$WT
WisdomTree, Inc.

2024 Q2 Form 10-Q Financial Statement

#000121465924008488 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $107.0M $96.84M $82.04M
YoY Change 24.86% 18.03% 4.69%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $70.27M $66.18M $58.62M
YoY Change 11.16% 12.9% 7.88%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $418.0K $383.0K $100.0K
YoY Change 318.0% 283.0% 112.77%
% of Gross Profit
Operating Expenses $73.52M $68.89M $65.47M
YoY Change 8.85% 5.22% 7.9%
Operating Profit $33.51M $27.95M $16.57M
YoY Change 84.32% 68.67% -6.32%
Interest Expense $4.140M $4.128M $4.002M
YoY Change 2.96% 3.15% -236.22%
% of Operating Profit 12.35% 14.77% 24.15%
Other Income/Expense, Net $2.831M $2.323M $2.257M
YoY Change 8.26% 2.92% -105.41%
Pretax Income $29.53M $27.81M $17.62M
YoY Change -48.92% 57.88% -165.31%
Income Tax $7.767M $5.701M $1.383M
% Of Pretax Income 26.31% 20.5% 7.85%
Net Earnings $21.76M $22.11M $16.23M
YoY Change -59.89% 36.21% -258.2%
Net Earnings / Revenue 20.33% 22.83% 19.79%
Basic Earnings Per Share $0.13 $0.14 $0.10
Diluted Earnings Per Share $0.13 $0.13 $0.10
COMMON SHARES
Basic Shares Outstanding 151.8M shares 151.9M shares 149.3M
Diluted Shares Outstanding 166.4M shares 165.3M shares 159.9M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.2M $175.2M $249.3M
YoY Change 35.55% -29.71% 2.07%
Cash & Equivalents $132.5M $116.9M $119.1M
Short-Term Investments $69.78M $58.30M $130.2M
Other Short-Term Assets $1.199M $1.284M $291.0K
YoY Change 218.88% 341.24% -95.53%
Inventory
Prepaid Expenses $8.595M $6.491M $5.877M
Receivables $42.66M $40.02M $35.50M
Other Receivables $0.00 $0.00 $1.800M
Total Short-Term Assets $254.7M $223.0M $292.7M
YoY Change 32.06% -23.82% 2.29%
LONG-TERM ASSETS
Property, Plant & Equipment $413.0K $436.0K $515.0K
YoY Change -15.2% -15.34% -47.61%
Goodwill $86.84M $86.84M $85.86M
YoY Change 0.0% 1.15%
Intangibles $605.6M $605.3M $604.0M
YoY Change 0.19% 0.23%
Long-Term Investments $8.506M $9.830M $27.20M
YoY Change -78.84% -63.86% 28.13%
Other Assets $457.0K $456.0K $507.0K
YoY Change 0.66% -10.06% -87.61%
Total Long-Term Assets $709.4M $708.6M $725.0M
YoY Change -4.25% -2.26% 1.42%
TOTAL ASSETS
Total Short-Term Assets $254.7M $223.0M $292.7M
Total Long-Term Assets $709.4M $708.6M $725.0M
Total Assets $964.1M $931.7M $1.018B
YoY Change 3.25% -8.46% 1.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.30M $17.11M $14.80M
YoY Change -8.95% 15.57% -7.38%
Accrued Expenses $24.20M $9.875M $10.40M
YoY Change 30.12% -5.05% 12.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.80M $14.80M $59.90M
YoY Change -75.29%
Total Short-Term Liabilities $84.69M $75.59M $130.9M
YoY Change 24.03% -42.27% 95.74%
LONG-TERM LIABILITIES
Long-Term Debt $301.3M $275.3M $273.8M
YoY Change 9.93% 0.53% -14.24%
Other Long-Term Liabilities $24.99M $162.0M
YoY Change -84.57% -29.24%
Total Long-Term Liabilities $301.3M $300.3M $435.8M
YoY Change 9.93% -31.1% -20.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.69M $75.59M $130.9M
Total Long-Term Liabilities $301.3M $300.3M $435.8M
Total Liabilities $386.0M $375.8M $566.7M
YoY Change 12.73% -33.67% -7.87%
SHAREHOLDERS EQUITY
Retained Earnings $129.6M $112.9M $25.03M
YoY Change 74.32% 350.93%
Common Stock $1.519M $1.518M $294.5M
YoY Change -99.61% -99.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $445.6M $423.2M $318.5M
YoY Change
Total Liabilities & Shareholders Equity $964.1M $931.7M $1.018B
YoY Change 3.25% -8.46% 1.67%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $21.76M $22.11M $16.23M
YoY Change -59.89% 36.21% -258.2%
Depreciation, Depletion And Amortization $418.0K $383.0K $100.0K
YoY Change 318.0% 283.0% 112.77%
Cash From Operating Activities $32.21M -$1.038M -$5.397M
YoY Change 26.81% -80.77% 100.48%
INVESTING ACTIVITIES
Capital Expenditures $628.0K $66.00K $26.00K
YoY Change 528.0% 153.85% -148.15%
Acquisitions
YoY Change
Other Investing Activities -$11.10M $2.686M -$2.000M
YoY Change -120.55% -234.3% -89.29%
Cash From Investing Activities -$11.73M $2.028M -$2.008M
YoY Change -121.76% -201.0% -89.27%
FINANCING ACTIVITIES
Cash Dividend Paid $4.997M $4.821M
YoY Change 3.65% -0.43%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.876M -$12.82M -6.070M
YoY Change -95.76% 111.15% -26.3%
NET CHANGE
Cash From Operating Activities 32.21M -$1.038M -5.397M
Cash From Investing Activities -11.73M $2.028M -2.008M
Cash From Financing Activities -4.876M -$12.82M -6.070M
Net Change In Cash 15.61M -$12.38M -13.00M
