $

    22.1

     

    $

    19.1

     

    $

    13.0

     

    $

    54.3

     

    Diluted earnings per share

    $

    0.13

     

    $

    0.13

     

    $

    0.16

     

    $

    0.07

     

    $

    0.32

     

    Operating income margin

     

    31.3

    %

     

    28.9

    %

     

    28.7

    %

     

    29.5

    %

     

    21.2

    %

     

     

     

     

     

     

    As Adjusted (Non-GAAP(1)):

     

     

     

     

     

    Gross margin

     

    81.2

    %

     

    79.4

    %

     

    79.7

    %

     

    80.1

    %

     

    79.3

    %

    Net income, as adjusted

    $

    27.1

     

    $

    20.3

     

    $

    18.6

     

    $

    18.0

     

    $

    14.9

     

    Diluted earnings per share, as adjusted

    $

    0.16

     

    $

    0.12

     

    $

    0.11

     

    $

    0.10

     

    $

    0.09

     

    Operating income margin, as adjusted

     

    35.3

    %

     

    29.6

    %

     

    28.7

    %

     

    29.5

    %

     

    26.9

    %

     

     

     

     

     

     

    RECENT BUSINESS DEVELOPMENTS

     

    Company News

    • In June 2024, WisdomTree stockholders voted for all proposals, including to overwhelmingly elect all nine of WisdomTree's nominees to the Board of Directors at its 2024 Annual Meeting of Stockholders.
    • Also in June 2024, WisdomTree Europe was named ‘Best ETF Provider' at the Online Money Awards for the third year in a row.

    Product News

    • In May 2024, we launched the WisdomTree India Hedged Equity Fund (INDH) on the NASDAQ; we were one of the first issuers to list Crypto ETPs on the London Stock Exchange, including the WisdomTree Physical Bitcoin ETP (BTCW) and the WisdomTree Physical Ethereum ETP (ETHW); and we listed eight 5x short-and-leveraged equity ETPs on the London Stock Exchange, Börse Xetra and Borsa Italiana.
    • In June 2024, we launched the WisdomTree Global Sustainable UCITS ETF (WSDG) on the London Stock Exchange and Börse Xetra, in collaboration with Irish Life Investment Managers.
    • In July 2024, we introduced Portfolio Solutions, a comprehensive suite of solutions empowering new and deeper advisor relationships through scalable model portfolios; we cross-listed the WisdomTree Global Sustainable UCITS ETF (WSDG) on Borsa Italiana; and we partnered with Trading 212, one of the UK's most popular commission-free investing apps, to offer six ETF model portfolios for European retail investors.
     

    WISDOMTREE, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except per share amounts)

    (Unaudited)

     

     

    Three Months Ended

    Six Months Ended

     

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

    June 30,

    2024

    June 30,

    2023

    Operating Revenues:

     

     

     

     

     

     

     

    Advisory fees

    $

    98,938

     

    $

    92,501

     

    $

    86,988

     

    $

    86,598

     

    $

    82,004

     

    $

    191,439

     

    $

    159,641

     

    Other revenues

     

    8,096

     

     

    4,337

     

     

    3,856

     

     

    3,825

     

     

    3,720

     

     

    12,433

     

     

    8,127

     

    Total revenues

     

    107,034

     

     

    96,838

     

     

    90,844

     

     

    90,423

     

     

    85,724

     

     

    203,872

     

     

    167,768

     

    Operating Expenses:

     

     

     

     

     

     

     

    Compensation and benefits

     

    30,790

     

     

    31,054

     

     

    27,860

     

     

    27,955

     

     

    26,319

     

     

    61,844

     

     

    53,717

     

    Fund management and administration

     

    20,139

     

     

    19,962

     

     

    18,445

     

     

    18,023

     

     

    17,727

     

     

    40,101

     

     

    34,880

     

    Marketing and advertising

     

    5,110

     

     

    4,408

     

     

    4,951

     

     

    3,833

     

     

    4,465

     

     

    9,518

     

     

    8,472

     

    Sales and business development

     

    3,640

     

     

    3,611

     

     

    3,881

     

     

    3,383

     

     

    3,326

     

     

    7,251

     

     

    6,320

     

    Contractual gold payments

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    1,583

     

     

    —

     

     

    6,069

     

    Professional fees

     

    6,594

     

     

    3,630

     

     

    3,201

     

     

    3,719

     

     

    8,334

     

     

    10,224

     

     

    12,049

     

    Occupancy, communications and equipment

     

    1,314

     

     

    1,210

     

     

    1,208

     

     

    1,203

     

     

    1,172

     

     

    2,524

     

     

    2,273

     

    Depreciation and amortization

     

    418

     

     

    383

     

     

    335

     

     

    307

     

     

    121

     

     

    801

     

     

    230

     

    Third-party distribution fees

     

    2,687

     

     

    2,307

     

     

    2,549

     

     

    2,694

     

     

    1,881

     

     

    4,994

     

     

    4,134

     

    Other

     

    2,831

     

     

    2,323

     

     

    2,379

     

     

    2,601

     

     

    2,615

     

     

    5,154

     

     

    4,872

     

    Total operating expenses

     

    73,523

     

     

    68,888

     

     

    64,809

     

     

    63,718

     

     

    67,543

     

     

    142,411

     

     

    133,016

     

    Operating income

     

    33,511

     

     

    27,950

     

     

    26,035

     

     

    26,705

     

     

    18,181

     

     

    61,461

     

     

    34,752

     

    Other Income/(Expenses):

     

     

     

     

     

     

     

    Interest expense

     

    (4,140

    )

     

    (4,128

    )

     

    (3,758

    )

     

    (3,461

    )

     

    (4,021

    )

     

    (8,268

    )

     

    (8,023

    )

    Gain on revaluation/termination of deferred consideration—gold payments

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    41,361

     

     

    —

     

     

    61,953

     

    Interest income

     

    1,438

     

     

    1,398

     

     

    1,225

     

     

    791

     

     

    1,000

     

     

    2,836

     

     

    2,083

     

    Impairments

     

    —

     

     

    —

     

     

    (339

    )

     

    (2,703

    )

     

    —

     

     

    —

     

     

    (4,900

    )

    Loss on extinguishment of convertible notes

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    (9,721

    )

    Other losses and gains, net

     

    (1,283

    )

     

    2,592

     

     

    1,602

     

     

    (2,512

    )

     

    1,286

     

     

    1,309

     

     

    (721

    )

    Income before income taxes

     

    29,526

     

     

    27,812

     

     

    24,765

     

     

    18,820

     

     

    57,807

     

     

    57,338

     

     

    75,423

     

    Income tax expense

     

    7,767

     

     

    5,701

     

     

    5,688

     

     

    5,836

     

     

    3,555

     

     

    13,468

     

     

    4,938

     

    Net income

    $

    21,759

     

    $

    22,111

     

    $

    19,077

     

    $

    12,984

     

    $

    54,252

     

    $

    43,870

     

     

    70,485

     

    Earnings per share—basic

    $

    0.13(2)

    $

    0.14(2

    )

