2017 Q4 Form 10-K Financial Statement

#000119312518066712 Filed on March 01, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4 2016
Revenue $59.19M $50.80M $218.9M
YoY Change 16.52% -33.59% -26.77%
Cost Of Revenue $41.08M
YoY Change
Gross Profit $177.8M
YoY Change
Gross Profit Margin 81.23%
Selling, General & Admin $48.68M $38.56M $147.3M
YoY Change 26.24% 3.74% -3.35%
% of Gross Profit 82.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $400.0K $300.0K $1.300M
YoY Change 33.33% 0.0% 30.0%
% of Gross Profit 0.73%
Operating Expenses $50.91M $40.61M $155.5M
YoY Change 25.36% 3.31% -3.89%
Operating Profit $63.45M
YoY Change
Interest Expense $2.860M $1.100M
YoY Change
% of Operating Profit 1.73%
Other Income/Expense, Net -$670.0K $6.909M
YoY Change 11.67%
Pretax Income $5.650M $8.510M $55.56M
YoY Change -33.61% -76.16% -59.5%
Income Tax $4.910M $6.030M $29.41M
% Of Pretax Income 86.9% 70.86% 52.93%
Net Earnings $240.0K $2.480M $26.16M
YoY Change -90.32% -87.92% -67.33%
Net Earnings / Revenue 0.41% 4.88% 11.95%
Basic Earnings Per Share $0.19
Diluted Earnings Per Share $1.756K $18.31K $0.19
COMMON SHARES
Basic Shares Outstanding 136.9M shares 136.4M shares 134.4M
Diluted Shares Outstanding 135.5M

Balance Sheet

Concept 2017 Q4 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.5M $151.6M $151.6M
YoY Change -20.51% -27.84% -27.84%
Cash & Equivalents $54.19M $92.72M $92.70M
Short-Term Investments $66.30M $58.90M $58.90M
Other Short-Term Assets $1.007M $555.0K $7.800M
YoY Change 81.44% 104.04% 168.97%
Inventory
Prepaid Expenses $3.550M $3.346M
Receivables $21.31M $17.67M $17.70M
Other Receivables $7.000M $0.00 $0.00
Total Short-Term Assets $154.3M $177.2M $177.2M
YoY Change -12.9% -26.34% -26.32%
LONG-TERM ASSETS
Property, Plant & Equipment $10.69M $11.75M $11.70M
YoY Change -8.98% -1.89% -2.5%
Goodwill $1.799M $1.799M
YoY Change 0.0% 7.34%
Intangibles
YoY Change
Long-Term Investments $55.50M $38.50M $38.50M
YoY Change 44.16% 62.45% 62.45%
Other Assets $793.0K $747.0K $10.60M
YoY Change 6.16% 1.22% -28.38%
Total Long-Term Assets $100.7M $72.58M $72.60M
YoY Change 38.69% 39.17% 39.08%
TOTAL ASSETS
Total Short-Term Assets $154.3M $177.2M $177.2M
Total Long-Term Assets $100.7M $72.58M $72.60M
Total Assets $255.0M $249.8M $249.8M
YoY Change 2.09% -14.67% -14.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.200M $5.800M $5.800M
YoY Change 41.38% 16.0% 16.0%
Accrued Expenses $28.10M $14.70M $14.70M
YoY Change 91.16% -47.69% -47.69%
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 $57.35M $43.53M $43.50M
YoY Change 31.75% -11.34% -11.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.700M $4.900M $4.900M
YoY Change -4.08% -46.15% -46.15%
Total Long-Term Liabilities $4.700M $4.900M $4.900M
YoY Change -4.08% -46.15% -46.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.35M $43.53M $43.50M
Total Long-Term Liabilities $4.700M $4.900M $4.900M
Total Liabilities $62.03M $48.42M $48.40M
YoY Change 28.11% -16.79% -16.84%
SHAREHOLDERS EQUITY
Retained Earnings -$24.72M -$24.72M
YoY Change 0.0% 0.0%
Common Stock $217.4M $226.1M
YoY Change -3.86% -12.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $193.0M $201.3M $201.3M
YoY Change
Total Liabilities & Shareholders Equity $255.0M $249.8M $249.8M
YoY Change 2.09% -14.67% -14.66%