YoY Change -143.72% -4.79% -56.15%
FREE CASH FLOW
Cash From Operating Activities $32.21M -$1.038M -$5.397M
Capital Expenditures $628.0K $66.00K $26.00K
Free Cash Flow $31.58M -$1.104M -$5.423M
YoY Change 24.83% -79.64% 105.57%

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CY2024Q1 wt Increase Decrease In Operating Lease Liabilities
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CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
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CY2024Q1 wt Purchase Of Financial Instruments Owned At Fair Value
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CY2023Q1 wt Purchase Of Financial Instruments Owned At Fair Value
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2024Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2023Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2024Q1 wt Proceeds From Heldtomaturity Securities Maturing Or Called Prior To Maturity
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q1 wt Paymentto Repurchase Of Convertible Note
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CY2023Q1 wt Payment Of Convertible Notes Issuance Costs
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><b><i>Use of Estimates </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The preparation of the Company’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>
CY2024Q1 wt Percentage Of Tax Rate Realized On Settlement
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CY2024Q1 us-gaap Investment Owned At Cost
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CY2023Q4 us-gaap Investment Owned At Cost
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CY2024Q1 wt Cost Method Investment Fair Value Disclosure
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CY2024Q1 us-gaap Property Plant And Equipment Net
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427000 usd
CY2023Q1 wt Contractual Gold Payments
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4486000 usd
CY2023Q1 wt Contractual Gold Paymentgold Ounces Paid
ContractualGoldPaymentgoldOuncesPaid
2375000 oz
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20592000 usd
CY2023Q1 us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
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CY2024Q1 us-gaap Investment Owned Balance Principal Amount
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CY2024Q1 wt Outstanding Common Stock Percentage
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CY2023Q4 us-gaap Preferred Stock Convertible Shares Issuable
PreferredStockConvertibleSharesIssuable
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CY2024Q1 wt Aggregate Consideration Payable
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CY2024Q1 us-gaap Notes Payable Current
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CY2023Q1 us-gaap Short Term Lease Cost
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CY2023Q1 us-gaap Operating Lease Payments
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2024Q1 us-gaap Loss Contingency Disclosures
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><b>14. Contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><b><i>Closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">In December 2020, WMAI, WTMAML, WTUK and WisdomTree Ireland Limited (“WT Ireland”) were served with a writ of summons to appear before the Court of Milan, Italy. In January 2021, WTUK was served with a writ of summons to appear before the Court of Udine, Italy. Investors had filed actions seeking damages resulting from the closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP (“3OIL”) in March 2020. The product was dependent on the receipt of payments from a swap provider to satisfy payment obligations to the investors. Due to an extreme adverse move in oil futures relative to the oil futures’ closing price, the swap contract underlying 3OIL was terminated by the swap provider, which resulted in the compulsory redemption of 3OIL, all in accordance with the prospectus.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">In February 2022, the Court of Udine ruled in the Company’s favor. Also in February 2022, WMAI, WTMAML, WTUK and WT Ireland were served with another writ of summons to appear before the Court of Milan by additional investors seeking damages resulting from the closure of 3OIL.