WisdomTree Announces Second Quarter 2024 Results

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)

NEW YORK--(BUSINESS WIRE)--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:

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

Contacts

Investor Relations
Jeremy Campbell
+1.917.267.3859
jeremy.campbell@wisdomtree.com

Corporate Communications
Jessica Zaloom
+1.917.267.3735
jzaloom@wisdomtree.com

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