Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | WETF | |
Entity Registrant Name | WisdomTree Investments, Inc. | |
Entity Central Index Key | 880,631 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 136,485,963 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 159,761 | $ 210,070 |
Accounts receivable | 20,701 | 27,576 |
Other current assets | 3,651 | 2,899 |
Total current assets | 184,113 | 240,545 |
Fixed assets, net | 12,051 | 11,974 |
Investments | 22,581 | 23,689 |
Deferred tax asset, net | 4,717 | 14,071 |
Goodwill | 3,475 | 1,676 |
Intangible asset | 9,953 | |
Other noncurrent assets | 763 | 738 |
Total assets | 237,653 | 292,693 |
Current liabilities: | ||
Fund management and administration payable | 12,812 | 12,971 |
Compensation and benefits payable | 5,075 | 28,060 |
Accounts payable and other liabilities | 6,093 | 8,063 |
Total current liabilities: | 23,980 | 49,094 |
Acquisition payable | 4,687 | 3,942 |
Deferred rent payable | 5,071 | 5,155 |
Total liabilities | $ 33,738 | $ 58,191 |
Stockholders' equity: | ||
Preferred stock, par value $0.01; 2,000 shares authorized: | ||
Common stock, par value $0.01; 250,000 shares authorized; issued: 136,465 and 138,415; outstanding: 134,085 and 136,794 | $ 1,365 | $ 1,384 |
Additional paid-in capital | 225,860 | 257,960 |
Accumulated other comprehensive income/(loss) | 247 | (126) |
Accumulated deficit | (23,557) | (24,716) |
Total stockholders' equity | 203,915 | 234,502 |
Total liabilities and stockholders' equity | $ 237,653 | $ 292,693 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 136,465,000 | 138,415,000 |
Common stock, shares outstanding | 134,085,000 | 136,794,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
ETF advisory fees | $ 60,615 | $ 59,869 |
Other income | 263 | 272 |
Total revenues | 60,878 | 60,141 |
Expenses: | ||
Compensation and benefits | 15,226 | 19,601 |
Fund management and administration | 10,044 | 10,168 |
Marketing and advertising | 3,832 | 3,076 |
Sales and business development | 2,447 | 1,900 |
Professional and consulting fees | 2,835 | 1,463 |
Occupancy, communications and equipment | 1,222 | 918 |
Depreciation and amortization | 316 | 220 |
Third-party sharing arrangements | 907 | 283 |
Acquisition contingent payment | 745 | 257 |
Other | 1,632 | 1,235 |
Total expenses | 39,206 | 39,121 |
Income before taxes | 21,672 | 21,020 |
Income tax expense | 9,600 | 8,958 |
Net income | $ 12,072 | $ 12,062 |
Net income per share - basic | $ 0.09 | $ 0.09 |
Net income per share - diluted | $ 0.09 | $ 0.09 |
Weighted-average common shares - basic | 137,599 | 134,075 |
Weighted-average common shares - diluted | 138,424 | 137,311 |
Cash dividends declared per common share | $ 0.08 | $ 0.08 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Comprehensive income | ||
Net income | $ 12,072 | $ 12,062 |
Other comprehensive income/(loss) | ||
Foreign currency translation adjustment | 373 | (53) |
Comprehensive income | $ 12,445 | $ 12,009 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 12,072 | $ 12,062 |
Non-cash items included in net income: | ||
Income tax expense | 9,219 | 8,608 |
Depreciation and amortization and other | 316 | 220 |
Stock-based compensation | 3,503 | 2,344 |
Deferred rent | (68) | (48) |
Accretion to interest income and other | 9 | 3 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 7,055 | (6,356) |
Other assets | (774) | (359) |
Acquisition contingent payment | 745 | 257 |
Fund management and administration payable | (199) | 2,640 |
Compensation and benefits payable | (22,973) | (3,230) |
Accounts payable and other liabilities | (2,128) | 796 |
Net cash provided by operating activities | 6,777 | 16,937 |
Cash flows from investing activities: | ||
Purchase of fixed assets | (336) | (20) |
Purchase of investments | (8,449) | |
Acquisition less cash acquired | (11,818) | |
Proceeds from the redemption of investments | 1,113 | 808 |
Net cash used in investing activities | (11,041) | (7,661) |
Cash flows from financing activities: | ||
Dividends paid | (10,913) | (10,799) |
Shares repurchased | (35,555) | (14,070) |
Proceeds from exercise of stock options and warrants | 75 | 2,125 |
Net cash used in financing activities | (46,393) | (22,744) |
Increase/(decrease) in cash flow due to changes in foreign exchange rate | 348 | (115) |
Net decrease in cash and cash equivalents | (50,309) | (13,583) |
Cash and cash equivalents-beginning of year | 210,070 | 165,284 |
Cash and cash equivalents-end of year | 159,761 | 151,701 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes | $ 3,594 | $ 350 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business WisdomTree Investments, Inc., through its global subsidiaries (collectively, “WisdomTree” or the “Company”), is an exchange traded product (“ETP”) sponsor and asset manager headquartered in New York. WisdomTree offers ETPs covering equity, fixed income, currency, alternative and commodity asset classes. The Company has the following operating subsidiaries: • WisdomTree Asset Management, Inc. • Boost Management Limited • WisdomTree Europe Limited • WisdomTree Management Limited • WisdomTree Japan K. K. • WisdomTree Commodity Services, LLC • WisdomTree Coal Services, LLC • WisdomTree Asset Management Canada, Inc. The WisdomTree ETFs are issued in the U.S. by WTT. WTT, a non-consolidated third party, is a Delaware statutory trust registered with the SEC as an open-end management investment company. The Company has licensed to WTT the use of certain of its own indexes on an exclusive basis for the WisdomTree ETFs in the U.S. The Boost ETPs are issued by BI. BI, a non-consolidated third party, is a public limited company organized in Ireland. The WisdomTree UCITS ETFs are issued by WTI. WTI, a non-consolidated third party, is a public limited company organized in Ireland. The Board of Trustees and Board of Directors of WTT, BI and WTI, respectively, are separate from the Board of Directors of the Company. The Trustees and Directors of WTT, BI and WTI respectively, are primarily responsible for overseeing the management and affairs of the WisdomTree ETFs, Boost ETPs and the WisdomTree UCITS ETFs for the benefit of the WisdomTree ETF, Boost ETP and the WisdomTree UCITS ETF shareholders, respectively, and have contracted with the Company to provide for general management and administration services. The Company, in turn, has contracted with third parties to provide the majority of these administration services. In addition, certain officers of the Company provide general management services for WTT, BI and WTI. