☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-3487784 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
th Street3 rd FloorNew York, New York | |||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.01 par value | WETF | The NASDAQ Stock Market LLC |
Large accelerated filer | Accelerated filer | |||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
PART I: | Number | |||||
4 | ||||||
ITEM 1. | 4 | |||||
ITEM 2. | ||||||
ITEM 3. | ||||||
52 | ||||||
ITEM 4. | ||||||
PART II: | ||||||
ITEM 1. | ||||||
ITEM 1A. | 53 | |||||
ITEM 2. | 53 | |||||
54 | ||||||
ITEM 4. | 54 | |||||
ITEM 5. | 54 | |||||
ITEM 6. | 56 |
ITEM 1. | FINANCIAL STATEMENTS |
June 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 167,635 | $ | 73,425 | ||||
Securities owned, at fair value (including $21,330 and $23,932 invested in WisdomTree ETFs at June 30, 2021 and December 31, 2020, respectively) | 58,806 | 34,895 | ||||||
Accounts receivable (including $31,679 and $26,884 due from related parties at June 30, 2021 and December 31, 2020, respectively) | 34,800 | 29,455 | ||||||
Income taxes receivable | 948 | — | ||||||
Prepaid expenses | 6,327 | 3,827 | ||||||
Other current assets | 288 | 259 | ||||||
Total current assets | 268,804 | 141,861 | ||||||
Fixed assets, net | 7,247 | 7,579 | ||||||
Indemnification receivable (Note 20) | 22,427 | 27,016 | ||||||
Securities held-to-maturity | 370 | 451 | ||||||
Deferred tax assets, net | 5,628 | 8,063 | ||||||
Investments (Note 7) | 14,238 | 8,112 | ||||||
Right of use assets – operating leases (Note 13) | 16,213 | 16,327 | ||||||
Goodwill (Note 22) | 85,856 | 85,856 | ||||||
Intangible assets (Note 22) | 601,247 | 601,247 | ||||||
Other noncurrent assets | 348 | 180 | ||||||
Total assets | $ | 1,022,378 | $ | 896,692 | ||||
Liabilities and stockholders’ equity | ||||||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Fund management and administration payable | $ | 18,592 | $ | 19,564 | ||||
Compensation and benefits payable | 15,447 | 22,803 | ||||||
Deferred consideration – gold payments (Note 9) | 16,101 | 17,374 | ||||||
Operating lease liabilities (Note 13) | 3,326 | 3,135 | ||||||
Income taxes payable | — | 916 | ||||||
Accounts payable and other liabilities | 11,318 | 10,207 | ||||||
Total current liabilities | 64,784 | 73,999 | ||||||
Convertible notes (Note 11) | 317,336 | 166,646 | ||||||
Deferred consideration – gold payments (Note 9) | 210,605 | 212,763 | ||||||
Operating lease liabilities (Note 13) | 16,920 | 17,434 | ||||||
Other noncurrent liabilities (Note 20) | 22,427 | 27,016 | ||||||
Total liabilities | 632,072 | 497,858 | ||||||
Preferred stock – Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding; redemption value of $97,549 and $72,667 at June 30, 2021 and December 31, 2020, respectively)(Note 12) | 132,569 | 132,569 | ||||||
Contingencies (Note 14) | 0 | 0 | ||||||
Stockholders’ equity | ||||||||
Preferred stock, par value $0.01; 2,000 shares authorized: | 0— | 0— | ||||||
Common stock, par value $0.01; 250,000 shares authorized; issued and outstanding: 145,114 and 148,716 at June 30, 2021 and December 31, 2020, respectively | 1,451 | 1,487 | ||||||
Additional paid-in capital | 285,002 | 317,075 | ||||||
Accumulated other comprehensive income | 1,155 | 1,102 | ||||||
Accumulated deficit | (29,871 | ) | (53,399 | ) | ||||
Total stockholders’ equity | 257,737 | 266,265 | ||||||
Total liabilities and stockholders’ equity | $ | 1,022,378 | $ | 896,692 | ||||
June 30, 2022 | December 31, 2021 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 109,736 | $ | 140,709 | ||||
Securities owned, at fair value (including $12,841 and $18,526 invested in WisdomTree ETFs at June 30, 2022 and December 31, 2021, respectively) | 128,852 | 127,166 | ||||||
Accounts receivable (including $23,905 and $25,628 due from related parties at June 30, 2022 and December 31, 2021, respectively) | 34,061 | 31,864 | ||||||
Prepaid expenses | 7,461 | 3,952 | ||||||
Income taxes receivable | 1,290 | — | ||||||
Other current assets | 391 | 276 | ||||||
Total current assets | 281,791 | 303,967 | ||||||
Fixed assets, net | 641 | 557 | ||||||
Indemnification receivable (Note 20 ) | 1,351 | 21,925 | ||||||
Securities held-to-maturity | 277 | 308 | ||||||
Deferred tax assets, net | 6,067 | 8,881 | ||||||
Investments (Note 7 ) | 26,012 | 14,238 | ||||||
Right of use assets—operating leases (Note 12 ) | 2,034 | 520 | ||||||
Goodwill (Note 22 ) | 85,856 | 85,856 | ||||||
Intangible assets (Note 22 ) | 601,971 | 601,247 | ||||||
Other noncurrent assets | 473 | 361 | ||||||
Total assets | $ | 1,006,473 | $ | 1,037,860 | ||||
Liabilities and stockholders’ equity | ||||||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Convertible notes—current (Note 10) | $ | 173,325 | $ | — | ||||
Fund management and administration payable | 20,797 | 20,661 | ||||||
Compensation and benefits payable | 18,647 | 32,782 | ||||||
Deferred consideration—gold payments (Note 9 ) | 16,626 | 16,739 | ||||||
Operating lease liabilities (Note 1 2 ) | 1,093 | 209 | ||||||
Income taxes payable | — | 3,979 | ||||||
Accounts payable and other liabilities | 11,135 | 9,297 | ||||||
Total current liabilities | 241,623 | 83,667 | ||||||
Convertible notes—long term (Note10 ) | 146,592 | 318,624 | ||||||
Deferred consideration—gold payments (Note 9 ) | 226,141 | 211,323 | ||||||
Operating lease liabilities (Note 12 ) | 941 | 328 | ||||||
Other noncurrent liabilities (Note 20 ) | 1,351 | 21,925 | ||||||
Total liabilities | 616,648 | 635,867 | ||||||
Preferred stock – Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding; redemption value of $81,970 and $90,741 at June 30, 2022 and December 31, 2021, respectively) (Note11 ) | 132,569 | 132,569 | ||||||
Contingencies (Note 13) | 0 | 0 | ||||||
Stockholders’ equity | ||||||||
Preferred stock, par value $0.01; 2,000 shares authorized: | — | — | ||||||
Common stock, par value $0.01; 250,000 shares authorized; issued and outstanding: 146,511 and 145,107 at June 30, 2022 and December 31, 2021, respectively | 1,465 | 1,451 | ||||||
Additional paid-in capital | 282,017 | 289,736 | ||||||
Accumulated other comprehensive (loss) income | (1,525 | ) | 682 | |||||
Accumulated deficit | (24,701 | ) | (22,445 | ) | ||||
Total stockholders’ equity | 257,256 | 269,424 | ||||||
Total liabilities and stockholders’ equity | $ | 1,006,473 | $ | 1,037,860 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||||||||||
Advisory fees | $ | 75,997 | $ | 57,208 | $ | 147,613 | $ | 120,158 | $ | 75,586 | $ | 74,169 | $ | 152,103 | $ | 144,211 | ||||||||||||||||
Other income | 1,606 | 918 | 2,820 | 1,842 | 1,667 | 1,606 | 3,518 | 2,820 | ||||||||||||||||||||||||
Total revenues | 77,603 | 58,126 | 150,433 | 122,000 | 77,253 | 75,775 | 155,621 | 147,031 | ||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||
Compensation and benefits | 20,331 | 17,455 | 42,958 | 34,750 | 24,565 | 20,331 | 49,352 | 42,958 | ||||||||||||||||||||||||
Fund management and administration | 16,195 | 14,461 | 31,716 | 28,946 | 16,076 | 14,367 | 31,570 | 28,314 | ||||||||||||||||||||||||
Marketing and advertising | 3,594 | 1,949 | 6,600 | 4,417 | 3,894 | 3,594 | 7,917 | 6,600 | ||||||||||||||||||||||||
Sales and business development | 2,159 | 2,181 | 4,304 | 5,598 | 3,131 | 2,159 | 5,740 | 4,304 | ||||||||||||||||||||||||
Contractual gold payments (Note 9) | 4,314 | 4,063 | 8,584 | 7,823 | ||||||||||||||||||||||||||||
Contractual gold payments (Note 9 ) | 4,446 | 4,314 | 8,896 | 8,584 | ||||||||||||||||||||||||||||
Professional fees | 1,921 | 1,357 | 3,934 | 2,630 | 4,308 | 1,921 | 8,767 | 3,934 | ||||||||||||||||||||||||
Occupancy, communications and equipment | 1,266 | 1,643 | 2,741 | 3,194 | 1,049 | 1,266 | 1,802 | 2,741 | ||||||||||||||||||||||||
Depreciation and amortization | 256 | 251 | 508 | 507 | 53 | 256 | 100 | 508 | ||||||||||||||||||||||||
Third-party distribution fees | 2,130 | 1,340 | 3,473 | 2,695 | 1,818 | 2,130 | 4,030 | 3,473 | ||||||||||||||||||||||||
Acquisition and disposition-related costs | — | 33 | — | 416 | ||||||||||||||||||||||||||||
Other | 1,752 | 1,596 | 3,323 | 3,593 | 2,109 | 1,752 | 3,954 | 3,323 | ||||||||||||||||||||||||
Total operating expenses | 53,918 | 46,329 | 108,141 | 94,569 | 61,449 | 52,090 | 122,128 | 104,739 | ||||||||||||||||||||||||
Operating income | 23,685 | 11,797 | 42,292 | 27,431 | 15,804 | 23,685 | 33,493 | 42,292 | ||||||||||||||||||||||||
Other Income/(Expenses): | ||||||||||||||||||||||||||||||||
Interest expense | (2,567 | ) | (2,044 | ) | (4,863 | ) | (4,463 | ) | (3,733 | ) | (2,567 | ) | (7,465 | ) | (4,863 | ) | ||||||||||||||||
Gain/(loss) on revaluation of deferred consideration – gold payments (Note 9) | 497 | (23,358 | ) | 3,329 | (25,566 | ) | ||||||||||||||||||||||||||
Gain/(loss) on revaluation of deferred consideration–gold payments (Note 9 ) | 2,311 | 497 | (14,707 | ) | 3,329 | |||||||||||||||||||||||||||
Interest income | 225 | 119 | 456 | 282 | 770 | 225 | 1,564 | 456 | ||||||||||||||||||||||||
Impairments (Note 13 and 23) | — | — | (303 | ) | (19,672 | ) | ||||||||||||||||||||||||||
Loss on extinguishment of debt (Note 10) | — | (2,387 | ) | — | (2,387 | ) | ||||||||||||||||||||||||||
Other gains and losses, net | 49 | 1,819 | (5,844 | ) | (688 | ) | ||||||||||||||||||||||||||
Impairments (Note 12 ) | — | — | — | (303 | ) | |||||||||||||||||||||||||||
Other losses and gains, net | (4,474 | ) | 49 | (29,181 | ) | (5,844 | ) | |||||||||||||||||||||||||
Income/(loss) before income taxes | 21,889 | (14,054 | ) | 35,067 | (25,063 | ) | 10,678 | 21,889 | (16,296 | ) | 35,067 | |||||||||||||||||||||
Income tax expense/(benefit) | 4,259 | (804 | ) | 2,290 | (3,175 | ) | 2,673 | 4,259 | (14,040 | ) | 2,290 | |||||||||||||||||||||
Net income/(loss) | $ | 17,630 | $ | (13,250 | ) | $ | 32,777 | $ | (21,888 | ) | $ | 8,005 | $ | 17,630 | $ | (2,256 | ) | $ | 32,777 | |||||||||||||
Earnings/(loss) per share—basic | $ | 0.11 | $ | (0.09 | ) | $ | 0.20 | $ | (0.15 | ) | $ | 0.05 | $ | 0.11 | $ | (0.02 | ) | $ | 0.20 | |||||||||||||
Earnings/(loss) per share—diluted | $ | 0.11 | $ | (0.09 | ) | $ | 0.20 | $ | (0.15 | ) | $ | 0.05 | $ | 0.11 | $ | (0.02 | ) | $ | 0.20 | |||||||||||||
Weighted-average common shares—basic | 145,542 | 151,623 | 145,652 | 152,071 | 143,046 | 145,542 | 142,915 | 145,652 | ||||||||||||||||||||||||
Weighted-average common shares—diluted | 164,855 | 151,623 | 163,062 | 152,071 | 158,976 | 164,855 | 142,915 | 163,062 | ||||||||||||||||||||||||
Cash dividends declared per common share | $ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.06 | $ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.06 | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Net income/(loss) | $ | 17,630 | $ | (13,250 | ) | $ | 32,777 | $ | (21,888 | ) | $ | 8,005 | $ | 17,630 | $ | (2,256 | ) | $ | 32,777 | |||||||||||||
Other comprehensive income/(loss) | ||||||||||||||||||||||||||||||||
Reclassification of foreign currency translation adjustment to other gains and losses, net, upon the sale of WisdomTree Asset Management Canada, Inc. (“WTAMC” or “Canadian ETF business”) (Note 23) | — | — | — | (167 | ) | |||||||||||||||||||||||||||
Other comprehensive (loss)/income | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of income taxes | 170 | 168 | 53 | (518 | ) | (1,721 | ) | 170 | (2,207 | ) | 53 | |||||||||||||||||||||
Other comprehensive income/(loss) | 170 | 168 | 53 | (685 | ) | |||||||||||||||||||||||||||
Other comprehensive (loss)/income | (1,721 | ) | 170 | (2,207 | ) | 53 | ||||||||||||||||||||||||||
