Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 08, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Period End Date | Dec. 31, 2020 | ||
Trading Symbol | WETF | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | WisdomTree Investments, Inc. | ||
Entity Central Index Key | 0000880631 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 478,656,235 | ||
Entity Common Stock, Shares Outstanding | 149,815,815 | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-10932 | ||
Entity Address, Address Line One | 245 Park Avenue, 35th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10167 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3487784 | ||
City Area Code | 212 | ||
Local Phone Number | 801-2080 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 73,425 | $ 74,972 |
Securities owned, at fair value (including $23,932 and $16,886 invested in WisdomTree ETFs at December 31, 2020 and 2019, respectively) | 34,895 | 17,319 |
Accounts receivable (including $26,884 and $25,667 due from related parties at December 31, 2020 and 2019, respectively) | 29,455 | 26,838 |
Prepaid expenses | 3,827 | 3,724 |
Other current assets | 259 | 207 |
Total current assets | 141,861 | 123,060 |
Fixed assets, net | 7,579 | 8,127 |
Notes receivable, net (Note 9) | 0 | 28,172 |
Indemnification receivable (Note 24) | 27,016 | 32,101 |
Securities held-to-maturity | 451 | 16,863 |
Deferred tax assets, net | 8,063 | 7,398 |
Investments (Note 10) | 8,112 | 11,192 |
Right of use assets – operating leases (Note 16) | 16,327 | 18,161 |
Goodwill (Note 26) | 85,856 | 85,856 |
Intangible assets (Note 26) | 601,247 | 603,294 |
Other noncurrent assets | 180 | 983 |
Total assets | 896,692 | 935,207 |
Current liabilities: | ||
Fund management and administration payable | 19,564 | 22,021 |
Compensation and benefits payable | 22,803 | 26,501 |
Deferred consideration – gold payments (Note 12) | 17,374 | 13,953 |
Securities sold, but not yet purchased, at fair value | 0 | 582 |
Operating lease liabilities (Note 16) | 3,135 | 3,682 |
Income taxes payable | 916 | 3,372 |
Accounts payable and other liabilities | 10,207 | 8,930 |
Total current liabilities | 73,999 | 79,041 |
Convertible notes (Note 14) | 166,646 | |
Debt (Note 13) | 0 | 175,956 |
Deferred consideration – gold payments (Note 12) | 212,763 | 159,071 |
Operating lease liabilities (Note 16) | 17,434 | 19,057 |
Other noncurrent liabilities (Note 24) | 27,016 | 32,101 |
Total liabilities | 497,858 | 465,226 |
Preferred stock – Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding; redemption value of $72,667 and $71,630 at December 31, 2020 and 2019, respectively) (Note 15) | 132,569 | 132,569 |
Contingencies (Note 17) | ||
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: 148,716 and 155,264 at December 31, 2020 and 2019, respectively | 1,487 | 1,553 |
Additional paid-in capital | 317,075 | 352,658 |
Accumulated other comprehensive income | 1,102 | 945 |
Accumulated deficit | (53,399) | (17,744) |
Total stockholders' equity | 266,265 | 337,412 |
Total liabilities and stockholders' equity | $ 896,692 | $ 935,207 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 148,716,000 | 155,264,000 |
Common stock, shares outstanding | 148,716,000 | 155,264,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Accounts receivable from related parties | $ 26,884 | $ 25,667 |
Securities owned, at fair value | 34,895 | 17,319 |
Preferred Stock Redemption Value | $ 72,667 | $ 71,630 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 14,750 | 14,750 |
Preferred stock, shares issued | 14,750 | 14,750 |
Preferred stock, shares outstanding | 14,750 | 14,750 |
WisdomTree ETF [Member] | ||
Securities owned, at fair value | $ 23,932 | $ 16,886 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Operating Revenues: | |||||
Total revenues | $ 253,699 | $ 268,403 | $ 274,116 | ||
Operating Expenses: | |||||
Compensation and benefits | 74,675 | 80,761 | 74,515 | ||
Fund management and administration | 60,515 | 61,502 | 56,686 | ||
Marketing and advertising | 11,128 | 12,163 | 13,884 | ||
Sales and business development | 10,579 | 18,276 | 17,153 | ||
Contractual gold payments (Note 12) | 16,811 | 13,226 | 8,512 | ||
Professional and consulting fees | 4,902 | 5,641 | 7,984 | ||
Occupancy, communications and equipment | 6,427 | 6,302 | 6,203 | ||
Depreciation and amortization | 1,021 | 1,045 | 1,301 | ||
Third-party distribution fees | 5,219 | 6,968 | 6,611 | ||
Acquisition and disposition-related costs | 416 | 902 | 11,454 | ||
Other | 6,924 | 8,083 | 8,534 | ||
Total operating expenses | 198,617 | 214,869 | 212,837 | ||
Operating income | 55,082 | 53,534 | 61,279 | ||
Other Income/(Expenses): | |||||
Interest expense | (9,668) | (11,240) | (7,962) | ||
(Loss)/gain on revaluation of deferred consideration – gold payments (Note 12) | (56,821) | (11,293) | 12,220 | ||
Interest income | 744 | 3,332 | 3,093 | ||
Impairments (Note 27) | (22,752) | (30,710) | (17,386) | ||
Loss on extinguishment of debt (Note13) | (2,387) | ||||
Other gains and losses, net | 580 | (3,502) | (205) | ||
(Loss)/income before income taxes | (35,222) | 121 | 51,039 | ||
Income tax expense | 433 | 10,546 | 14,406 | ||
Net (loss)/income | $ (35,655) | $ (10,425) | $ 36,633 | ||
(Loss)/earnings per share—basic | $ (0.25) | $ (0.08) | $ 0.23 | ||
(Loss)/earnings per share—diluted | $ (0.25) | $ (0.08) | $ 0.23 | ||
Weighted-average common shares—basic | 148,682 | 151,823 | 146,645 | ||
Weighted-average common shares—diluted | 148,682 | [1] | 151,823 | [1] | 158,415 |
Cash dividends declared per common share | $ 0.12 | $ 0.12 | $ 0.12 | ||
Advisory Fees [Member] | |||||
Operating Revenues: | |||||
Total revenues | $ 250,182 | $ 265,652 | $ 271,104 | ||
Other Income [Member] | |||||
Operating Revenues: | |||||
Total revenues | $ 3,517 | $ 2,751 | $ 3,012 | ||
[1] | Excludes 15,121,702 and 15,001,511 participating securities for the years ended December 31, 2020 and 2019, respectively, as the Company reported a net loss for those periods. Also excludes 6,087 and 152,085 potentially dilutive common stock equivalents for the years ended December 31, 2020 and 2019, respectively, as the Company reported a net loss for those periods. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss)/Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net (loss)/income | $ (35,655) | $ (10,425) | $ 36,633 |
Other comprehensive income | |||
Change in unrealized gains/(losses) on available-for-sale debt securities, net of tax | 477 | ||
Foreign currency translation adjustment, net of income taxes | 324 | 875 | (301) |
Other comprehensive income | 157 | 478 | 176 |
Comprehensive (loss)/income | (35,498) | (9,947) | $ 36,809 |
WisdomTree Asset Management Canada, Inc [Member] | |||
Other comprehensive income | |||
Reclassification of foreign currency translation adjustment to other gains and losses, net | $ (167) | ||
Wisdom Tree Japan Inc [Member] | |||
Other comprehensive income | |||
Reclassification of foreign currency translation adjustment to other gains and losses, net | $ (397) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2017 | $ 192,951 | $ 1,370 | $ 216,006 | $ 291 | $ (24,716) |
Balance, shares at Dec. 31, 2017 | 136,996,000 | ||||
Common stock issued (Note 3) | 137,250 | $ 153 | 137,097 | ||
Common stock issued, shares | 15,250,000 | ||||
Restricted stock issued and vesting of restricted stock units, net | $ 9 | (9) | |||
Restricted stock issued and vesting of restricted stock units net, shares | 759,000 | ||||
Shares repurchased | (2,885) | (2,885) | |||
Shares repurchased, shares | (334,000) | ||||
Exercise of stock options, net | 191 | 191 | |||
Exercise of stock options net, shares | 531,000 | ||||
Stock-based compensation | 13,255 | 13,255 | |||
Other comprehensive income | 176 | 176 | |||
Dividends | (19,236) | (19,236) | |||
Net income (loss) | 36,633 | 36,633 | |||
Balance at Dec. 31, 2018 | 358,335 | $ 1,532 | 363,655 | 467 | (7,319) |
Balance, shares at Dec. 31, 2018 | 153,202,000 | ||||
Restricted stock issued and vesting of restricted stock units, net | $ 22 | (22) | |||
Restricted stock issued and vesting of restricted stock units net, shares | 2,347,000 | ||||
Shares repurchased | (2,341) | $ (1) | (2,340) | ||
Shares repurchased, shares | (370,000) | ||||
Exercise of stock options, net | 160 | 160 | |||
Exercise of stock options net, shares | 85,000 | ||||
Stock-based compensation | 11,590 | 11,590 | |||
Other comprehensive income | 478 | 478 | |||
Dividends | (20,385) | (20,385) | |||
Net income (loss) | (10,425) | (10,425) | |||
Balance at Dec. 31, 2019 | $ 337,412 | $ 1,553 | 352,658 | 945 | (17,744) |
Balance, shares at Dec. 31, 2019 | 155,264,000 | 155,264,000 | |||
Restricted stock issued and vesting of restricted stock units, net | $ 15 | (15) | |||
Restricted stock issued and vesting of restricted stock units net, shares | 1,569,000 | ||||
Shares repurchased | $ (31,197) | $ (82) | (31,115) | ||
Shares repurchased, shares | (8,234,000) | ||||
Exercise of stock options, net | 292 | $ 1 | 291 | ||
Exercise of stock options net, shares | 117,000 | ||||
Stock-based compensation | 11,706 | 11,706 | |||
Allocation of equity component related to convertible notes, net of issuance costs and deferred taxes | 3,663 | 3,663 | |||
Other comprehensive income | 157 | 157 | |||
Dividends | (20,113) | (20,113) | |||
Net income (loss) | (35,655) | (35,655) | |||
Balance at Dec. 31, 2020 | $ 266,265 | $ 1,487 | $ 317,075 | $ 1,102 | $ (53,399) |
Balance, shares at Dec. 31, 2020 | 148,716,000 | 148,716,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - Convertible Notes [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Net of Issuance Costs | $ 157 |
Deferred tax liability | $ 1,239 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net (loss)/income | $ (35,655) | $ (10,425) | $ 36,633 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||
Advisory fees received in gold and other precious metals | (62,416) | (49,887) | (32,238) |
Loss/(gain) on revaluation of deferred consideration – gold payments | 56,821 | 11,293 | (12,220) |
Impairments | 22,752 | 30,710 | 17,386 |
Contractual gold payments | 16,811 | 13,226 | 8,512 |
Stock-based compensation | 11,706 | 11,590 | 13,255 |
Amortization of right of use asset | 3,182 | 3,174 | |
Gain on sale – Canadian ETF business | (2,877) | ||
Loss on extinguishment of debt | 2,387 | ||
Deferred income taxes | (2,192) | (349) | (6,083) |
Amortization of issuance costs – convertible notes | 1,710 | ||
Amortization of issuance costs – former credit facility | 1,328 | 2,888 | 2,087 |
Depreciation and amortization | 1,021 | 1,045 | 1,301 |
Paid-in-kind interest income | (2,498) | (1,974) | |
Other | (1,169) | (173) | 798 |
Changes in operating assets and liabilities: | |||
Securities owned, at fair value | (17,576) | (8,446) | (7,182) |
Accounts receivable | (193) | (19) | 3,804 |
Prepaid expenses | (159) | 738 | 427 |
Gold and other precious metals | 45,087 | 35,886 | 25,604 |
Other assets | 107 | 172 | 984 |
Fund management and administration payable | (2,264) | (476) | 221 |
Compensation and benefits payable | (3,804) | 7,885 | (16,050) |
Income taxes payable | (2,441) | 4,524 | 5,706 |
Securities sold, but not yet purchased, at fair value | (582) | (1,116) | 748 |
Operating lease liabilities | (3,517) | (3,587) | |
Accounts payable and other liabilities | 1,328 | 677 | (4,251) |
Net cash provided by operating activities | 29,395 | 46,832 | 37,468 |
Cash flows from investing activities: | |||
Purchase of fixed assets | (472) | (47) | (71) |
Proceeds from held-to-maturity securities maturing or called prior to maturity | 16,488 | 3,244 | 1,107 |
Proceeds from the sale of the Company's financial interests in AdvisorEngine Inc. | 9,592 | ||
Proceeds from the sale of Canadian ETF business, net | 2,774 | ||
Purchase of investments | (8,112) | ||
Funding of notes receivable | (2,090) | (8,000) | |
Proceeds from sales and maturities of debt securities available-for-sale | 0 | 64,498 | |
Cash paid for acquisition, net of cash acquired | (239,313) | ||
Net cash provided by/(used in) investing activities | 28,382 | (7,005) | (181,779) |
Cash flows from financing activities: | |||
Repayment of debt | (179,000) | (21,000) | |
Shares repurchased | (31,197) | (2,341) | (2,885) |
Dividends paid | (20,113) | (20,385) | (19,236) |
Convertible notes issuance costs | (5,411) | ||
Proceeds from the issuance of convertible notes (Note 14) | 175,250 | ||
Proceeds from exercise of stock options | 292 | 160 | 191 |
Credit facility issuance costs | (8,690) | ||
Preferred stock issuance costs | (181) | ||
Proceeds from the issuance of debt | 200,000 | ||
Net cash (used in)/provided by financing activities | (60,179) | (43,566) | 169,199 |
Increase/(decrease) in cash flow due to changes in foreign exchange rate | 855 | 927 | (1,297) |
Net (decrease)/increase in cash and cash equivalents | (1,547) | (2,812) | 23,591 |
Cash and cash equivalents—beginning of year | 74,972 | 77,784 | 54,193 |
Cash and cash equivalents—end of year | 73,425 | 74,972 | 77,784 |
Supplemental disclosure of cash flow information: | |||
Cash paid for taxes | 10,131 | 10,060 | 14,398 |
Cash paid for interest | $ 7,088 | $ 8,037 | $ 5,577 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Apr. 11, 2018 | Dec. 31, 2018 |
Proceeds forgone upon exercise of stock options on a cashless basis | $ 508 | |
Acquisition Of Etfs Business [Member] | ||
Non-cash consideration transferred | $ 270,000 | |
Deferred consideration | $ 172,746 | |
Common Stock [Member] | ||
Business acquisition, number of shares to be issued | 15,250,000 | |
Series A Non-Voting Convertible Preferred Stock [Member] | Acquisition Of Etfs Business [Member] | ||
Business acquisition, number of shares to be issued | 14,750 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