    $

    0.16(2

    )

    $

    0.07(2

    )

    $

    0.32(2

    )

    $

    0.27(2

    )

    $

    0.43(2

    )

    Earnings per share—diluted

    $

    0.13

     

    $

    0.13

     

    $

    0.16(2

    )

    $

    0.07

     

    $

    0.32

     

    $

    0.26

     

    $

    0.42(2

    )

    Weighted average common shares—basic

     

    146,896

     

     

    146,464

     

     

    145,310

     

     

    145,284

     

     

    144,351

     

     

    146,680

     

     

    144,108

     

    Weighted average common shares—diluted

     

    166,359

     

     

    165,268

     

     

    171,703

     

     

    177,140

     

     

    170,672

     

     

    165,872

     

     

    165,468

     

     

     

     

     

     

     

     

     

    As Adjusted (Non-GAAP(1))

     

     

     

     

     

     

     

    Total operating expenses

    $

    69,252

     

    $

    68,193

     

    $

    64,809

     

    $

    63,718

     

    $

    62,630

     

     

     

    Operating income

    $

    37,782

     

    $

    28,645

     

    $

    26,035

     

    $

    26,705

     

    $

    23,094

     

     

     

    Income before income taxes

    $

    36,083

     

    $

    26,987

     

    $

    23,908

     

    $

    23,902

     

    $

    19,752

     

     

     

    Income tax expense

    $

    9,008

     

    $

    6,731

     

    $

    5,342

     

    $

    5,854

     

    $

    4,833

     

     

     

    Net income

    $

    27,075

     

    $

    20,256

     

    $

    18,566

     

    $

    18,048

     

    $

    14,919

     

     

     

    Earnings per share—diluted

    $

    0.16

     

    $

    0.12

     

    $

    0.11

     

    $

    0.10

     

    $

    0.09

     

     

     

    Weighted average common shares—diluted

     

    166,359

     

     

    165,268

     

     

    171,703

     

     

    177,140

     

     

    170,672

     

     

     

    QUARTERLY HIGHLIGHTS

    Operating Revenues

    • Operating revenues increased 10.5% and 24.9% from the first quarter of 2024 and the second quarter of 2023, respectively, due to higher average AUM and higher other revenues attributable to our European listed exchange-traded products ("ETPs").
    • Our average advisory fee was 0.37%, 0.36% and 0.36% during the second quarter of 2024, the first quarter of 2024 and the second quarter of 2023, respectively.

    Operating Expenses

    • Operating expenses increased 6.7% from the first quarter of 2024 primarily due to higher professional fees arising from expenses incurred in connection with an activist campaign, as well as higher marketing expenses.
    • Operating expenses increased 8.9% from the second quarter of 2023 primarily due to higher incentive and stock-based compensation expense and increased headcount, fund management and administration costs, third-party distribution fees and marketing expenses. These increases were partly offset by lower professional fees and the termination of the deferred consideration—gold payments obligation on May 10, 2023.

    Other Income/(Expenses)

    • Interest expense was essentially unchanged from the first quarter of 2024. Interest expense increased 3.0% from the second quarter of 2023 due to the recognition of imputed interest on our obligation payable to Gold Bullion Holdings (Jersey) Limited ("GBH"), a subsidiary of the World Gold Council, in connection with our repurchase in November 2023 of our Series C Non-Voting Convertible Preferred Stock, partly offset by a lower level of debt outstanding.
    • Interest income increased 2.9% and 43.8% from the first quarter of 2024 and second quarter of 2023, respectively, due to a higher level of interest-earning assets.
    • Other losses and gains, net was a loss of $1.3 million for the second quarter of 2024. The quarter included net losses of $1.3 million and $0.3 million on our investments and financial instruments owned, respectively. Gains and losses also generally arise from the sale of gold and crypto earned from management fees paid by our physically-backed gold and crypto ETPs, foreign exchange fluctuations and other miscellaneous items.

    Income Taxes

    • Our effective income tax rate for the second quarter of 2024 was 26.3%, resulting in income tax expense of $7.8 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to non-deductible executive compensation, an increase in the deferred tax asset valuation allowance on losses recognized on our investments and state and local income taxes. These items were partly offset by a lower tax rate on foreign earnings.
    • Our adjusted effective income tax rate for the second quarter of 2024 was 25.0%(1).

    SIX MONTH HIGHLIGHTS

    • Operating revenues increased 21.5% as compared to 2023 due to higher average AUM and higher other revenues attributable to our European listed ETPs.
    • Operating expenses increased 7.1% as compared to 2023 primarily due to higher incentive and stock-based compensation expense and increased headcount, fund management and administration costs, marketing expenses, sales and business development expenses, third-party distribution fees, as well as higher depreciation and amortization. These increases were partly offset by lower contractual gold payments and professional fees.
    • Significant items reported in other income/(expense) in 2024 include: an increase in interest expense of 3.1% due to imputed interest on our obligation payable to GBH, partly offset by a lower level of debt outstanding; an increase in interest income of 36.1% due to an increase in our interest-earning assets; net gains on our financial instruments owned of $1.8 million; and losses on our investments of $1.2 million. Gains and losses also generally arise from the sale of gold earned on management fees paid by our physically-backed gold ETPs, foreign exchange fluctuations and other miscellaneous items.
    • Our effective income tax rate for 2024 was 23.5%, resulting in an income tax expense of $13.5 million. Our tax rate differs from the federal statutory rate of 21.0% primarily due to non-deductible executive compensation and state and local income taxes. These items were partly offset by a lower tax rate on foreign earnings and tax windfalls associated with the vesting of stock-based compensation awards.

    CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS

    WisdomTree will discuss its results and operational highlights during a live webcast on Friday, July 26, 2024 at 11:00 a.m. ET, which can be accessed using the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=5z2QQw8B.

    Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers. To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time. All earnings materials and the webcast can be accessed through WisdomTree's investor relations website at https://ir.wisdomtree.com. A replay of the webcast will also be available shortly after the call.

    About WisdomTree

    WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models, solutions and products leveraging blockchain technology. We empower investors and consumers to shape their future and support financial professionals to better serve their clients and grow their businesses. WisdomTree is leveraging the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. Building on our heritage of innovation, we are also developing and have launched next-generation digital products, services and structures, including digital or blockchain-enabled mutual funds and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime®.*

    * The WisdomTree Prime digital wallet and digital asset services are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, in select U.S. jurisdictions and may be limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business. Visit https://www.wisdomtreeprime.com or the WisdomTree Prime mobile app for more information.

    WisdomTree currently has approximately $111.2 billion in assets under management globally.

    For more information about WisdomTree and WisdomTree Prime®, visit: https://www.wisdomtree.com.

    Please visit us on X, at @WisdomTreeNews.

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

    PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE PRIME:

    NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY

    The products and services available through the WisdomTree Prime app are not endorsed, indemnified or guaranteed by any regulatory agency.

    ____________________

    (1)

    See "Non-GAAP Financial Measurements."