Comprehensive income/(loss) | $ | 17,800 | $ | (13,082 | ) | $ | 32,830 | $ | (22,573 | ) | $ | 6,284 | $ | 17,800 | $ | (4,463 | ) | $ | 32,830 | |||||||||||||
For the Three Months Ended June 30, 2021 | ||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total | ||||||||||||||||||||
Shares Issued | Par Value | |||||||||||||||||||||||
Balance—April 1, 2021 | 149,811 | $ | 1,498 | $ | 314,274 | $ | 985 | $ | (42,573 | ) | $ | 274,184 | ||||||||||||
Restricted stock issued and vesting of restricted stock units, net | (134 | ) | (2 | ) | 2 | — | — | — | ||||||||||||||||
Shares repurchased | (4,631 | ) | (46 | ) | (31,830 | ) | — | — | (31,876 | ) | ||||||||||||||
Exercise of stock options, net | 68 | 1 | 435 | — | — | 436 | ||||||||||||||||||
Stock-based compensation | — | — | 2,121 | — | — | 2,121 | ||||||||||||||||||
Other comprehensive income | — | — | — | 170 | — | 170 | ||||||||||||||||||
Dividends | — | — | — | — | (4,928 | ) | (4,928 | ) | ||||||||||||||||
Net income | — | — | — | — | 17,630 | 17,630 | ||||||||||||||||||
Balance—June 30, 2021 | 145,114 | $ | 1,451 | $ | 285,002 | $ | 1,155 | $ | (29,871 | ) | $ | 257,737 | ||||||||||||
For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total | ||||||||||||||||||||
Shares Issued | Par Value | |||||||||||||||||||||||
Balance—April 1, 2020 | 156,424 | $ | 1,564 | $ | 349,495 | $ | 92 | $ | (26,382 | ) | $ | 324,769 | ||||||||||||
Restricted stock issued and vesting of restricted stock units, net | 110 | 1 | (1 | ) | — | — | — | |||||||||||||||||
Shares repurchased | (6,738 | ) | (67 | ) | (24,882 | ) | — | — | (24,949 | ) | ||||||||||||||
Stock-based compensation | — | — | 2,920 | — | — | 2,920 | ||||||||||||||||||
Allocation of equity component related to convertible notes, net of issuance costs of $128 and deferred taxes of $1,017 | — | — | 3,008 | — | — | 3,008 | ||||||||||||||||||
Other comprehensive income | — | — | — | 168 | — | 168 | ||||||||||||||||||
Dividends | — | — | (5,134 | ) | — | — | (5,134 | ) | ||||||||||||||||
Net loss | — | — | — | — | (13,250 | ) | (13,250 | ) | ||||||||||||||||
Balance—June 30, 2020 | 149,796 | $ | 1,498 | $ | 325,406 | $ | 260 | $ | (39,632 | ) | $ | 287,532 | ||||||||||||
For the Three Months Ended June 30, 2022 | ||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other | Accumulated Deficit | Total | ||||||||||||||||||||
Shares Issued | Par Value | Comprehensive Income | ||||||||||||||||||||||
Balance—April 1, 2022 | 146,560 | $ | 1,466 | $ | 284,421 | $ | 196 | $ | (32,706 | ) | $ | 253,377 | ||||||||||||
Restricted stock issued and vesting of restricted stock units, net | (49 | ) | (1 | ) | 1 | — | — | — | ||||||||||||||||
Stock-based compensation | — | — | 2,432 | — | — | 2,432 | ||||||||||||||||||
Other comprehensive loss | — | — | — | (1,721 | ) | — | (1,721 | ) | ||||||||||||||||
Dividends | — | — | (4,837 | ) | — | — | (4,837 | ) | ||||||||||||||||
Net income | — | — | — | — | 8,005 | 8,005 | ||||||||||||||||||
Balance—June 30, 2022 | 146,511 | $ | 1,465 | $ | 282,017 | $ | (1,525 | ) | $ | (24,701 | ) | $ | 257,256 | |||||||||||
For the Three Months Ended June 30, 2021 | ||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other | Accumulated Deficit | Total | ||||||||||||||||||||
Shares Issued | Par Value | Comprehensive Income | ||||||||||||||||||||||
Balance—April 1, 2021 | 149,811 | $ | 1,498 | $ | 314,274 | $ | 985 | $ | (42,573 | ) | $ | 274,184 | ||||||||||||
Restricted stock issued and vesting of restricted stock units, net | (134 | ) | (2 | ) | 2 | — | — | — | ||||||||||||||||
Shares repurchased | (4,631 | ) | (46 | ) | (31,830 | ) | — | — | (31,876 | ) | ||||||||||||||
Exercise of stock options, net | 68 | 1 | 435 | — | — | 436 | ||||||||||||||||||
Stock-based compensation | — | — | 2,121 | — | — | 2,121 | ||||||||||||||||||
Other comprehensive loss | — | — | — | 170 | — | 170 | ||||||||||||||||||
Dividends | — | — | — | — | (4,928 | ) | (4,928 | ) | ||||||||||||||||
Net income | — | — | — | — | 17,630 | 17,630 | ||||||||||||||||||
Balance—June 30, 2021 | 145,114 | $ | 1,451 | $ | 285,002 | $ | 1,155 | $ | (29,871 | ) | $ | 257,737 | ||||||||||||
For the Six Months Ended June 30, 2022 | ||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other | Accumulated Deficit | Total | ||||||||||||||||||||
Shares Issued | Par Value | Comprehensive Income | ||||||||||||||||||||||
Balance—January 1, 2022 | 145,107 | $ | 1,451 | $ | 289,736 | $ | 682 | $ | (22,445 | ) | $ | 269,424 | ||||||||||||
Restricted stock issued and vesting of restricted stock units, net | 1,993 | 20 | (20 | ) | — | — | — | |||||||||||||||||
Shares repurchased | (589 | ) | (6 | ) | (3,388 | ) | — | — | (3,394 | ) | ||||||||||||||
Stock-based compensation | — | — | 5,368 | — | — | 5,368 | ||||||||||||||||||
Other comprehensive loss | — | — | — | (2,207 | ) | — | (2,207 | ) | ||||||||||||||||
Dividends | — | — | (9,679 | ) | — | — | (9,679 | ) | ||||||||||||||||
Net loss | — | — | — | — | (2,256 | ) | (2,256 | ) | ||||||||||||||||
Balance—June 30, 2022 | 146,511 | $ | 1,465 | $ | 282,017 | $ | (1,525 | ) | $ | (24,701 | ) | $ | 257,256 | |||||||||||
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total | ||||||||||||||||||||
Shares Issued | Par Value | |||||||||||||||||||||||
Balance—January 1, 2021 | 148,716 | $ | 1,487 | $ | 317,075 | $ | 1,102 | $ | (53,399 | ) | $ | 266,265 | ||||||||||||
Reclassification of equity component related to convertible notes, net deferred taxes of $1,022, upon the implementation of Accounting Standards Update 2020-06 (Note 11) | — | — | (3,682 | ) | — | 616 | (3,066 | ) | ||||||||||||||||
Balance—January 1, 2021 (as adjusted) | 148,716 | $ | 1,487 | $ | 313,393 | $ | 1,102 | $ | (52,783 | ) | $ | 263,199 | ||||||||||||
Restricted stock issued and vesting of restricted stock units, net | 1,376 | 13 | (13 | ) | — | — | — | |||||||||||||||||
Shares repurchased | (5,121 | ) | (51 | ) | (34,455 | ) | — | — | (34,506 | ) | ||||||||||||||
Exercise of stock options, net | 143 | 2 | 813 | — | — | 815 | ||||||||||||||||||
Stock-based compensation | — | — | 5,264 | — | — | 5,264 | ||||||||||||||||||
Other comprehensive income | — | — | — | 53 | — | 53 | ||||||||||||||||||
Dividends | — | — | — | — | (9,865 | ) | (9,865 | ) | ||||||||||||||||
Net income | — | — | — | — | 32,777 | 32,777 | ||||||||||||||||||
Balance—June 30, 2021 | 145,114 | $ | 1,451 | $ | 285,002 | $ | 1,155 | $ | (29,871 | ) | $ | 257,737 | ||||||||||||
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total | ||||||||||||||||||||
Shares Issued | Par Value | |||||||||||||||||||||||
Balance—January 1, 2020 | 155,264 | $ | 1,553 | $ | 352,658 | $ | 945 | $ | (17,744 | ) | $ | 337,412 | ||||||||||||
Restricted stock issued and vesting of restricted stock units, net | 1,549 | 15 | (15 | ) | — | — | — | |||||||||||||||||
Shares repurchased | (7,124 | ) | (70 | ) | (26,374 | ) | — | — | (26,444 | ) | ||||||||||||||
Exercise of stock options, net | 107 | — | 240 | — | — | 240 | ||||||||||||||||||
Stock-based compensation | — | — | 6,159 | — | — | 6,159 | ||||||||||||||||||
Allocation of equity component related to convertible notes, net of issuance costs of $128 and deferred taxes of $1,017 | — | — | 3,008 | — | — | 3,008 | ||||||||||||||||||
Other comprehensive loss | — | — | — | (685 | ) | — | (685 | ) | ||||||||||||||||
Dividends | — | — | (10,270 | ) | — | — | (10,270 | ) | ||||||||||||||||
Net loss | — | — | — | — | (21,888 | ) | (21,888 | ) | ||||||||||||||||
Balance—June 30, 2020 | 149,796 | $ | 1,498 | $ | 325,406 | $ | 260 | $ | (39,632 | ) | $ | 287,532 | ||||||||||||
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other | Accumulated Deficit | Total | ||||||||||||||||||||
Shares Issued | Par Value | Comprehensive Income | ||||||||||||||||||||||
Balance—January 1, 2021 | 148,716 | $ | 1,487 | $ | 317,075 | $ | 1,102 | $ | (53,399 | ) | $ | 266,265 | ||||||||||||
Reclassification of equity component related to convertible notes, net deferred taxes of $1,022, upon the implementation of Accounting Standards Update 2020-06 (Note10 ) | — | — | (3,682 | ) | — | 616 | (3,066 | ) | ||||||||||||||||
Balance—January 1, 2021 (as adjusted) | 148,716 | $ | 1,487 | $ | 313,393 | $ | 1,102 | $ | (52,783 | ) | $ | 263,199 | ||||||||||||
Restricted stock issued and vesting of restricted stock units, net | 1,376 | 13 | (13 | ) | — | — | — | |||||||||||||||||
Shares repurchased | (5,121 | ) | (51 | ) | (34,455 | ) | — | — | (34,506 | ) | ||||||||||||||
Exercise of stock options, net | 143 | 2 | 813 | — | — | 815 | ||||||||||||||||||
Stock-based compensation | — | — | 5,264 | — | — | 5,264 | ||||||||||||||||||
Other comprehensive income | — | — | — | 53 | — | 53 | ||||||||||||||||||
Dividends | — | — | — | — | (9,865 | ) | (9,865 | ) | ||||||||||||||||
Net income | — | — | — | — | 32,777 | 32,777 | ||||||||||||||||||
Balance—June 30, 2021 | 145,114 | $ | 1,451 | $ | 285,002 | $ | 1,155 | $ | (29,871 | ) | $ | 257,737 | ||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income/(loss) | $ | 32,777 | $ | (21,888 | ) | |||||||||||
Adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities: | ||||||||||||||||
Advisory fees received in gold, other precious metals and cryptocurrencies | (39,341 | ) | (29,135 | ) | ||||||||||||
Net (loss)/income | $ | (2,256 | ) | $ | 32,777 | |||||||||||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||||||||||||||||
Loss/(gain) on revaluation of deferred consideration—gold payments | 14,707 | (3,329 | ) | |||||||||||||
Advisory and license fees paid in gold, other precious metals and cryptocurrency | (31,511 | ) | (39,341 | ) | ||||||||||||
Deferred income taxes | 3,378 | 3,367 | ||||||||||||||
Losses on securities owned, at fair value | 9,322 | 696 | ||||||||||||||
Contractual gold payments | 8,584 | 7,823 | 8,896 | 8,584 | ||||||||||||
Stock-based compensation | 5,264 | 6,159 | 5,368 | 5,264 | ||||||||||||
(Gain/)/loss on revaluation of deferred consideration – gold payments | (3,329 | ) | 25,566 | |||||||||||||
Deferred income taxes | 3,367 | 832 | ||||||||||||||
Amortization of issuance costs—convertible notes | 1,293 | 899 | ||||||||||||||
Amortization of right of use asset | 1,340 | 1,588 | 332 | 1,340 | ||||||||||||
Amortization of issuance costs – convertible notes | 899 | 115 | ||||||||||||||
Depreciation and amortization | 508 | 507 | 100 | 508 | ||||||||||||
Impairments | 303 | 19,672 | — | 303 | ||||||||||||
Gain on sale – Canadian ETF business | — | (2,877 | ) | |||||||||||||
Loss on extinguishment of debt | — | 2,387 | ||||||||||||||
Amortization of issuance costs – former credit facility | — | 1,328 | ||||||||||||||
Other | (372 | ) | (83 | ) | 120 | (372 | ) | |||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Securities owned, at fair value | (23,911 | ) | 4,209 | |||||||||||||
Accounts receivable | (2,622 | ) | 4,461 | (3,718 | ) | (2,622 | ) | |||||||||
Prepaid expenses | (2,497 | ) | (2,016 | ) | (3,613 | ) | (2,497 | ) | ||||||||
Gold, other precious metals and cryptocurrencies | 27,959 | 20,882 | ||||||||||||||
Gold and other precious metals | 23,743 | 27,959 | ||||||||||||||
Other assets | (202 | ) | (702 | ) | (241 | ) | (202 | ) | ||||||||
Intangibles—software development | (724 | ) | — | |||||||||||||
Fund management and administration payable | (896 | ) | 1,677 | 423 | (896 | ) | ||||||||||
Compensation and benefits payable | (7,396 | ) | (18,431 | ) | (13,537 | ) | (7,396 | ) | ||||||||
Income taxes receivable/payable | (1,852 | ) | (1,046 | ) | ||||||||||||
Securities sold, but not yet purchased, at fair value | — | (582 | ) | |||||||||||||
Income taxes payable | (5,235 | ) | (1,852 | ) | ||||||||||||
Operating lease liabilities | (1,658 | ) | (1,845 | ) | (348 | ) | (1,658 | ) | ||||||||