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, commodity, fixed income, leveraged and inverse, currency and alternative strategies. The Company has the following wholly-owned operating subsidiaries: • WisdomTree Asset Management, Inc. non-consolidated open-end • WisdomTree Management Jersey Limited leveraged-and-inverse • WisdomTree Multi Asset Management Limited non-consolidated • WisdomTree Management Limited non-consolidated • WisdomTree UK Limited • WisdomTree Europe Limited • WisdomTree Ireland Limited • WisdomTree Commodity Services, LLC Sale of Canadian ETF Business On February 19, 2020, the Company completed the sale of WTAMC to CI Financial Corp. (Note 3). |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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. The financial results of ETFS are included in the Company’s consolidated financial statements since the acquisition date, April 11, 2018 (Note 3). 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 (“VOE”) or a variable interest entity (“VIE”). The usual condition for a controlling financial interest in a VOE is ownership of a majority voting interest. If the Company has a majority voting interest in a VOE, the entity is consolidated. The Company has a controlling financial interest in a VIE when the Company has a variable interest that provides it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. Segment and Geographic Information Effective January 1, 2020, the Company, through its subsidiaries in the U.S. and Europe, conducts business as a single operating segment as an ETP sponsor and asset manager which is based upon the Company’s current organizational and management structure, as well as information used by the chief operating decision maker to allocate resources and other factors. Previously, the Company’s financial results were reported in its U.S. Business and International Business reportable segments. 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. The impact of the foreign currency translation adjustment is included in the Consolidated Statements of Comprehensive (Loss)/Income as a component of other comprehensive income. 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 substantially all of its revenue in the form of advisory fees from its ETPs and recognizes this revenue over time, as the performance obligation is satisfied. Advisory fees are based on a percentage of the ETPs’ average daily net assets. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. Contractual Gold Payments Contractual gold payments are measured and paid monthly based upon the average daily spot price of gold (Note 12). Marketing and Advertising Marketing and advertising 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 recorded at cost less accumulated depreciation and amortization. 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. Forfeitures are recognized when they occur. Third-Party Distribution Fees The Company pays a percentage of its advisory fee revenues based on incremental growth in assets under management (“AUM”), subject to caps or minimums, to marketing agents to sell WisdomTree ETFs and for including WisdomTree ETFs on third-party customer platforms and recognizes these expenses as 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. The Company maintains deposits with financial institutions in an amount that is in excess of federally insured limits. Accounts Receivable Accounts receivable are customer and other obligations due under normal trade terms. The Company measures credit losses , if any, Impairment of Long-Lived Assets 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. Notes Receivable Notes receivable are accounted for on an amortized cost basis, including accrued interest and net of original issue discount and impairments, if any. Interest income is accrued over the term of the notes using the effective interest method. Notes receivable are placed on non-accrual non-accrual Effective January 1, 2020, the Company performs a review for the impairment of the notes receivable and accrued interest on a quarterly basis using the current expected credit loss model and provides for an allowance for credit losses by applying an estimated loss rate to amounts outstanding at the balance sheet date. Previously, credit losses were measured using an incurred loss approach. Securities Owned and Securities Sold, but not yet Purchased (at fair value) Securities owned and securities sold, but not yet purchased are securities classified as either trading or available-for-sale Securities Held-to-Maturity The Company accounts for certain of its securities as held-to-maturity held-to-maturity more-likely-than-not Held-to-maturity non-accrual held-to-maturity non-accrual Effective January 1, 2020, the Company reviews its portfolio of held-to-maturity Investments in pass-through government-sponsored enterprises (“GSEs”) are determined to have an estimated loss rate of zero due to an implicit U.S. government guarantee. Investments The Company accounts for equity investments that do not have a readily determinable fair value under the measurement alternative prescribed within Accounting Standards Update (“ASU”) 2016-01, Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification Topic 805, Business Combinations, Goodwill Goodwill is the excess of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests goodwill for impairment at least annually and at the time of a triggering event requiring re-evaluation, Goodwill is allocated to the Company’s U.S. Business and European Business components. Effective January 1, 2020, for impairment testing purposes, these components are aggregated as a single reporting unit as they fall under the same operating segment and have similar economic characteristics. Previously, these components were tested separately for impairment when the Goodwill is assessed for impairment annually on November 30 th unit. Intangible Assets Indefinite-lived intangible assets are tested for impairment at least annually and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are impaired if their estimated fair values are less than their carrying values. Finite-lived intangible assets, if any, are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts. The Company may rely on a qualitative assessment when performing its intangible asset impairment test. Otherwise, the impairment evaluation is performed at the lowest level of reasonably identifiable cash flows independent of other assets. The annual impairment testing date for all of the Company’s intangible assets is November 30 th Leases Effective January 1, 2019, the Company accounts for its lease obligations in accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases right-of-use right-of-use ASC 842 also provides a practical expedient which allows for consideration in a contract to be accounted for as a single lease component rather than allocated between lease and non-lease Upon adoption of ASC 842 on January 1, 2019, the Company applied the transitional practical expedients to its outstanding leases and therefore the Company did not reassess (i) whether any expired or existing contracts are or contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company also elected to apply the new lease requirements at the effective date, rather than the beginning of the earliest comparative period presented. Deferred Consideration – Gold Payments Deferred consideration represents the present value of an obligation to pay gold to a third party into perpetuity and is measured using forward-looking gold prices observed on the CMX exchange, a selected discount rate and perpetual growth rate (Note 12). Changes in the fair value of this obligation are reported as (loss)/gain on revaluation of deferred consideration – gold payments on the Company’s Consolidated Statements of Operations. Convertible Notes and Debt Convertible notes and debt are carried at amortized cost, net of discounts and issuance costs. The convertible notes are required to be separated into their liability and equity components by allocating the issuance proceeds to each of these components. The liability component for convertible instruments that qualify for a derivative scope exception (applicable to the convertible notes) is allocated proceeds equal to the estimated fair value of similar debt instruments without the conversion option. The difference between the gross proceeds received from the issuance of the convertible notes and the proceeds allocated to the liability component represents the residual amount that is recorded in additional paid-in Contingencies The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company evaluates the likelihood of an unfavorable outcome of all legal or regulatory proceedings to which it is a party and accrues a loss contingency when the loss is probable and reasonably estimable. Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Net income available to common stockholders represents net income of the Company reduced by an allocation of earnings to participating securities. The Series A non-voting non-forfeitable two-class Diluted EPS is calculated under the treasury stock method and the two-class non-voting non-voting if-converted 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 bases 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 reduced by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not Tax positions are evaluated utilizing a two-step more-likely-than-not The Global Intangible Low-Taxed Non-income Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt – Debt with Conversion and Other Options 2020-06). earnings-per-share In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes 2019-12). year-to-date non-income-based 2019-12 Recently Adopted Accounting Pronouncements On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments 2016-13). off-balance off-balance held-to-maturity) 2016-13 held-to-maturity 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement 2018-13), 2018-13 |
Acquisitions and Exit Activitie
Acquisitions and Exit Activities | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions And Exit Activities [Abstract] | |
Acquisitions and Exit Activities | 3. Acquisitions and Exit Activities Acquisition of ETFS On April 11, 2018, the Company acquired the European exchange-traded commodity, currency and leveraged-and-inverse Non-Voting The Company also assumed an obligation to pay deferred consideration into perpetuity (Note 12). Revenues: $55,882 Income before taxes: Supplemental Unaudited Pro Forma Financial Information Had the ETFS Acquisition been consummated on January 1, 2018, the Company’s revenues and net income for the year ended December 31, 2018 would have been $297,541 and $37,336, respectively. This information was derived from the historical financial results of the Company and ETFS and was adjusted to give effect to pro forma events that are directly attributable to the acquisition, factually supportable and expected to have a continuing impact on the combined results following the acquisition. Significant adjustments to the unaudited pro forma financial information above include the recognition of interest expense arising from a borrowing to consummate the acquisition, eliminating acquisition-related costs directly attributable to the acquisition and adjusting consolidated income tax expense based upon the Company’s anticipated normalized consolidated effective tax rate. The unaudited pro forma financial information above is not necessarily indicative of what the combined results of the Company would have been had the acquisition been completed as of January 1, 2018 and does not purport to project the future results of the combined company. In addition, the unaudited pro forma financial information does not reflect any cost savings initiatives following the completion of the acquisition. Exit Activities The following table summarizes operating losses recognized by the Company’s wholly-owned subsidiaries that have either been sold or liquidated during reporting periods covered by its consolidated financial statements: Years Ended December 31, 2020 2019 2018 WTAMC $ 428 $ 2,786 $ 3,925 WisdomTree Japan Inc. (“WTJ”) (1) — 550 4,520 Total $ 428 $ 3,336 $ 8,445 (1) WTJ also recognized an impairment expense of $572 in connection with the termination of its office lease during the year ended December 31, 2019. Sale of Canadian ETF Business On February 19, 2020, the Company completed the sale of all the outstanding shares of WTAMC to CI Financial Corp. The Company received CDN $3,720 (USD $2,774) in cash at closing and will receive additional cash consideration of CDN $2,000 to $8,000, depending on the achievement of certain AUM growth targets over the next three years. During the year ended December 31, 2020, the Company recognized a $2,877 gain on sale which was recorded in other gains and losses, net on the Consolidated Statements of Operations and represents the difference between the minimum cash consideration payable to the Company and the carrying value of WTAMC’s net assets upon disposition. Contingent payments, if any, are recognized by the Company when the contingency is resolved and the gain is realized. Restructuring of Distribution Strategy in Japan In July 2018, the Company determined to restructure its distribution strategy in Japan. As a result, WTJ ceased operations and was liquidated in September 2019. Acquisition and Disposition-Related Costs During the years ended December 31, 2020, 2019 and 2018, the Company incurred acquisition and disposition-related costs of $416, $902 and $11,454, respectively, in connection with the sale of WTAMC and the ETFS Acquisition. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. Cash and Cash Equivalents Of the total cash and cash equivalents of $73,425 and $74,972 at December 31, 2020 and December 31, 2019, respectively, $70,911 and $72,120 were held at two financial institutions. At December 31, 2020 and December 31, 2019, cash equivalents were approximately $660 and $317, respectively. Certain of the Company’s international subsidiaries are required to maintain a minimum level of regulatory capital, which was $10,745 and $12,312 at December 31, 2020 and December 31, 2019, respectively. These requirements are generally satisfied by cash on hand. In addition, the Company collateralized its U.S. office lease through a standby letter of credit totaling $1,384 which is restricted from further use. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The fair value of financial instruments is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., “the exit price”) in an orderly transaction between market participants at the measurement date. ASC 820, Fair Value Measurement Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Instruments whose significant drivers are unobservable. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the years ended December 31, 2020 and 2019, there were no transfers between Levels 2 and 3. December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 660 $ 660 $ — $ — 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 $ — Non-recurring AdvisorEngine Inc. (“AdvisorEngine”) – Financial interests (1) $ — $ — $ — $ — Thesys Group, Inc. (“Thesys”) – Series Y Preferred Stock (1) — — — — Total $ — $ — $ — $ — Liabilities: Recurring fair value measurements: Deferred consideration (Note 12) $ 230,137 $ — $ — $ 230,137 Non-recurring Convertible notes (2) $ 170,191 $ — $ 170,191 $ — (1) The fair value of the AdvisorEngine financial interests of $9,592 was determined on May 4, 2020, the date in which these financial interests were sold (Note 8). Thesys was written down to zero on September 30, 2020 (Note 10). (2) Fair value of $145,847 and $24,344 determined on June 16, 2020 and August 13, 2020, respectively (Note 14). December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 317 $ 317 $ — $ — Securities owned, at fair value ETFs 17,319 17,319 — — Total $ 17,636 $ 17,636 $ — $ — Non-recurring AdvisorEngine Inc. – Financial interests (1) $ 28,172 — — $ 28,172 Liabilities: Recurring fair value measurements: Deferred consideration (Note 12) $ 173,024 $ — $ — $ 173,024 Securities sold, but not yet purchased 582 582 — — Total $ 173,606 $ 582 $ — $ 173,024 (1) Fair value determined on December 31, 2019 (Note 8). Recurring Fair Value Measurements—Methodology Cash Equivalents valued at par, which approximates fair value, and are classified as Level 1 in the fair value hierarchy. Securities Owned/Sold but Not Yet Purchased Deferred Consideration (Note 12) The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3: Years Ended 2020 2019 Deferred consideration (Note 12) Beginning balance $ 173,024 $ 161,540 Net realized losses (1) 16,811 13,226 Net unrealized losses (2) 56,821 11,293 Settlements (16,519 ) (13,035 ) Ending balance $ 230,137 $ 173,024 (1) Recorded as contractual gold payments expense on the Company’s Consolidated Statements of Operations. (2) Recorded as loss on revaluation of deferred consideration – gold payments on the Company’s Consolidated Statements of Operations. |
Securities Owned_Sold but Not Y
Securities Owned/Sold but Not Yet Purchased | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Securities Owned/Sold but Not Yet Purchased | 6. Securities Owned/Sold but Not Yet Purchased These securities consist of the following: December 31, December 31, Securities Owned Trading securities $ 34,895 $ 17,319 Securities Sold, but not yet Purchased Trading securities $ — $ 582 Trading losses for securities owned and securities sold, but not yet purchased still held The Company had no AFS debt securities at December 31, 2020 and December 31, 2019. During the year ended December 31, 2018, the Company received $64,498 of proceeds from the sale and maturity of available-for-sale securities and recognized gross realized losses of $739. Those losses were reclassified out of accumulated other comprehensive income and into the Consolidated Statements of Operations. |
Securities Held-to-Maturity
Securities Held-to-Maturity | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Securities Held-to-Maturity | 7. Securities Held-to-Maturity The following table is a summary of the Company’s securities held-to-maturity: December 31, December 31, Debt instruments: Pass-through GSEs (amortized cost) $ 451 $ 16,863 During the years ended December 31, 2020 and 2019, the Company received proceeds of $16,488 and $3,244, respectively, from held-to-maturity maturing or being called prior to maturity. The following table summarizes unrealized gains, losses, and fair value (classified as Level 2 within the fair value hierarchy) of securities held-to-maturity: December 31, 2020 2019 Cost/amortized cost $ 451 $ 16,863 Gross unrealized gains 30 38 Gross unrealized losses (12 ) (297 ) Fair value $ 469 $ 16,604 An allowance for credit losses was not provided on the Company’s held-to-maturity The following table sets forth the maturity profile of the securities held-to-maturity; December 31, 2020 2019 Due within one year $ — $ — Due one year through five years — 2,000 Due five years through ten years — 7,494 Due over ten years 451 7,369 Total $ 451 $ 16,863 |
AdvisorEngine Inc. - Sale of Fi
AdvisorEngine Inc. - Sale of Financial Interests | 12 Months Ended |
Dec. 31, 2020 | |
Advisor Engine [Member] | |
AdvisorEngine Inc. – Sale of Financial Interests | 8. AdvisorEngine Inc. – Sale of Financial Interests On May 4, 2020, the Company closed a transaction to exit its investment in AdvisorEngine . Consideration also includes contingent payments totaling up to $10,408 which will be payable only upon AdvisorEngine achieving certain revenue milestones during the first through fourth anniversaries of such exit. The fair value of the contingent payments was determined to be insignificant at closing and was measured using a Monte-Carlo simulation whereby forecasted revenue assumed during the first, second, third and fourth years was simulated forward in a risk-neutral framework to determine whether the revenues would exceed the pre-defined The table below presents the range and weighted averages of significant unobservable inputs utilized in the Monte-Carlo simulation (classified as Level 3 in the fair value hierarchy): Unobservable Inputs (Initial Recognition – May 4, 2020) Forecasted revenue simulated forward as a percentage of the pre-defined 34% - 71% (47% weighted average) Revenue volatility 25% The weighted-average forecasted revenue simulated forward as a percentage of the pre-defined The contingent payments are subsequently remeasured when the contingency is resolved and the gain is realized. Summarized below are the financial interests previously held: December 31, 2020 December 31, 2019 Amortized Net Carrying Amortized Net Carrying Unsecured convertible note $ — $ — $ 2,126 $ 2,126 Unsecured non-convertible — — 31,184 26,046 Subtotal—Notes receivable — — 33,310 28,172 Preferred stock — — 25,000 — Total $ — $ — $ 58,310 $ 28,172 (1) (1) Net of an impairment of $30,138 at December 31, 2019, which was determined based upon that status of the sale negotiations at the time. During the year ended December 31, 2020, the Company adjusted the carrying value of its financial interests by recording an impairment of $19,672 on its notes receivable and subsequently recognized a gain of $1,093 arising from an adjustment to the estimated fair value of consideration received . |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Notes Receivable | 9. Notes Receivable On May 4, 2020, the Company closed a transaction to exit its investment in AdvisorEngine. See Note 8 for additional information. Accrued Interest Effective January 1, 2020, notes receivable were placed on non-accrual |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Investments | 10. Investments The following table sets forth the Company’s investments: December 31, December 31, Securrency, Inc. – Preferred stock $ 8,112 $ 8,112 Thesys – Preferred stock — 3,080 Total $ 8,112 $ 11,192 Securrency, Inc. – Preferred Stock On December 27, 2019, the Company made a $8,112 strategic investment in Securrency, Inc. (“Securrency”), a leading developer of institutional-grade blockchain-based financial and regulatory technology. In consideration of its investment, the Company received 5,178,488 shares of Series A convertible preferred stock representing approximately 25% ownership of Securrency (or approximately 20% on a fully diluted basis). The shares of Series A preferred stock are convertible into common stock at the option of the Company and contain various rights and protections including a non-cumulative The investment is accounted for under the measurement alternative prescribed within ASU 2016-01, in-substance Thesys On June 20, 2017, the Company was issued 7,797,533 newly authorized shares of Series Y preferred stock (“Series Y Preferred”) of Thesys in connection with the resolution of a dispute related to the Company’s ownership stake in Thesys. The Series Y Preferred represents current ownership of approximately 19% of Thesys on a fully diluted basis . The Series Y Preferred is accounted for under the measurement alternative prescribed within ASU 2016-01 in-substance During the year ended December 31, 2020, the Company recognized an impairment of $3,080 on its Series Y Preferred as Thesys has underperformed financially when assessed against prior expectations. The carrying value of the Series Y Preferred was $0 and $3,080 at December 31, 2020 and December 31, 2019, respectively. |
Fixed Assets, net
Fixed Assets, net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets, net | 11. Fixed Assets, net The following table summarizes fixed assets: December 31, 2020 2019 Equipment $ 2,836 $ 2,330 Furniture and fixtures 2,225 2,218 Leasehold improvements 11,012 10,989 Less: accumulated depreciation and amortization (8,494 ) (7,410 ) Total $ 7,579 $ 8,127 |
Deferred Consideration
Deferred Consideration | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Deferred Consideration | 12. Deferred Consideration Deferred consideration represents an obligation the Company assumed in connection with the ETFS Acquisition. The obligation is for fixed payments to ETFS Capital of physical gold bullion equating to 9,500 ounces of gold per year through March 31, 2058 and then subsequently reduced to 6,333 ounces of gold continuing into perpetuity (“Contractual Gold Payments”). The Contractual Gold Payments are paid from advisory fee income generated by any Company-sponsored financial product backed by physical gold and are subject to adjustment and reduction for declines in advisory fee income generated by such products, with any reduction remaining due and payable until paid in full. ETFS Capital’s recourse is limited to such advisory fee income and it has no recourse back to the Company for any unpaid amounts that exceed advisory fees earned. ETFS Capital ultimately has the right to claw back Gold Bullion Securities Ltd. (a physically backed gold ETP issuer) if the Company fails to remit any amounts due. The Company determined the present value of the deferred consideration of $230,137 and $173,024 at December 31, 2020 and December 31, 2019 using the following assumptions: December 31, December 31, Forward-looking gold price (low) – per ounce $ 1,903 $ 1,535 Forward-looking gold price (high) – per ounce $ 2,662 $ 2,328 Forward-looking gold price (weighted average) – per ounce $ 2,117 $ 1,757 Discount rate 9.0 % 10.0 % Perpetual growth rate 0.9 % 1.5 % The forward-looking gold prices at December 31, 2020 were extrapolated from the last observable CMX exchange price (beyond 2026) and the weighted-average price per ounce was derived from the relative present values of the annual payment obligations. The perpetual growth rate was determined based upon the increases in observable forward-looking gold prices through 2026. This obligation is classified as Level 3 as the discount rate and extrapolated forward-looking gold prices are significant unobservable inputs. An increase in forward-looking gold prices and the perpetual growth rate would result in an increase in deferred consideration, whereas an increase in the discount rate would reduce the fair value. Current amounts payable were $17,374 and $13,953 and long-term amounts payable were $212,763 and $159,071, respectively, at December 31, 2020 and December 31, 2019, respectively. During the years ended December 31, 2020 and 2019, the Company recognized the following in respect of deferred consideration: Years Ended December 31, 2020 2019 Contractual Gold Payments $ 16,811 $ 13,226 Contractual Gold Payments – gold ounces paid 9,500 9,500 Loss on revaluation of deferred consideration – gold payments (1) $ (56,821 ) $ (11,293 ) (1) Losses arise due to increases in the forward-looking price of gold and the magnitude of any loss is highly correlated to the magnitude of the change in the forward-looking price of gold. In addition, losses arise due to increases in the perpetual growth rate and a reduction in the discount rate used to compute the present value of the annual payment obligations. |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Credit Facility | 13. Credit Facility The following table provides a summary of the Company’s outstanding borrowings under its credit facility: December 31, 2020 December 31, 2019 Term Loan Revolver Term Loan Revolver Amount borrowed $ 179,000 $ — $ 200,000 $ — Amounts repaid (179,000 ) — (21,000 ) — Amounts outstanding — — 179,000 — Unamortized issuance costs — — (3,044 ) 671 Carrying amount $ — $ — $ 175,956 $ 671 Effective interest rate 4.15 % n/a 5.32 % n/a On June 16, 2020, the Company terminated its credit facility by repaying all amounts outstanding under its term loan and terminating the revolver. A loss on extinguishment of debt of $2,387 was recognized which represented the write-off Interest expense recognized on the credit facility during the years ended December 31, 2020 and 2019 was $4,086 and $11,240, respectively. The fair value of the Company’s debt (classified as Level 2 within the fair value hierarchy) was $176,986 at December 31, 2019. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 14. Convertible Notes On August 13, 2020, the Company issued and sold $25,000 in aggregate principal amount of 4.25% Convertible Senior Notes due 2023 (the “Additional Notes”) pursuant to an Indenture (the “Indenture”), dated June 16, 2020, between the Company and U.S. Bank National Association, as trustee (the “Trustee”), in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Additional Notes were issued at a price equal to 101% of the principal amount thereof, plus interest deemed to have accrued since June 16, 2020, and constitute a further issuance of, and form a single series with, the Company’s outstanding 4.25% Convertible Senior Notes due 2023 issued on June 16, 2020 in the aggregate principal amount of $150,000 (the “Existing Notes” and together with the Additional Notes, the “Convertible Notes”). After Key terms of the Convertible Notes are as follows: • Maturity date • Interest rate of 4.25% • Conversion price of $5.92 ) • Conversion five ten • Cash settlement of principal amount • Redemption price of $ 7 70 th • Limited investor put rights • Conversion rate increase in certain customary circumstances • Seniority and Security Non-Voting The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Convertible Notes outstanding may declare the entire principal amount of all the Convertible Notes to be repurchased, plus any accrued special interest, if any, to be immediately due and payable. The following table provides a summary of the carrying value of the Convertible Notes at December 31, 2020: Total Additional Notes Existing Notes Principal amount $ 175,000 $ 25,000 $ 150,000 Plus: Premium on Additional Notes 250 250 — Gross proceeds 175,250 25,250 150,000 Less: Unamortized discount and issuance costs (1) (8,604 ) (1,490 ) (7,114 ) Carrying amount $ 166,646 $ 23,760 $ 142,886 Effective interest rate (2) 6.29 % 6.37 % 6.28 % (1) The discount arose from the bifurcation of the conversion option. The unamortized discount and issuance costs are (2) Includes amortization of the discount arising from the bifurcation of the conversion option, amortization of the issuance costs allocated to the Convertible Notes and amortization of the premium associated with the Additional Notes. Convertible instruments are required to be separated into their liability and equity components by allocating the issuance proceeds to each of those components. The liability component for convertible instruments that qualify for a derivative scope exception (applicable to the Convertible Notes) is allocated proceeds equal to the estimated fair value of similar debt without the conversion option. The difference between the gross proceeds received from the issuance of the Convertible Notes and the proceeds allocated to the liability component represents the residual amount that is recorded in additional paid-in The Company estimated the fair value of the liability component of the Convertible Notes to be $170,191, which represents the present value of the future contractual payments, discounted using the Company’s estimated nonconvertible debt borrowing rate of 5.33% (classified as level 2 in the fair value hierarchy) on the pricing date. The excess of the gross proceeds received over the estimated fair value of the liability component totaling $5,059 ($906 and $4,153 for the Additional Notes and Existing Notes, respectively) was allocated to the conversion option (along with a proportional share of issuance costs totaling $157) and was recorded in additional paid-in Interest expense recognized during the year ended December 31, 2020 was $5,582. Interest payable of $342 at December 31, 2020 is included in accounts payable and other liabilities on the Consolidated Balance Sheets. The fair value of the Convertible Notes (classified as Level 2 in the fair value hierarchy) was $198,968 at December 31, 2020. The if-converted |
Preferred Shares
Preferred Shares | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Preferred Shares | 15. Preferred Shares On April 10, 2018, the Company filed a Certificate of Designations of Series A Non-Voting as-converted As described in the Certificate of Designations, the Company will not issue, and ETFS Capital does not have the right to require the Company to issue, any shares of common stock upon conversion of the Preferred Shares, if, as a result of such conversion, ETFS Capital (together with certain attribution parties) would beneficially own more than 9.99% of the Company’s outstanding common stock immediately after giving effect to such conversion. In connection with the completion of the ETFS Acquisition, the Company issued 14,750 shares of Series A Non-Voting The following is a summary of the Preferred Share balance: December 31, 2020 December 31, Issuance of Preferred Shares $ 132,750 $ 132,750 Less: Issuance costs (181 ) (181 ) Preferred Shares – carrying value $ 132,569 $ 132,569 Temporary equity classification is required for redeemable instruments for which redemption triggers are outside of the issuer’s control. ETFS Capital has the right to redeem all the Preferred Shares specified to be converted during the period of time specified in the Certificate of Designations in the event that: (a) the number of shares of the Company’s common stock authorized by its certificate of incorporation is insufficient to permit the Company to convert all of the Preferred Shares requested by ETFS Capital to be converted; or (b) ETFS Capital does not, upon completion of a change of control of the Company, receive the same amount per Preferred Share as it would have received had each outstanding Preferred Share been converted into common stock immediately prior to the change of control. However, the Company will not be obligated to make any such redemption payments to the extent such payments would be a breach of any covenant or obligation the Company owes to any of its secured creditors or is otherwise prohibited by applicable law. Any such redemption will be at a price per Preferred Share equal to the dollar volume-weighted average price for a share of common stock for the 30-trading The carrying amount of the Preferred Shares was not adjusted |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Leases | 16. Leases The Company has entered into operating leases for its corporate headquarters and other office facilities, financial data terminals and equipment. The Company has no finance leases. The following table provides additional information regarding the Company’s leases: Years Ended December 31, 2020 2019 Lease cost: Operating lease cost $ 3,182 $ 3,174 Short-term lease cost 1,227 1,426 Total lease cost $ 4,409 $ 4,600 Years Ended December 31, 2020 2019 Other information: Cash paid for amounts included in the measurement of operating liabilities (operating leases) $ 3,517 $ 3,587 Right-of-use n/a n/a Weighted-average remaining lease term (in years) – operating leases 8.6 9.4 Weighted-average discount rate – operating leases 6.3 % 6.3 % None of the Company’s leases include variable payments, residual value guarantees or any restrictions or covenants relating to the Company’s ability to pay dividends or incur additional financing obligations. The Company’s lease of its headquarters, which expires on August 20, 2029, includes an option to extend for an additional five years. Rent payable under the option is equal to the fair market rent of the premises as determined by the landlord approximately six months prior to the commencement of the extension term. The lease also includes a cancellation option which is effective on August 21, 2024 and requires notice to be provided to the landlord at least 12 months prior. Triggering this option requires a cancellation payment of $4,236. The cancellation and extension options were not reasonably certain of being exercised and were therefore not recognized as part of the right-of-use Other leases also include extension, automatic renewal and termination provisions. These provisions were also not reasonably certain of being exercised and were therefore not recognized as part of the right-of-use The following table discloses future minimum lease payments at December 31, 2020 with respect to the Company’s operating lease liabilities: 2021 $ 3,135 2022 2,958 2023 2,958 2024 3,037 2025 3,148 2026 and thereafter 11,457 Total future minimum lease payments (undiscounted) $ 26,693 The following table reconciles the future minimum lease payments (disclosed above) at December 31, 2020 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheet: Amounts recognized in the Company’s Consolidated Balance Sheet Lease liability – short term $ 3,135 Lease liability – long term 17,434 Subtotal 20,569 Difference between undiscounted and discounted cash flows 6,124 Total future minimum lease payments (undiscounted) $ 26,693 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 17. Contingencies The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. Closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP In December 2020, WMAI, WTMAML, WTUK and WisdomTree Ireland Limited were served with a writ of summons to appear before the Court of Milan, Italy, and in January 2021, WTUK was served with a writ of summons to appear before the Court of Udine, Italy. Investors had filed actions seeking approximately €9,000 ($11,056), in the aggregate, resulting from the closure of the WisdomTree WTI Crude Oil 3x Daily Leveraged ETP (“3OIL”) in March 2020. The product was dependent on the receipt of payments from a swap provider to satisfy payment obligations to the investors. Due to an extreme adverse move in oil futures relative to the oil futures’ closing price, the swap contract underlying 3OIL was terminated by the swap provider, which resulted in the compulsory redemption of 3OIL, all in accordance with the prospectus. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities | 18. Variable Interest Entities VIEs are entities with any of the following characteristics: (i) the entity does not have enough equity to finance its activities without additional financial support; (ii) the equity holders, as a group, lack the characteristics of a controlling financial interest; or (iii) the entity is structured with non-substantive voting rights. Consolidation of a VIE is required for the party deemed to be the primary beneficiary, if any. The primary beneficiary is the party who has both (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company is not the primary beneficiary of any entities in which it has a variable interest as it does not have the power to direct the activities that most significantly impact the entities’ economic performance. Such power is conveyed through the entities’ boards of directors and the Company does not have control over the boards. The following table presents information about the Company’s variable interests in non-consolidated December 31, 2020 December 31, Carrying Amount – Assets (Securrency) Preferred stock (Note 10) $ 8,112 $ 8,112 Carrying Amount – Assets (AdvisorEngine) Unsecured convertible notes receivable — $ 2,126 Unsecured non-convertible — 26,046 Preferred stock — — Total carrying amount (Note 8) $ — $ 28,172 Total carrying amount – Assets $ 8,112 $ 36,284 Maximum exposure to loss $ 8,112 $ 36,284 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | 19. Revenues from Contracts with Customers The following table presents the Company’s total revenues from contracts with customers: Years Ended December 31, 2020 2019 Revenues from contracts with customers: Advisory fees $ 250,182 $ 265,652 Other 3,517 2,751 Total operating revenues $ 253,699 $ 268,403 The Company recognizes revenues from contracts with customers when the performance obligation is satisfied, which is when the promised goods or services are transferred to the customer. A good or service is considered to be transferred when the customer obtains control, which is represented by the transfer of rights with regard to the good or service. Transfer of control happens either over time or at a point in time. When a performance obligation is satisfied over time, an entity is required to select a single method of measuring progress for each performance obligation that depicts the entity’s performance in transferring control of goods or services to the customer. Substantially all the Company’s revenues from contracts with customers are derived primarily from investment advisory agreements with related parties (Note 20). These advisory fees are recognized over time, are earned from the Company’s ETPs and are calculated based on a percentage of the ETPs’ average daily net assets. There is no significant judgment in calculating amounts due which are invoiced monthly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. There are no contract assets or liabilities that arise in connection with the recognition of advisory fee revenue. In addition, there are no costs incurred to obtain or fulfill the contracts with customers, all of which are investment advisory agreements with related parties. Geographic Distribution of Revenue The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside: Years Ended December 31, 2020 2019 Revenues from contracts with customers: United States $ 142,074 $ 170,827 Jersey 106,848 90,422 Ireland 4,412 4,714 Canada (Note 3) 365 2,440 Total operating revenues $ 253,699 $ 268,403 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. Related Party Transactions The Company’s revenues are derived primarily from investment advisory agreements with related parties. Under these agreements, the Company has licensed to related parties the use of certain of its own indexes for the U.S. WisdomTree ETFs and WisdomTree UCITS ETFs. The Board of Trustees and Board of Directors (including certain officers of the Company) of the related parties are primarily responsible for overseeing the management and affairs of the entities for the benefit of their stakeholders and have contracted with the