    (2)

    Earnings per share ("EPS") is calculated pursuant to the two-class method as it results in a lower EPS amount as compared to the treasury stock method. In addition, the three months ended December 31, 2023 includes a gain of $7.966 recognized upon the repurchase of our Series C non-voting preferred shares convertible into approximately 13.1 million shares of common stock from GBH, which is excluded from net income, but required to be added to net income to arrive at income available to common stockholders in the calculation of EPS. This gain is excluded from our EPS when computed on a non-GAAP basis.

     

    WISDOMTREE, INC. AND SUBSIDIARIES

    KEY OPERATING STATISTICS

    (Unaudited)

     

     

     

    Three Months Ended

     

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

    GLOBAL ETPs ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

    Beginning of period assets

    $

    107,230

     

    $

    100,124

     

    $

    93,735

     

    $

    93,666

     

    $

    90,740

     

    Inflows/(outflows)

     

    340

     

     

    1,990

     

     

    (255

    )

     

    1,983

     

     

    2,327

     

    Market appreciation/(depreciation)

     

    2,116

     

     

    5,116

     

     

    6,644

     

     

    (1,914

    )

     

    599

     

    End of period assets

    $

    109,686

     

    $

    107,230

     

    $

    100,124

     

    $

    93,735

     

    $

    93,666

     

    Average assets during the period

    $

    108,392

     

    $

    102,360

     

    $

    96,534

     

    $

    95,743

     

    $

    91,578

     

    Average advisory fee during the period

     

    0.37

    %

     

    0.36

    %

     

    0.36

    %

     

    0.36

    %

     

    0.36

    %

    Revenue days

     

    91

     

     

    91

     

     

    92

     

     

    92

     

     

    91

     

    Number of ETFs—end of the period

     

    350

     

     

    338

     

     

    337

     

     

    344

     

     

    344

     

     

     

     

     

     

     

    U.S. LISTED ETFs ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

    Beginning of period assets

    $

    78,087

     

    $

    72,486

     

    $

    68,018

     

    $

    65,903

     

    $

    61,283

     

    Inflows/(outflows)

     

    1,106

     

     

    1,983

     

     

    (67

    )

     

    3,601

     

     

    3,249

     

    Market appreciation/(depreciation)

     

    529

     

     

    3,618

     

     

    4,535

     

     

    (1,486

    )

     

    1,371

     

    End of period assets

    $

    79,722

     

    $

    78,087

     

    $

    72,486

     

    $

    68,018

     

    $

    65,903

     

    Average assets during the period

    $

    78,436

     

    $

    74,730

     

    $

    69,694

     

    $

    68,008

     

    $

    62,712

     

    Number of ETFs—end of the period

     

    78

     

     

    77

     

     

    76

     

     

    80

     

     

    80

     

     

     

     

     

     

     

    EUROPEAN LISTED ETPs ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

    Beginning of period assets

    $

    29,143

     

    $

    27,638

     

    $

    25,717

     

    $

    27,763

     

    $

    29,457

     

    (Outflows)/inflows

     

    (766

    )

     

    7

     

     

    (188

    )

     

    (1,618

    )

     

    (922

    )

    Market appreciation/(depreciation)

     

    1,587

     

     

    1,498

     

     

    2,109

     

     

    (428

    )

     

    (772

    )

    End of period assets

    $

    29,964

     

    $

    29,143

     

    $

    27,638

     

    $

    25,717

     

    $

    27,763

     

    Average assets during the period

    $

    29,956

     

    $

    27,630

     

    $

    26,840

     

    $

    27,735

     

    $

    28,866

     

    Number of ETPs—end of the period

     

    272

     

     

    261

     

     

    261

     

     

    264

     

     

    264

     

     

     

     

     

     

     

    PRODUCT CATEGORIES ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

    U.S. Equity

     

     

     

     

     

    Beginning of period assets

    $

    31,670

     

    $

    29,156

     

    $

    25,643

     

    $

    26,001

     

    $

    24,534

     

    Inflows

     

    221

     

     

    536

     

     

    487

     

     

    864

     

     

    414

     

    Market (depreciation)/appreciation

     

    (57

    )

     

    1,978

     

     

    3,026

     

     

    (1,222

    )

     

    1,053

     

    End of period assets

    $

    31,834

     

    $

    31,670

     

    $

    29,156

     

    $

    25,643

     

    $

    26,001

     

    Average assets during the period

    $

    31,252

     

    $

    30,056

     

    $

    26,822

     

    $

    26,501

     

    $

    24,732

     

     

     

     

     

     

     

    Commodity & Currency

     

     

     

     

     

    Beginning of period assets

    $

    21,944

     

    $

    21,336

     

    $

    20,466

     

    $

    22,384

     

    $

    24,924

     

    Outflows

     

    (1,499

    )

     

    (460

    )

     

    (449

    )

     

    (1,814

    )

     

    (1,513

    )

    Market appreciation/(depreciation)

     

    1,542

     

     

    1,068

     

     

    1,319

     

     

    (104

    )

     

    (1,027

    )

    End of period assets

    $

    21,987

     

    $

    21,944

     

    $

    21,336

     

    $

    20,466

     

    $

    22,384

     

    Average assets during the period

    $

    22,437

     

    $

    20,837

     

    $

    21,254

     

    $

    22,278

     

    $

    24,033

     

     

     

     

     

     

     

    Fixed Income

     

     

     

     

     

    Beginning of period assets

    $

    21,218

     

    $

    21,197

     

    $

    21,797

     

    $

    20,215

     

    $

    18,708

     

    Inflows/(outflows)

     

    236

     

     

    (14

    )

     

    (715

    )

     

    1,670

     

     

    1,471

     

    Market (depreciation)/appreciation

     

    (24

    )

     

    35

     

     

    115

     

     

    (88

    )

     

    36

     

    End of period assets

    $

    21,430

     

    $

    21,218

     

    $

    21,197

     

    $

    21,797

     

    $

    20,215

     

    Average assets during the period

    $

    21,277

     

    $

    21,082

     

    $

    21,889

     

    $

    20,965

     

    $

    19,185

     

     

    Three Months Ended

     

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

    International Developed Market Equity

     

     

     

     

     

    Beginning of period assets

    $

    18,103

     

    $

    15,103

     

    $

    13,902

     

    $

    13,423

     

    $

    11,433

     

    Inflows

     

    1,253

     

     

    1,599

     

     

    9

     

     

    798

     

     

    1,593

     

    Market appreciation/(depreciation)

     

    29

     

     

    1,401

     

     

    1,192

     

     

    (319

    )

     

    397

     

    End of period assets

    $

    19,385

     

    $

    18,103

     

    $

    15,103

     

    $

    13,902

     

    $

    13,423

     

    Average assets during the period

    $

    18,809

     

    $

    16,688

     

    $

    14,266

     

    $

    13,873

     

    $

    12,276

     

     

     

     

     

     

     

    Emerging Market Equity

     

     

     

     

     

    Beginning of period assets

    $

    11,189

     

    $

    10,726

     

    $

    9,569

     

    $

    9,191

     

    $

    8,811

     