Accounts payable and other liabilities | 858 | 781 | 2,043 | 858 | ||||||||||||
Net cash (used in)/provided by operating activities | (2,217 | ) | 19,382 | |||||||||||||
Net cash provided by operating activities | 8,542 | 22,390 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchase of securities owned, at fair value | (32,488 | ) | (29,819 | ) | ||||||||||||
Purchase of investments | (5,750 | ) | — | (11,863 | ) | (5,750 | ) | |||||||||
Purchase of fixed assets | (173 | ) | (224 | ) | (205 | ) | (173 | ) | ||||||||
Proceeds from the sale of securities owned, at fair value | 21,455 | 5,212 | ||||||||||||||
Proceeds from held-to-maturity | 77 | 16,365 | 31 | 77 | ||||||||||||
Proceeds from the sale of the Company’s financial interests in AdvisorEngine Inc. | — | 8,155 | ||||||||||||||
Proceeds from sale of Canadian ETF business, net | — | 2,774 | ||||||||||||||
Net cash (used in)/provided by investing activities | (5,846 | ) | 27,070 | |||||||||||||
Net cash used in investing activities | (23,070 | ) | (30,453 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Dividends paid | (9,679 | ) | (9,865 | ) | ||||||||||||
Shares repurchased | (34,506 | ) | (26,444 | ) | (3,394 | ) | (34,506 | ) | ||||||||
Dividends paid | (9,865 | ) | (10,270 | ) | ||||||||||||
Convertible notes issuance costs | (4,297 | ) | (4,611 | ) | — | (4,297 | ) | |||||||||
Repayment of debt | — | (179,000 | ) | |||||||||||||
Proceeds from the issuance of convertible notes | 150,000 | 150,000 | — | 150,000 | ||||||||||||
Proceeds from exercise of stock options | 815 | 240 | — | 815 | ||||||||||||
Net cash provided by/(used in) financing activities | 102,147 | (70,085 | ) | |||||||||||||
Net cash (used in)/provided by financing activities | (13,073 | ) | 102,147 | |||||||||||||
Increase/(decrease) in cash flow due to changes in foreign exchange rate | 126 | (1,084 | ) | |||||||||||||
(Decrease)/increase in cash flow due to changes in foreign exchange rate | (3,372 | ) | 126 | |||||||||||||
Increase/(decrease) in cash and cash equivalents | 94,210 | (24,717 | ) | |||||||||||||
Net (decrease)/increase in cash and cash equivalents | (30,973 | ) | 94,210 | |||||||||||||
Cash and cash equivalents—beginning of year | 73,425 | 74,972 | 140,709 | 73,425 | ||||||||||||
Cash and cash equivalents—end of period | $ | 167,635 | $ | 50,255 | $ | 109,736 | $ | 167,635 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for taxes | $ | 5,846 | $ | 2,200 | ||||||||||||
Cash paid for income taxes | $ | 7,724 | $ | 5,846 | ||||||||||||
Cash paid for interest | $ | 3,719 | $ | 3,390 | $ | 6,156 | $ | 3,719 | ||||||||
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||
Operating Revenues : | ||||||||
Advisory fees (previously reported) | $ | 75,997 | $ | 147,613 | ||||
Amounts collected on behalf of third parties | (1,828 | ) | (3,402 | ) | ||||
Advisory fees (as corrected) | $ | 74,169 | $ | 144,211 | ||||
Total revenues (previously reported) | $ | 77,603 | $ | 150,433 | ||||
Amounts collected on behalf of third parties | (1,828 | ) | (3,402 | ) | ||||
Total revenues (as corrected) | $ | 75,775 | $ | 147,031 | ||||
Operating Expenses: | ||||||||
Fund management and administration (previously reported) | $ | 16,195 | $ | 31,716 | ||||
Amounts collected on behalf of third parties | (1,828 | ) | (3,402 | ) | ||||
Fund management and administration (as corrected) | $ | 14,367 | $ | 28,314 | ||||
Total operating expenses (previously reported) | $ | 53,918 | $ | 108,141 | ||||
Amounts collected on behalf of third parties | (1,828 | ) | (3,402 | ) | ||||
Total operating expenses (as corrected) | $ | 52,090 | $ | 104,739 | ||||
Six Months Ended June 30, 2021 | ||||
Consolidated Statements of Cash Flows : | ||||
Cash Flows from Operating Activities | ||||
Net cash used in operating activities (previously reported) | $ | (2,217 | ) | |
Reclassification of net cash flows from securities purchases and sales | 24,607 | |||
Net cash provided by operating activities (currently reported) | $ | 22,390 | ||
Cash Flows from Investing Activities | ||||
Net cash used in investing activities (previously reported) | $ | (5,846 | ) | |
Reclassification of purchases of securities owned, at fair value | (29,819 | ) | ||
Reclassification of proceeds from the sale of securities owned, at fair value | 5,212 | |||
Net cash used in investing activities (currently reported) | $ | (30,453 | ) | |
Equipment | 3 to 5 years | |||||
Internally-developed software | 3 years |
June 30, 2021 | June 30, 2022 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Recurring fair value measurements: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 81,536 | $ | 81,536 | $ | — | $ | — | $ | 2,001 | $ | 2,001 | $ | — | $ | — | ||||||||||||||||
Securities owned, at fair value | ||||||||||||||||||||||||||||||||
ETFs | 21,623 | 21,623 | — | — | 13,091 | 13,091 | — | — | ||||||||||||||||||||||||
Pass-through GSEs | 35,033 | 14,981 | 20,052 | — | 114,004 | 24,347 | 89,657 | — | ||||||||||||||||||||||||
Corporate bonds | 2,150 | — | 2,150 | — | 1,757 | — | 1,757 | — | ||||||||||||||||||||||||
Investments in Convertible Notes | ||||||||||||||||||||||||||||||||
Securrency, Inc. – convertible note(Note 7 ) | 5,279 | — | — | 5,279 | ||||||||||||||||||||||||||||
Fnality International Limited – convertible note (Note 7 ) | 6,433 | — | — | 6,433 | ||||||||||||||||||||||||||||
Total | $ | 140,342 | $ | 118,140 | $ | 22,202 | $ | — | $ | 142,565 | $ | 39,439 | $ | 91,414 | $ | 11,712 | ||||||||||||||||
Non-recurring fair value measurements: | ||||||||||||||||||||||||||||||||
Securrency, Inc. – Series A convertible preferred stock (1) | $ | 8,488 | $ | — | $ | — | $ | 8,488 | ||||||||||||||||||||||||
Onramp Invest, Inc. – preferred stock (Note7 )(1) | 312 | — | — | 312 | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Recurring fair value measurements: | ||||||||||||||||||||||||||||||||
Deferred consideration (Note 9) | $ | 226,706 | $ | — | $ | — | $ | 226,706 | ||||||||||||||||||||||||
Deferred consideration (Note 9 ) | $ | 242,767 | $ | — | $ | — | $ | 242,767 |
(1) | Fair value determined on May 10, 2022 (Note 7). |
December 31, 2021 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Cash equivalents | $ | 11,488 | $ | 11,488 | $ | — | $ | — | ||||||||
Securities owned, at fair value | ||||||||||||||||
ETFs | 18,812 | 18,812 | — | — | ||||||||||||
Pass-through GSEs | 106,245 | 24,720 | 81,525 | — | ||||||||||||
Corporate bonds | 2,109 | — | 2,109 | — | ||||||||||||
Total | $ | 138,654 | $ | 55,020 | $ | 83,634 | $ | — | ||||||||
Non-recurring fair value measurements: | ||||||||||||||||
Securrency, Inc. – Series A convertible preferred stock (1) | 8,488 | — | — | 8,488 | ||||||||||||
Liabilities: | ||||||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Deferred consideration (Note 9 ) | $ | 228,062 | $ | — | $ | — | $ | 228,062 | ||||||||
(1) | Fair value of $8,488 and $8,349 determined on June 9, 2021 and March 8, 2021, respectively (Note |
December 31, 2020 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Cash equivalents | $ | 660 | $ | 660 | $ | — | $ | 0 | ||||||||
Securities owned, at fair value | ||||||||||||||||
ETFs | 24,165 | 24,165 | — | — | ||||||||||||
Pass-through GSEs | 8,613 | — | 8,613 | — | ||||||||||||
Corporate bonds | 2,117 | — | 2,117 | — | ||||||||||||
Total | $ | 35,555 | $ | 24,825 | $ | 10,730 | $ | 0 | ||||||||
Non-recurring fair value measurements: | ||||||||||||||||
AdvisorEngine Inc. (“AdvisorEngine”) – Financial interests (1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Thesys Group, Inc. (“Thesys”) – Series Y Preferred Stock (1) | 0 | 0 | 0 | 0 | ||||||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Liabilities: | ||||||||||||||||
Recurring fair value measurements: | ||||||||||||||||
Deferred consideration (Note 9) | $ | 230,137 | $ | 0 | $ | 0 | $ | 230,137 | ||||||||
Non-recurring fair value measurements: | ||||||||||||||||
Convertible notes (2) | $ | 170,191 | $ | — | $ | 170,191 | $ | — | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Deferred consideration (Note 9) | ||||||||||||||||
Beginning balance | $ | 227,146 | $ | 175,300 | $ | 230,137 | $ | 173,024 | ||||||||
Net realized losses/(gains) (1) | 4,314 | 4,063 | 8,584 | 7,823 | ||||||||||||
Net unrealized losses/(gains) (2) | (497 | ) | 23,358 | (3,329 | ) | 25,556 | ||||||||||
Settlements | (4,257 | ) | (3,937 | ) | (8,686 | ) | (7,619 | ) | ||||||||
Ending balance | $ | 226,706 | $ | 198,784 | $ | 226,706 | $ | 198,784 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Investments in Convertible Notes (Note 7) | ||||||||||||||||
Beginning balance | $ | 6,700 | $ | — | $ | — | $ | — | ||||||||
Purchases | 5,000 | — | 11,863 | — | ||||||||||||
Net unrealized gains/(losses) (1) | 12 | — | (151 | ) | — | |||||||||||
Ending balance | $ | 11,712 | $ | — | $ | 11,712 | $ | — | ||||||||
Deferred Consideration (Note 9) | ||||||||||||||||
Beginning balance | $ | 245,177 | $ | 227,146 | $ | 228,062 | $ | 230,137 | ||||||||
Net realized losses ( 2 ) | 4,446 | 4,314 | 8,896 | 8,584 | ||||||||||||
Net unrealized (gains)/losses ( 3 ) | (2,311 | ) | (497 | ) | 14,707 | (3,329 | ) | |||||||||
Settlements | (4,545 | ) | (4,257 | ) | (8,898 | ) | (8,686 | ) | ||||||||
Ending balance | $ | 242,767 | $ | 226,706 | $ | 242,767 | $ | 226,706 | ||||||||
(1) | Recorded in other losses and gains, net in the Consolidated Statements of Operations. |
Recorded as contractual gold payments expense |
Recorded as gain/(loss) on revaluation of deferred |
June 30, 2021 | December 31, 2020 | |||||||||||||||
Securities Owned | June 30, 2022 | December 31, 2021 | ||||||||||||||
Trading securities | $ | 58,806 | $ | 34,895 | $ | 128,852 | $ | 127,166 | ||||||||
June 30, 2021 | December 31, 2020 | |||||||
Debt instruments: Pass-through GSEs (amortized cost) | $ | 370 | $ | 451 | ||||
June 30, 2022 | December 31, 2021 | |||||||
Debt instruments: Pass-through GSEs (amortized cost) | $ | 277 | $ | 308 | ||||
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Cost/amortized cost | $ | 370 | $ | 451 | $ | 277 | $ | 308 | ||||||||
Gross unrealized gains | 18 | 30 | 2 | 13 | ||||||||||||
Gross unrealized losses | (1 | ) | (12 | ) | (12 | ) | — | |||||||||
Fair value | $ | 387 | $ | 469 | $ | 267 | $ | 321 | ||||||||
June 30, 2021 | December 31, 2020 | |||||||
Due within one year | $ | 0— | $ | 0— | ||||
Due one year through five years | 0— | 0— | ||||||
Due five years through ten years | 0— | 0— | ||||||
Due over ten years | 370 | 451 | ||||||
Total | $ | 370 | $ | 451 | ||||
June 30, 2022 | December 31, 2021 | |||||||
Due within one year | $ | — | $ | — | ||||
Due one year through five years | — | — | ||||||
Due five years through ten years | 30 | — | ||||||
Due over ten years | 247 | 308 | ||||||
Total | $ | 277 | $ | 308 | ||||
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||
Carrying Value | Cost | Carrying Value | Cost | Carrying Value | Cost | Carrying Value | Cost | |||||||||||||||||||||||||
Securrency, Inc. – Series A convertible preferred stock | $ | 8,488 | $ | 8,112 | $ | 8,112 | $ | 8,112 | $ | 8,488 | $ | 8,112 | $ | 8,488 | $ | 8,112 | ||||||||||||||||
Securrency, Inc. – Series B convertible preferred stock | 5,500 | 5,500 | — | — | 5,500 | 5,500 | 5,500 | 5,500 | ||||||||||||||||||||||||
Securrency, Inc. – convertible note | 5,279 | 5,000 | — | — | ||||||||||||||||||||||||||||
Subtotal – Securrency, Inc. | $ | 13,988 | $ | 13,612 | $ | 8,112 | $ | 8,112 | $ | 19,267 | $ | 18,612 | $ | 13,988 | $ | 13,612 | ||||||||||||||||
Onramp Invest, LLC – Simple Agreement for Future Equity | 250 | 250 | — | — | ||||||||||||||||||||||||||||