Company to provide for general management and administration services. The Company is also responsible for certain expenses of the related parties, including the cost of transfer agency, custody, fund administration and accounting, legal, audit, and other non-distribution The following table summarizes accounts receivable from related parties which are included as a component of accounts receivable on the Company’s Consolidated Balance Sheets: December 31, 2020 2019 Receivable from WTT $ 13,030 $ 14,765 Receivable from ManJer Issuers 11,693 9,036 Receivable from WMAI and WTI 2,125 1,559 Receivable from WTCS 36 80 Receivable from WTAMC (Note 3) — 227 Total $ 26,884 $ 25,667 The allowance for credit losses on accounts receivable from related parties is insignificant when applying historical loss rates, adjusted for current conditions and supportable forecasts, to the amounts outstanding in the table above. Amounts outstanding are all invoiced in arrears, are less than 30 days aged and are collected shortly after the applicable reporting period. The following table summarizes revenues from advisory services provided to related parties: Years Ended December 31, 2020 2019 2018 Advisory services provided to WTT $ 141,079 $ 169,483 $ 203,031 Advisory services provided to ManJer Issuers 97,986 82,224 54,601 Advisory services provided to WMAI and WTI 10,124 10,499 10,448 Advisory services provided to WTCS 628 1,006 1,267 Advisory services provided to WTAMC 365 2,440 1,757 Total $ 250,182 $ 265,652 $ 271,104 |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | 21. Stock-Based Awards On June 20, 2016, the Company’s stockholders approved a new equity award plan under which the Company can issue up to 10,000,000 shares of common stock (less one share for every share granted under prior plans since March 31, 2016 and inclusive of shares available under the prior plans as of March 31, 2016) in the form of stock options and other stock-based awards. The Company grants equity awards to employees and directors which include restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”) and stock options. Certain awards described below are subject to acceleration under certain conditions. 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 • If the relative TSR is at the 25 th • If the relative TSR is above the 25 th th th During the years ended December 31, 2020, 2019 and 2018, total stock-based compensation expense was $11,706, $11,590 and $13,255, respectively, and the related tax benefit recognized on the Consolidated Statements of Operations was $2,739, $2,791 and $3,015, respectively. The actual tax benefit realized for the tax deductions for share-based compensation was $833, $1,649 and $2,364 during the years ended December 31, 2020, 2019 and 2018, respectively. A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows: December 31, 2020 Unrecognized Stock- Weighted-Average Employees and directors $ 9,776 1.28 Stock Options A summary of option activity is as follows: Options Weighted-Average Outstanding January 1, 2018 1,158,828 $ 2.75 Granted — — Forfeitures/expirations — — Exercised (588,291 ) 1.19 Outstanding at December 31, 2018 570,537 $ 4.36 Granted — — Forfeitures/expirations (1 ) 6.50 Exercised (85,000 ) 0.70 Options Weighted-Average Outstanding at December 31, 2019 485,536 $ 4.80 Granted — — Forfeitures/expirations (63,536 ) 2.49 Exercised (117,000 ) 4.81 Outstanding at December 31, 2020 (1) 305,000 $ 5.68 (1) Expire on dates ranging from January 26, 2021 The total intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 was $168, $301 and $4,218, respectively. Cash received from option exercises during the years ended December 31, 2020, 2019 and 2018 was $292, $160 and $191, respectively. The following table summarizes information on stock options outstanding and exercisable at December 31, 2020: Options Outstanding and Exercisable Range of Exercise Prices Shares Weighted- Weighted- $5.05 190,000 0.1 $ 5.05 $6.42 – $6.82 67,500 0.4 6.47 $7.01 – $7.30 47,500 0.8 7.07 305,000 0.3 $ 5.68 At December 31, 20 2 weighted-average contractual term of 0.3 years and an intrinsic value of $57. RSAs, RSUs and PRSUs The aggregate fair value of RSAs, RSUs and PRSUs that vested during the years ended December 31, 2020, 2019 and 2018 was $4,783, $6,720 and $5,975, respectively.A summary of activity is as follows: RSAs RSUs PRSUs (1) Shares Weighted Shares Weighted Shares Weighted Unvested Balance at January 1, 2018 1,816,666 $ 11.75 5,678 $ 10.40 — $ — Granted 903,231 11.77 7,152 12.21 — — Vested (618,516 ) 12.67 (1,890 ) 10.40 — — Forfeited (144,279 ) 11.83 (1,446 ) 11.97 — — Unvested Balance at December 31, 2018 1,957,102 $ 11.47 9,494 $ 11.52 — $ — Granted 2,794,703 6.16 35,283 6.45 270,872 (2) 6.24 Vested (1,053,980 ) 11.25 (5,499 ) 9.85 — — Forfeited (453,267 ) 9.09 — — (38,262 ) 6.24 Unvested Balance at December 31, 2019 3,244,558 $ 7.29 39,278 $ 7.20 232,610 $ 6.24 Granted 1,653,186 3.80 32,901 3.82 117,013 (2) 3.11 Vested (1,206,879 ) 8.13 (27,130 ) 7.45 — — Forfeited (110,122 ) 4.79 (5,641 ) 5.39 (8,311 ) 6.24 Unvested Balance at December 31, 2020 3,580,743 $ 5.38 39,408 $ 4.46 341,312 $ 5.17 (1) Represents the target number of PRSUs granted and outstanding. The number of PRSUs that ultimately vest ranges from 0% to 200% of this amount. (2) A Monte Carlo simulation was used to value these awards using the following assumptions for the Company and the peer group: (i) beginning 90-day Granted in Granted in Historical stock price volatility (low) 21 % 22 % Historical stock price volatility (high) 36 % 42 % Historical stock price volatility (average) 26 % 28 % Risk free interest rate 1.47 % 2.56 % Expected dividend yield 0.0 % 0.0 % |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 22. 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. The amounts included in the table below are recorded in compensation expense in the Consolidated Statements of Operations. A summary of discretionary contributions made by the Company is as follows: Years Ended December 31, 2020 2019 2018 $974 $966 $1,051 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 23. Earnings Per Share The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented: Years Ended December 31, Basic (Loss)/Earnings per Share 2020 2019 2018 Net (loss)/income $ (35,655 ) $ (10,425 ) $ 36,633 Less: Income distributed to participating securities (2,216 ) (2,163 ) (1,595 ) Less: Undistributed income allocable to participating securities — — (1,409 ) Net (loss)/income available to common stockholders – Basic EPS $ (37,871 ) $ (12,588 ) $ 33,629 Weighted average common shares (in thousands) 148,682 151,823 146,645 Basic (loss)/earnings per share $ (0.25 ) $ (0.08) $ 0.23 Years Ended December 31, Diluted (Loss)/Earnings per Share 2020 2019 2018 Net (loss)/income available to common stockholders $ (37,871 ) $ (12,588 ) $ 33,629 Add back: Undistributed income allocable to participating securities — — 1,409 Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive — — (1,403 ) Net (loss)/income available to common stockholders – Diluted EPS $ (37,871 ) $ (12,588 ) $ 33,635 Weighted Average Diluted Shares (in thousands) Weighted average common shares 148,682 151,823 146,645 Dilutive effect of common stock equivalents, excluding participating securities — — 645 Weighted average diluted shares, excluding participating securities (in thousands) 148,682 151,823 147,290 Diluted (loss)/earnings per share $ (0.25 ) $ (0.08 ) $ 0.23 Diluted (loss)/earnings per share presented above is calculated using the two-class The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above: Years Ended December 31, Reconciliation of Weighted Average Diluted Shares (in thousands) 2020 2019 2018 Weighted average diluted shares as disclosed on the Consolidated Statements of O 148,682 (1) 151,823 (1) 158,415 Less: Participating securities: Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 15) — — (10,709 ) Potentially dilutive restricted stock awards — — (416 ) Weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above 148,682 (1) 151,823 (1) 147,290 (1) Excludes 15,122 and 15,002 participating securities for the years ended December 31, 2020 and 2019, respectively, as the Company reported a net loss for those periods. Also excludes 6 (shares herein are reported in thousands). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 24. Income Taxes (Loss)/Income before Income Tax Expense – Domestic and Foreign The U.S. and foreign components of (loss)/income before income tax expense for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 U.S. $ (5,187 ) $ 6,774 $ 43,677 Foreign (30,035 ) (6,653 ) 7,362 Total $ (35,222 ) $ 121 $ 51,039 Income Tax Expense/(Benefit) – By Jurisdiction The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2020, 2019 and 2018 are as follows: Years Ended December 31, 2020 2019 2018 Current: Federal $ 3,670 $ 10,311 $ 15,805 State and local 832 2,271 3,202 Foreign (1,877 ) (1,687 ) 1,482 $ 2,625 $ 10,895 $ 20,489 Deferred: Federal $ 60 $ (246 ) $ (5,318 ) State and local 13 (54 ) (1,077 ) Foreign (2,265 ) (49 ) 312 $ (2,192 ) $ (349 ) $ (6,083 ) Income tax expense $ 433 $ 10,546 $ 14,406 Reconciliation of Statutory Federal Income Tax Rate to the Effective Income Tax Rate A reconciliation of the statutory federal income tax expense and the Company’s total income tax expense is as follows: Years Ended December 31, 2020 2019 2018 U.S. federal statutory income tax $ (7,397 ) $ 25 $ 10,718 Loss/(gain) on revaluation of deferred consideration (1) 11,929 2,378 (2,570 ) Decrease in unrecognized tax benefits, net (5,661 ) (3,893 ) — Change in valuation allowance – Capital losses 4,448 7,555 794 Change in valuation allowance – Foreign net operating losses (“NOLs”) and interest carryforwards (2,018 ) 3,997 3,510 Foreign operations (3,342 ) (3,561 ) (1,041 ) Stock-based compensation tax (windfalls)/shortfalls 1,485 1,198 (543 ) Change in tax-related 1,189 740 — Non-taxable (740 ) — — Non-deductible 399 1,608 4 Blended state income tax rate, net of federal benefit (171 ) 237 1,406 Non-deductible — — 1,506 Other differences, net 312 262 622 Income tax expense $ 433 $ 10,546 $ 14,406 (1) The loss/(gain) on revaluation is not adjusted for income taxes as the obligation was assumed by a wholly-owned subsidiary that is based in Jersey, a jurisdiction where the Company is subject to a zero percent tax rate. Income Tax Payments A summary of income taxes paid by jurisdiction for the years ended December 31, 2020, 2019 & 2018 is as follows: Years Ended December 31, 2020 2019 2018 Federal $ 4,470 $ 6,990 $ 10,710 State and local 1,353 1,818 2,498 Foreign 4,308 1,252 1,190 $10,131 $10,060 $14,398 Deferred Tax Assets (“DTAs”) A summary of the components of the Company’s deferred tax assets at December 31, 2020 and 2019 is as follows: December 31, 2020 2019 Deferred tax assets: Capital losses $ 16,596 $ 8,226 Operating lease liabilities 4,953 5,529 Accrued expenses 3,507 4,054 Interest carryforwards 2,235 2,615 NOLs – Foreign 2,167 6,721 Stock-based compensation 1,922 1,754 Goodwill and intangible assets 1,466 1,671 NOLs – U.S. 510 642 Outside basis differences 122 123 Other 111 218 Deferred tax assets 33,589 31,553 Deferred tax liabilities: Right of use assets – operating leases 3,927 4,400 Fixed assets and prepaid assets 1,261 1,326 Allocated equity component of convertible notes 1,022 — Foreign currency translation adjustment 293 — Unremitted earnings – International subsidiaries 138 — Unrealized gains — 744 Deferred tax liabilities 6,641 6,470 Total deferred tax assets less deferred tax liabilities 26,948 25,083 Less: Valuation allowance (18,885 ) (17,685 ) Deferred tax assets, net $ 8,063 $ 7,398 Net Operating and Capital Losses – U.S. The Company’s tax effected net operating losses (“NOLs”) at December 31, 2020 were $510, which expire in 2024. The net operating loss carryforwards have been reduced by the impact of annual limitations described in the Internal Revenue Code Section 382 that arose as a result of an ownership change. The Company’s tax effected capital losses at December 31, 2020 and December 31, 2019 were $16,596 and $8,226, respectively. The change in capital losses is due to the impairment recognized on the Company’s financial interests in AdvisorEngine (Note 8) and a capital loss recognized upon sale of the Canadian ETF business. Net Operating Losses and Interest Carryforwards – Foreign Certain of the Company’s European subsidiaries generated NOLs and interest carryforwards outside the U.S. These tax effected NOLs and interest carryforwards were $4,402 and $9,336 at December 31, 2020 and December 31, 2019, respectively. All of these amounts are carried forward indefinitely. The change in foreign NOLs includes a reduction of $4,930 due to the sale of the Company’s Canadian ETF business, which occurred on February 19, 2020 (Note 3). Valuation Allowance During the year ended December 31, 2020, the Company reduced the valuation allowance on its deferred tax assets by $2,615 associated with interest carryforwards in the UK non-deductible UK . The Company’s remaining valuation allowance has been established on its capital losses, international net operating losses and outside basis differences as it is more-likely-than-not Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”) On March 27, 2020, the CARES Act was enacted in response to the COVID-19 non-income Uncertain Tax Positions Tax positions are evaluated utilizing a two-step more-likely-than-not In connection with the ETFS Acquisition, the Company accrued a liability for uncertain tax positions and interest and penalties at the acquisition date. The table below sets forth the aggregate changes in the balance of gross unrecognized tax benefits: Total Unrecognized Interest Balance on January 1, 2019 $ 34,876 $ 28,101 $ 6,775 Decrease - Lapse of statute of limitations (4,309 ) (2,999 ) (1,310 ) Increases 416 — 416 Foreign currency translation (1) 1,118 896 222 Balance at December 31, 2019 $ 