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of financial condition, results of operations, and cash flows for the periods presented. The consolidated financial statements include the accounts of the Company’s wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain accounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s consolidated financial statements presentation. These reclassifications had no effect on the previously reported operating results. Consolidation The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Factors considered in this analysis include whether it is a legal entity, a scope exception applies, a variable interest exists and stockholders have the power to direct the activities that most significantly impact the economic performance, as well as the equity ownership, and any related party implications of the Company’s involvement with the entity. Foreign Currency Translation Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates. Revenue Recognition The Company earns investment advisory fees from its ETPs, as well as licensing fees from third parties. ETP advisory fees are based on a percentage of the ETPs’ average daily net assets and recognized over the period the related service is provided. Licensing fees are based on a percentage of the average monthly net assets and recognized over the period the related service is provided. Depreciation and Amortization Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets as follows: Equipment 5 years Furniture and fixtures 15 years Leasehold improvements are amortized over the term of their respective leases or service lives of the improvements, whichever is shorter. Fixed assets are stated at cost less accumulated depreciation and amortization. Marketing and Advertising Advertising costs, including media advertising and production costs, are expensed when incurred. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be classified as cash equivalents. Cash and cash equivalents are held primarily with one large financial institution. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are customer and other obligations due under normal trade terms. An allowance for doubtful accounts is not provided since, in the opinion of management, all accounts receivable recorded are deemed collectible. Impairment of Long-Lived Assets On a periodic basis, the Company performs a review for the impairment of long-lived assets when events or changes in circumstances indicate that the estimated undiscounted future cash flows expected to be generated by the assets are less than their carrying amounts or when other events occur which may indicate that the carrying amount of an asset may not be recoverable. Earnings per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the reduction in earnings per share assuming options or other contracts to issue common stock were exercised or converted into common stock. Investments The Company accounts for all of its investments as held-to-maturity, which are recorded at amortized cost. For held-to-maturity investments, the Company has the intent and ability to hold investments to maturity and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. On a periodic basis, the Company reviews its portfolio of investments for impairment. If a decline in fair value is deemed to be other-than-temporary, the security is written down to its fair value through earnings. Goodwill Goodwill is the excess of the fair value of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests its goodwill for impairment at least annually. An impairment loss is triggered if the estimated fair value of the operating reporting unit is less than the estimated net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. Intangible Assets Intangible assets are tested for impairment at least annually and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. An impairment loss would be recognized when estimated undiscounted future cash flows generated from the assets are less than their carrying amount. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. Stock-Based Awards Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. Income Taxes The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are adjusted by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. In order to recognize and measure any unrecognized tax benefits, management evaluates and determines whether any of its tax positions are more-likely-than-not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets this recognition threshold, the position is measured to determine the amount of benefit to be recognized in the consolidated financial statements. The Company records interest expense and penalties related to tax expenses as income tax expense. Related Party Transactions The Company’s revenues are derived primarily from investment advisory agreements with WTT and WisdomTree ETFs. Under these agreements, the Company has licensed to WTT and WTI the use of certain of its own indexes on an exclusive basis for the WisdomTree ETFs in the U.S. and Europe. The Trustees are primarily responsible for overseeing the management and affairs of the WisdomTree ETFs and the Trust for the benefit of the WisdomTree ETF shareholders and WTT has contracted with the Company to provide for general management and administration of WTT and the WisdomTree ETFs. The Company is also responsible for certain expenses of WTT, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, and other non-distribution services, excluding extraordinary expenses, taxes and certain other expenses. In exchange, the Company receives fees based on a percentage of the ETF average daily net assets. The advisory agreements may be terminated by WTT upon notice. Certain officers of the Company also provide general management oversight of WTT; however, these officers have no material decision making responsibilities and primarily implement the decisions of the Trustees. At March 31, 2016 and December 31, 2015, the balance of accounts receivable from WTT was approximately $19,663 and $24,560, respectively, which is included as a component of accounts receivable on the Company’s Consolidated Balance Sheets. Revenues from advisory services provided to WTT for the three months ended March 31, 2016 and 2015 was approximately $58,642 and $59,346, respectively. At March 31, 2016 and December 31, 2015, the balance of accounts receivable from BI and WTI was approximately $578 and $487, respectively, which is included as a component of accounts receivable on the Company’s Consolidated Balance Sheets. Revenues from advisory fee services provided to BI and WTI for the three months ended March 31, 2016 and 2015 was approximately $1,523 and $523, respectively. Third-Party Sharing Arrangements The Company pays a percentage of its advisory fee revenues based on incremental growth in AUM, subject to caps or minimums, to marketing agents to sell WisdomTree ETFs and for including WisdomTree ETFs on third party customer platforms. Segment, Geographic and Customer Information The Company operates as a single business segment as an ETP sponsor and asset manager providing investment advisory services. Substantially all of the Company’s revenues, pretax income and assets are derived or located in the U.S. The Company maintains operations in Europe and Japan. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases In November 2015, the FASB issued Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers Business Combinations The Company includes the results of operations of the businesses that it acquires from the respective dates of acquisition. The fair values of the purchase price of the acquisitions are allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisitions The net assets of businesses purchased are recorded at their fair value at the acquisition date and the Company’s consolidated financial statements include their results of operations from that date. Any excess of acquisition consideration over the fair value of identifiable net assets acquired is recorded as goodwill. The major classes of assets and liabilities that the Company generally allocates the purchase price to, excluding goodwill, include identifiable intangible assets. The estimated fair value of identifiable intangible assets is based on critical estimates, judgments and assumptions derived from: analysis of market conditions; discount rate; discounted cash flows; customer retention rates; and estimated useful lives. Subsequent Events The Company has evaluated subsequent events after the date of the consolidated financial statements to consider whether or not the impact of such events needed to be reflected or disclosed in the consolidated financial statements. Such evaluation was performed through the issuance date of the consolidated financial statements. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Investments and Fair Value Measurements | 3. Investments and Fair Value Measurements The following table is a summary of the Company’s investments: March 31, 2016 December 31, 2015 Held-to- Maturity Held-to- Maturity Federal agency debt instruments $ 22,581 $ 23,689 The following table summarizes unrealized gains, losses and fair value of investments: March 31, 2016 December 31, 2015 Held-to- Maturity Held-to- Maturity Cost/amortized cost $ 22,581 $ 23,689 Gross unrealized gains 150 82 Gross unrealized losses (193 ) (609 ) Fair value $ 22,538 $ 23,162 The following table sets forth the maturity profile of investments; however, these investments may be called prior to the maturity date: March 31, 2016 December 31, 2015 Held-to- Maturity Held-to- Maturity Due within one year $ — $ — Due one year through five years 8,368 8,369 Due five years through ten years 2,836 3,127 Due over ten years 11,377 12,193 Total $ 22,581 $ 23,689 Fair Value Measurement Under the accounting for fair value measurements and disclosures, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These three types of inputs create the following fair value hierarchy: Level 1 Level 2 Level 3 This hierarchy requires the use of observable market data when available. The Company’s held-to-maturity securities are categorized as Level 1. The Company estimated the fair value of the acquisition payable to be $9,900, of which $4,687 has been recorded as of March 31, 2016 (Note 11). The fair value measurement of the acquisition payable is categorized as Level 3 and based on a predefined formula that includes the following inputs: the contractual minimum payment obligation, European AUM, the Company’s enterprise value over global AUM, and operating results of the European business. At each reporting period, the fair value of the acquisition payable is determined using a discounted cash flows analysis. The significant unobservable inputs used in the fair value measurement as of March 31, 2016 were the projected AUM of the European listed ETPs (ranging from $1.0 billion to $6.0 billion), the projected operating results of the European business, and the discount rate (27.5%). These inputs were unchanged from December 31, 2015. Significant increases (decreases) to the projected AUM of the European listed ETPs or operating results of the European business in isolation would result in a higher (lower) fair value measurement. Significant increases (decreases) to the discount rate in isolation would be expected to result in a lower (higher) fair value measurement. During the three months ended March 31, 2016 and 2015, the Company recorded an expense of $745 and $257, which was recorded as acquisition contingent payment on the Company’s Consolidated Statements of Operations. Some of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. |
Fixed Assets
Fixed Assets | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | 4. Fixed Assets The following table summarizes fixed assets: March 31, 2016 December 31, 2015 Equipment $ 1,424 $ 1,258 Furniture and fixtures 2,362 2,382 Leasehold improvements 10,559 10,312 Less accumulated depreciation and amortization (2,294 ) (1,978 ) Total $ 12,051 $ 11,974 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Contractual Obligations The Company has entered into obligations under operating leases with initial non-cancelable terms in excess of one year for office space, telephone and data services. Expenses recorded under these agreements for the three months ended March 31, 2016 and 2015 were approximately $864 and $794. Future minimum lease payments with respect to non-cancelable operating leases at March 31, 2016 were approximately as follows: Remainder of 2016 $ 3,028 2017 3,621 2018 3,133 2019 and thereafter 29,926 Total $ 39,708 Letter of Credit The Company collateralized its U.S. office lease through a standby letter of credit totaling $1,384. The collateral is included in investments on the Company’s Consolidated Balance Sheets. Contingencies The Company is subject to various routine reviews and inspections by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company is not currently party to any litigation or other legal proceedings that are expected to have a material impact on its business, financial position or results of operations. |
Stock-Based Awards