Fnality International Limited – convertible note | 6,433 | 6,863 | — | — | ||||||||||||||||||||||||||||
Onramp Invest, Inc. – Series A-4 preferred stock | 312 | 250 | 250 | 250 | ||||||||||||||||||||||||||||
$ | 14,238 | $ | 13,862 | $ | 8,112 | $ | 8,112 | $ | 26,012 | $ | 25,725 | $ | 14,238 | $ | 13,862 | |||||||||||||||||
Inputs | Inputs | |||||||||||||||
June 9, 2021 | March 8, 2021 | June 9, 2021 | March 8, 2021 | |||||||||||||
Expected volatility | 50 | % | 55 | % | 50% | 55% | ||||||||||
Time to exit (in years) | 4.75 | 5 | 4.75 | 5 |
June 30, 2022 | ||||
Conversion of note upon a future equity financing | 85 | % | ||
Redemption ofnote upon a corporate transaction | 10 | % | ||
Default | 5 | % |
June 30, 2022 | ||||
Conversion of note upon a future financing roun d | 85 | % | ||
Redemption of note upon a change of control | 10 | % | ||
Default | 5 | % |
June 30, 2021 | December 31, 2020 | |||||||
Equipment | $ | 3,039 | $ | 2,836 | ||||
Furniture and fixtures | 2,225 | 2,225 | ||||||
Leasehold improvements | 11,027 | 11,012 | ||||||
Less: accumulated depreciation and amortization | (9,044 | ) | (8,494 | ) | ||||
Total | $ | 7,247 | $ | 7,579 | ||||
June 30, 2022 | December 31, 2021 | |||||||
Equipment | $ | 947 | $ | 784 | ||||
Less: accumulated depreciation | (306 | ) | (227 | ) | ||||
Total | $ | 641 | $ | 557 | ||||
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Forward-looking gold price (low) – per ounce | $ | 1,772 | $ | 1,903 | $ | 1,812 | $ | 1,833 | ||||||||
Forward-looking gold price (high) – per ounce | $ | 2,927 | $ | 2,662 | $ | 3,148 | $ | 2,705 | ||||||||
Forward-looking gold price (weighted average) – per ounce | $ | 2,109 | $ | 2,117 | $ | 2,265 | $ | 2,106 | ||||||||
Discount rate | 9.0 | % | 9.0 | % | 9.0 | % | 9.0 | % | ||||||||
Perpetual growth rate | 1.4 | % | 0.9 | % | 1.43 | % | 1.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Contractual gold payments | $ | 4,314 | $ | 4,063 | $ | 8,584 | $ | 7,823 | $ | 4,446 | $ | 4,314 | $ | 8,896 | $ | 8,584 | ||||||||||||||||
Contractual gold payments – gold ounces paid | 2,375 | 2,375 | 4,750 | 4,750 | 2,375 | 2,375 | 4,750 | 4,750 | ||||||||||||||||||||||||
Gain/(loss) on revaluation of deferred consideration – gold payments (1) | $ | 497 | $ | (23,358 | ) | $ | 3,329 | $ | (25,566 | ) | $ | 2,311 | $ | 497 | $ | (14,707 | ) | $ | 3,329 |
(1) | Gains on revaluation of deferred |
2021 Notes | 2020 Notes | |||||||
Maturity date (unless earlier converted, repurchased or redeemed) | June 15, 2026 | June 15, 2023 | ||||||
Interest rate | 3.25 | % | 4.25 | % | ||||
Conversion price | $11.04 | $5.92 | ||||||
Conversion rate | 90.5797 | 168.9189 | ||||||
Redemption price | $14.35 | $7.70 |
2021 Notes | 2020 Notes | |||||||
Maturity date (unless earlier converted, repurchased or redeemed) | June 15, 2026 | June 15, 2023 | ||||||
Interest rate | 3.25 | % | 4.25 | % | ||||
Conversion price | $ | 11.04 | $ | 5.92 | ||||
Conversion rate | 90.5797 | 168.9189 | ||||||
Redemption price | $ | 14.35 | $ | 7.70 |
• | Conversion Holders may convert at their option at any time prior to the close of business on the business day immediately preceding March 15, 2026 and March 15, 2023 in respect of the 2021 Notes and 2020 Notes, respectively, only under the following circumstances: (i) if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the of specified corporate events. On or after March 15, 2026 and March 15, 2023 in respect of the 2021 Notes and 2020 Notes, respectively, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances. |
June 30, 2021 | December 31, 2020 | |||||||||||||||
2021 Notes | 2020 Notes | Total | ||||||||||||||
Principal amount | $ | 150,000 | $ | 175,000 | $ | 325,000 | $ | 175,000 | ||||||||
Plus: Premium | — | 250 | 250 | 250 | ||||||||||||
Gross proceeds | 150,000 | 175,250 | 325,250 | 175,250 | ||||||||||||
Less: Unamortized discount (1) | — | — | — | (4,207 | ) | |||||||||||
Less: Unamortized issuance costs (1) | (4,257 | ) | (3,657 | ) | (7,914 | ) | (4,397 | ) | ||||||||
Carrying amount | $ | 145,743 | $ | 171,593 | $ | 317,336 | $ | 166,646 | ||||||||
Effective interest rate (2) | 3.83 | % | 5.30 | % | 4.62 | % | 6.29 | % | ||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||
2021 Notes | 2020 Notes | Total | 2021 Notes | 2020 Notes | Total | |||||||||||||||||||
Principal amount | $ | 150,000 | $ | 175,000 | $ | 325,000 | $ | 150,000 | $ | 175,000 | $ | 325,000 | ||||||||||||
Plus: Premium | — | 250 | 250 | — | 250 | 250 | ||||||||||||||||||
Gross proceeds | 150,000 | 175,250 | 325,250 | $ | 150,000 | $ | 175,250 | $ | 325,250 | |||||||||||||||
Less: Unamortized issuance costs (1) | (3,408 | ) | (1,925 | ) | (5,333 | ) | (3,833 | ) | (2,793 | ) | (6,626 | ) | ||||||||||||
Carrying amount | $ | 146,592 | $ | 173,325 | $ | 319,917 | 146,167 | $ | 172,457 | $ | 318,624 | |||||||||||||
Effective interest rate (1) | 3.83 | % | 5.26 | % | 4.60 | % | 3.83 | % | 5.26 | % | 4.60 | % | ||||||||||||
(1) |
Includes amortization of the issuance costs and premium. |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2022 | |||||||||||||
Issuance of Preferred Shares | $ | 132,750 | $ | 132,750 | $ | 132,750 | $ | 132,750 | ||||||||
Less: Issuance costs | (181 | ) | (181 | ) | (181 | ) | (181 | ) | ||||||||
Preferred Shares – carrying value | $ | 132,569 | $ | 132,569 | $ | 132,569 | $ | 132,569 | ||||||||
Cash dividends declared per share | $ | 0.03 | $ | 0.03 | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Lease cost: | ||||||||||||||||
Operating lease cost | $ | 643 | $ | 790 | $ | 1,340 | $ | 1,588 | ||||||||
Short-term lease cost | 259 | 300 | 554 | 642 | ||||||||||||
Total lease cost | $ | 902 | $ | 1,090 | $ | 1,894 | $ | 2,230 | ||||||||
Other information: | ||||||||||||||||
Cash paid for amounts included in the measurement of operating liabilities (operating leases) | $ | 740 | $ | 919 | $ | 1,658 | $ | 1,845 | ||||||||
Right-of-use | n/a | n/a | n/a | n/a | ||||||||||||
Weighted-average remaining lease term (in years) – operating leases | 8.4 | 9.0 | 8.4 | 9.0 | ||||||||||||
Weighted-average discount rate – operating leases | 6.3 | % | 6.3 | % | 6.3 | % | 6.3 | % | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Lease cost: | ||||||||||||||||
Operating lease cost | $ | 243 | $ | 643 | $ | 332 | $ | 1,340 | ||||||||
Short-term lease cost | 251 | 259 | 527 | 554 | ||||||||||||
Total lease cost | $ | 494 | $ | 902 | $ | 859 | $ | 1,894 | ||||||||
Other information: | ||||||||||||||||
Cash paid for amounts included in the measurement of operating liabilities (operating leases) | $ | 251 | $ | 740 | $ | 348 | $ | 1,658 | ||||||||
Right-of-use | n/a | n/a | n/a | n/a | ||||||||||||
Weighted-average remaining lease term (in years) – operating leases | 1.8 | 8.4 | 1.8 | 8.4 | ||||||||||||
Weighted-average discount rate – operating leases | 6.3 | % | 6.3 | % | 6.3 | % | 6.3 | % | ||||||||
Remainder of 2021 | $ | 1,646 | ||||||
2022 | 3,326 | |||||||
Remainder of 2022 | $ | 958 | ||||||
2023 | 3,158 | 1,128 | ||||||
2024 | 3,037 | 317 | ||||||
2025 | 3,148 | — | ||||||
2026 and thereafter | 11,457 | |||||||
2026 | — | |||||||
2027 and thereafter | — | |||||||
Total future minimum lease payments (undiscounted) | $ | 25,772 | $ | 2,403 | ||||
Amounts recognized in the Company’s Consolidated Balance Sheet | ||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||
Lease liability – short term | $ | 3,326 | $ | 1,093 | ||||
Lease liability – long term | 16,920 | 941 | ||||||
Subtotal | 20,246 | 2,034 | ||||||
Difference between undiscounted and discounted cash flows | 5,526 | 369 | ||||||
Total future minimum lease payments (undiscounted) | $ | 25,772 | $ | 2,403 | ||||
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Carrying Amount – Assets (Securrency) | ||||||||||||||||
Preferred stock – Series A Shares | $ | 8,488 | $ | 8,112 | $ | 8,488 | $ | 8,488 | ||||||||
Preferred stock – Series B Shares | 5,500 | — | 5,500 | 5,500 | ||||||||||||
Convertible note | 5,279 | — | ||||||||||||||
Subtotal - Securrency | $ | 13,988 | $ | 8,112 | ||||||||||||
Subtotal – Securrency | $ | 19,267 | $ | 13,988 | ||||||||||||
Carrying Amount – Assets (Fnality) | ||||||||||||||||
Convertible note | 6,433 | — | ||||||||||||||
Carrying Amount – Assets (Onramp) | ||||||||||||||||
SAFE | 250 | — | ||||||||||||||
Preferred stock | 312 | 250 | ||||||||||||||
Total (Note 7) | $ | 14,238 | $ | 8,112 | $ | 26,012 | $ | 14,238 | ||||||||
Maximum exposure to loss | $ | 14,238 | $ | 8,112 | $ | 26,012 | $ | 14,238 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues from contracts with customers: | ||||||||||||||||
Advisory fees (1) | $ | 75,586 | $ | 74,169 | $ | 152,103 | $ | 144,211 | ||||||||
Other | 1,667 | 1,606 | 3,518 | 2,820 | ||||||||||||
Total operating revenues | $ | 77,253 | $ | 75,775 | $ | 155,621 | $ | 147,031 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues from contracts with customers: | ||||||||||||||||
Advisory fees | $ | 75,997 | $ | 57,208 | $ | 147,613 | $ | 120,158 | ||||||||
Other | 1,606 | 918 | 2,820 | 1,842 | ||||||||||||
Total operating revenues | $ | 77,603 | $ | 58,126 | $ | 150,433 | $ | 122,000 | ||||||||
(1) | Advisory fees previously reported have been revised due to an immaterial error correction. These revisions had no effect on previously reported net income. See Note 2 for additional information. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues from contracts with customers: | ||||||||||||||||
United States | $ | 45,807 | $ | 44,522 | $ | 92,036 | $ | 85,221 | ||||||||
Jersey (1) | 27,811 | 28,812 | 56,409 | 57,228 | ||||||||||||
Ireland | 3,635 | 2,441 | 7,176 | 4,582 | ||||||||||||
Total operating revenues | $ | 77,253 | $ | 75,775 | $ | 155,621 | $ | 147,031 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues from contracts with customers: | ||||||||||||||||
United States | $ | 44,522 | $ | 31,629 | $ | 85,221 | $ | 71,499 | ||||||||
Jersey | 30,640 | 25,641 | 60,630 | 48,166 | ||||||||||||
Ireland | 2,441 | 856 | 4,582 | 1,970 | ||||||||||||
Canada (Note 23) | — | — | — | 365 | ||||||||||||
Total operating revenues | $ | 77,603 | $ | 58,126 | $ | 150,433 | $ | 122,000 | ||||||||
(1) | Advisory fees previously reported have been revised due to an immaterial error correction. These revisions had no effect on previously reported net income. See Note 2 for additional information. |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Receivable from WTT | $ | 15,079 | $ | 13,030 | $ | 14,719 | $ | 15,987 | ||||||||
Receivable from ManJer Issuers | 13,374 | 11,693 | 5,871 | 6,460 | ||||||||||||
Receivable from WMAI and WTI | 3,226 | 2,125 | 3,315 | 3,181 | ||||||||||||
Receivable from WTCS | 0 | 36 | ||||||||||||||
Total | $ | 31,679 | $ | 26,884 | $ | 23,905 | $ | 25,628 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Advisory services provided to WTT | $ | 44,442 | $ | 31,389 | $ | 84,978 | $ | 70,990 | $ | 45,670 | $ | 44,442 | $ | 91,740 | $ | 84,978 | ||||||||||||||||
Advisory services provided to ManJer Issuers | 26,893 | 23,670 | 53,938 | 43,928 | 26,282 | 25,065 | 53,187 | 50,536 | ||||||||||||||||||||||||
Advisory services provided to WMAI and WTI | 4,662 | 2,014 | 8,697 | 4,542 | 3,634 | 4,662 | 7,176 | 8,697 | ||||||||||||||||||||||||
Advisory services provided to WTAMC | — | — | — | 365 | ||||||||||||||||||||||||||||
Advisory services provided to WTCS | — | 135 | — | 333 | ||||||||||||||||||||||||||||
Total | $ | 75,997 | $ | 57,208 | $ | 147,613 | $ | 120,158 | $ | 75,586 | $ | 74,169 | $ | 152,103 | $ | 144,211 | ||||||||||||||||