    Inflows

     

    57

     

     

    217

     

     

    412

     

     

    451

     

     

    329

     

    Market appreciation/(depreciation)

     

    629

     

     

    246

     

     

    745

     

     

    (73

    )

     

    51

     

    End of period assets

    $

    11,875

     

    $

    11,189

     

    $

    10,726

     

    $

    9,569

     

    $

    9,191

     

    Average assets during the period

    $

    11,448

     

    $

    10,900

     

    $

    9,833

     

    $

    9,652

     

    $

    8,998

     

     

     

     

     

     

     

    Leveraged & Inverse

     

     

     

     

     

    Beginning of period assets

    $

    1,828

     

    $

    1,815

     

    $

    1,781

     

    $

    1,864

     

    $

    1,785

     

    (Outflows)/inflows

     

    (18

    )

     

    (50

    )

     

    (59

    )

     

    (1

    )

     

    12

     

    Market appreciation/(depreciation)

     

    112

     

     

    63

     

     

    93

     

     

    (82

    )

     

    67

     

    End of period assets

    $

    1,922

     

    $

    1,828

     

    $

    1,815

     

    $

    1,781

     

    $

    1,864

     

    Average assets during the period

    $

    1,905

     

    $

    1,792

     

    $

    1,803

     

    $

    1,894

     

    $

    1,798

     

     

     

     

     

     

     

    Cryptocurrency

     

     

     

     

     

    Beginning of period assets

    $

    874

     

    $

    414

     

    $

    243

     

    $

    248

     

    $

    239

     

    Inflows

     

    75

     

     

    158

     

     

    28

     

     

    10

     

     

    (1

    )

    Market (depreciation)/appreciation

     

    (111

    )

     

    302

     

     

    143

     

     

    (15

    )

     

    10

     

    End of period assets

    $

    838

     

    $

    874

     

    $

    414

     

    $

    243

     

    $

    248

     

    Average assets during the period

    $

    856

     

    $

    614

     

    $

    325

     

    $

    238

     

    $

    236

     

     

     

     

     

     

     

    Alternatives

     

     

     

     

     

    Beginning of period assets

    $

    404

     

    $

    377

     

    $

    334

     

    $

    340

     

    $

    306

     

    Inflows

     

    15

     

     

    4

     

     

    32

     

     

    5

     

     

    22

     

    Market (depreciation)/appreciation

     

    (4

    )

     

    23

     

     

    11

     

     

    (11

    )

     

    12

     

    End of period assets

    $

    415

     

    $

    404

     

    $

    377

     

    $

    334

     

    $

    340

     

    Average assets during the period

    $

    408

     

    $

    391

     

    $

    342

     

    $

    342

     

    $

    320

     

     

     

     

     

     

     

    Headcount

     

    304

     

     

    300

     

     

    303

     

     

    299

     

     

    291

     

     

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

    Source: WisdomTree

     

    WISDOMTREE, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (in thousands, except per share amounts)

     

     

    June 30,

    2024

    Dec. 31,

    2023

     

    (Unaudited)

     

    ASSETS

     

     

    Current assets:

     

     

    Cash, cash equivalents and restricted cash

    $

    132,459

     

    $

    129,305

     

    Financial instruments owned, at fair value

     

    69,783

     

     

    58,722

     

    Accounts receivable

     

    42,664

     

     

    35,473

     

    Prepaid expenses

     

    8,595

     

     

    5,258

     

    Other current assets

     

    1,199

     

     

    1,036

     

    Total current assets

     

    254,700

     

     

    229,794

     

    Fixed assets, net

     

    413

     

     

    427

     

    Securities held-to-maturity

     

    218

     

     

    230

     

    Deferred tax assets, net

     

    6,786

     

     

    11,057

     

    Investments

     

    8,288

     

     

    9,684

     

    Right of use assets—operating leases

     

    847

     

     

    563

     

    Goodwill

     

    86,841

     

     

    86,841

     

    Intangible assets, net

     

    605,580

     

     

    605,082

     

    Other noncurrent assets

     

    457

     

     

    459

     

    Total assets

    $

    964,130

     

    $

    944,137

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

    LIABILITIES

     

     

    Current liabilities:

     

     

    Fund management and administration payable

    $

    26,551

     

    $

    30,085

     

    Compensation and benefits payable

     

    20,315

     

     

    38,111

     

    Payable to Gold Bullion Holdings (Jersey) Limited ("GBH")

     

    14,804

     

     

    14,804

     

    Income taxes payable

     

    1,830

     

     

    3,866

     

    Operating lease liabilities

     

    847

     

     

    578

     

    Accounts payable and other liabilities

     

    20,341

     

     

    15,772

     

    Total current liabilities

     

    84,688

     

     

    103,216

     

    Convertible notes—long term

     

    275,638

     

     

    274,888

     

    Payable to GBH

     

    25,671

     

     

    24,328

     

    Total liabilities

     

    385,997

     

     

    402,432

     

    Preferred stock:

     

     

    Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding

     

    132,569

     

     

    132,569

     

    STOCKHOLDERS' EQUITY

     

    Common stock, par value $0.01; 400,000 shares authorized:

     

     

    Issued and outstanding: 151,857 and 150,330 at June 30, 2024 and December 31, 2023, respectively

     

    1,519

     

     

    1,503

     

    Additional paid-in capital

     

    315,359

     

     

    312,440

     

    Accumulated other comprehensive loss

     

    (931

    )

     

    (548

    )

    Retained earnings

     

    129,617

     

     

    95,741

     

    Total stockholders' equity

     

    445,564

     

     

    409,136

     

    Total liabilities and stockholders' equity

    $

    964,130

     

    $

    944,137

     

     

     

     

     

    WISDOMTREE, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (Unaudited)

     

    Six Months Ended

    June 30,

    Cash flows from operating activities:

     

    2024

     

     

    2023

     

    Net income

    $

    43,870

     

    $

    70,485

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

    Advisory and license fees paid in gold, other precious metals and cryptocurrency

     

    (25,365

    )

     

    (25,692

    )

    Stock-based compensation

     

    10,755

     

     

    8,506

     

    Deferred income taxes

     

    4,326

     

     

    2,964

     

    Gains on financial instruments owned, at fair value

     

    (1,772

    )

     

    (947

    )

    Imputed interest on payable to GBH

     

    1,342

     

     

    —

     

    Losses on investments

     

    1,195

     

     

    819

     

    Depreciation and amortization

     

    801

     

     

    230

     

    Amortization of issuance costs—convertible notes

     

    750

     

     

    1,069

     

    Amortization of right of use asset

     

    647

     

     

    640

     

    Gain on revaluation/termination of deferred consideration—gold payments

     

    —

     

     

    (61,953

    )

    Loss on extinguishment of convertible notes

     

    —

     

     

    9,721

     

    Impairments

     

    —

     

     

    4,900

     

    Contractual gold payments

     

    —

     

     

    6,069

     

    Other

     

    —

     

     

    (946

    )

    Changes in operating assets and liabilities:

     

     

    Accounts receivable

     