Cashflow Statement

Concept 2017 Q4 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $240.0K $2.480M $26.16M
YoY Change -90.32% -87.92% -67.33%
Depreciation, Depletion And Amortization $400.0K $300.0K $1.300M
YoY Change 33.33% 0.0% 30.0%
Cash From Operating Activities $17.40M $11.00M $54.91M
YoY Change 58.18% -75.56% -64.6%
INVESTING ACTIVITIES
Capital Expenditures -$2.100M -$400.0K $1.070M
YoY Change 425.0% -60.0% -59.1%
Acquisitions $11.82M
YoY Change
Other Investing Activities -$17.00M -$83.90M -$88.20M
YoY Change -79.74% 809.28%
Cash From Investing Activities -$19.20M -$84.40M -$89.27M
YoY Change -77.25% 8340.0% 625.73%
FINANCING ACTIVITIES
Cash Dividend Paid $43.66M
YoY Change -44.41%
Common Stock Issuance & Retirement, Net $39.38M
YoY Change 63.29%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.10M -11.00M -82.84M
YoY Change 28.18% -76.09% -15.55%
NET CHANGE
Cash From Operating Activities 17.40M 11.00M 54.91M
Cash From Investing Activities -19.20M -84.40M -89.27M
Cash From Financing Activities -14.10M -11.00M -82.84M
Net Change In Cash -15.90M -84.40M -117.2M
YoY Change -81.16% 4120.0% -362.19%
FREE CASH FLOW
Cash From Operating Activities $17.40M $11.00M $54.91M
Capital Expenditures -$2.100M -$400.0K $1.070M
Free Cash Flow $19.50M $11.40M $53.84M
YoY Change 71.05% -75.22% -64.69%