(1) | Advisory fees previously reported have been revised due to an immaterial error correction. These revisions had no effect on previously reported net income. See Note 2 for additional information. |
Stock options: | Generally issued for terms of ten years and may vest after at least one year of service and have an exercise price equal to the Company’s stock price on the grant date. The Company estimates the fair value of stock options (when granted) using the Black-Scholes option pricing model. | |||
RSAs/RSUs: | Awards are valued based on the Company’s stock price on grant date and generally vest ratably over three years. | |||
PRSUs: | These awards cliff vest three years from the grant date and contain a market condition whereby the number of PRSUs ultimately vesting is tied to how the Company’s total shareholder return (“TSR”) compares to a peer group of other publicly traded asset managers over the three-year period. A Monte Carlo simulation is used to value these awards. | |||
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 25 th percentile, then 0% of the target number of PRSUs granted will vest; |
• | If the relative TSR is at the 25 th percentile, then 50% of the target number of PRSUs granted will vest; and |
• | If the relative TSR is above the 25 th 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 (or 100th percentile for grants made during 2019 and 2020). |
• | If the Company’s TSR is negative, the target number of PRSUs vesting is capped at |
June 30, 2021 | ||||||||
Unrecognized Stock-Based Compensation | Average Remaining Vesting Period (Years) | |||||||
Employees and directors | $ | 13,513 | 1.70 |
June 30, 2022 | ||||||||
Unrecognized Stock- Based Compensation | Average Remaining Vesting Period (Years) | |||||||
Employees and directors | $ | 17,044 | 1.90 |
Stock Options | RSAs | RSUs | PRSUs | RSAs | RSUs | PRSUs | ||||||||||||||||||||||
Balance at April 1, 2021 | 115,000 | 3,830,801 | 53,661 | 598,355 | ||||||||||||||||||||||||
Balance at April 1, 2022 | 3,526,697 | 47,656 | 668,188 | |||||||||||||||||||||||||
Granted | — | 93,750 | — | — | 2,146 | — | — | |||||||||||||||||||||
Exercised/vested | (67,500 | ) | (653,936 | ) | — | — | (78,125 | ) | — | — | ||||||||||||||||||
Forfeitures | — | (226,667 | ) | (452 | ) | (47,669 | ) | (51,444 | ) | — | — | |||||||||||||||||
Balance at June 30, 2021 | 47,500 | 3,043,948 | 53,209 | 550,686 | ||||||||||||||||||||||||
Balance at June 30, 2022 | 3,399,274 | 47,656 | 668,188 | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Basic Earnings/(Loss) per Share | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Net income/(loss) | $ | 17,630 | $ | (13,250 | ) | $ | 32,777 | $ | (21,888 | ) | $ | 8,005 | $ | 17,630 | $ | (2,256 | ) | $ | 32,777 | |||||||||||||
Less: Income distributed to participating securities | (538 | ) | (552 | ) | (1,096 | ) | (1,107 | ) | (548 | ) | (538 | ) | (1,097 | ) | (1,096 | ) | ||||||||||||||||
Less: Undistributed income allocable to participating securities | (1,394 | ) | — | (2,550 | ) | — | (358 | ) | (1,394 | ) | — | (2,550 | ) | |||||||||||||||||||
Net income/(loss) available to common stockholders – Basic EPS | $ | 15,698 | $ | (13,802 | ) | $ | 29,131 | $ | (22,995 | ) | $ | 7,099 | $ | 15,698 | $ | (3,353 | ) | $ | 29,131 | |||||||||||||
Weighted average common shares (in thousands) | 145,542 | 151,623 | 145,652 | 152,071 | 143,046 | 145,542 | 142,915 | 145,652 | ||||||||||||||||||||||||
Basic earnings/(loss) per share | $ | 0.11 | $ | (0.09 | ) | $ | 0.20 | $ | (0.15 | ) | $ | 0.05 | $ | 0.11 | $ | (0.02 | ) | $ | 0.20 | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Diluted Earnings/(Loss) per Share | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Net income/(loss) available to common stockholders | $ | 15,698 | $ | (13,802 | ) | $ | 29,131 | $ | (22,995 | ) | $ | 7,099 | $ | 15,698 | $ | (3,353 | ) | $ | 29,131 | |||||||||||||
Add back: Undistributed income allocable to participating securities | 1,394 | — | 2,550 | — | 358 | 1,394 | — | 2,550 | ||||||||||||||||||||||||
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive | (1,367 | ) | — | (2,529 | ) | — | (357 | ) | (1,367 | ) | — | (2,529 | ) | |||||||||||||||||||
Net income/(loss) available to common stockholders – Diluted EPS | $ | 15,725 | $ | (13,802 | ) | $ | 29,152 | $ | (22,995 | ) | $ | 7,100 | $ | 15,725 | $ | (3,353 | ) | $ | 29,152 | |||||||||||||
Weighted Average Diluted Shares (in thousands) : | ||||||||||||||||||||||||||||||||
Weighted Average Diluted Shares (in thousands): | ||||||||||||||||||||||||||||||||
Weighted average common shares | 145,542 | 151,623 | 145,652 | 152,071 | 143,046 | 145,542 | 142,915 | 145,652 | ||||||||||||||||||||||||
Dilutive effect of common stock equivalents, excluding participating securities | 3,272 | — | 1,352 | — | 379 | 3,272 | — | 1,352 | ||||||||||||||||||||||||
Weighted average diluted shares, excluding participating securities (in thousands) | 148,814 | 151,623 | 147,004 | 152,071 | 143,425 | 148,814 | 142,915 | 147,004 | ||||||||||||||||||||||||
Diluted earnings/(loss) per share | $ | 0.11 | $ | (0.09 | ) | $ | 0.20 | $ | (0.15 | ) | $ | 0.05 | $ | 0.11 | $ | (0.02 | ) | $ | 0.20 | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Reconciliation of Weighted Average Diluted Shares (in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Weighted average diluted shares as disclosed on the consolidated statements of operations | 164,855 | 151,623 | (1) | 163,062 | 152,071 | (1) | 158,976 | 164,855 | 142,915 | (1) | 163,062 | |||||||||||||||||||||
Less: Participating securities | ||||||||||||||||||||||||||||||||
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 12) | (14,750 | ) | — | (14,750 | ) | — | ||||||||||||||||||||||||||
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 11) | (14,750 | ) | (14,750 | ) | — | (14,750 | ) | |||||||||||||||||||||||||
Potentially dilutive restricted stock awards | (1,291 | ) | — | (1,308 | ) | — | (801 | ) | (1,291 | ) | — | (1,308 | ) | |||||||||||||||||||
Weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above | 148,814 | 151,623 | 147,004 | 152,071 | 143,425 | 148,814 | 142,915 | 147,004 | ||||||||||||||||||||||||
(1) | Excludes non-participating common stock equivalents for the six months ended June 30, |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Deferred tax assets: | Deferred tax assets: | |||||||||||||||
Capital losses | $ | 16,596 | $ | 16,596 | $ | 16,953 | $ | 16,601 | ||||||||
Operating lease liabilities | 4,747 | 4,953 | ||||||||||||||
Accrued expenses | 2,234 | 3,507 | 2,833 | 4,993 | ||||||||||||
Unrealized losses | 2,559 | 614 | ||||||||||||||
NOLs – Foreign | 2,093 | 2,167 | 1,677 | 1,934 | ||||||||||||
Goodwill and intangible assets | 1,371 | 1,466 | 1,181 | 1,276 | ||||||||||||
Interest carryforwards | 1,349 | 2,235 | 1,066 | 437 | ||||||||||||
Stock-based compensation | 672 | 1,922 | 741 | 1,359 | ||||||||||||
Foreign currency translation adjustment | 405 | — | ||||||||||||||
NOLs – U.S. | 382 | 510 | 255 | 382 | ||||||||||||
Outside basis differences | 122 | 122 | 122 | 122 | ||||||||||||
Other | 382 | 111 | 357 | 376 | ||||||||||||
Deferred tax assets | 29,948 | 33,589 | 28,149 | 28,094 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Right of use assets – operating leases | 3,767 | 3,927 | ||||||||||||||
Fixed assets and prepaid assets | 1,224 | 1,261 | ||||||||||||||
Foreign currency translation adjustment | 387 | 293 | ||||||||||||||
Unremitted earnings – International subsidiaries | 131 | 138 | ||||||||||||||
Allocated equity component of convertible notes | — | 1,022 | ||||||||||||||
Deferred tax liabilities | 5,509 | 6,641 | ||||||||||||||
Total deferred tax assets less deferred tax liabilities | 24,439 | 26,948 | ||||||||||||||
Less: valuation allowance | (18,811 | ) | (18,885 | ) | ||||||||||||
Deferred tax assets, net | $ | 5,628 | $ | 8,063 | ||||||||||||
June 30, 2022 | December 31, 2021 | |||||||
Deferred tax liabilities: | ||||||||
Fixed assets and prepaid assets | 597 | 257 | ||||||
Unremitted earnings – International subsidiaries | 174 | 118 | ||||||
Foreign currency translation adjustment | — | 181 | ||||||
Deferred tax liabilities | 771 | 556 | ||||||
Total deferred tax assets less deferred tax liabilities | 27,378 | 27,538 | ||||||
Less: Valuation allowance | (21,311 | ) | (18,657 | ) | ||||
Deferred tax assets, net | $ | 6,067 | $ | 8,881 | ||||
Total | Unrecognized Tax Benefits | Interest and Penalties | ||||||||||
Balance on January 1, 2021 | $ | 27,016 | $ | 21,850 | $ | 5,166 | ||||||
Decrease - Lapse of statute of limitations (1) | (5,171 | ) | (3,559 | ) | (1,612 | ) | ||||||
Increases | 39 | — | 39 | |||||||||
Foreign currency translation (2) | 338 | 273 | 65 | |||||||||
Balance at March 31, 2021 | $ | 22,222 | $ | 18,564 | $ | 3,658 | ||||||
Increases | 40 | — | 40 | |||||||||
Foreign currency translation (2) | 165 | 138 | 27 | |||||||||
Balance at June 30, 2021 | $ | 22,427 | $ | 18,702 | $ | 3,725 | ||||||
Total | Unrecognized Tax Benefits | Interest and Penalties | ||||||||||
Balance on January 1, 2022 | $ | 21,925 | $ | 18,218 | $ | 3,707 | ||||||
Decrease—Settlements (1) | (13,052 | ) | (11,865 | ) | (1,187 | ) | ||||||
Decrease—Lapse of statute of limitations (1) | (6,845 | ) | (4,825 | ) | (2,020 | ) | ||||||
Increases | 7 | — | 7 | |||||||||
Foreign currency translation (2) | (583 | ) | (485 | ) | (98 | ) | ||||||
Balance at March 31, 2022 | $ | 1,452 | $ | 1,043 | $ | 409 | ||||||
Increases | 7 | — | 7 | |||||||||
Foreign currency translation (2) | (108 | ) | (78 | ) | (30 | ) | ||||||
Balance at June 30, 2022 | $ | 1,351 | $ | 965 | $ | 386 | ||||||
(1) | In January 2022, an audit of ManJer’s tax returns (a Jersey-based subsidiary) for the years ended December 31, 2014, 2016, 2017 and 2018 were resolved in favor of ManJer. The settlement, as well as the reduction in unrecognized tax benefits from the lapse of the statute of limitations totaling $19,897 during the three months ended March 31, 2022, was recorded as an income tax benefit with an equal and offsetting amount recorded in other losses and gains, net, to recognize a reduction in the indemnification asset. During the three months ended March 31, 2021, an income tax benefit of $5,171 was recorded along with an equal and offsetting amount in other losses and gains, net. |
(2) | The gross unrecognized tax benefits were accrued in British pounds. |
Total | ||||
Balance at January 1, 2021 | $ | 85,856 | ||
Changes | 0 | |||
Balance at June 30, 2021 | $ | 85,856 | ||
Total | ||||
Balance at January 1, 2022 | $ | 85,856 | ||
Changes | — | |||
Balance at June 30, 2022 | $ | 85,856 | ||
Total | ||||
Balance at January 1, 2021 | $ | 601,247 | ||
Changes | 0 | |||
Balance at June 30, 2021 | $ | 601,247 | ||
Item | Gross Asset | Accumulated Amortization | Net Asset | |||||||||
ETFS acquisition | $ | 601,247 | $ | — | $ | 601,247 | ||||||
Software development | 724 | — | 724 | |||||||||
Balance at June 30, 2022 | $ | 601,971 | $ | — | $ | 601,971 | ||||||
Remainder of 2022 | $ | 105 | ||
2023 | 241 | |||
2024 | 241 | |||
2025 | 137 | |||
2026 | — | |||
2027 and thereafter | — | |||
Total expected amortization expense | $ | 724 | ||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||
GLOBAL ETPs (in millions) | ||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
GLOBAL ETPs (in millions ) | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 69,537 | $ | 67,392 | $ | 50,347 | $ | 67,392 | $ | 63,615 | $ | 79,390 | $ | 77,456 | $ | 69,515 | $ | 77,456 | $ | 67,383 | ||||||||||||||||||||
Assets sold | — | — | — | — | (778 | ) | ||||||||||||||||||||||||||||||||||