    (7,132

    )

     

    (5,254

    )

    Prepaid expenses

     

    (3,353

    )

     

    (3,425

    )

    Gold and other precious metals

     

    24,972

     

     

    18,441

     

    Other assets

     

    (118

    )

     

    347

     

    Fund management and administration payable

     

    (3,430

    )

     

    6,419

     

    Compensation and benefits payable

     

    (17,657

    )

     

    (18,941

    )

    Income taxes payable

     

    (2,028

    )

     

    (2,523

    )

    Operating lease liabilities

     

    (662

    )

     

    (652

    )

    Accounts payable and other liabilities

     

    4,031

     

     

    9,752

     

    Net cash provided by operating activities

     

    31,172

     

     

    20,029

     

    Cash flows from investing activities:

     

     

    Purchase of financial instruments owned, at fair value

     

    (14,193

    )

     

    (40,532

    )

    Purchase of investments

     

    —

     

     

    (10,000

    )

    Cash paid—software development

     

    (1,184

    )

     

    —

     

    Purchase of fixed assets

     

    (102

    )

     

    (58

    )

    Proceeds from the sale of financial instruments owned, at fair value

     

    5,303

     

     

    102,020

     

    Proceeds from the exit from investment in Securrency, Inc.

     

    465

     

     

    —

     

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

     

    12

     

     

    14

     

    Receipt of contingent consideration—Sale of Canadian ETF business

     

    —

     

     

    1,477

     

    Acquisition of Securrency Transfers, Inc. (net of cash acquired)

     

    —

     

     

    (985

    )

    Net cash (used in)/provided by investing activities

     

    (9,699

    )

     

    51,936

     

    Cash flows from financing activities:

     

     

    Dividends paid

     

    (9,873

    )

     

    (9,647

    )

    Shares repurchased

     

    (7,820

    )

     

    (3,540

    )

    Repurchase and maturity of convertible notes

     

    —

     

     

    (184,272

    )

    Proceeds from the issuance of convertible notes

     

    —

     

     

    130,000

     

    Termination of deferred consideration—gold payments

     

    —

     

     

    (50,005

    )

    Issuance costs—convertible notes

     

    —

     

     

    (3,548

    )

    Issuance costs—Series C Non-Voting Convertible Preferred Stock

     

    —

     

     

    (97

    )

    Net cash used in financing activities

     

    (17,693

    )

     

    (121,109

    )

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

     

    (626

    )

     

    778

     

    Net increase/(decrease) in cash, cash equivalents and restricted cash

     

    3,154

     

     

    (48,366

    )

    Cash, cash equivalents and restricted cash—beginning of year

     

    129,305

     

     

    132,101

     

    Cash, cash equivalents and restricted cash—end of period

    $

    132,459

     

    $

    83,735

     

    Supplemental disclosure of cash flow information:

     

    Cash paid for income taxes

    $

    11,138

     

    $

    5,900

     

    Cash paid for interest

    $

    6,175

     

    $

    4,514

     

    NON-GAAP FINANCIAL MEASUREMENTS

    In an effort to provide additional information regarding our results as determined by GAAP, we also disclose certain non-GAAP information which we believe provides useful and meaningful information. Our management reviews these non-GAAP financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-GAAP measurements so as to share this perspective of management. Non-GAAP measurements do not have any standardized meaning, do not replace nor are superior to GAAP financial measurements and are unlikely to be comparable to similar measures presented by other companies. These non-GAAP financial measurements should be considered in the context with our GAAP results. The non-GAAP financial measurements contained in this press release include:

    Adjusted Operating Income, Operating Expenses, Income Before Income Taxes, Income Tax Expense, Net Income and Diluted Earnings per Share

    We disclose adjusted operating income, operating expenses, income before income taxes, income tax expense, net income and diluted earnings per share as non-GAAP financial measurements in order to report our results exclusive of items that are non-recurring or not core to our operating business. We believe presenting these non-GAAP financial measurements provides investors with a consistent way to analyze our performance. These non-GAAP financial measurements exclude the following:

    Gains or losses on financial instruments owned: We account for our financial instruments owned as trading securities, which requires these instruments to be measured at fair value with gains and losses reported in net income. We exclude these items when calculating our non-GAAP financial measurements as the gains and losses introduce volatility in earnings and are not core to our operating business.

    Tax windfalls and shortfalls upon vesting of stock-based compensation awards: GAAP requires the recognition of tax windfalls and shortfalls within income tax expense. These items arise upon the vesting of stock-based compensation awards and the magnitude is directly correlated to the number of awards vesting/exercised as well as the difference between the price of our stock on the date the award was granted and the date the award vested or was exercised. We exclude these items when calculating our non-GAAP financial measurements as they introduce volatility in earnings and are not core to our operating business.

    Imputed interest on our payable to the Gold Bullion Holdings (Jersey) Limited ("GBH"): During the fourth quarter of 2023, we repurchased our Series C Non-Voting Convertible Preferred Stock, which was convertible into approximately 13.1 million shares of WisdomTree common stock, from GBH, a subsidiary of the World Gold Council, for aggregate cash consideration of approximately $84.4 million. Under the terms of the transaction, we paid GBH $40.0 million on the closing date, with the remainder of the purchase price payable in equal annual installments on the first, second and third anniversaries of the closing date, with no requirement to pay interest. Under US GAAP, the obligation is recorded at its present value utilizing a market rate of interest on the closing date of 7.0% and the corresponding discount is amortized as interest expense pursuant to the effective interest method of accounting over the life of the obligation. We exclude this item when calculating our non-GAAP financial measurements as recognition of interest expense is non-cash and contrary to the stated terms of our obligation.

    Other items: Gains and losses recognized on our investments, changes in deferred tax asset valuation allowance, expenses incurred in response to an activist campaign, unrealized gains or losses on the revaluation/termination of deferred consideration—gold payments which we terminated in the second quarter of 2023, loss on extinguishment of convertible notes, impairments and litigation expenses associated with certain provisions of our Stockholder Rights Agreement dated as of March 17, 2023, as amended, with Continental Stock Transfer & Trust Company, as Rights Agent, are excluded when calculating our non-GAAP financial measurements.

    Adjusted Effective Income Tax Rate

    We disclose our adjusted effective income tax rate as a non-GAAP financial measurement in order to report our effective income tax rate exclusive of items that are non-recurring or not core to our operating business. We believe reporting our adjusted effective income tax rate provides investors with a consistent way to analyze our income taxes. Our adjusted effective income tax rate is calculated by dividing adjusted income tax expense by adjusted income before income taxes. See above for information regarding the items that are excluded.

    Gross Margin and Gross Margin Percentage

    We disclose our gross margin and gross margin percentage as non-GAAP financial measurements because we believe they provide investors with a consistent way to analyze the amount we retain after paying third-party service providers to operate our ETPs. These measures also assist us in analyzing the profitability of our products. We define gross margin as total operating revenues less fund management and administration expenses. Gross margin percentage is calculated as gross margin divided by total operating revenues.

