$WT
WisdomTree, Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514403208 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $49.60M $47.11M $39.63M
YoY Change 14.89% 18.88% 82.96%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $31.60M $25.53M $23.42M
YoY Change 26.1% 9.01% 46.65%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $200.0K $200.0K $0.00
YoY Change 0.0% -100.0%
% of Gross Profit
Operating Expenses $32.92M $26.86M $24.67M
YoY Change 23.34% 8.89% 44.0%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.123M $1.164M
YoY Change -3.52% 35.51%
Pretax Income $16.68M $20.26M $14.97M
YoY Change 1.21% 35.36% 230.13%
Income Tax $7.060M $9.634M
% Of Pretax Income 42.33% 47.56%
Net Earnings $9.620M $10.62M $14.97M
YoY Change -41.63% -29.01% 230.13%
Net Earnings / Revenue 19.4% 22.55% 37.76%
Basic Earnings Per Share $0.08 $0.12
Diluted Earnings Per Share $69.32K $0.08 $0.11
COMMON SHARES
Basic Shares Outstanding 133.5M shares 131.8M shares 126.5M shares
Diluted Shares Outstanding 138.3M shares 140.1M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.3M $151.3M $87.10M
YoY Change 58.49% 73.71% 119.95%
Cash & Equivalents $165.3M $151.3M $87.11M
Short-Term Investments
Other Short-Term Assets $1.708M $2.208M $1.975M
YoY Change 29.39% 11.8% 9.72%
Inventory
Prepaid Expenses
Receivables $18.18M $16.27M $16.25M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $185.2M $169.8M $105.3M
YoY Change 50.27% 61.15% 107.37%
LONG-TERM ASSETS
Property, Plant & Equipment $10.36M $10.26M $1.349M
YoY Change 65.64% 660.79% 124.83%
Goodwill $1.676M $1.676M
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.00M $12.20M $11.60M
YoY Change 19.66% 5.17% 23.4%
Other Assets $71.00K $56.00K $50.00K
YoY Change -87.41% 12.0% -50.0%
Total Long-Term Assets $35.58M $32.47M $13.00M
YoY Change 91.68% 149.75% 30.02%
TOTAL ASSETS
Total Short-Term Assets $185.2M $169.8M $105.3M
Total Long-Term Assets $35.58M $32.47M $13.00M
Total Assets $220.8M $202.2M $118.3M
YoY Change 55.69% 70.89% 94.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.100M $5.000M $4.000M
YoY Change 15.91% 25.0% 11.11%
Accrued Expenses $14.30M $7.100M $9.400M
YoY Change 0.0% -24.47% 193.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.43M $20.85M $24.04M
YoY Change 1.29% -13.26% 49.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.000M $7.100M $3.063M
YoY Change 88.88% 131.8%
Total Long-Term Liabilities $7.000M $7.100M $3.063M
YoY Change 88.88% 131.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.43M $20.85M $24.04M
Total Long-Term Liabilities $7.000M $7.100M $3.063M
Total Liabilities $36.47M $27.93M $27.10M
YoY Change 11.31% 3.07% 67.29%
SHAREHOLDERS EQUITY
Retained Earnings -$26.23M -$25.07M -$92.97M
YoY Change -65.71% -73.04%
Common Stock $210.6M $1.335M $1.294M
YoY Change 15827.84% 3.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $184.3M $174.3M $91.24M
YoY Change
Total Liabilities & Shareholders Equity $220.8M $202.2M $118.3M
YoY Change 55.69% 70.89% 94.65%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $9.620M $10.62M $14.97M
YoY Change -41.63% -29.01% 230.13%
Depreciation, Depletion And Amortization $200.0K $200.0K $0.00
YoY Change 0.0% -100.0%
Cash From Operating Activities $25.90M $24.00M $18.50M
YoY Change 15.63% 29.73% -1950.0%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$900.0K -$1.000M
YoY Change -94.12% -10.0% 900.0%
Acquisitions
YoY Change
Other Investing Activities -$1.700M -$100.0K -$300.0K
YoY Change 1600.0% -66.67% -175.0%
Cash From Investing Activities -$2.100M -$900.0K -$1.300M
YoY Change -59.62% -30.77% -533.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.900M -600.0K -900.0K
YoY Change -10000.0% -33.33% -190.0%
NET CHANGE
Cash From Operating Activities 25.90M 24.00M 18.50M
Cash From Investing Activities -2.100M -900.0K -1.300M
Cash From Financing Activities -9.900M -600.0K -900.0K
Net Change In Cash 13.90M 22.50M 16.30M
YoY Change -19.65% 38.04% 5333.33%
FREE CASH FLOW
Cash From Operating Activities $25.90M $24.00M $18.50M
Capital Expenditures -$300.0K -$900.0K -$1.000M
Free Cash Flow $26.20M $24.90M $19.50M
YoY Change -4.73% 27.69% -2266.67%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> The preparation of the Company&#x2019;s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates.</p> </div>
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WeightedAverageNumberOfDilutedSharesOutstanding
138476000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
dei Entity Central Index Key
EntityCentralIndexKey
0000880631
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1196888 shares
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2014-01-01
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1042422 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131418000 shares
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-9000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
66000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
76000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1384000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
811000
us-gaap Straight Line Rent
StraightLineRent
-1620000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-1349000
us-gaap Other Income
OtherIncome
673000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
51420000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
56869000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2049000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
59142000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6259000
us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
133489000
us-gaap Revenues
Revenues
134162000
us-gaap Payments To Acquire Property Plant And Equipment
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4580000
us-gaap Net Income Loss
NetIncomeLoss
51429000
us-gaap Operating Expenses
OperatingExpenses
77293000
us-gaap Professional Fees
ProfessionalFees
5018000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
26896000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
6259000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
46971000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5440000
us-gaap Business Development
BusinessDevelopment
4307000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
600000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1676000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5918000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-7510000
us-gaap Share Based Compensation
ShareBasedCompensation
6122000
us-gaap Asset Management Costs
AssetManagementCosts
25451000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
506000
wetf Increase Decrease In Fund Management And Administration Payable
IncreaseDecreaseInFundManagementAndAdministrationPayable
-1579000
wetf Payout Description
PayoutDescription
The ultimate payout will be made in cash over two years.