32,101 $ 25,998 $ 6,103 Decrease - Lapse of statute of limitations (5,981 ) (4,620 ) (1,361 ) Increases 320 — 320 Foreign currency translation (1) 576 472 104 Balance at December 31, 2020 $ 27,016 $ 21,850 $ 5,166 (1) The gross unrecognized tax benefits were accrued in British pounds. The Company also recorded an offsetting indemnification asset provided by ETFS Capital as part of its agreement to indemnify the Company for any potential claims, for which an amount is being held in escrow. ETFS Capital has also agreed to provide additional collateral by maintaining a minimum working capital balance up to a stipulated amount. The decreases resulting from the lapsing of the statute of limitations of $5,981 and $4,309 for the years ended December 31, 2020 and 2019, respectively, were recorded as income tax benefits and equal and offsetting amounts to reduce the indemnification assets were recorded in other gains and losses, net. The gross unrecognized tax benefits and interest and penalties totaling $27,016 and $32,101 at December 31, 2020 and December 31, 2019, respectively, are included in other non-current At December 31, 2020 there were $27,016 of unrecognized tax benefits (including interest and penalties) that, if recognized, would impact the effective tax rate. The recognition of any unrecognized tax benefits would result in an equal and offsetting adjustment to the indemnification asset which would be recorded in income before taxes due to the indemnity for any potential claims. Income Tax Examinations The Company is subject to U.S. federal income tax as well as income tax of multiple state, local and certain foreign jurisdictions. The Company’s federal tax return and ManJer’s tax return (a Jersey-based subsidiary) for the year ended December 31, 2016 is currently under review by the relevant tax authorities. The Company is indemnified by ETFS Capital for any potential exposure associated with ManJer’s tax return under audit. The Company is not currently under audit in any other income tax jurisdictions. As of December 31, 2020, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for years before 2016. Undistributed Earnings of Foreign Subsidiaries ASC 740-30 Income Taxes |
Shares Repurchased
Shares Repurchased | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shares Repurchased | 25. Shares Repurchased On April 24, 2019, the Company’s Board of Directors extended the term of the Company’s share repurchase program for three years through April 27, 2022. Included under this program are purchases to offset future equity grants made under the Company’s equity plans and purchases made in open market or privately negotiated transactions. This authority may be exercised from time to time, 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. Shares repurchased under this program are returned to the status of authorized and unissued on the Company’s books and records. During the years ended December 31, 2020, 2019 and 2018, the Company repurchased 8,234,324 shares, 370,428 shares and 334,953 shares of its common stock, respectively, under this program for an aggregate cost of $31,197, $2,341 and $2,885, respectively. Shares repurchased under this program were returned to the status of authorized and unissued on the Company’s books and records. As of December 31, 2020, $52,191 remained under this program for future purchases. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 26. Goodwill and Intangible Assets Goodwill The table below sets forth goodwill which is tested annually for impairment on November 30 th Total Balance at January 1, 2020 $ 85,856 Changes — Balance at December 31, 2020 $ 85,856 Goodwill was tested for impairment on November 30, 2020. The impairment test was performed using a market approach, whereby the market capitalization of the Company (a single reporting unit) was compared to its carrying value. The market capitalization was derived from the Company’s publicly traded stock price plus a reasonable control premium. The fair value of the reporting unit exceeded its carrying value and therefore no impairment was recognized. Goodwill arising from the ETFS Acquisition of $84,057 is not deductible for tax purposes as the acquisition was structured as a stock acquisition occurring in the UK Intangible Assets (Indefinite-Lived) The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30 th Advisory (ETFS) Advisory Total Balance at January 1, 2020 $ 601,247 $ 2,047 $ 603,294 Decreases (1) — (1,992 ) (1,992 ) Foreign currency translation — (55 ) (55 ) Balance at December 31, 2020 $ 601,247 $ — $ 601,247 (1) Derecognized upon the sale of the Company’s Canadian ETF business (Note 3) ETFS In connection with the ETFS Acquisition which was completed on April 11, 2018 (Note 3), the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. The intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes. The Company performed its indefinite-lived intangible asset impairment test related to its ETFS customary advisory agreements on November 30, 2020. The results of this analysis identified no indicators of impairment to be recognized based upon a quantitative assessment (discounted cash flow analysis) which relied upon significant unobservable inputs including projected revenue growth rates ranging from 3% to 11% (3.5% weighted average) and a weighted average cost of capital of 9.0%. |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Impairments | 27. Impairments The following table summarizes impairments recognized by the Company: Years Ended December 31, 2020 2019 2018 AdvisorEngine – Financial interests (Note 8) $ 19,672 $ 30,138 $ — GCC – Intangible asset — — 9,953 AdvisorEngine – Option — — 3,278 Thesys – Series Y Preferred (Note 10) 3,080 — 3,829 WisdomTree Japan — 572 326 Total $ 22,752 $ 30,710 $ 17,386 WisdomTree Continuous Commodity Index Fund (“GCC”) During the fourth quarter of 2018, the Company performed its indefinite-lived intangible asset impairment test related to its GCC customary advisory agreements using a quantitative approach. The fair value of the intangible asset was derived from a discounted cash flow analysis which assumed projected revenue growth rates of 0% to 5%. Consideration was also given to the historical performance of GCC against prior expectations. The analysis resulted in the recognition of an impairment of $9,953. There is no value ascribed to this intangible asset at December 31, 2020. AdvisorEngine—Option During the year ended December 31, 2018, the Company recognized an impairment of $3,278 upon the expiration of an option to purchase the remaining equity interests in AdvisorEngine. The fair value of the option was originally determined on December 29, 2017 using a Monte Carlo simulation which was predominantly based on unobservable inputs and was therefore classified as Level 3. The enterprise value was derived from unobservable inputs including a WACC of 27% and an option volatility of 40%. An increase in the WACC would have reduced AdvisorEngine’s enterprise value, thereby reducing the fair value of the option, whereas an increase in the option volatility would have increased the fair value of the option. WisdomTree Japan The Company recorded an impairment expense of $572 in connection with the termination of its Japan office lease during the year ended December 31, 2019 and $326 on fixed assets of the Japan office during the year ended December 31, 2018 in connection with the closure of WTJ. |
Supplemental Financial Informat
Supplemental Financial Information - Quarterly Results | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Financial Information - Quarterly Results | 28. Supplemental Financial Information – Quarterly Results (Unaudited) Three Months Ended Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 2020 2020 2020 2020 2019 2019 2019 2019 Total revenues $ 67,059 $ 64,640 $ 58,126 $ 63,874 $ 68,907 $ 67,718 $ 66,293 $ 65,485 Operating income $ 12,907 $ 14,744 $ 11,797 $ 15,634 $ 14,809 $ 16,131 $ 11,911 $ 10,683 (Loss)/income before income taxes ($11,297 ) $ 1,138 ($14,054 ) ($11,009 ) ($22,355 ) $ 8,635 $ 6,066 $ 7,775 Net (loss)/income ($13,497 ) ($270 ) ($13,250 ) ($8,638 ) ($25,880 ) $ 4,152 $ 2,479 $ 8,824 (Loss)/earnings per share—basic ($0.10 ) ($0.01 ) ($0.09 ) ($0.06 ) ($0.17 ) $ 0.02 $ 0.01 $ 0.05 (Loss)/earnings per share—diluted ($0.10 ) ($0.01 ) ($0.09 ) ($0.06 ) ($0.17 ) $ 0.02 $ 0.01 $ 0.05 Dividends per common share $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 Unusual or Infrequent Items: (Loss)/gain on revaluation of deferred consideration (Note 12) ($22,385 ) ($8,870 ) ($23,358 ) ($2,208 ) ($5,354 ) ($6,306 ) ($4,037 ) $ 4,404 Impairments (Note 27) — ($3,080 ) — ($19,672 ) ($30,138 ) — — ($572 ) Loss on extinguishment of debt — — ($2,387 ) — — — — — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 29. Subsequent Events The Company evaluated subsequent events through the date of issuance of the accompanying consolidated financial statements. There were no events requiring disclosure. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. The financial results of ETFS are included in the Company’s consolidated financial statements since the acquisition date, April 11, 2018 (Note 3). |
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 (“VOE”) or a variable interest entity (“VIE”). The usual condition for a controlling financial interest in a VOE is ownership of a majority voting interest. If the Company has a majority voting interest in a VOE, the entity is consolidated. The Company has a controlling financial interest in a VIE when the Company has a variable interest that provides it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. |
Segment and Geographic Information | Segment and Geographic Information Effective January 1, 2020, the Company, through its subsidiaries in the U.S. and Europe, conducts business as a single operating segment as an ETP sponsor and asset manager which is based upon the Company’s current organizational and management structure, as well as information used by the chief operating decision maker to allocate resources and other factors. Previously, the Company’s financial results were reported in its U.S. Business and International Business reportable segments. |
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. The impact of the foreign currency translation adjustment is included in the Consolidated Statements of Comprehensive (Loss)/Income as a component of other comprehensive income. |
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 substantially all of its revenue in the form of advisory fees from its ETPs and recognizes this revenue over time, as the performance obligation is satisfied. Advisory fees are based on a percentage of the ETPs’ average daily net assets. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice. |
Contractual Gold Payments | Contractual Gold Payments Contractual gold payments are measured and paid monthly based upon the average daily spot price of gold (Note 12). |
Marketing and Advertising | Marketing and Advertising Marketing and advertising |
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 recorded at cost less accumulated depreciation and amortization. |
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. Forfeitures are recognized when they occur. |
Third-Party Distribution Fees | Third-Party Distribution Fees The Company pays a percentage of its advisory fee revenues based on incremental growth in assets under management (“AUM”), subject to caps or minimums, to marketing agents to sell WisdomTree ETFs and for including WisdomTree ETFs on third-party customer platforms and recognizes these expenses as 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. The Company maintains deposits with financial institutions in an amount that is in excess of federally insured limits. |
Accounts Receivable | Accounts Receivable Accounts receivable are customer and other obligations due under normal trade terms. The Company measures credit losses , if any, |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets 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. |
Notes Receivable | Notes Receivable Notes receivable are accounted for on an amortized cost basis, including accrued interest and net of original issue discount and impairments, if any. Interest income is accrued over the term of the notes using the effective interest method. Notes receivable are placed on non-accrual non-accrual Effective January 1, 2020, the Company performs a review for the impairment of the notes receivable and accrued interest on a quarterly basis using the current expected credit loss model and provides for an allowance for credit losses by applying an estimated loss rate to amounts outstanding at the balance sheet date. Previously, credit losses were measured using an incurred loss approach. |
Securities Owned and Securities Sold, but not yet Purchased (at fair value) | Securities Owned and Securities Sold, but not yet Purchased (at fair value) Securities owned and securities sold, but not yet purchased are securities classified as either trading or available-for-sale |
Securities Held-to-Maturity | Securities Held-to-Maturity The Company accounts for certain of its securities as held-to-maturity held-to-maturity more-likely-than-not Held-to-maturity non-accrual held-to-maturity non-accrual Effective January 1, 2020, the Company reviews its portfolio of held-to-maturity Investments in pass-through government-sponsored enterprises (“GSEs”) are determined to have an estimated loss rate of zero due to an implicit U.S. government guarantee. |
Investments | Investments The Company accounts for equity investments that do not have a readily determinable fair value under the measurement alternative prescribed within Accounting Standards Update (“ASU”) 2016-01, Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities |
Business Combinations | Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification Topic 805, Business Combinations, |