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795000
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0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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24116000
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138825000 shares
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1583000 shares
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137242000 shares
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2978000
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2051000
CY2015 wetf Third Party Sharing Arrangements
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2443000
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0.006 pure
CY2017 dei Amendment Flag
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false
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492000
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1593000 shares
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1132000
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440000
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22155000
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2708000
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2021-12-29
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-214000
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1013000
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1395000
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7947000
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8838000
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
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1105000
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0.533 pure
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7684000
CY2017 us-gaap Dividends
Dividends
43777000
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FY
CY2017 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
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1120000
CY2017 dei Document Type
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10-K
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
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0.092 pure
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0.018 pure
CY2017 dei Document Period End Date
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2017-12-31
CY2017 us-gaap Earnings Per Share Basic
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0.20
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0.038 pure
CY2017 dei Entity Registrant Name
EntityRegistrantName
WisdomTree Investments, Inc.
CY2017 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2017 dei Entity Central Index Key
EntityCentralIndexKey
0000880631
CY2017 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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0.008 pure
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0.027 pure
CY2017 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2017 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2017 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
6909000
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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58192000
CY2017 us-gaap Income Taxes Paid Net
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33113000
CY2017 us-gaap Increase Decrease In Employee Related Liabilities
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13126000
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-299000
CY2017 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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-11211000
CY2017 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
2132000
CY2017 us-gaap Indefinite Lived Intangible Assets Written Off Related To Sale Of Business Unit
IndefiniteLivedIntangibleAssetsWrittenOffRelatedToSaleOfBusinessUnit
0
CY2017 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
Tax returns filed with each jurisdiction generally remain open to examination under the normal three-year statute of limitation. As of December 31, 2017, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for years before 2014.
CY2017 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
2354000
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3532000
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408000
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204000
CY2017 us-gaap Income Tax Expense Benefit
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30993000
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135000
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227775000
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335000
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649000
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2132000
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7891000
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295000
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18748000
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3009000
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91095000
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4194000
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532000
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237399000
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0 shares
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P1Y10M25D
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.17
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P1Y10M25D
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0
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P1Y
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
On June 20, 2016, the Company's stockholders approved a new equity award plan under which the Company can issue up to 10,000,000 shares of common stock (less one share for every share granted under prior plans since March 31, 2016 and inclusive of shares available under the prior plans as of March 31, 2016) in the form of stock options and other stock-based awards.
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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0
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525000
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1643000
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0 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
Stock options may be issued for terms of ten years
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532000
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7891000
CY2017 dei Trading Symbol
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WETF
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136003000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
1389000 shares
CY2017 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <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: 4%"> 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>
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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134614000 shares
CY2017 wetf Share Based Compensation Arrangement By Share Based Payment Award Expiration Period Start Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationPeriodStartDate
2018-08-24
CY2017 wetf Share Based Compensation Arrangement By Share Based Payment Award Expiration Period End Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationPeriodEndDate
2021-11-15
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6203000
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8838000
CY2017 wetf Deferred Tax Assets Operating Loss Carryforwards Net Of Tax
DeferredTaxAssetsOperatingLossCarryforwardsNetOfTax
3841000
CY2017 wetf Third Party Sharing Arrangements
ThirdPartySharingArrangements
3393000
CY2017 wetf Cash Equivalents Maturity Period
CashEquivalentsMaturityPeriod
P90D
CY2017 wetf Operating Loss Carry Forward Expiration Year
OperatingLossCarryForwardExpirationYear
2024
CY2017 wetf Number Of Securities Determined To Be Other Than Temporarily Impaired
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0 Securities
CY2017 wetf Number Of Available For Securities Determined To Be Other Than Temporarily Impaired
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0 Securities
CY2017 wetf Cash And Cash Equivalents Criteria Maturity Period
CashAndCashEquivalentsCriteriaMaturityPeriod
P90D
CY2017 wetf Stock Option Issuance Period
StockOptionIssuancePeriod
P10Y
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0.10 pure
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0
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0.350 pure
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0.082 pure
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0.012 pure
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12877000
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55562000
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14990000
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0.19
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.042 pure
CY2016 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
-150000
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EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.002 pure
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1676000
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IncreaseDecreaseInEmployeeRelatedLiabilities
-13089000
CY2016 us-gaap Increase Decrease In Financial Instruments Sold Not Yet Purchased
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1249000
CY2016 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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1687000
CY2016 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
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CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2016 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
307000
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719000
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
29407000
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1556000
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LaborAndRelatedExpense
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LeaseAndRentalExpense
4293000
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MarketingAndAdvertisingExpense
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-89265000
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NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
54911000
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CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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26155000
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OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-163000
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82000
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245000
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43660000
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PaymentsToAcquireAvailableForSaleSecurities
63619000
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39379000
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11818000
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PaymentsToAcquirePropertyPlantAndEquipment
1070000
CY2016 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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6002000
CY2016 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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16742000
CY2016 us-gaap Proceeds From Stock Options Exercised
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195000
CY2016 us-gaap Professional Fees
ProfessionalFees
6692000
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Revenues
219446000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
14892000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.11
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1794000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1138000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
134401000 shares
CY2016 wetf Increase Decrease In Fund Management And Administration Payable
IncreaseDecreaseInFundManagementAndAdministrationPayable
9636000
CY2016 wetf Noncash Income Tax Expense Benefit
NoncashIncomeTaxExpenseBenefit
12900000
CY2016 wetf Deferred Tax Assets Operating Loss Carryforwards Net Of Tax
DeferredTaxAssetsOperatingLossCarryforwardsNetOfTax
4551000
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
176350 shares
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
14892000
CY2016 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
195000
CY2016 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
39379000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
135539000 shares
CY2016 wetf Third Party Sharing Arrangements
ThirdPartySharingArrangements
2827000
CY2016 wetf Number Of Securities Determined To Be Other Than Temporarily Impaired
NumberOfSecuritiesDeterminedToBeOtherThanTemporarilyImpaired
0 Securities
CY2016 wetf Number Of Available For Securities Determined To Be Other Than Temporarily Impaired
NumberOfAvailableForSecuritiesDeterminedToBeOtherThanTemporarilyImpaired
0 Securities
CY2016 wetf Effective Income Tax Rate Reconciliation Nondeductible Expense Acquisition Costs Percent
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAcquisitionCostsPercent
0.041 pure

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