Inflows/(outflows) | 931 | 1,279 | 126 | 2,210 | (410 | ) | 3,852 | 1,319 | 931 | 5,171 | 2,210 | |||||||||||||||||||||||||||||
Market appreciation/(depreciation) | 3,484 | 866 | 7,489 | 4,350 | (4,445 | ) | (8,941 | ) | 615 | 3,481 | (8,326 | ) | 4,334 | |||||||||||||||||||||||||||
Fund closures | (4 | ) | — | (296 | ) | (4 | ) | (316 | ) | (4 | ) | — | (4 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||
End of period assets | $ | 73,948 | $ | 69,537 | $ | 57,666 | $ | 73,948 | $ | 57,666 | $ | 74,297 | $ | 79,390 | $ | 73,923 | $ | 74,297 | $ | 73,923 | ||||||||||||||||||||
Average assets during the period | $ | 73,658 | $ | 69,589 | $ | 55,746 | $ | 71,623 | $ | 57,943 | $ | 77,731 | $ | 77,794 | $ | 73,603 | $ | 77,763 | $ | 71,581 | ||||||||||||||||||||
Average ETP advisory fee during the period | 0.41 | % | 0.42 | % | 0.41 | % | 0.42 | % | 0.42 | % | 0.39 | % | 0.40 | % | 0.40 | % | 0.39 | % | 0.42 | % | ||||||||||||||||||||
Revenue days | 91 | 90 | 91 | 181 | 182 | 91 | 90 | 91 | 181 | 181 | ||||||||||||||||||||||||||||||
Number of ETPs—end of period | 318 | 313 | 311 | 318 | 311 | 346 | 341 | 318 | 346 | 318 | ||||||||||||||||||||||||||||||
U.S. LISTED ETFs (in millions) | ||||||||||||||||||||||||||||||||||||||||
U.S. LISTED ETFs (in millions ) | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 42,163 | $ | 38,517 | $ | 28,920 | $ | 38,517 | $ | 40,600 | $ | 48,622 | $ | 48,210 | $ | 42,163 | $ | 48,210 | $ | 38,517 | ||||||||||||||||||||
Inflows/(outflows) | 1,130 | 1,343 | (1,474 | ) | 2,473 | (2,747 | ) | 4,278 | 2,250 | 1,130 | 6,528 | 2,473 | ||||||||||||||||||||||||||||
Market appreciation/(depreciation) | 1,836 | 2,303 | 4,030 | 4,139 | (6,367 | ) | (5,645 | ) | (1,838 | ) | 1,836 | (7,483 | ) | 4,139 | ||||||||||||||||||||||||||
Fund closures | — | — | (114 | ) | — | (124 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
End of period assets | $ | 45,129 | $ | 42,163 | $ | 31,362 | $ | 45,129 | $ | 31,362 | $ | 47,255 | $ | 48,622 | $ | 45,129 | $ | 47,255 | $ | 45,129 | ||||||||||||||||||||
Average assets during the period | $ | 44,183 | $ | 40,706 | $ | 30,651 | $ | 42,444 | $ | 33,802 | $ | 48,273 | $ | 47,503 | $ | 44,183 | $ | 47,888 | $ | 42,445 | ||||||||||||||||||||
Average ETF advisory fee during the period | 0.40 | % | 0.40 | % | 0.41 | % | 0.40 | % | 0.42 | % | ||||||||||||||||||||||||||||||
Number of ETFs – end of the period | 73 | 68 | 67 | 73 | 67 | 77 | 77 | 73 | 77 | 73 | ||||||||||||||||||||||||||||||
EUROPEAN LISTED ETPs (in millions) | ||||||||||||||||||||||||||||||||||||||||
EUROPEAN LISTED ETPs (in millions ) | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 27,374 | $ | 28,875 | $ | 21,427 | $ | 28,875 | $ | 23,015 | $ | 30,768 | $ | 29,246 | $ | 27,352 | $ | 29,246 | $ | 28,866 | ||||||||||||||||||||
Assets sold | — | — | — | — | (778 | ) | ||||||||||||||||||||||||||||||||||
Inflows/(outflows) | (199 | ) | (64 | ) | 1,600 | (263 | ) | 2,337 | (426 | ) | (931 | ) | (199 | ) | (1,357 | ) | (263 | ) | ||||||||||||||||||||||
Market appreciation/(depreciation) | 1,648 | (1,437 | ) | 3,459 | 211 | 1,922 | (3,296 | ) | 2,453 | 1,645 | (843 | ) | 195 | |||||||||||||||||||||||||||
Fund closures | (4 | ) | — | (182 | ) | (4 | ) | (192 | ) | (4 | ) | — | (4 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||
End of period assets | $ | 28,819 | $ | 27,374 | $ | 26,304 | $ | 28,819 | $ | 26,304 | $ | 27,042 | $ | 30,768 | $ | 28,794 | $ | 27,042 | $ | 28,794 | ||||||||||||||||||||
Average assets during the period | $ | 29,475 | $ | 28,883 | $ | 25,095 | $ | 29,179 | $ | 24,141 | $ | 29,458 | $ | 30,291 | $ | 29,420 | $ | 29,875 | $ | 29,137 | ||||||||||||||||||||
Average ETP advisory fee during the period | 0.43 | % | 0.44 | % | 0.41 | % | 0.43 | % | 0.41 | % | ||||||||||||||||||||||||||||||
Number of ETPs—end of period | 245 | 245 | 244 | 245 | 244 | 269 | 264 | 245 | 269 | 245 | ||||||||||||||||||||||||||||||
PRODUCT CATEGORIES (in millions) | ||||||||||||||||||||||||||||||||||||||||
Commodity & Currency | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 23,657 | $ | 25,879 | $ | 19,818 | $ | 25,879 | $ | 20,074 | ||||||||||||||||||||||||||||||
Inflows/(outflows) | (318 | ) | (660 | ) | 1,308 | (978 | ) | 1,895 | ||||||||||||||||||||||||||||||||
Market appreciation/(depreciation) | 1,433 | (1,562 | ) | 3,120 | (129 | ) | 2,277 | |||||||||||||||||||||||||||||||||
End of period assets | $ | 24,772 | $ | 23,657 | $ | 24,246 | $ | 24,772 | $ | 24,246 | ||||||||||||||||||||||||||||||
Average assets during the period | $ | 25,577 | $ | 25,296 | $ | 23,048 | $ | 25,437 | $ | 21,723 | ||||||||||||||||||||||||||||||
U.S. Equity | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 20,019 | $ | 18,367 | $ | 12,151 | $ | 18,367 | $ | 17,732 | ||||||||||||||||||||||||||||||
Inflows/(outflows) | 199 | 218 | (241 | ) | 417 | (526 | ) | |||||||||||||||||||||||||||||||||
Market appreciation/(depreciation) | 1,076 | 1,434 | 2,087 | 2,510 | (3,209 | ) | ||||||||||||||||||||||||||||||||||
End of period assets | $ | 21,294 | $ | 20,019 | $ | 13,997 | $ | 21,294 | $ | 13,997 | ||||||||||||||||||||||||||||||
Average assets during the period | $ | 20,989 | $ | 19,320 | $ | 13,324 | $ | 20,154 | $ | 14,672 | ||||||||||||||||||||||||||||||
Emerging Market Equity | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 10,477 | $ | 8,539 | $ | 4,600 | $ | 8,539 | $ | 6,400 | ||||||||||||||||||||||||||||||
Inflows/(outflows) | 529 | 1,662 | (25 | ) | 2,191 | 44 | ||||||||||||||||||||||||||||||||||
Market appreciation/(depreciation) | 511 | 276 | 838 | 787 | (1,031 | ) | ||||||||||||||||||||||||||||||||||
End of period assets | $ | 11,517 | $ | 10,477 | $ | 5,413 | $ | 11,517 | $ | 5,413 | ||||||||||||||||||||||||||||||
Average assets during the period | $ | 11,010 | $ | 9,875 | $ | 5,131 | $ | 10,443 | $ | 5,525 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
PRODUCT CATEGORIES (in millions ) | ||||||||||||||||||||||||||||||||||||||||
Commodity & Currency | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 26,301 | $ | 24,597 | $ | 23,656 | $ | 24,597 | $ | 25,880 | ||||||||||||||||||||||||||||||
Inflows/(outflows) | (475 | ) | (1,053 | ) | (318 | ) | (1,528 | ) | (979 | ) | ||||||||||||||||||||||||||||||
Market appreciation/(depreciation) | (2,201 | ) | 2,757 | 1,434 | 556 | (129 | ) | |||||||||||||||||||||||||||||||||
End of period assets | $ | 23,625 | $ | 26,301 | $ | 24,772 | $ | 23,625 | $ | 24,772 | ||||||||||||||||||||||||||||||
Average assets during the period | $ | 25,765 | $ | 25,890 | $ | 25,550 | $ | 25,828 | $ | 25,420 | ||||||||||||||||||||||||||||||
U.S. Equity | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 23,738 | $ | 23,860 | $ | 20,019 | $ | 23,860 | $ | 18,367 | ||||||||||||||||||||||||||||||
Inflows/(outflows) | 306 | 779 | 191 | 1,085 | 409 | |||||||||||||||||||||||||||||||||||
Market appreciation/(depreciation) | (2,986 | ) | (901 | ) | 1,075 | (3,887 | ) | 2,509 | ||||||||||||||||||||||||||||||||
End of period assets | $ | 21,058 | $ | 23,738 | $ | 21,285 | $ | 21,058 | $ | 21,285 | ||||||||||||||||||||||||||||||
Average assets during the period | $ | 22,366 | $ | 23,139 | $ | 20,982 | $ | 22,753 | $ | 20,151 | ||||||||||||||||||||||||||||||
International Developed Market Equity | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 9,991 | $ | 9,414 | $ | 8,659 | $ | 9,414 | $ | 13,011 | $ | 11,407 | $ | 11,876 | $ | 9,975 | $ | 11,876 | $ | 9,406 | ||||||||||||||||||||
Inflows/(outflows) | 397 | 17 | (965 | ) | 414 | (2,062 | ) | 79 | 97 | 398 | 176 | 415 | ||||||||||||||||||||||||||||
Market appreciation/(depreciation) | 405 | 560 | 1,145 | 965 | (2,110 | ) | (1,523 | ) | (566 | ) | 403 | (2,089 | ) | 955 | ||||||||||||||||||||||||||
End of period assets | $ | 10,793 | $ | 9,991 | $ | 8,839 | $ | 10,793 | $ | 8,839 | $ | 9,963 | $ | 11,407 | $ | 10,776 | $ | 9,963 | $ | 10,776 | ||||||||||||||||||||
Average assets during the period | $ | 10,529 | $ | 9,796 | $ | 8,780 | $ | 10,162 | $ | 10,117 | $ | 10,687 | $ | 11,527 | $ | 10,511 | $ | 11,107 | $ | 10,145 | ||||||||||||||||||||
Emerging Market Equity | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 9,991 | $ | 10,375 | $ | 10,477 | $ | 10,375 | $ | 8,539 | ||||||||||||||||||||||||||||||
Inflows/(outflows) | (223 | ) | 189 | 531 | (34 | ) | 2,194 | |||||||||||||||||||||||||||||||||
Market appreciation/(depreciation) | (1,382 | ) | (573 | ) | 511 | (1,955 | ) | 786 | ||||||||||||||||||||||||||||||||
End of period assets | $ | 8,386 | $ | 9,991 | $ | 11,519 | $ | 8,386 | $ | 11,519 | ||||||||||||||||||||||||||||||
Average assets during the period | $ | 9,155 | $ | 10,116 | $ | 11,012 | $ | 9,636 | $ | 10,444 | ||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 3,261 | $ | 3,324 | $ | 3,527 | $ | 3,324 | $ | 3,585 | $ | 5,417 | $ | 4,352 | $ | 3,241 | $ | 4,352 | $ | 3,308 | ||||||||||||||||||||
Inflows/(outflows) | 168 | 10 | (53 | ) | 178 | (32 | ) | 4,038 | 1,242 | 168 | 5,280 | 178 | ||||||||||||||||||||||||||||
Market appreciation/(depreciation) | 28 | (73 | ) | 56 | (45 | ) | (23 | ) | (264 | ) | (177 | ) | 27 | (441 | ) | (50 | ) | |||||||||||||||||||||||
End of period assets | $ | 3,457 | $ | 3,261 | $ | 3,530 | $ | 3,457 | $ | 3,530 | $ | 9,191 | $ | 5,417 | $ | 3,436 | $ | 9,191 | $ | 3,436 | ||||||||||||||||||||
Average assets during the period | $ | 3,354 | $ | 3,253 | $ | 3,523 | $ | 3,303 | $ | 3,588 | $ | 7,425 | $ | 4,688 | $ | 3,332 | $ | 6,057 | $ | 3,282 | ||||||||||||||||||||
Leveraged & Inverse | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 1,521 | $ | 1,478 | $ | 896 | $ | 1,478 | $ | 1,138 | $ | 1,856 | $ | 1,775 | $ | 1,519 | $ | 1,775 | $ | 1,477 | ||||||||||||||||||||
Inflows/(outflows) | (2 | ) | (5 | ) | 311 | (7 | ) | 323 | 90 | (2 | ) | (2 | ) | 88 | (7 | ) | ||||||||||||||||||||||||
Market appreciation/(depreciation) | 173 | 48 | 138 | 221 | (116 | ) | (328 | ) | 83 | 174 | (245 | ) | 221 | |||||||||||||||||||||||||||
End of period assets | $ | 1,692 | $ | 1,521 | $ | 1,345 | $ | 1,692 | $ | 1,345 | $ | 1,618 | $ | 1,856 | $ | 1,691 | $ | 1,618 | $ | 1,691 | ||||||||||||||||||||
Average assets during the period | $ | 1,666 | $ | 1,555 | $ | 1,164 | $ | 1,611 | $ | 1,152 | $ | 1,765 | $ | 1,830 | $ | 1,664 | $ | 1,798 | $ | 1,609 | ||||||||||||||||||||
Cryptocurrency | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 377 | $ | 168 | $ | 5 | $ | 168 | $ | 1 | $ | 383 | $ | 357 | $ | 377 | $ | 357 | $ | 167 | ||||||||||||||||||||
Inflows/(outflows) | 8 | 36 | 8 | 44 | 13 | 3 | 37 | 8 | 40 | 44 | ||||||||||||||||||||||||||||||
Market appreciation/(depreciation) | (156 | ) | 173 | 2 | 17 | 1 | (235 | ) | (11 | ) | (156 | ) | (246 | ) | 18 | |||||||||||||||||||||||||
End of period assets | $ | 229 | $ | 377 | $ | 15 | $ | 229 | $ | 15 | $ | 151 | $ | 383 | $ | 229 | $ | 151 | $ | 229 | ||||||||||||||||||||
Average assets during the period | $ | 300 | $ | 264 | $ | 11 | $ | 282 | $ | 7 | $ | 265 | $ | 324 | $ | 300 | $ | 295 | $ | 282 | ||||||||||||||||||||
Alternatives | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 227 | $ | 214 | $ | 244 | $ | 214 | $ | 358 | $ | 293 | $ | 261 | $ | 227 | $ | 261 | $ | 215 | ||||||||||||||||||||
Inflows/(outflows) | (44 | ) | — | (29 | ) | (44 | ) | (95 | ) | 34 | 29 | (39 | ) | 63 | (39 | ) | ||||||||||||||||||||||||
Market appreciation/(depreciation) | 11 | 13 | 10 | 24 | (38 | ) | (22 | ) | 3 | 10 | (19 | ) | 22 | |||||||||||||||||||||||||||
End of period assets | $ | 194 | $ | 227 | $ | 225 | $ | 194 | $ | 225 | $ | 305 | $ | 293 | $ | 198 | $ | 305 | $ | 198 | ||||||||||||||||||||