Stock-Based Awards | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | 6. Stock-Based Awards The Company grants equity awards to employees and directors. Options may be issued for terms of ten years and may vest between two to four years. Options may be issued with an exercise price equal to the fair value of the Company on the date of grant. The Company estimates the fair value for options using the Black-Scholes option pricing model. All stock and option awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. The Company has three equity award plans, which are similar in nature (collectively, referred to as the “Plans”). Under the Plans, the Company can issue a maximum of 23,000,000 shares of common stock pursuant to stock options and other stock-based awards and also has issued from time to time stock-based awards outside the Plans. Options outstanding at March 31, 2016 expire on dates ranging from June 25, 2016 to November 15, 2021. A summary of options and restricted stock activity is as follows: Options Weighted Average Exercise Price of Options Restricted Stock Awards Balance at January 1, 2016 1,544,597 $ 2.62 1,620,726 Granted — $ — 1,386,483 Exercised/vested (69,975 ) $ 1.07 (628,309 ) Forfeitures — $ — — Balance at March 31, 2016 1,474,622 $ 2.70 2,378,900 The Company recorded stock-based compensation expense of $3,503 and $2,344 for the three months ended March 31, 2016 and 2015, respectively. A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows: March 31, 2016 Unrecognized Stock- Compensation Average Remaining Vesting Period Employees and directors option awards $ 92 0.82 Employees and directors restricted stock awards $ 29,229 2.40 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 7. Employee Benefit Plans The Company has a 401(k) savings plan covering all eligible employees in which the Company can make discretionary contributions from its profits. For the three months ended March 31, 2016 and 2015, the Company made discretionary contributions in the amount of $452 and $391, respectively. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. Earnings Per Share The following is a reconciliation of the basic and diluted earnings per share computation: Three Months Ended March 31, 2016 2015 Net income $ 12,072 $ 12,062 Shares of common stock and common stock equivalents: Weighted average shares used in basic computation 137,599 134,075 Dilutive effect of common stock equivalents 825 3,236 Weighted average shares used in dilutive computation 138,424 137,311 Basic earnings per share $ 0.09 $ 0.09 Diluted earnings per share $ 0.09 $ 0.09 Diluted earnings per share reflects the reduction in earnings per share assuming options or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. The dilutive effect of common stock equivalents was included in the diluted earnings per share in the three months ended March 31, 2015. There were no anti-dilutive common stock equivalents included in the calculation of diluted earnings per share for the three months ended March 31, 2016. 696 common stock equivalents were determined to be anti-dilutive and were not included in the calculation of diluted earnings per share for the three months ended March 31, 2015. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes Net operating losses – U.S. The Company has generated net operating losses for tax purposes (“NOLs”). The following table summarizes the activity for NOLs for the three months ended March 31, 2016: December 31, 2015 $ (26,070 ) U.S. GAAP pretax income 23,216 State income taxes (49 ) Income tax differences: Temporary (27,186 ) Permanent 1,227 March 31, 2016 $ (28,862 ) At March 31, 2016, $17,863 of the NOLs were generated from stock-based compensation amounts recognized for tax purposes at the time options are exercised (at the intrinsic value) or restricted stock is vested (at fair value of the share price) in excess of amounts previously expensed at the date of grant for U.S. GAAP purposes. These amounts cannot be recognized as a deferred tax asset under U.S. GAAP. A summary of the components of the gross and tax affected deferred tax asset as of March 31, 2016 is as follows: Stock-based compensation $ 7,298 Deferred rent liability 5,414 NOLs 7,879 Accrued expenses 3,242 Incentive compensation (6,219 ) Fixed assets (5,865 ) Other 220 Total U.S. deferred components 11,969 U.S. income tax rate 38.74 % U.S. tax affected 4,637 Japan 80 Total tax affected $ 4,717 Net operating losses – Non-U.S. The Company’s foreign subsidiaries generated NOLs outside the U.S. The following table summarizes the activity for these NOLs for the three months ended March 31, 2016: December 31, 2015 $ (10,746 ) Foreign subsidiaries loss (1,650 ) March 31, 2016 $ (12,396 ) At March 31, 2016 and December 31, 2015, a deferred tax asset related to these NOLs has been fully offset by a valuation allowance of $2,381 and $2,051, respectively. |
Shares Repurchased
Shares Repurchased | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Shares Repurchased | 10. Shares Repurchased On October 29, 2014, the Company’s Board of Directors authorized a three-year share repurchase program of up to $100 million. During the three months ended March 31, 2016, the Company repurchased 3,407 shares of its common stock under this program for an aggregate cost of $35,555. During the three months ended March 31, 2015, the Company repurchased 773 shares of its common stock under this program for an aggregate cost of $14,070. As of March 31, 2016, $40,329 remains under this program for future purchases. |
Acquisitions, Goodwill and Inta
Acquisitions, Goodwill and Intangible Asset | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions, Goodwill and Intangible Asset | 11. Acquisitions, Goodwill and Intangible Asset Acquisitions Effective January 1, 2016, the Company completed the acquisition of 100% of the issued and outstanding membership interest in each of GreenHaven Commodity Services, LLC, the managing owner of the GreenHaven Continuous Commodity Index Fund, and GreenHaven Coal Services, LLC, the sponsor of the GreenHaven Coal Fund, from GreenHaven, LLC and GreenHaven Group LLC, respectively, for approximately $11.8 million in cash. As part of the acquisition, the Company recognized an intangible asset of approximately $10.0 million and goodwill of approximately $1.8 million. The following table summarizes the purchase price allocation: Fair value acquired: Assets $ 205 Goodwill 1,799 Intangible asset 9,953 Less: Liabilities (132 ) Total $ 11,825 On April 15, 2014, the Company completed its acquisition of Boost, a U.K. and Jersey based ETP sponsor, now known as WisdomTree Europe. During the three months ended March 31, 2016 and 2015, the Company incurred $745 and $6 of compensation expense and $0 and $251 of interest expense, which represents contingent consideration due to the co-CEOs and non-employee shareholders. These amounts have both been recorded in acquisition contingent payment on the Company’s Consolidated Statements of Operations and Comprehensive Income. Goodwill The following table summarizes the goodwill activity during the period: Balance at December 31, 2015 1,676 Goodwill acquired during the period 1,799 Balance at March 31, 2016 $ 3,475 Intangible Asset As part of its acquisition of GreenHaven, the Company identified an intangible asset related to its customary advisory agreement with the GreenHaven ETFs for $9,953. This intangible asset was determined to have an indefinite useful life. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. Subsequent Event On April 27, 2016, the Board of Directors approved a $60.0 million increase to the Company’s share repurchase program and extended the term through April 27, 2019. The total authorized repurchase amount is now $100.3 million. Purchases under this program will include purchases to offset future equity grants made under the Company’s equity plans and will be made in open market or privately negotiated transactions. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The repurchase program may be suspended or terminated at any time without prior notice. |
Significant Accounting Polici19
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and in the opinion of management reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of financial condition, results of operations, and cash flows for the periods presented. The consolidated financial statements include the accounts of the Company’s wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain accounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s consolidated financial statements presentation. These reclassifications had no effect on the previously reported operating results. |
Consolidation | Consolidation The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Factors considered in this analysis include whether it is a legal entity, a scope exception applies, a variable interest exists and stockholders have the power to direct the activities that most significantly impact the economic performance, as well as the equity ownership, and any related party implications of the Company’s involvement with the entity. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated based on the end of period exchange rates from local currency to U.S. dollars. Results of operations are translated at the average exchange rates in effect during the period. |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet dates and the reported amounts of revenues and expenses for the periods presented. Actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition The Company earns investment advisory fees from its ETPs, as well as licensing fees from third parties. ETP advisory fees are based on a percentage of the ETPs’ average daily net assets and recognized over the period the related service is provided. Licensing fees are based on a percentage of the average monthly net assets and recognized over the period the related service is provided. |
Depreciation and Amortization | Depreciation and Amortization Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets as follows: Equipment 5 years Furniture and fixtures 15 years Leasehold improvements are amortized over the term of their respective leases or service lives of the improvements, whichever is shorter. Fixed assets are stated at cost less accumulated depreciation and amortization. |
Marketing and Advertising | Marketing and Advertising Advertising costs, including media advertising and production costs, are expensed when incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be classified as cash equivalents. Cash and cash equivalents are held primarily with one large financial institution. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are customer and other obligations due under normal trade terms. An allowance for doubtful accounts is not provided since, in the opinion of management, all accounts receivable recorded are deemed collectible. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets On a periodic basis, the Company performs a review for the impairment of long-lived assets when events or changes in circumstances indicate that the estimated undiscounted future cash flows expected to be generated by the assets are less than their carrying amounts or when other events occur which may indicate that the carrying amount of an asset may not be recoverable. |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the reduction in earnings per share assuming options or other contracts to issue common stock were exercised or converted into common stock. |
Investments | Investments The Company accounts for all of its investments as held-to-maturity, which are recorded at amortized cost. For held-to-maturity investments, the Company has the intent and ability to hold investments to maturity and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. On a periodic basis, the Company reviews its portfolio of investments for impairment. If a decline in fair value is deemed to be other-than-temporary, the security is written down to its fair value through earnings. |
Goodwill | Goodwill Goodwill is the excess of the fair value of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests its goodwill for impairment at least annually. An impairment loss is triggered if the estimated fair value of the operating reporting unit is less than the estimated net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. |
Intangible Assets | Intangible Assets Intangible assets are tested for impairment at least annually and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. An impairment loss would be recognized when estimated undiscounted future cash flows generated from the assets are less than their carrying amount. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its fair value. |
Stock-Based Awards | Stock-Based Awards Accounting for stock-based compensation requires the measurement and recognition of compensation expense for all equity awards based on estimated fair values. Stock-based compensation is measured based on the grant-date fair value of the award and is amortized over the relevant service period. |
Income Taxes | Income Taxes The Company accounts for income taxes using the liability method, which requires the determination of deferred tax assets and liabilities based on the differences between the financial and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which differences are expected to reverse. Deferred tax assets are adjusted by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. In order to recognize and measure any unrecognized tax benefits, management evaluates and determines whether any of its tax positions are more-likely-than-not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets this recognition threshold, the position is measured to determine the amount of benefit to be recognized in the consolidated financial statements. The Company records interest expense and penalties related to tax expenses as income tax expense. |