Goodwill | Goodwill Goodwill is the excess of the purchase price over the fair values of the identifiable net assets at the acquisition date. The Company tests goodwill for impairment at least annually and at the time of a triggering event requiring re-evaluation, Goodwill is allocated to the Company’s U.S. Business and European Business components. Effective January 1, 2020, for impairment testing purposes, these components are aggregated as a single reporting unit as they fall under the same operating segment and have similar economic characteristics. Previously, these components were tested separately for impairment when the Goodwill is assessed for impairment annually on November 30 th unit. |
Intangible Assets | Intangible Assets Indefinite-lived intangible assets are tested for impairment at least annually and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indefinite-lived intangible assets are impaired if their estimated fair values are less than their carrying values. Finite-lived intangible assets, if any, are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. These intangible assets are tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts. The Company may rely on a qualitative assessment when performing its intangible asset impairment test. Otherwise, the impairment evaluation is performed at the lowest level of reasonably identifiable cash flows independent of other assets. The annual impairment testing date for all of the Company’s intangible assets is November 30 th |
Leases | Leases Effective January 1, 2019, the Company accounts for its lease obligations in accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases right-of-use right-of-use ASC 842 also provides a practical expedient which allows for consideration in a contract to be accounted for as a single lease component rather than allocated between lease and non-lease Upon adoption of ASC 842 on January 1, 2019, the Company applied the transitional practical expedients to its outstanding leases and therefore the Company did not reassess (i) whether any expired or existing contracts are or contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company also elected to apply the new lease requirements at the effective date, rather than the beginning of the earliest comparative period presented. |
Deferred Consideration - Gold Payments | Deferred Consideration – Gold Payments Deferred consideration represents the present value of an obligation to pay gold to a third party into perpetuity and is measured using forward-looking gold prices observed on the CMX exchange, a selected discount rate and perpetual growth rate (Note 12). Changes in the fair value of this obligation are reported as (loss)/gain on revaluation of deferred consideration – gold payments on the Company’s Consolidated Statements of Operations. |
Convertible Notes and Debt | Convertible Notes and Debt Convertible notes and debt are carried at amortized cost, net of discounts and issuance costs. The convertible notes are required to be separated into their liability and equity components by allocating the issuance proceeds to each of these components. The liability component for convertible instruments that qualify for a derivative scope exception (applicable to the convertible notes) is allocated proceeds equal to the estimated fair value of similar debt instruments without the conversion option. The difference between the gross proceeds received from the issuance of the convertible notes and the proceeds allocated to the liability component represents the residual amount that is recorded in additional paid-in |
Contingencies | Contingencies The Company may be subject to reviews, inspections and investigations by regulatory authorities as well as legal proceedings arising in the ordinary course of business. The Company evaluates the likelihood of an unfavorable outcome of all legal or regulatory proceedings to which it is a party and accrues a loss contingency when the loss is probable and reasonably estimable. |
Earnings per Share | Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Net income available to common stockholders represents net income of the Company reduced by an allocation of earnings to participating securities. The Series A non-voting non-forfeitable two-class Diluted EPS is calculated under the treasury stock method and the two-class non-voting non-voting if-converted |
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 bases 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 reduced by a valuation allowance if, based on the weight of available evidence, it is more-likely-than-not Tax positions are evaluated utilizing a two-step more-likely-than-not The Global Intangible Low-Taxed Non-income |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt – Debt with Conversion and Other Options 2020-06). earnings-per-share In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes 2019-12). year-to-date non-income-based 2019-12 |
Recently Adopted Accounted Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments 2016-13). off-balance off-balance held-to-maturity) 2016-13 held-to-maturity 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement 2018-13), 2018-13 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 |
Acquisitions and Exit Activit_2
Acquisitions and Exit Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions And Exit Activities [Abstract] | |
Summary of Operating Results of ETFS since the Acquisition Date | The Company’s Consolidated Statements of Operations include the following operating results of ETFS since the acquisition date of April 11, 2018 through December 31, 2018: Revenues: $55,882 Income before taxes: |
Schedule of Operating Losses | The following table summarizes operating losses recognized by the Company’s wholly-owned subsidiaries that have either been sold or liquidated during reporting periods covered by its consolidated financial statements: Years Ended December 31, 2020 2019 2018 WTAMC $ 428 $ 2,786 $ 3,925 WisdomTree Japan Inc. (“WTJ”) (1) — 550 4,520 Total $ 428 $ 3,336 $ 8,445 (1) WTJ also recognized an impairment expense of $572 in connection with the termination of its office lease during the year ended December 31, 2019. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Categorization of Assets and Liabilities Measured at Fair Value | The tables below summarize the categorization of the Company’s assets and liabilities measured at fair value. During the years ended December 31, 2020 and 2019, there were no transfers between Levels 2 and 3. December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 660 $ 660 $ — $ — 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 $ — Non-recurring AdvisorEngine Inc. (“AdvisorEngine”) – Financial interests (1) $ — $ — $ — $ — Thesys Group, Inc. (“Thesys”) – Series Y Preferred Stock (1) — — — — Total $ — $ — $ — $ — Liabilities: Recurring fair value measurements: Deferred consideration (Note 12) $ 230,137 $ — $ — $ 230,137 Non-recurring Convertible notes (2) $ 170,191 $ — $ 170,191 $ — (1) The fair value of the AdvisorEngine financial interests of $9,592 was determined on May 4, 2020, the date in which these financial interests were sold (Note 8). Thesys was written down to zero on September 30, 2020 (Note 10). (2) Fair value of $145,847 and $24,344 determined on June 16, 2020 and August 13, 2020, respectively (Note 14). December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 317 $ 317 $ — $ — Securities owned, at fair value ETFs 17,319 17,319 — — Total $ 17,636 $ 17,636 $ — $ — Non-recurring AdvisorEngine Inc. – Financial interests (1) $ 28,172 — — $ 28,172 Liabilities: Recurring fair value measurements: Deferred consideration (Note 12) $ 173,024 $ — $ — $ 173,024 Securities sold, but not yet purchased 582 582 — — Total $ 173,606 $ 582 $ — $ 173,024 (1) Fair value determined on December 31, 2019 (Note 8). |
Summary of Reconciliation of Recurring Fair Value Measurements | The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3: Years Ended 2020 2019 Deferred consideration (Note 12) Beginning balance $ 173,024 $ 161,540 Net realized losses (1) 16,811 13,226 Net unrealized losses (2) 56,821 11,293 Settlements (16,519 ) (13,035 ) Ending balance $ 230,137 $ 173,024 (1) Recorded as contractual gold payments expense on the Company’s Consolidated Statements of Operations. (2) Recorded as loss on revaluation of deferred consideration – gold payments on the Company’s Consolidated Statements of Operations. |
Securities Owned_Sold but Not_2
Securities Owned/Sold but Not Yet Purchased (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Securities Owned/Sold But Not Yet Purchased | These securities consist of the following: December 31, December 31, Securities Owned Trading securities $ 34,895 $ 17,319 Securities Sold, but not yet Purchased Trading securities $ — $ 582 |
Securities Held-to-Maturity (Ta
Securities Held-to-Maturity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Securities Held-to-Maturity | The following table is a summary of the Company’s securities held-to-maturity: December 31, December 31, Debt instruments: Pass-through GSEs (amortized cost) $ 451 $ 16,863 |
Schedule of Unrealized Gains, Losses and Fair Value of Securities Held-to-Maturity | The following table summarizes unrealized gains, losses, and fair value (classified as Level 2 within the fair value hierarchy) of securities held-to-maturity: December 31, 2020 2019 Cost/amortized cost $ 451 $ 16,863 Gross unrealized gains 30 38 Gross unrealized losses (12 ) (297 ) Fair value $ 469 $ 16,604 |
Schedule of Maturity Profile of Securities Held-to-Maturity | The following table sets forth the maturity profile of the securities held-to-maturity; December 31, 2020 2019 Due within one year $ — $ — Due one year through five years — 2,000 Due five years through ten years — 7,494 Due over ten years 451 7,369 Total $ 451 $ 16,863 |
AdvisorEngine Inc. - Sale of _2
AdvisorEngine Inc. - Sale of Financial Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Ranges and Weighted Averages of Significant Unobservable Inputs Used to Determine Fair Value of Contingent Payments | The table below presents the range and weighted averages of significant unobservable inputs utilized in the Monte-Carlo simulation (classified as Level 3 in the fair value hierarchy): Unobservable Inputs (Initial Recognition – May 4, 2020) Forecasted revenue simulated forward as a percentage of the pre-defined 34% - 71% (47% weighted average) Revenue volatility 25% |
Summary of Carrying Value Information of AdvisorEngine Financial Interests | Summarized below are the financial interests previously held: December 31, 2020 December 31, 2019 Amortized Net Carrying Amortized Net Carrying Unsecured convertible note $ — $ — $ 2,126 $ 2,126 Unsecured non-convertible — — 31,184 26,046 Subtotal—Notes receivable — — 33,310 28,172 Preferred stock — — 25,000 — Total $ — $ — $ 58,310 $ 28,172 (1) (1) Net of an impairment of $30,138 at December 31, 2019, which was determined based upon that status of the sale negotiations at the time. During the year ended December 31, 2020, the Company adjusted the carrying value of its financial interests by recording an impairment of $19,672 on its notes receivable and subsequently recognized a gain of $1,093 arising from an adjustment to the estimated fair value of consideration received . |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment [Line Items] | |
Investments | The following table sets forth the Company’s investments: December 31, December 31, Securrency, Inc. – Preferred stock $ 8,112 $ 8,112 Thesys – Preferred stock — 3,080 Total $ 8,112 $ 11,192 |
Fixed Assets, net (Tables)
Fixed Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | The following table summarizes fixed assets: December 31, 2020 2019 Equipment $ 2,836 $ 2,330 Furniture and fixtures 2,225 2,218 Leasehold improvements 11,012 10,989 Less: accumulated depreciation and amortization (8,494 ) (7,410 ) Total $ 7,579 $ 8,127 |
Deferred Consideration (Tables)
Deferred Consideration (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of valuation of deferred consideration | The Company determined the present value of the deferred consideration of $230,137 and $173,024 at December 31, 2020 and December 31, 2019 using the following assumptions: December 31, December 31, Forward-looking gold price (low) – per ounce $ 1,903 $ 1,535 Forward-looking gold price (high) – per ounce $ 2,662 $ 2,328 Forward-looking gold price (weighted average) – per ounce $ 2,117 $ 1,757 Discount rate 9.0 % 10.0 % Perpetual growth rate 0.9 % 1.5 % |
Schedule of Deferred Consideration | During the years ended December 31, 2020 and 2019, the Company recognized the following in respect of deferred consideration: Years Ended December 31, 2020 2019 Contractual Gold Payments $ 16,811 $ 13,226 Contractual Gold Payments – gold ounces paid 9,500 9,500 Loss on revaluation of deferred consideration – gold payments (1) $ (56,821 ) $ (11,293 ) (1) Losses arise due to increases in the forward-looking price of gold and the magnitude of any loss is highly correlated to the magnitude of the change in the forward-looking price of gold. In addition, losses arise due to increases in the perpetual growth rate and a reduction in the discount rate used to compute the present value of the annual payment obligations. |
Credit Facility (Tables)
Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Borrowings under Credit Facility | The following table provides a summary of the Company’s outstanding borrowings under its credit facility: December 31, 2020 December 31, 2019 Term Loan Revolver Term Loan Revolver Amount borrowed $ 179,000 $ — $ 200,000 $ — Amounts repaid (179,000 ) — (21,000 ) — Amounts outstanding — — 179,000 — Unamortized issuance costs — — (3,044 ) 671 Carrying amount $ — $ — $ 175,956 $ 671 Effective interest rate 4.15 % n/a 5.32 % n/a |
Convertible Notes (Table)