Average assets during the period | $ | 228 | $ | 223 | $ | 226 | $ | 225 | $ | 277 | $ | 299 | $ | 275 | $ | 231 | $ | 287 | $ | 227 | ||||||||||||||||||||
Closed ETPs | ||||||||||||||||||||||||||||||||||||||||
Beginning of period assets | $ | 7 | $ | 9 | $ | 447 | $ | 9 | $ | 1,316 | $ | 4 | $ | 3 | $ | 24 | $ | 3 | $ | 24 | ||||||||||||||||||||
Assets sold | — | — | — | — | (778 | ) | ||||||||||||||||||||||||||||||||||
Inflows/(outflows) | (6 | ) | 1 | (188 | ) | (5 | ) | 30 | — | 1 | (6 | ) | 1 | (5 | ) | |||||||||||||||||||||||||
Market appreciation/(depreciation) | 3 | (3 | ) | 93 | — | (196 | ) | — | — | 3 | — | 2 | ||||||||||||||||||||||||||||
Fund closures | (4 | ) | — | (296 | ) | (4 | ) | (316 | ) | (4 | ) | — | (4 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||||
End of period assets | $ | — | $ | 7 | $ | 56 | $ | — | $ | 56 | $ | — | $ | 4 | $ | 17 | $ | — | $ | 17 | ||||||||||||||||||||
Average assets during the period | $ | 5 | $ | 7 | $ | 538 | $ | 6 | $ | 882 | $ | 4 | $ | 5 | $ | 21 | $ | 5 | $ | 23 | ||||||||||||||||||||
Headcount: | 227 | 227 | 214 | 227 | 214 | 264 | 253 | 227 | 264 | 227 |
Three Months Ended June 30, | Change | Percent Change | Three Months Ended June 30, | Change | Percent Change | |||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Global AUM (in millions) | ||||||||||||||||||||||||||||||||
Average global AUM | $ | 73,658 | $ | 55,746 | $ | 17,912 | 32.1 | % | ||||||||||||||||||||||||
AUM (in millions) | 2022 | 2021 | Change | Percent Change | ||||||||||||||||||||||||||||
Average AUM | $ | 77,731 | $ | 73,603 | ||||||||||||||||||||||||||||
Operating Revenues (in thousands) | ||||||||||||||||||||||||||||||||
Advisory fees | $ | 75,997 | $ | 57,208 | $ | 18,789 | 32.8 | % | ||||||||||||||||||||||||
Advisory fees (1) | $ | 75,586 | $ | 74,169 | $ | 1,417 | 1.9 | % | ||||||||||||||||||||||||
Other income | 1,606 | 918 | 688 | 74.9 | % | 1,667 | 1,606 | 61 | 3.8 | % | ||||||||||||||||||||||
Total revenues | $ | 77,603 | $ | 58,126 | $ | 19,477 | 33.5 | % | $ | 77,253 | $ | 75,775 | $ | 1,478 | 2.0 | % | ||||||||||||||||
(1) | Advisory fees previously reported have been revised due to an immaterial error correction. These revisions had no effect on previously reported net income. See Note 2 to our Consolidated Financial Statements for additional information. |
Three Months Ended June 30, | Change | Percent Change | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||||
Compensation and benefits | $ | 20,331 | $ | 17,455 | $ | 2,876 | 16.5 | % | ||||||||
Fund management and administration | 16,195 | 14,461 | 1,734 | 12.0 | % | |||||||||||
Marketing and advertising | 3,594 | 1,949 | 1,645 | 84.4 | % | |||||||||||
Sales and business development | 2,159 | 2,181 | (22 | ) | (1.0 | %) | ||||||||||
Contractual gold payments | 4,314 | 4,063 | 251 | 6.2 | % | |||||||||||
Professional fees | 1,921 | 1,357 | 564 | 41.6 | % | |||||||||||
Occupancy, communications and equipment | 1,266 | 1,643 | (377 | ) | (22.9 | %) | ||||||||||
Depreciation and amortization | 256 | 251 | 5 | 2.0 | % | |||||||||||
Third-party distribution fees | 2,130 | 1,340 | 790 | 59.0 | % | |||||||||||
Acquisition and disposition-related costs | — | 33 | (33 | ) | n/a | |||||||||||
Other | 1,752 | 1,596 | 156 | 9.8 | % | |||||||||||
Total operating expenses | $ | 53,918 | $ | 46,329 | $ | 7,589 | 16.4 | % | ||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Change | Percent Change | |||||||||||||||||||||
As a Percent of Revenues: | 2021 | 2020 | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | Percent Change | ||||||||||||||||||||
Compensation and benefits | 26.2 | % | 30.0 | % | $ | 24,565 | $ | 20,331 | ||||||||||||||||
Fund management and administration | 20.9 | % | 24.9 | % | 16,076 | 14,367 | 1,709 | 11.9 | % | |||||||||||||||
Marketing and advertising | 4.6 | % | 3.3 | % | 3,894 | 3,594 | 300 | 8.3 | % | |||||||||||||||
Sales and business development | 2.8 | % | 3.8 | % | 3,131 | 2,159 | 972 | 45.0 | % | |||||||||||||||
Contractual gold payments | 5.6 | % | 7.0 | % | 4,446 | 4,314 | 132 | 3.1 | % | |||||||||||||||
Professional fees | 2.5 | % | 2.3 | % | 4,308 | 1,921 | 2,387 | 124.3 | % | |||||||||||||||
Occupancy, communications and equipment | 1.6 | % | 2.8 | % | 1,049 | 1,266 | (217 | ) | (17.1 | %) | ||||||||||||||
Depreciation and amortization | 0.3 | % | 0.4 | % | 53 | 256 | (203 | ) | (79.3 | %) | ||||||||||||||
Third-party distribution fees | 1,818 | 2,130 | (312 | ) | (14.6 | %) | ||||||||||||||||||
Other | 2,109 | 1,752 | 357 | 20.4 | % | |||||||||||||||||||
Total operating expenses | $ | 61,449 | $ | 52,090 | $ | 9,359 | 18.0 | % | ||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
As a Percent of Revenues: | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Compensation and benefits | 31.7 | % | 26.8 | % | ||||||||||||
Fund management and administration (1) | 20.7 | % | 19.0 | % | ||||||||||||
Marketing and advertising | 5.0 | % | 4.8 | % | ||||||||||||
Sales and business development | 4.1 | % | 2.8 | % | ||||||||||||
Contractual gold payments | 5.8 | % | 5.7 | % | ||||||||||||
Professional fees | 5.6 | % | 2.5 | % | ||||||||||||
Occupancy, communications and equipment | 1.4 | % | 1.7 | % | ||||||||||||
Depreciation and amortization | 0.1 | % | 0.3 | % | ||||||||||||
Third-party distribution fees | 2.7 | % | 2.3 | % | 2.4 | % | 2.8 | % | ||||||||
Acquisition and disposition-related costs | — | 0.1 | % | |||||||||||||
Other | 2.3 | % | 2.8 | % | 2.7 | % | 2.3 | % | ||||||||
Total operating expenses | 69.5 | % | 79.7 | % | 79.5 | % | 68.7 | % | ||||||||
(1) | Fund management and administration expenses previously reported have been revised due to an immaterial error correction. These revisions had no effect on previously reported net income. See Note 2 to our Consolidated Financial Statements for additional information. |
Three Months Ended June 30, | Change | Percent Change | Three Months Ended June 30, | Change | Percent Change | |||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2022 | 2021 | ||||||||||||||||||||||||||||
Interest expense | $ | (2,567 | ) | $ | (2,044 | ) | $ | (523 | ) | 25.6 | % | $ | (3,733 | ) | $ | (2,567 | ) | $ | (1,166 | ) | 45.4 | % | ||||||||||
Gain/(loss) on revaluation of deferred consideration – gold payments | 497 | (23,358 | ) | 23,855 | (102.1 | %) | ||||||||||||||||||||||||||
Gain on revaluation of deferred consideration – gold payments | 2,311 | 497 | 1,814 | 365.0 | % | |||||||||||||||||||||||||||
Interest income | 225 | 119 | 106 | 89.1 | % | 770 | 225 | 545 | 242.2 | % | ||||||||||||||||||||||
Loss on extinguishment of debt | — | (2,387 | ) | 2,387 | n/a | |||||||||||||||||||||||||||
Other gains, net | 49 | 1,819 | (1,770 | ) | (97.3 | %) | ||||||||||||||||||||||||||
Other losses and gains, net | (4,474 | ) | 49 | (4,523 | ) | n/a | ||||||||||||||||||||||||||
Total other expenses, net | $ | (1,796 | ) | $ | (25,851 | ) | $ | 24,055 | (93.1 | %) | $ | (5,126 | ) | $ | (1,796 | ) | $ | (3,330 | ) | 185.4 | % | |||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
As a Percent of Revenues: | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Interest expense | (3.3 | %) | (3.5 | %) | (4.8 | %) | (3.5 | %) | ||||||||
Gain/(loss) on revaluation of deferred consideration – gold payments | 0.6 | % | (40.2 | %) | ||||||||||||
Gain on revaluation of deferred consideration – gold payments | 3.0 | % | 0.7 | % | ||||||||||||
Interest income | 0.3 | % | 0.2 | % | 1.0 | % | 0.3 | % | ||||||||
Loss on extinguishment of debt | — | (4.1 | %) | |||||||||||||
Other gains, net | 0.1 | % | 3.1 | % | ||||||||||||
Other losses and gains, net | (5.8 | %) | 0.1 | % | ||||||||||||
Total other expenses, net | (2.3 | %) | (44.5 | %) | (6.6 | %) | (2.4 | %) | ||||||||
Six Months Ended June 30, | Change | Percent Change | Six Months Ended June 30, | Change | Percent Change | |||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||
Global AUM (in millions) | ||||||||||||||||||||||||||||||||
Average global AUM | $ | 71,623 | $ | 57,943 | $ | 13,680 | 23.6 | % | $ | 77,763 | $ | 71,581 | $ | 6,182 | 8.6 | % | ||||||||||||||||
Revenues (in thousands) | ||||||||||||||||||||||||||||||||
Advisory fees | $ | 147,613 | $ | 120,158 | $ | 27,455 | 22.8 | % | $ | 152,103 | $ | 144,211 | $ | 7,892 | 5.5 | % | ||||||||||||||||
Other income | 2,820 | 1,842 | 978 | 53.1 | % | 3,518 | 2,820 | 698 | 24.8 | % | ||||||||||||||||||||||
Total revenues | $ | 150,433 | $ | 122,000 | $ | 28,433 | 23.3 | % | $ | 155,621 | $ | 147,031 | $ | 8,590 | 5.8 | % | ||||||||||||||||
(1) | Advisory fees previously reported have been revised due to an immaterial error correction. These revisions had no effect on previously reported net income. See Note 2 to our Consolidated Financial Statements for additional information. |
Six Months Ended June 30, | Change | Percent Change | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||||
Compensation and benefits | $ | 42,958 | $ | 34,750 | $ | 8,208 | 23.6 | % | ||||||||
Fund management and administration | 31,716 | 28,946 | 2,770 | 9.6 | % | |||||||||||
Marketing and advertising | 6,600 | 4,417 | 2,183 | 49.4 | % | |||||||||||
Sales and business development | 4,304 | 5,598 | (1,294 | ) | (23.1 | %) | ||||||||||
Contractual gold payments | 8,584 | 7,823 | 761 | 9.7 | % | |||||||||||
Professional fees | 3,934 | 2,630 | 1,304 | 49.6 | % | |||||||||||
Occupancy, communications and equipment | 2,741 | 3,194 | (453 | ) | (14.2 | %) | ||||||||||
Depreciation and amortization | 508 | 507 | 1 | 0.2 | % | |||||||||||
Third-party distribution fees | 3,473 | 2,695 | 778 | 28.9 | % | |||||||||||
Acquisition and disposition-related costs | — | 416 | (416 | ) | n/a | |||||||||||
Other | 3,323 | 3,593 | (270 | ) | (7.5 | %) | ||||||||||
Total operating expenses | $ | 108,141 | $ | 94,569 | $ | 13,572 | 14.4 | % | ||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Change | Percent Change | |||||||||||||||||||||
As a Percent of Revenues: | 2021 | 2020 | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Change | Percent Change | ||||||||||||||||||||
Compensation and benefits | 28.6 | % | 28.5 | % | $ | 49,352 | $ | 42,958 | ||||||||||||||||
Fund management and administration | 21.1 | % | 23.7 | % | 31,570 | 28,314 | 3,256 | 11.5 | % | |||||||||||||||
Marketing and advertising | 4.4 | % | 3.6 | % | 7,917 | 6,600 | 1,317 | 20.0 | % | |||||||||||||||
Sales and business development | 2.9 | % | 4.6 | % | 5,740 | 4,304 | 1,436 | 33.4 | % | |||||||||||||||
Contractual gold payments | 5.7 | % | 6.4 | % | 8,896 | 8,584 | 312 | 3.6 | % | |||||||||||||||
Professional fees | 8,767 | 3,934 | 4,833 | 122.9 | % | |||||||||||||||||||
Occupancy, communications and equipment | 1,802 | 2,741 | (939 | ) | (34.3 | %) | ||||||||||||||||||
Depreciation and amortization | 100 | 508 | (408 | ) | (80.3 | %) | ||||||||||||||||||
Third-party distribution fees | 4,030 | 3,473 | 557 | 16.0 | % | |||||||||||||||||||
Other | 3,954 | 3,323 | 631 | 19.0 | % | |||||||||||||||||||
Total operating expenses | $ | 122,128 | $ | 104,739 | $ | 17,389 | 16.6 | % | ||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
As a Percent of Revenues: | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Compensation and benefits | 31.7 | % | 29.2 | % | ||||||||||||
Fund management and administration | 20.3 | % | 19.3 | % | ||||||||||||
Marketing and advertising | 5.1 | % | 4.4 | % | ||||||||||||
Sales and business development | 3.7 | % | 2.9 | % | ||||||||||||
Contractual gold payments | 5.7 | % | 5.8 | % | ||||||||||||
Professional fees | 2.6 | % | 2.2 | % | 5.6 | % | 2.7 | % | ||||||||
Occupancy, communications and equipment | 1.8 | % | 2.6 | % | 1.2 | % | 1.9 | % | ||||||||