Related Party Transactions | Related Party Transactions The Company’s revenues are derived primarily from investment advisory agreements with WTT and WisdomTree ETFs. Under these agreements, the Company has licensed to WTT and WTI the use of certain of its own indexes on an exclusive basis for the WisdomTree ETFs in the U.S. and Europe. The Trustees are primarily responsible for overseeing the management and affairs of the WisdomTree ETFs and the Trust for the benefit of the WisdomTree ETF shareholders and WTT has contracted with the Company to provide for general management and administration of WTT and the WisdomTree ETFs. The Company is also responsible for certain expenses of WTT, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, and other non-distribution services, excluding extraordinary expenses, taxes and certain other expenses. In exchange, the Company receives fees based on a percentage of the ETF average daily net assets. The advisory agreements may be terminated by WTT upon notice. Certain officers of the Company also provide general management oversight of WTT; however, these officers have no material decision making responsibilities and primarily implement the decisions of the Trustees. At March 31, 2016 and December 31, 2015, the balance of accounts receivable from WTT was approximately $19,663 and $24,560, respectively, which is included as a component of accounts receivable on the Company’s Consolidated Balance Sheets. Revenues from advisory services provided to WTT for the three months ended March 31, 2016 and 2015 was approximately $58,642 and $59,346, respectively. At March 31, 2016 and December 31, 2015, the balance of accounts receivable from BI and WTI was approximately $578 and $487, respectively, which is included as a component of accounts receivable on the Company’s Consolidated Balance Sheets. Revenues from advisory fee services provided to BI and WTI for the three months ended March 31, 2016 and 2015 was approximately $1,523 and $523, respectively. |
Third-Party Sharing Arrangements | Third-Party Sharing Arrangements The Company pays a percentage of its advisory fee revenues based on incremental growth in AUM, subject to caps or minimums, to marketing agents to sell WisdomTree ETFs and for including WisdomTree ETFs on third party customer platforms. |
Segment, Geographic and Customer Information | Segment, Geographic and Customer Information The Company operates as a single business segment as an ETP sponsor and asset manager providing investment advisory services. Substantially all of the Company’s revenues, pretax income and assets are derived or located in the U.S. The Company maintains operations in Europe and Japan. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases In November 2015, the FASB issued Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers |
Business Combinations | Business Combinations The Company includes the results of operations of the businesses that it acquires from the respective dates of acquisition. The fair values of the purchase price of the acquisitions are allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. |
Acquisitions | Acquisitions The net assets of businesses purchased are recorded at their fair value at the acquisition date and the Company’s consolidated financial statements include their results of operations from that date. Any excess of acquisition consideration over the fair value of identifiable net assets acquired is recorded as goodwill. The major classes of assets and liabilities that the Company generally allocates the purchase price to, excluding goodwill, include identifiable intangible assets. The estimated fair value of identifiable intangible assets is based on critical estimates, judgments and assumptions derived from: analysis of market conditions; discount rate; discounted cash flows; customer retention rates; and estimated useful lives. |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events after the date of the consolidated financial statements to consider whether or not the impact of such events needed to be reflected or disclosed in the consolidated financial statements. Such evaluation was performed through the issuance date of the consolidated financial statements. |
Significant Accounting Polici20
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Related Assets | Depreciation is provided for using the straight-line method over the estimated useful lives of the related assets as follows: Equipment 5 years Furniture and fixtures 15 years |
Investments and Fair Value Me21
Investments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Investments | The following table is a summary of the Company’s investments: March 31, 2016 December 31, 2015 Held-to- Maturity Held-to- Maturity Federal agency debt instruments $ 22,581 $ 23,689 |
Schedule of Unrealized Gains, Losses and Fair Value of Investments | The following table summarizes unrealized gains, losses and fair value of investments: March 31, 2016 December 31, 2015 Held-to- Maturity Held-to- Maturity Cost/amortized cost $ 22,581 $ 23,689 Gross unrealized gains 150 82 Gross unrealized losses (193 ) (609 ) Fair value $ 22,538 $ 23,162 |
Schedule of Maturity Profile of Investments | The following table sets forth the maturity profile of investments; however, these investments may be called prior to the maturity date: March 31, 2016 December 31, 2015 Held-to- Maturity Held-to- Maturity Due within one year $ — $ — Due one year through five years 8,368 8,369 Due five years through ten years 2,836 3,127 Due over ten years 11,377 12,193 Total $ 22,581 $ 23,689 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | The following table summarizes fixed assets: March 31, 2016 December 31, 2015 Equipment $ 1,424 $ 1,258 Furniture and fixtures 2,362 2,382 Leasehold improvements 10,559 10,312 Less accumulated depreciation and amortization (2,294 ) (1,978 ) Total $ 12,051 $ 11,974 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments with respect to non-cancelable operating leases at March 31, 2016 were approximately as follows: Remainder of 2016 $ 3,028 2017 3,621 2018 3,133 2019 and thereafter 29,926 Total $ 39,708 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Options and Restricted Stock Activity | A summary of options and restricted stock activity is as follows: Options Weighted Average Exercise Price of Options Restricted Stock Awards Balance at January 1, 2016 1,544,597 $ 2.62 1,620,726 Granted — $ — 1,386,483 Exercised/vested (69,975 ) $ 1.07 (628,309 ) Forfeitures — $ — — Balance at March 31, 2016 1,474,622 $ 2.70 2,378,900 |