     

    GAAP to NON-GAAP RECONCILIATION (CONSOLIDATED)

    (in thousands)

    (Unaudited)

     

     

    Three Months Ended

     

    Adjusted Net Income and Diluted Earnings per Share:

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

     

     

     

     

     

     

    Net income, as reported

    $

    21,759

     

    $

    22,111

     

    $

    19,077

     

    $

    12,984

     

    $

    54,252

     

    Add back: Expenses incurred in response to an activist campaign, net of income taxes

     

    3,234

     

     

    526

     

     

    —

     

     

    —

     

     

    3,720

     

    Add back/(deduct): Losses/(gains) recognized on investments, net of income taxes

     

    998

     

     

    (93

    )

     

    (336

    )

     

    323

     

     

    (2,346

    )

    Add back: Imputed interest on payable to GBH, net of income taxes

    513

     

     

    504

     

     

    224

     

     

    —

     

     

    —

     

    Add back/(deduct): Increase/(decrease) in deferred tax asset valuation allowance on financial instruments owned and investments

     

    391

     

     

    (531

    )

     

    (280

    )

     

    1,234

     

     

    (508

    )

    Add back/(deduct): Losses/(gains) on financial instruments owned, net of income taxes

     

    220

     

     

    (1,562

    )

     

    (370

    )

     

    1,479

     

     

     

     

    762

     

     

    (Deduct)/add back: Tax (windfalls)/shortfalls upon vesting of stock-based compensation awards

     

    (40

    )

     

    (699

    )

     

    (6

    )

     

    (18

    )

     

     

     

    33

     

     

    Add back: Litigation expenses associated with certain provisions of the Stockholder Rights Agreement, net of income taxes

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    367

     

    Add back: Impairments, net of income taxes

     

    —

     

     

    —

     

     

    257

     

     

    2,046

     

     

    —

     

    Deduct: Gain on revaluation/termination of deferred consideration—gold payments

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    (41,361

    )

    Adjusted net income

    $

    27,075

     

    $

    20,256

     

    $

    18,566

     

    $

    18,048

     

    $

    14,919

     

    Weighted average common shares—diluted

     

    166,359

     

     

    165,268

     

     

    171,703

     

     

    177,140

     

     

    170,672

     

    Adjusted earnings per share—diluted

    $

    0.16

     

    $

    0.12

     

    $

    0.11

     

    $

    0.10

     

    $

    0.09

     

    Three Months Ended

     

    Gross Margin and Gross Margin Percentage:

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

     

     

     

     

     

     

    Operating revenues

    $

    107,034

     

    $

    96,838

     

    $

    90,844

     

    $

    90,423

     

    $

    85,724

     

    Less: Fund management and administration

     

    (20,139

    )

     

    (19,962

    )

     

    (18,445

    )

     

    (18,023

    )

     

    (17,727

    )

    Gross margin

    $

    86,895

     

    $

    76,876

     

    $

    72,399

     

    $

    72,400

     

    $

    67,997

     

    Gross margin percentage

     

    81.2

    %

     

    79.4

    %

     

    79.7

    %

     

    80.1

    %

     

    79.3

    %

     

    Three Months Ended

    Adjusted Operating Income and Adjusted Operating

    Income Margin:

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

     

     

     

     

     

     

    Operating revenues

    $

    107,034

     

    $

    96,838

     

    $

    90,844

     

    $

    90,423

     

    $

    85,724

     

    Operating income

    $

    33,511

     

    $

    27,950

     

    $

    26,035

     

    $

    26,705

     

    $

    18,181

     

    Add back: Expenses incurred in response to an activist campaign

     

    4,271

     

     

    695

     

     

    —

     

     

    —

     

     

    4,913

     

    Adjusted operating income

    $

    37,782

     

    $

    28,645

     

    $

    26,035

     

    $

    26,705

     

    $

    23,094

     

    Adjusted operating income margin

     

    35.3

    %

     

    29.6

    %

     

    28.7

    %

     

    29.5

    %

     

    26.9

    %

     

    Three Months Ended

     

    Adjusted Total Operating Expenses:

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

     

     

     

     

     

     

    Total operating expenses

    $

    73,523

     

    $

    68,888

     

    $

    64,809

    $

    63,718

    $

    67,543

     

    Deduct: Expenses incurred in response to an activist campaign

     

    (4,271

    )

     

    (695

    )

     

    —

     

    —

     

    (4,913

    )

    Adjusted total operating expenses

    $

    69,252

     

    $

    68,193

     

    $

    64,809

    $

    63,718

    $

    62,630

     

     

    Three Months Ended

     

    Adjusted Income Before Income Taxes:

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

     

     

     

     

     

     

    Income before income taxes

    $

    29,526

    $

    27,812

     

    $

    24,765

     

    $

    18,820

    $

    57,807

     

    Add back: Expenses incurred in response to an activist campaign

     

    4,271

     

    695

     

     

    —

     

     

    —

     

    4,913

     

    Add back/(deduct): Losses/(gains) recognized on investments

     

    1,318

     

    (123

    )

     

    (1,003

    )

     

    426

     

    (3,099

    )

    Add back: Imputed interest on payable to GBH

     

    677

     

    666

     

     

    296

     

     

    —

     

    —

     

    Add back/(deduct): Losses/(gains) on financial instruments owned

     

    291

     

    (2,063

    )

     

    (489

    )

     

    1,953

     

    1,007

     

    Add back: Litigation expenses associated with certain provisions of the Stockholder Rights Agreement

     

    —

     

    —

     

     

    —

     

     

    —

     

    485

     

    Add back: Impairments

     

    —

     

    —

     

     

    339

     

     

    2,703

     

    —

     

    Deduct: Gain on revaluation/termination of deferred consideration—gold payments

     

    —

     

    —

     

     

    —

     

     

    —

     

    (41,361

    )

    Add back: Loss on extinguishment of convertible notes

     

    —

     

    —

     

     

    —

     

     

    —

     

    —

     

    Adjusted income before income taxes

    $

    36,083

    $

    26,987

     

    $

    23,908

     

    $

    23,902

    $

    19,752

     

     

    Three Months Ended

    Adjusted Income Tax Expense and Adjusted Effective Income Tax Rate:

    June 30,

    2024

    Mar. 31,

    2024

    Dec. 31,

    2023

    Sept. 30,

    2023

    June 30,

    2023

     

     

     

     

     

     

    Adjusted income before income taxes (above)

    $

    36,083

     

    $

    26,987

     

    $

    23,908

     

    $

    23,902

     

    $

    19,752

     

    Income tax expense

    $

    7,767

     

    $

    5,701

     

    $

    5,688

     

    $

    5,836

     

    $

    3,555

     

    Add back: Tax benefit arising from expenses incurred in response to an activist campaign

     

    1,037

     

     

    169

     

     

    —

     

     

    —

     

     

    1,193

     

    (Deduct)/add back: (Increase)/decrease in deferred tax asset valuation allowance on financial instruments owned and investments

     

    (391

    )

     

    531

     

     

    280

     

     

    (1,234

    )

     

    508

     