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: left"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">In March 2022, WMAI and WTUK were served with a writ of summons to appear before the Court of Turin and two writs of summons to appear before the Court of Milan by additional investors seeking damages. These writs also were served on the intermediary brokers for the respective claimants, with the claimants alleging joint and several liability of WMAI, WTUK and such intermediary brokers. In July 2023, the Court of Milan ruled in favor of WMAI and WTUK in respect of one of these claims.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">In March 2024, the Court of Milan ruled in the Company’s favor and rejected the claim brought against WTMAI, WTMAML, WTUK and WT Ireland in December 2020 for total damages of €9,300 ($10,039) (the “Rejected Claim”). The Rejected Claim remains subject to an appeal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Total damages sought by all investors related to the claims described above, including the Rejected Claim, were approximately €15,200 ($16,408) at March 31, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Additionally, in July 2023, WT Ireland received a letter from counsel on behalf of additional investors seeking damages of up to approximately €8,400 ($9,067) resulting from the closure of 3OIL. The claim is in its preliminary stages and a writ of summons has not been served.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 22.5pt">The Company is currently assessing these claims with its external counsel. The Company expects that losses, if any, arising from these claims will be covered under its insurance policies, less a $500 deductible. An accrual has not been made with respect to these matters at March 31, 2024 and December 31, 2023.</p>
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CY2024Q1 us-gaap Loss Contingency Damages Paid Value
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CY2024Q1 us-gaap Loss Contingency Damages Sought Value
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CY2024Q1 us-gaap Loss Contingency Damages Sought Value
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CY2023Q3 us-gaap Loss Contingency Damages Sought Value
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CY2023Q3 us-gaap Loss Contingency Damages Sought Value
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CY2024Q1 wt Loss Contingency Covered By Insurance Deductible
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
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CY2024Q1 us-gaap Revenues
Revenues
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Revenues
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CY2024Q1 us-gaap Revenues
Revenues
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CY2023Q1 us-gaap Revenues
Revenues
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Description And Terms
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The number of PRSUs vesting ranges from 0% to 200% of the target number of PRSUs granted, as follows:●      If the relative TSR is below the 25th percentile, then 0% of the target number of PRSUs granted will vest;●      If the relative TSR is at the 25th percentile, then 50% of the target number of PRSUs granted will vest;●      If the relative TSR is above the 25th percentile, then linear scaling is applied such that the percent of the target number of PRSUs vesting is 100% at the 50th percentile and capped at 200% of the target number of PRSUs granted for performance at the 85th percentile; and●      If the Company’s TSR is negative, the target number of PRSUs vesting is capped at 100% regardless of the relative TSR percentile.
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.2757 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
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CY2024Q1 wt Percentage Of Assets Sold
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CY2024Q1 wt Percentage Of Common Stock
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CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q1 wt Income Distributed To Participating Securities
IncomeDistributedToParticipatingSecurities
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CY2023Q1 wt Income Distributed To Participating Securities
IncomeDistributedToParticipatingSecurities
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CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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