Summary of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period | A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows: March 31, 2016 Unrecognized Stock- Compensation Average Remaining Vesting Period Employees and directors option awards $ 92 0.82 Employees and directors restricted stock awards $ 29,229 2.40 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | The following is a reconciliation of the basic and diluted earnings per share computation: Three Months Ended March 31, 2016 2015 Net income $ 12,072 $ 12,062 Shares of common stock and common stock equivalents: Weighted average shares used in basic computation 137,599 134,075 Dilutive effect of common stock equivalents 825 3,236 Weighted average shares used in dilutive computation 138,424 137,311 Basic earnings per share $ 0.09 $ 0.09 Diluted earnings per share $ 0.09 $ 0.09 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Net Operating Losses for Tax Purposes | The Company has generated net operating losses for tax purposes (“NOLs”). The following table summarizes the activity for NOLs for the three months ended March 31, 2016: December 31, 2015 $ (26,070 ) U.S. GAAP pretax income 23,216 State income taxes (49 ) Income tax differences: Temporary (27,186 ) Permanent 1,227 March 31, 2016 $ (28,862 ) |
Summary of Gross and Tax Affected Deferred Tax Asset Recorded | A summary of the components of the gross and tax affected deferred tax asset as of March 31, 2016 is as follows: Stock-based compensation $ 7,298 Deferred rent liability 5,414 NOLs 7,879 Accrued expenses 3,242 Incentive compensation (6,219 ) Fixed assets (5,865 ) Other 220 Total U.S. deferred components 11,969 U.S. income tax rate 38.74 % U.S. tax affected 4,637 Japan 80 Total tax affected $ 4,717 |
Foreign Subsidiaries [Member] | |
Schedule of Net Operating Losses for Tax Purposes | The following table summarizes the activity for these NOLs for the three months ended March 31, 2016: December 31, 2015 $ (10,746 ) Foreign subsidiaries loss (1,650 ) March 31, 2016 $ (12,396 ) |
Acquisitions, Goodwill and In27
Acquisitions, Goodwill and Intangible Asset (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocation | The following table summarizes the purchase price allocation: Fair value acquired: Assets $ 205 Goodwill 1,799 Intangible asset 9,953 Less: Liabilities (132 ) Total $ 11,825 |
Summary of Goodwill Activity | The following table summarizes the goodwill activity during the period: Balance at December 31, 2015 1,676 Goodwill acquired during the period 1,799 Balance at March 31, 2016 $ 3,475 |
Significant Accounting Polici28
Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Significant Accounting Polici29
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)Financial_InstitutionSegment | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |||
Cash and cash equivalents maturity period, maximum | 90 days | ||
Number of financial institutions | Financial_Institution | 1 | ||
ETF advisory fee revenue | $ 60,615 | $ 59,869 | |
Number of operating segments | Segment | 1 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | |||
Related Party Transaction [Line Items] | |||
Reduction in current assets | $ 9,279 | ||
Boost Issuer PLC [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable related-party | $ 578 | 487 | |
ETF advisory fee revenue | 1,523 | 523 | |
Wisdom Tree Issuer Plc [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable related-party | 578 | 487 | |
ETF advisory fee revenue | 1,523 | 523 | |
WisdomTree Trust [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts receivable related-party | 19,663 | $ 24,560 | |
ETF advisory fee revenue | $ 58,642 | $ 59,346 |
Investments and Fair Value Me30
Investments and Fair Value Measurements - Schedule of Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity debt instruments | $ 22,581 | $ 23,689 |
Federal Agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-Maturity debt instruments | $ 22,581 | $ 23,689 |
Investments and Fair Value Me31
Investments and Fair Value Measurements - Schedule of Unrealized Gains, Losses and Fair Value of Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity cost or amortized cost | $ 22,581 | $ 23,689 |
Held-to-maturity gross unrealized gains | 150 | 82 |
Held-to-maturity gross unrealized losses | (193) | (609) |
Held-to-maturity fair value | $ 22,538 | $ 23,162 |
Investments and Fair Value Me32
Investments and Fair Value Measurements - Schedule of Maturity Profile of Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity due within one year | $ 0 | $ 0 |
Held-to-maturity due one year through five years | 8,368 | 8,369 |
Held-to-maturity due five years through ten years | 2,836 | 3,127 |
Held-to-maturity due over ten years | 11,377 | 12,193 |
Held-to-maturity cost or amortized cost | $ 22,581 | $ 23,689 |
Investments and Fair Value Me33
Investments and Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Acquisition payable | $ 4,687,000 | $ 3,942,000 | |
Acquisition contingent payment | 745,000 | $ 257,000 | |
Boost Shareholders [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Acquisition contingent payment | 745,000 | $ 257,000 | |
Level 3 [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Acquisition payable | 4,687,000 | ||
Estimated fair value of acquisition payable | $ 9,900,000 | ||
Discounted cash flows, discount rate | 27.50% | ||
Level 3 [Member] | ETP [Member] | Europe [Member] | Minimum [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Projected AUM | $ 1,000,000,000 | ||
Level 3 [Member] | ETP [Member] | Europe [Member] | Maximum [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Projected AUM | $ 6,000,000,000 |
Fixed Assets - Schedule of Fixe
Fixed Assets - Schedule of Fixed Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation and amortization | $ (2,294) | $ (1,978) |
Total | 12,051 | 11,974 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 1,424 | 1,258 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 2,362 | 2,382 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 10,559 | $ 10,312 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating leases expenses | $ 864 | $ 794 |
Stand by letter of credit decreased | $ 1,384 |
Commitments and Contingencies36
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2016 | $ 3,028 |
2,017 | 3,621 |
2,018 | 3,133 |
2019 and thereafter | 29,926 |
Total | $ 39,708 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)Equity_Planshares | Mar. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option issuance period | 10 years | |