    Add back/(deduct): Tax benefit/(expense) on gains and losses on investments

     

    320

     

     

    (30

    )

     

    (667

    )

     

    103

     

     

    (753

    )

    Add back: Tax benefit on imputed interest

     

    164

     

     

    162

     

     

    72

     

     

    —

     

     

    —

     

    Add back/(deduct): Tax benefit/(expense) arising from (gains)/losses on financial instruments owned

     

    71

     

     

    (501

    )

     

    (119

    )

     

    474

     

     

    245

     

    Add back/(deduct): Tax windfalls/(shortfalls) upon vesting of stock-based compensation awards

     

    40

     

     

    699

     

     

    6

     

     

    18

     

     

    (33

    )

    Add back: Tax benefit arising from litigation expenses associated with certain provisions of the Stockholder Rights Agreement

     

    —

     

     

    —

     

     

    —

     

     

    —

     

     

    118

     

    Add back: Tax benefit arising from impairments

     

    —

     

     

    —

     

     

    82

     

     

    657

     

     

    —

     

    Adjusted income tax expense

    $

    9,008

     

    $

    6,731

     

    $

    5,342

     

    $

    5,854

     

    $

    4,833

     

    Adjusted effective income tax rate

     

    25.0

    %

     

    24.9

    %

     

    22.3

    %

     

    24.5

    %

     

    24.5

    %

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, the risks described below. If one or more of these or other risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this press release completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements.

    In particular, forward-looking statements in this press release may include statements about:

    • anticipated trends, conditions and investor sentiment in the global markets and ETPs;
    • anticipated levels of inflows into and outflows out of our ETPs;
    • our ability to deliver favorable rates of return to investors;
    • competition in our business;
    • whether we will experience future growth;
    • our ability to develop new products and services and their potential for success;
    • our ability to maintain current vendors or find new vendors to provide services to us at favorable costs;
    • our ability to successfully implement our strategy relating to digital assets and blockchain-enabled financial services, including WisdomTree Prime®, and achieve its objectives;
    • our ability to successfully operate and expand our business in non-U.S. markets;
    • the effect of laws and regulations that apply to our business; and
    • actions of activist stockholders.

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

    • declining prices of securities, gold and other precious metals and other commodities and changes in interest rates and general market conditions can adversely affect our business by reducing the market value of the assets we manage or causing WisdomTree ETP investors to sell their fund shares and trigger redemptions;
    • fluctuations in the amount and mix of our AUM, whether caused by disruptions in the financial markets or otherwise, including but not limited to events such as a pandemic or war, geopolitical conflicts, political events, acts of terrorism and other matters beyond our control, may negatively impact revenues and operating margins, and may impede our ability to refinance our debt upon maturity or increase the cost of borrowing upon a refinancing;
    • competitive pressures could reduce revenues and profit margins;
    • we derive a substantial portion of our revenues from a limited number of products, and, as a result, our operating results are particularly exposed to investor sentiment toward investing in the products' strategies and our ability to maintain the AUM of these products, as well as the performance of these products and market-specific and political and economic risk;
    • a significant portion of our AUM is held in products with exposure to U.S. and international developed markets, and we therefore have exposure to domestic and foreign market conditions and are subject to currency exchange rate risks;
    • withdrawals or broad changes in investments in our ETPs by investors with significant positions may negatively impact revenues and operating margins;
    • we face increased operational, regulatory, financial and other risks as a result of conducting our business internationally, and as we expand our digital assets product offerings and services beyond our existing ETP business;
    • many of our ETPs have a limited track record, and poor investment performance could cause our revenues to decline;
    • we depend on third parties to provide many critical services to operate our business and our ETPs. The failure of key vendors to adequately provide such services could materially affect our operating business and harm WisdomTree ETP investors; and
    • actions of activist stockholders against us, which have been costly and may be disruptive and cause uncertainty about the strategic direction of our business.

    Other factors, such as general economic conditions, including currency exchange rate fluctuations, also may have an effect on the results of our operations. For a more complete description of the risks noted above and other risks that could cause our actual results to differ from our current expectations, see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and our quarterly report on Form 10-Q for the quarter ended March 31, 2024.

    The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Therefore, these forward-looking statements do not represent our views as of any date other than the date of this press release.

    Category: Business Update

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240726753476/en/

    Get the next $WT alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $WT

    DatePrice TargetRatingAnalyst
    7/2/2025$15.00Neutral → Buy
    Northcoast
    6/27/2025$11.90Sell → Neutral
    Goldman
    1/2/2025Buy → Neutral
    Northcoast
    4/3/2024$12.00Market Perform → Outperform
    Northland Capital
    3/6/2024$12.00Buy
    Craig Hallum
    12/28/2023$9.00Neutral → Buy
    Northcoast
    10/11/2023$8.50 → $9.00Buy
    UBS
    5/15/2023$9.00Outperform
    Oppenheimer
    More analyst ratings

    $WT
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • WisdomTree Launches GeoAlpha Opportunities Fund (GEOA)

      ETF designed to help investors capture opportunities amid geopolitical realignment and macroeconomic shifts WisdomTree, Inc. (NYSE:WT), a global financial innovator, today announced the launch of the WisdomTree GeoAlpha Opportunities Fund (GEOA or "the Fund") on the New York Stock Exchange (or "NYSE"), with an expense ratio of 0.58%. GEOA is passively managed and seeks to track the price and yield performance, before fees and expenses, of the WisdomTree GeoAlpha Opportunities Index, which is designed to provide exposure to global companies benefitting from shifts in geopolitical policy. The Index is constructed using WisdomTree's proprietary research and multi-dimensional framework, ide

      7/8/25 8:00:00 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • NYSE Content advisory: Pre-Market update + Trump tariffs to resume Aug. 1

      NEW YORK, July 7, 2025 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.  Kristen Scholer delivers the pre-market update on July 7th S&P 500 begins week coming off a record closeWhite House says reciprocal tariffs go into effect August 1President Trump's tax and spending bill officially signed into law on July 4Opening BellKode with Klossy celebrates its 10-year anniversary Closing BellWisdomTree (NYSE:WT) celebrates the 10th anniversary of its Yield Enhanced U.S. Aggregate Bond ETF (NYSE:AGGY) Click here to d

      7/7/25 8:55:00 AM ET
      $ICE
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • WisdomTree Expands Offering in Fast-Growing Tax Efficient SMA/Direct Indexing Market; Makes Strategic Investment in Quorus

      Investment enables advisors to access key WisdomTree products in SMA format; offers rebalancing and trading for WisdomTree Model Portfolios at no additional cost to advisors WisdomTree, Inc. (NYSE:WT), a global financial innovator, announced today that is has made a strategic minority investment in, and entered into a multi-year collaboration with, Quorus Inc., a technology-driven asset manager with platform capabilities for delivering customizable, tax efficient investment solutions for asset managers and financial advisors. Investment strategies provided by WisdomTree Asset Management, Inc. ("WTAM") can now be implemented in a tax-efficient separately managed account ("SMA") format via

      6/26/25 8:00:00 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance

    $WT
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Pankopf Tonia L was granted 9,871 shares, increasing direct ownership by 40% to 34,685 units (SEC Form 4)

      4 - WisdomTree, Inc. (0000880631) (Issuer)

      6/18/25 3:52:04 PM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • Director Neuger Win J was granted 9,871 shares, increasing direct ownership by 7% to 158,205 units (SEC Form 4)

      4 - WisdomTree, Inc. (0000880631) (Issuer)

      6/18/25 3:50:47 PM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • Director Naidoo Shamla was granted 9,871 shares, increasing direct ownership by 40% to 34,685 units (SEC Form 4)

      4 - WisdomTree, Inc. (0000880631) (Issuer)

      6/18/25 3:49:34 PM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance

    $WT
    SEC Filings

    See more
    • WisdomTree Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - WisdomTree, Inc. (0000880631) (Filer)

      6/20/25 8:00:40 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • SEC Form 10-Q filed by WisdomTree Inc.