us-gaap Communications Information Technology And Occupancy
CommunicationsInformationTechnologyAndOccupancy
2635000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
8645000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-3747000
us-gaap Other Expenses
OtherExpenses
3429000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
341000
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
5396000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2372000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
868000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-14000
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-590000
wetf Temporary Tax Differences
TemporaryTaxDifferences
627000
wetf Cash And Cash Equivalents Criteria Maturity Period
CashAndCashEquivalentsCriteriaMaturityPeriod
P90D
wetf Third Party Sharing Arrangements
ThirdPartySharingArrangements
312000
wetf Dilutive Stock Options And Unvested Restricted Stock
DilutiveStockOptionsAndUnvestedRestrictedStock
7058000 shares
wetf Operating Lease Agreement Date
OperatingLeaseAgreementDate
2013-08
wetf Letters Of Credit Decreased Amount
LettersOfCreditDecreasedAmount
1384000
wetf Stock Option Issuance Period
StockOptionIssuancePeriod
P10Y
wetf Net Operating Loss Amount Deemed Worthless
NetOperatingLossAmountDeemedWorthless
3487000
wetf Permanent Tax Differences
PermanentTaxDifferences
20507000
CY2013 wetf Letters Of Credit Decreased Amount
LettersOfCreditDecreasedAmount
1803000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
140097000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126509000 shares
CY2013Q3 us-gaap Other Income
OtherIncome
193000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
14965000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
14965000
CY2013Q3 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
39437000
CY2013Q3 us-gaap Revenues
Revenues
39630000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
14965000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
24665000
CY2013Q3 us-gaap Professional Fees
ProfessionalFees
542000
CY2013Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
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CY2013Q3 us-gaap Business Development
BusinessDevelopment
1305000
CY2013Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
84000
CY2013Q3 us-gaap Communications Information Technology And Occupancy
CommunicationsInformationTechnologyAndOccupancy
723000
CY2013Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
2031000
CY2013Q3 us-gaap Other Expenses
OtherExpenses
1164000
CY2013Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
582000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1781000
CY2013Q3 us-gaap Asset Management Costs
AssetManagementCosts
8794000
CY2013Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
128000
CY2013Q3 wetf Third Party Sharing Arrangements
ThirdPartySharingArrangements
374000
CY2013Q3 wetf Dilutive Stock Options And Unvested Restricted Stock
DilutiveStockOptionsAndUnvestedRestrictedStock
13588000 shares
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
138346000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
624478 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131778000 shares
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-9000
CY2014Q3 us-gaap Other Income
OtherIncome
172000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10614000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
20257000
CY2014Q3 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
46942000
CY2014Q3 us-gaap Revenues
Revenues
47114000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
10623000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
26857000
CY2014Q3 us-gaap Professional Fees
ProfessionalFees
1383000
CY2014Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
9990000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9634000
CY2014Q3 us-gaap Business Development
BusinessDevelopment
1279000
CY2014Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
207000
CY2014Q3 us-gaap Communications Information Technology And Occupancy
CommunicationsInformationTechnologyAndOccupancy
882000
CY2014Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
3341000
CY2014Q3 us-gaap Other Expenses
OtherExpenses
1123000
CY2014Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
778000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2077000
CY2014Q3 us-gaap Asset Management Costs
AssetManagementCosts
8465000
CY2014Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
113000
CY2014Q3 wetf Third Party Sharing Arrangements
ThirdPartySharingArrangements
187000
CY2014Q3 wetf Dilutive Stock Options And Unvested Restricted Stock
DilutiveStockOptionsAndUnvestedRestrictedStock
6568000 shares

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