Option issued period | Options may be issued for terms of ten years | |
Number of equity award plans | Equity_Plan | 3 | |
Issuance of common stock pursuant to stock options | shares | 23,000,000 | |
Expire start date on options | Jun. 25, 2016 | |
Expire end date on options | Nov. 15, 2021 | |
Stock-based compensation expense | $ | $ 3,503 | $ 2,344 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Option vested period | 2 years | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Option vested period | 4 years |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Options and Restricted Stock Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options, beginning balance | 1,544,597 |
Options, Granted | 0 |
Options, Exercised/vested | (69,975) |
Options, Forfeitures | 0 |
Options, ending balance | 1,474,622 |
Weighted Average Exercise Price of Options, beginning balance | $ / shares | $ 2.62 |
Weighted Average Exercise Price of Options, Granted | $ / shares | 0 |
Weighted Average Exercise Price of Options, Exercised/vested | $ / shares | 1.07 |
Weighted Average Exercise Price of Options, Forfeitures | $ / shares | 0 |
Weighted Average Exercise Price of Options, ending balance | $ / shares | $ 2.70 |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Awards, beginning balance | 1,620,726 |
Restricted Stock Awards, Granted | 1,386,483 |
Restricted Stock Awards, Exercised/vested | (628,309) |
Restricted Stock Awards, Forfeitures | 0 |
Restricted Stock Awards, ending balance | 2,378,900 |
Stock-Based Awards - Summary 39
Stock-Based Awards - Summary of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Employees and Directors Option Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation | $ 92 |
Average Remaining Vesting Period | 9 months 26 days |
Employees and Directors Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation | $ 29,229 |
Average Remaining Vesting Period | 2 years 4 months 24 days |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Discretionary contributions | $ 452 | $ 391 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 12,072 | $ 12,062 |
Shares of common stock and common stock equivalents: | ||
Weighted average shares used in basic computation | 137,599 | 134,075 |
Dilutive effect of common stock equivalents | 825 | 3,236 |
Weighted average shares used in dilutive computation | 138,424 | 137,311 |
Basic earnings per share | $ 0.09 | $ 0.09 |
Diluted earnings per share | $ 0.09 | $ 0.09 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive common stock equivalents excluded from calculation of diluted earnings per share | 0 | 696,000 |
Income Taxes - Schedule of Net
Income Taxes - Schedule of Net Operating Losses for Tax Purposes (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
December 31, 2015 | $ (26,070) |
U.S. GAAP pretax income | 23,216 |
State income taxes | (49) |
Income tax differences: | |
Temporary | (27,186) |
Permanent | 1,227 |
March 31, 2016 | $ (28,862) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Income Tax [Line Items] | ||
Unrecognized stock-based compensation | $ 17,863 | |
Foreign Subsidiaries [Member] | ||
Schedule Of Income Tax [Line Items] | ||
Deferred tax asset offset by a valuation allowance | $ 2,381 | $ 2,051 |
Income Taxes - Summary of Gross
Income Taxes - Summary of Gross and Tax Affected Deferred Tax Asset Recorded (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Stock-based compensation | $ 7,298 |
Deferred rent liability | 5,414 |
NOLs | 7,879 |
Accrued expenses | 3,242 |
Incentive compensation | (6,219) |
Fixed assets | (5,865) |
Other | 220 |
Total U.S. deferred components | $ 11,969 |
U.S. income tax rate | 38.74% |
Total tax affected | $ 4,717 |
U.S [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total tax affected | 4,637 |
Japan [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total tax affected | $ 80 |
Income Taxes - Schedule of Ne46
Income Taxes - Schedule of Net Operating Losses for Tax Purposes - Non-U.S. (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Operating Loss Carryforwards [Line Items] | |
March 31, 2016 | $ (7,879) |
Foreign Subsidiaries [Member] | |
Operating Loss Carryforwards [Line Items] | |
December 31, 2015 | (10,746) |
Foreign subsidiaries loss | (1,650) |
March 31, 2016 | $ (12,396) |
Shares Repurchased - Additional
Shares Repurchased - Additional Information (Detail) - Three-Year Share Repurchase Program [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Oct. 29, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||
Common stock purchase authorized amount | $ 100,000,000 | ||
Repurchased common stock, shares | 3,407 | 773 | |
Repurchased common stock, value | $ 35,555,000 | $ 14,070,000 | |
Repurchased shares, remaining for future purchases | $ 40,329,000 |
Acquisitions, Goodwill and In48
Acquisitions, Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Business acquisition, goodwill | $ 3,475 | $ 1,676 | ||
Stock-based compensation expense | 3,503 | $ 2,344 | ||
Chief Executive Officer [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock-based compensation expense | 745 | 6 | ||
Non-Employee Shareholders [Member] | ||||
Business Acquisition [Line Items] | ||||
Interest expense | 0 | $ 251 | ||
GreenHaven Commodity Services, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of issued and outstanding membership interest acquired | 100.00% | |||
Business acquisition, cash paid | $ 11,800 | |||
Business acquisition, recognized an intangible asset | 9,953 | |||
Business acquisition, goodwill | $ 1,799 | |||
Intangible asset related to its customary advisory agreement | $ 9,953 |
Acquisitions, Goodwill and In49
Acquisitions, Goodwill and Intangible Assets - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Jan. 01, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,475 | $ 1,676 | |
GreenHaven Commodity Services, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Assets | $ 205 | ||
Goodwill | 1,799 | ||
Intangible asset | 9,953 | ||
Less: Liabilities | (132) | ||
Total | $ 11,825 |
Acquisitions, Goodwill and In50
Acquisitions, Goodwill and Intangible Assets - Summary of Goodwill Activity (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Business Combination, Goodwill [Abstract] | |
Beginning balance | $ 1,676 |
Goodwill acquired during the period | 1,799 |
Ending balance | $ 3,475 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Events [Member] | Apr. 27, 2016USD ($) |
Subsequent Event [Line Items] | |
Repurchased common stock, value | $ 60,000,000 |
Common stock purchase authorized amount | $ 100,300,000 |
Share repurchase program, extended term date | Apr. 27, 2019 |