      10-Q - WisdomTree, Inc. (0000880631) (Filer)

      5/9/25 1:25:57 PM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • WisdomTree Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Other Events, Financial Statements and Exhibits

      8-K - WisdomTree, Inc. (0000880631) (Filer)

      5/2/25 8:00:43 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance

    $WT
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • WisdomTree upgraded by Northcoast with a new price target

      Northcoast upgraded WisdomTree from Neutral to Buy and set a new price target of $15.00

      7/2/25 7:46:20 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • WisdomTree upgraded by Goldman with a new price target

      Goldman upgraded WisdomTree from Sell to Neutral and set a new price target of $11.90

      6/27/25 7:45:38 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • WisdomTree downgraded by Northcoast

      Northcoast downgraded WisdomTree from Buy to Neutral

      1/2/25 8:11:37 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance

    $WT
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by WisdomTree Inc.

      SC 13G - WisdomTree, Inc. (0000880631) (Subject)

      11/21/24 5:28:49 PM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • Amendment: SEC Form SC 13G/A filed by WisdomTree Inc.

      SC 13G/A - WisdomTree, Inc. (0000880631) (Subject)

      11/14/24 12:38:38 PM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • Amendment: SEC Form SC 13D/A filed by WisdomTree Inc.

      SC 13D/A - WisdomTree, Inc. (0000880631) (Subject)

      8/9/24 4:29:13 PM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance

    $WT
    Financials

    Live finance-specific insights

    See more
    • WisdomTree Expands Global Reach With Strategic Collaboration in Korea and Key Hire

      Korea Investment Management Launches Suite of Innovative Products Based on WisdomTree's U.S. Quality Dividend Growth Index WisdomTree, Inc. (NYSE:WT), a global financial innovator, today announced it has expanded its global footprint through a strategic collaboration with Korea Investment Management Co., Ltd. (KIM) in connection with the launch of a suite of innovative exchange-traded funds (ETFs) by KIM marketed under the ACE label for the Korean market. "ACE" is the ETF branding used by Korea Investment Management for its locally listed ETFs. The ETFs are benchmarked to indexes incorporating WisdomTree's proprietary approach to U.S. quality dividend growth capture through its U.S. qualit

      5/13/25 9:00:00 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • WisdomTree Announces First Quarter 2025 Results

      Record AUM of $115.8 Billion 11% Annualized Organic Growth Rate Across All Products Diluted Earnings Per Share of $0.17 ($0.16, as Adjusted) WisdomTree, Inc. (NYSE:WT), a global financial innovator, today reported financial results for the first quarter of 2025. $24.6 million of net income ($23.0(1) million of net income, as adjusted). See "Non-GAAP Financial Measurements" for additional information. $115.8 billion of ending AUM, an increase of 5.5% from the prior quarter arising from net inflows and market appreciation. $3.0 billion of net inflows, primarily driven by inflows into our fixed income, U.S. equity and international developed equity products, partly offset by outflows fro

      5/2/25 7:00:00 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • WisdomTree Schedules Earnings Conference Call for Q1 on May 2, 2025 at 11:00 a.m. ET

      WisdomTree, Inc. (NYSE:WT), a global financial innovator, announced today that it plans to release its first quarter results on May 2, 2025 at 7:00 a.m. ET. A conference call to discuss the firm's results will be held at 11:00 a.m. ET. Dial-In and Webcast Details Participant Dial-In: 877-407-9210 / +1 201-689-8049 Participant International Toll-Free access numbers: Click Here Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=KKtcnQsi To avoid delays, we encourage participants to 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

      4/17/25 8:00:00 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance

    $WT
    Leadership Updates

    Live Leadership Updates

    See more
    • WisdomTree Appoints Alexis Marinof as CEO, Europe to Strengthen Regional Growth and Market Presence

      WisdomTree, Inc. (NYSE:WT), a global financial innovator, today announced the appointment of Alexis Marinof as CEO, Europe, reinforcing the company's commitment to the European market and strengthening its regional leadership. Alexis, who has been leading WisdomTree's European business since 2019, will assume the CEO title to further enhance the firm's client and regulatory engagement, market credibility and execution capabilities in the region. He will continue reporting to WisdomTree's global President and COO, Jarrett Lilien, ensuring seamless alignment with the company's global strategy. "Alexis has played a critical role in driving WisdomTree's success in Europe. His leadership has

      3/3/25 9:00:00 AM ET
      $WT
      Investment Bankers/Brokers/Service
      Finance
    • Asbury Automotive Group Elects New Director to Its Board

      Shamla Naidoo's Extensive Background in Technology, Data, and Privacy Provides Asbury Automotive Group with Additional Cyber Security Insight Asbury Automotive Group, Inc. (NYSE:ABG) ("Asbury" or the "Company"), one of the largest automotive retail and service companies in the U.S., announced today the appointment of Shamla Naidoo to its Board of Directors effective January 1, 2025. The Board has appointed Ms. Naidoo to the Audit Committee and the Compensation & Human Resources Committee. Ms. Naidoo's election brings the total number of directors to ten, nine of whom are independent, including Ms. Naidoo. "We are thrilled to welcome Shamla to the Board. She is a tremendous addition and

      11/19/24 4:45:00 PM ET
      $ABG
      $IBM
      $RGP
      $WT
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
      Computer Manufacturing
      Technology
    • PROG Holdings Appoints Two New Independent Directors to Board

      PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build, today announced the appointment of Robert Julian and Daniela Mielke to its Board of Directors. "Robert and Daniela are recognized leaders in industries that are especially relevant to PROG Holdings. Robert's consumer retail and e-commerce financial expertise, as well as Daniela's leadership in digital payments, fintech and e-commerce, will make them both highly valuable additions to our Board," said Ray Robinson, Chairman of PROG Holdings. "We're pleased to welcome Robert and Daniela as our newest independent directors," said Steve Michaels, PROG Holdings' P

      11/12/24 4:30:00 PM ET
      $PRG
      $REAL
      $SHLS
      $WT
      Diversified Commercial Services
      Consumer Discretionary
      Other Specialty Stores
      Semiconductors