Depreciation and amortization | 0.3 | % | 0.4 | % | 0.1 | % | 0.3 | % | ||||||||
Third-party distribution fees | 2.3 | % | 2.2 | % | 2.6 | % | 2.4 | % | ||||||||
Acquisition and disposition-related costs | — | 0.3 | % | |||||||||||||
Other | 2.2 | % | 3.0 | % | 2.5 | % | 2.3 | % | ||||||||
Total operating expenses | 71.9 | % | 77.5 | % | 78.5 | % | 71.2 | % | ||||||||
Six Months Ended June 30, | Change | Percent Change | Six Months Ended June 30, | Change | Percent Change | |||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2022 | 2021 | ||||||||||||||||||||||||||||
Interest expense | $ | (4,863 | ) | $ | (4,463 | ) | $ | (400 | ) | 9.0 | % | $ | (7,465 | ) | $ | (4,863 | ) | $ | (2,602 | ) | 53.5 | % | ||||||||||
Gain/(loss) on revaluation of deferred consideration – gold payments | 3,329 | (25,566 | ) | 28,895 | (113.0 | %) | ||||||||||||||||||||||||||
(Loss)/gain on revaluation of deferred consideration – gold payments | (14,707 | ) | 3,329 | (18,036 | ) | n/a | ||||||||||||||||||||||||||
Interest income | 456 | 282 | 174 | 61.7 | % | 1,564 | 456 | 1,108 | 243.0 | % | ||||||||||||||||||||||
Impairments | (303 | ) | (19,672 | ) | 19,369 | (98.5 | %) | — | (303 | ) | 303 | (100.0 | %) | |||||||||||||||||||
Loss on extinguishment of debt | — | (2,387 | ) | 2,387 | n/a | |||||||||||||||||||||||||||
Other losses, net | (5,844 | ) | (688 | ) | (5,156 | ) | 749.4 | % | (29,181 | ) | (5,844 | ) | (23,337 | ) | 399.3 | % | ||||||||||||||||
Total other expenses, net | $ | (7,225 | ) | $ | (52,494 | ) | $ | 45,269 | (86.2 | %) | $ | (49,789 | ) | $ | (7,225 | ) | $ | (42,564 | ) | 589.1 | % | |||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
As a Percent of Revenues: | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Interest expense | (3.2 | %) | (3.6 | %) | (4.8 | %) | (3.3 | %) | ||||||||
Gain/(loss) on revaluation of deferred consideration – gold payments | 2.2 | % | (21.0 | %) | ||||||||||||
(Loss)/gain on revaluation of deferred consideration – gold payments | (9.5 | %) | 2.3 | % | ||||||||||||
Interest income | 0.3 | % | 0.2 | % | 1.0 | % | 0.3 | % | ||||||||
Impairments | (0.2 | %) | (16.1 | %) | n/a | (0.2 | %) | |||||||||
Loss on extinguishment of debt | — | (2.0 | %) | |||||||||||||
Other losses, net | (3.9 | %) | (0.5 | %) | (18.7 | %) | (4.0 | %) | ||||||||
Total other expenses, net | (4.8 | %) | (43.0 | %) | (32.0 | %) | (4.9 | %) | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
Adjusted Net Income and Diluted Earnings per Share: | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Net income/(loss), as reported | $ | 17,630 | $ | (13,250 | ) | $ | 32,777 | $ | (21,888 | ) | ||||||
Deduct/Add back: (Gain)/loss on revaluation of deferred consideration | (497 | ) | 23,358 | (3,329 | ) | 25,566 | ||||||||||
Deduct: Unrealized gain recognized on our investment in Securrency, net of income taxes | (105 | ) | —�� | (284 | ) | — | ||||||||||
Deduct/Add back: Tax (windfalls)/shortfalls upon vesting and exercise of stock-based compensation awards | (233 | ) | 119 | (110 | ) | 620 | ||||||||||
Add back: Loss on extinguishment of debt, net of income taxes | — | 1,910 | — | 1,910 | ||||||||||||
Deduct: Release of a deferred tax asset valuation allowance recognized on interest carryforwards arising from debt previously outstanding in the United Kingdom | — | (2,842 | ) | — | (2,842 | ) | ||||||||||
Add back: Interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the convertible notes, net of income taxes | — | 42 | — | 42 | ||||||||||||
Deduct: Gain arising from an adjustment to the estimated fair value of consideration received from the exit of investment in AdvisorEngine | — | (868 | ) | — | (868 | ) | ||||||||||
Add back: Impairments, net of income taxes (where applicable) | — | — | 245 | 19,672 | ||||||||||||
Deduct: Gain recognized upon sale of Canadian ETF business | — | — | — | (2,877 | ) | |||||||||||
Add back: Acquisition and disposition-related costs, net of income taxes | — | 25 | — | 383 | ||||||||||||
Adjusted net income | $ | 16,795 | $ | 8,494 | $ | 29,299 | $ | 19,718 | ||||||||
Deduct: Income distributed to participating securities | (538 | ) | (552 | ) | (1,096 | ) | (1,107 | ) | ||||||||
Deduct: Undistributed income allocable to participating securities | (1,277 | ) | (364 | ) | (2,145 | ) | (1,020 | ) | ||||||||
Adjusted net income available to common stockholders | $ | 14,980 | $ | 7,578 | $ | 26,058 | $ | 17,591 | ||||||||
Weighted average diluted shares, excluding participating securities (in thousands) (See Note 19 to our Consolidated Financial Statements) | 148,814 | 151,623 | 147,004 | 152,071 | ||||||||||||
Adjusted earnings per share - diluted | $ | 0.10 | $ | 0.05 | $ | 0.18 | $ | 0.12 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
Adjusted Net Income and Diluted Earnings per Share: | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Net income/(loss), as reported | $ | 8,005 | $ | 17,630 | $ | (2,256 | ) | $ | 32,777 | |||||||
Deduct/add back: (Gain)/loss on revaluation of deferred consideration | (2,311 | ) | (497 | ) | 14,707 | (3,329 | ) | |||||||||
Add back: Increase in deferred tax asset valuation allowance on securities owned | 901 | — | 2,911 | — | ||||||||||||
Add back: Losses on securities owned, net of income taxes | 3,165 | — | 7,058 | — | ||||||||||||
Add back: Expenses incurred in response to an activist campaign, net of income taxes | 1,532 | — | 3,376 | — | ||||||||||||
Add back/deduct: Tax shortfalls/(windfalls) upon vesting and exercise of stock-based compensation awards | 20 | (233 | ) | (545 | ) | (110 | ) | |||||||||
Deduct/add back: Unrealized (gain)/loss recognized on our investments, net of income taxes | (55 | ) | (105 | ) | 69 | (284 | ) | |||||||||
Add back: Impairments, net of income taxes (where applicable) | — | — | — | 245 | ||||||||||||
Adjusted net income | $ | 11,257 | $ | 16,795 | $ | 25,320 | $ | 29,299 | ||||||||
Deduct: Income distributed to participating securities | (548 | ) | (538 | ) | (1,097 | ) | (1,096 | ) | ||||||||
Deduct: Undistributed income allocable to participating securities | (724 | ) | (1,277 | ) | (1,763 | ) | (2,145 | ) | ||||||||
Adjusted net income available to common stockholders | $ | 9,985 | $ | 14,980 | $ | 22,460 | $ | 26,058 | ||||||||
Weighted average diluted shares, excluding participating securities (in thousands) (See Note 19 to our Consolidated Financial Statements) | 143,425 | 148,814 | 143,271 | 147,004 | ||||||||||||
Adjusted earnings per share – diluted | $ | 0.07 | $ | 0.10 | $ | 0.16 | $ | 0.18 | ||||||||
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Balance Sheet Data (in thousands) : | ||||||||||||||||
Cash and cash equivalents | $ | 167,635 | $ | 73,425 | $ | 109,736 | $ | 140,709 | ||||||||
Securities owned, at fair value | 58,806 | 34,895 | 128,852 | 127,166 | ||||||||||||
Accounts receivable | 34,800 | 29,455 | 34,061 | 31,864 | ||||||||||||
Securities held-to-maturity | 370 | 451 | 277 | 308 | ||||||||||||
Total: Liquid assets | 261,611 | 138,226 | 272,926 | 300,047 | ||||||||||||
Less: Total current liabilities | (64,784 | ) | (73,999 | ) | (68,298 | ) | (83,667 | ) | ||||||||
Less: Regulatory capital requirement – certain international subsidiaries | (12,439 | ) | (10,745 | ) | (25,450 | ) | (12,320 | ) | ||||||||
Total: Available liquidity | $ | 184,388 | $ | 53,482 | $ | 179,178 | $ | 204,060 | ||||||||
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Cash Flow Data (in thousands) : | ||||||||
Operating cash flows | $ | (2,217 | ) | $ | 19,382 | |||
Investing cash flows | (5,846 | ) | 27,070 | |||||
Financing cash flows | 102,147 | (70,085 | ) | |||||
Foreign exchange rate effect | 126 | (1,084 | ) | |||||
Increase/(decrease) in cash and cash equivalents | $ | 94,210 | $ | (24,717 | ) | |||
(1) | Excludes convertible notes in the amount of $173,325 scheduled to mature on June 15, 2023, as we are actively exploring refinancing and extension alternatives. |
Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Cash Flow Data (in thousands) : | ||||||||
Operating cash flows (1) | $ | 8,542 | $ | 22,390 | ||||
Investing cash flows (1) | (23,070 | ) | (30,453 | ) | ||||
Financing cash flows | (13,073 | ) | 102,147 | |||||
Foreign exchange rate effect | (3,372 | ) | 126 | |||||
(Decrease)/increase in cash and cash equivalents | $ | (30,973 | ) | $ | 94,210 | |||
(1) | Cash flows from purchasing securities owned, at fair value of $29,819 and selling securities owned, at fair value of $5,212 during the six months ended June 30, 2021 that were not acquired specifically for resale or associated with the Company’s business activities have been reclassified from operating activities to investing activities to conform to the current year’s presentation in the Consolidated Statements of Cash Flows. See Note 2 for additional information. |
2021 Notes | 2020 Notes | 2021 Notes | 2020 Notes | |||||||||||||
Maturity date (unless earlier converted, repurchased or redeemed) | June 15, 2026 | June 15, 2023 | June 15, 2026 | June 15, 2023 | ||||||||||||
Interest rate | 3.25 | % | 4.25 | % | 3.25 | % | 4.25 | % | ||||||||
Conversion price | $11.04 | $5.92 | $ | 11.04 | $ | 5.92 | ||||||||||
Conversion rate | 90.5797 | 168.9189 | 90.5797 | 168.9189 | ||||||||||||
Redemption price | $14.35 | $7.70 | $ | 14.35 | $ | 7.70 |
ITEM 3. |
ITEM 4. |
ITEM 1. |
ITEM 1A. |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||
Period | (in thousands) | |||||||||||||||
April 1, 2021 to April 30, 2021 | 167,871 | $ | 6.45 | 167,871 | ||||||||||||
May 1, 2021 to May 31, 2021 | — | $ | — | — | ||||||||||||
June 1, 2021 to June 30, 2021 | 4,462,862 | $ | 6.90 | 4,462,862 | ||||||||||||
Total | 4,630,733 | $ | 6.88 | 4,630,733 | $ | 17,685 | ||||||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||
Period | (in thousands) | |||||||||||||||
April 1, 2022 to April 30, 2022 | — | $ | — | — | ||||||||||||
May 1, 2022 to May 31, 2022 | — | $ | — | — | ||||||||||||
June 1, 2022 to June 30, 2022 | — | $ | — | — | ||||||||||||
Total | — | $ | — | — | $ | 100,000 | ||||||||||
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
Exhibit No. | Description | |
31.1 (1) | Rule 13a-14(a) / 15d-14(a) Certification | |
31.2 (1) | Rule 13a-14(a) / 15d-14(a) Certification | |
32 (1) | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101 (1) | Financial Statements from the Quarterly Report on Form 10-Q of the Company for the three months ended March 31, 2022, formatted in XBRL: (i) Consolidated Balance Sheets at June 30, 2022 (Unaudited) and December 31, 2021; (ii) Consolidated Statements of Operations and Comprehensive Income/(Loss) for the three and six months ended June 30, 2022 and June 30, 2021 (Unaudited); (iii) Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2022 and June 30, 2021 (Unaudited) (iv) Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and June 30, 2021 (Unaudited); and (v) Notes to Consolidated Financial Statements, as blocks of text and in detail. | |
101.SCH (1) | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL (1) | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF (1) | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB (1) | Inline XBRL Taxonomy Extension | |
101.PRE (1) | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 (1) | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*) |
(1) | Filed herewith. |
WISDOMTREE INVESTMENTS, INC. | ||
By: | /s/ Jonathan Steinberg | |
Jonathan Steinberg | ||
Chief Executive Officer (Principal Executive Officer) | ||
WISDOMTREE INVESTMENTS, INC. | ||
By: | /s/ Bryan Edmiston | |
Bryan Edmiston | ||
Chief Financial Officer (Principal Financial Officer) |