Convertible Notes (Table) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of the carrying value of the convertible notes | The following table provides a summary of the carrying value of the Convertible Notes at December 31, 2020: Total Additional Notes Existing Notes Principal amount $ 175,000 $ 25,000 $ 150,000 Plus: Premium on Additional Notes 250 250 — Gross proceeds 175,250 25,250 150,000 Less: Unamortized discount and issuance costs (1) (8,604 ) (1,490 ) (7,114 ) Carrying amount $ 166,646 $ 23,760 $ 142,886 Effective interest rate (2) 6.29 % 6.37 % 6.28 % (1) The discount arose from the bifurcation of the conversion option. The unamortized discount and issuance costs are (2) Includes amortization of the discount arising from the bifurcation of the conversion option, amortization of the issuance costs allocated to the Convertible Notes and amortization of the premium associated with the Additional Notes. |
Preferred Shares (Tables)
Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Preferred Share Balance | The following is a summary of the Preferred Share balance: December 31, 2020 December 31, Issuance of Preferred Shares $ 132,750 $ 132,750 Less: Issuance costs (181 ) (181 ) Preferred Shares – carrying value $ 132,569 $ 132,569 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Schedule for Summary of Additional Information Related to Operating Lease | The following table provides additional information regarding the Company’s leases: Years Ended December 31, 2020 2019 Lease cost: Operating lease cost $ 3,182 $ 3,174 Short-term lease cost 1,227 1,426 Total lease cost $ 4,409 $ 4,600 Years Ended December 31, 2020 2019 Other information: Cash paid for amounts included in the measurement of operating liabilities (operating leases) $ 3,517 $ 3,587 Right-of-use n/a n/a Weighted-average remaining lease term (in years) – operating leases 8.6 9.4 Weighted-average discount rate – operating leases 6.3 % 6.3 % |
Schedule of Future Minimum Lease Payments | The following table discloses future minimum lease payments at December 31, 2020 with respect to the Company’s operating lease liabilities: 2021 $ 3,135 2022 2,958 2023 2,958 2024 3,037 2025 3,148 2026 and thereafter 11,457 Total future minimum lease payments (undiscounted) $ 26,693 |
Schedule for Supplemental Balance Sheet Information Related to Operating Lease | The following table reconciles the future minimum lease payments (disclosed above) at December 31, 2020 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheet: Amounts recognized in the Company’s Consolidated Balance Sheet Lease liability – short term $ 3,135 Lease liability – long term 17,434 Subtotal 20,569 Difference between undiscounted and discounted cash flows 6,124 Total future minimum lease payments (undiscounted) $ 26,693 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Information about Variable Interests | The following table presents information about the Company’s variable interests in non-consolidated December 31, 2020 December 31, Carrying Amount – Assets (Securrency) Preferred stock (Note 10) $ 8,112 $ 8,112 Carrying Amount – Assets (AdvisorEngine) Unsecured convertible notes receivable — $ 2,126 Unsecured non-convertible — 26,046 Preferred stock — — Total carrying amount (Note 8) $ — $ 28,172 Total carrying amount – Assets $ 8,112 $ 36,284 Maximum exposure to loss $ 8,112 $ 36,284 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues from Contracts with Customers | The following table presents the Company’s total revenues from contracts with customers: Years Ended December 31, 2020 2019 Revenues from contracts with customers: Advisory fees $ 250,182 $ 265,652 Other 3,517 2,751 Total operating revenues $ 253,699 $ 268,403 |
Summary of Geographic Distribution of Revenue | The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside: Years Ended December 31, 2020 2019 Revenues from contracts with customers: United States $ 142,074 $ 170,827 Jersey 106,848 90,422 Ireland 4,412 4,714 Canada (Note 3) 365 2,440 Total operating revenues $ 253,699 $ 268,403 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Accounts Receivable from Related Parties | The following table summarizes accounts receivable from related parties which are included as a component of accounts receivable on the Company’s Consolidated Balance Sheets: December 31, 2020 2019 Receivable from WTT $ 13,030 $ 14,765 Receivable from ManJer Issuers 11,693 9,036 Receivable from WMAI and WTI 2,125 1,559 Receivable from WTCS 36 80 Receivable from WTAMC (Note 3) — 227 Total $ 26,884 $ 25,667 |
Summary of Revenues from Advisory Services Provided to Related Parties | The following table summarizes revenues from advisory services provided to related parties: Years Ended December 31, 2020 2019 2018 Advisory services provided to WTT $ 141,079 $ 169,483 $ 203,031 Advisory services provided to ManJer Issuers 97,986 82,224 54,601 Advisory services provided to WMAI and WTI 10,124 10,499 10,448 Advisory services provided to WTCS 628 1,006 1,267 Advisory services provided to WTAMC 365 2,440 1,757 Total $ 250,182 $ 265,652 $ 271,104 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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: December 31, 2020 Unrecognized Stock- Weighted-Average Employees and directors $ 9,776 1.28 |
Summary of Option Activity | A summary of option activity is as follows: Options Weighted-Average Outstanding January 1, 2018 1,158,828 $ 2.75 Granted — — Forfeitures/expirations — — Exercised (588,291 ) 1.19 Outstanding at December 31, 2018 570,537 $ 4.36 Granted — — Forfeitures/expirations (1 ) 6.50 Exercised (85,000 ) 0.70 Options Weighted-Average Outstanding at December 31, 2019 485,536 $ 4.80 Granted — — Forfeitures/expirations (63,536 ) 2.49 Exercised (117,000 ) 4.81 Outstanding at December 31, 2020 (1) 305,000 $ 5.68 |
Summary of Information on Stock Options Outstanding | The following table summarizes information on stock options outstanding and exercisable at December 31, 2020: Options Outstanding and Exercisable Range of Exercise Prices Shares Weighted- Weighted- $5.05 190,000 0.1 $ 5.05 $6.42 – $6.82 67,500 0.4 6.47 $7.01 – $7.30 47,500 0.8 7.07 305,000 0.3 $ 5.68 |
Summary of Restricted Stock Activity | A summary of activity is as follows: RSAs RSUs PRSUs (1) Shares Weighted Shares Weighted Shares Weighted Unvested Balance at January 1, 2018 1,816,666 $ 11.75 5,678 $ 10.40 — $ — Granted 903,231 11.77 7,152 12.21 — — Vested (618,516 ) 12.67 (1,890 ) 10.40 — — Forfeited (144,279 ) 11.83 (1,446 ) 11.97 — — Unvested Balance at December 31, 2018 1,957,102 $ 11.47 9,494 $ 11.52 — $ — Granted 2,794,703 6.16 35,283 6.45 270,872 (2) 6.24 Vested (1,053,980 ) 11.25 (5,499 ) 9.85 — — Forfeited (453,267 ) 9.09 — — (38,262 ) 6.24 Unvested Balance at December 31, 2019 3,244,558 $ 7.29 39,278 $ 7.20 232,610 $ 6.24 Granted 1,653,186 3.80 32,901 3.82 117,013 (2) 3.11 Vested (1,206,879 ) 8.13 (27,130 ) 7.45 — — Forfeited (110,122 ) 4.79 (5,641 ) 5.39 (8,311 ) 6.24 Unvested Balance at December 31, 2020 3,580,743 $ 5.38 39,408 $ 4.46 341,312 $ 5.17 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Summary of Discretionary Contributions | A summary of discretionary contributions made by the Company is as follows: Years Ended December 31, 2020 2019 2018 $974 $966 $1,051 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | The following tables set forth reconciliations of the basic and diluted earnings per share computations for the periods presented: Years Ended December 31, Basic (Loss)/Earnings per Share 2020 2019 2018 Net (loss)/income $ (35,655 ) $ (10,425 ) $ 36,633 Less: Income distributed to participating securities (2,216 ) (2,163 ) (1,595 ) Less: Undistributed income allocable to participating securities — — (1,409 ) Net (loss)/income available to common stockholders – Basic EPS $ (37,871 ) $ (12,588 ) $ 33,629 Weighted average common shares (in thousands) 148,682 151,823 146,645 Basic (loss)/earnings per share $ (0.25 ) $ (0.08) $ 0.23 Years Ended December 31, Diluted (Loss)/Earnings per Share 2020 2019 2018 Net (loss)/income available to common stockholders $ (37,871 ) $ (12,588 ) $ 33,629 Add back: Undistributed income allocable to participating securities — — 1,409 Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive — — (1,403 ) Net (loss)/income available to common stockholders – Diluted EPS $ (37,871 ) $ (12,588 ) $ 33,635 Weighted Average Diluted Shares (in thousands) Weighted average common shares 148,682 151,823 146,645 Dilutive effect of common stock equivalents, excluding participating securities — — 645 Weighted average diluted shares, excluding participating securities (in thousands) 148,682 151,823 147,290 Diluted (loss)/earnings per share $ (0.25 ) $ (0.08 ) $ 0.23 |
Schedule of Weighted Average Number of Shares | The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above: Years Ended December 31, Reconciliation of Weighted Average Diluted Shares (in thousands) 2020 2019 2018 Weighted average diluted shares as disclosed on the Consolidated Statements of O 148,682 (1) 151,823 (1) 158,415 Less: Participating securities: Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 15) — — (10,709 ) Potentially dilutive restricted stock awards — — (416 ) Weighted average diluted shares used to calculate diluted (loss)/earnings per share as disclosed in the table above 148,682 (1) 151,823 (1) 147,290 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Domestic and Foreign Components of Income before Income Tax Expense | The U.S. and foreign components of (loss)/income before income tax expense for the years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended December 31, 2020 2019 2018 U.S. $ (5,187 ) $ 6,774 $ 43,677 Foreign (30,035 ) (6,653 ) 7,362 Total $ (35,222 ) $ 121 $ 51,039 |
Components of Current and Deferred Income Tax Expense | The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2020, 2019 and 2018 are as follows: Years Ended December 31, 2020 2019 2018 Current: Federal $ 3,670 $ 10,311 $ 15,805 State and local 832 2,271 3,202 Foreign (1,877 ) (1,687 ) 1,482 $ 2,625 $ 10,895 $ 20,489 Deferred: Federal $ 60 $ (246 ) $ (5,318 ) State and local 13 (54 ) (1,077 ) Foreign (2,265 ) (49 ) 312 $ (2,192 ) $ (349 ) $ (6,083 ) Income tax expense $ 433 $ 10,546 $ 14,406 |
Reconciliation of Statutory Federal Income Tax Rate and Company's Effective Rate | A reconciliation of the statutory federal income tax expense and the Company’s total income tax expense is as follows: Years Ended December 31, 2020 2019 2018 U.S. federal statutory income tax $ (7,397 ) $ 25 $ 10,718 Loss/(gain) on revaluation of deferred consideration (1) 11,929 2,378 (2,570 ) Decrease in unrecognized tax benefits, net (5,661 ) (3,893 ) — Change in valuation allowance – Capital losses 4,448 7,555 794 Change in valuation allowance – Foreign net operating losses (“NOLs”) and interest carryforwards (2,018 ) 3,997 3,510 Foreign operations (3,342 ) (3,561 ) (1,041 ) Stock-based compensation tax (windfalls)/shortfalls 1,485 1,198 (543 ) Change in tax-related 1,189 740 — Non-taxable (740 ) — — Non-deductible 399 1,608 4 Blended state income tax rate, net of federal benefit (171 ) 237 1,406 Non-deductible — — 1,506 Other differences, net 312 262 622 Income tax expense $ 433 $ 10,546 $ 14,406 (1) The loss/(gain) on revaluation is not adjusted for income taxes as the obligation was assumed by a wholly-owned subsidiary that is based in Jersey, a jurisdiction where the Company is subject to a zero percent tax rate. |
Schedule of Income Tax Payments By Jurisdiction | A summary of income taxes paid by jurisdiction for the years ended December 31, 2020, 2019 & 2018 is as follows: Years Ended December 31, 2020 2019 2018 Federal $ 4,470 $ 6,990 $ 10,710 State and local 1,353 1,818 2,498 Foreign 4,308 1,252 1,190 $10,131 $10,060 $14,398 |
Summary of Deferred Tax Asset Recorded | A summary of the components of the Company’s deferred tax assets at December 31, 2020 and 2019 is as follows: December 31, 2020 2019 Deferred tax assets: Capital losses $ 16,596 $ 8,226 Operating lease liabilities 4,953 5,529 Accrued expenses 3,507 4,054 Interest carryforwards 2,235 2,615 NOLs – Foreign 2,167 6,721 Stock-based compensation 1,922 1,754 Goodwill and intangible assets 1,466 1,671 NOLs – U.S. 510 642 Outside basis differences 122 123 Other 111 218 Deferred tax assets 33,589 31,553 Deferred tax liabilities: Right of use assets – operating leases 3,927 4,400 Fixed assets and prepaid assets 1,261 1,326 Allocated equity component of convertible notes 1,022 — Foreign currency translation adjustment 293 — Unremitted earnings – International subsidiaries 138 — Unrealized gains — 744 Deferred tax liabilities 6,641 6,470 Total deferred tax assets less deferred tax liabilities 26,948 25,083 Less: Valuation allowance (18,885 ) (17,685 ) Deferred tax assets, net $ 8,063 $ 7,398 |
Schedule of Changes in Balance of Gross Unrecognized Tax Benefits | The table below sets forth the aggregate changes in the balance of gross unrecognized tax benefits: Total Unrecognized Interest Balance on January 1, 2019 $ 34,876 $ 28,101 $ 6,775 Decrease - Lapse of statute of limitations (4,309 ) (2,999 ) (1,310 ) Increases 416 — 416 Foreign currency translation (1) 1,118 896 222 Balance at December 31, 2019 $ 32,101 $ 25,998 $ 6,103 Decrease - Lapse of statute of limitations (5,981 ) (4,620 ) (1,361 ) Increases 320 — 320 Foreign currency translation (1) 576 472 104 Balance at December 31, 2020 $ 27,016 $ 21,850 $ 5,166 (1) The gross unrecognized tax benefits were accrued in British pounds. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The table below sets forth goodwill which is tested annually for impairment on November 30 th Total Balance at January 1, 2020 $ 85,856 Changes — Balance at December 31, 2020 $ 85,856 |
Summary of Indefinite-lived Intangible Assets | The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30 th Advisory (ETFS) Advisory Total Balance at January 1, 2020 $ 601,247 $ 2,047 $ 603,294 Decreases (1) — (1,992 ) (1,992 ) Foreign currency translation — (55 ) (55 ) Balance at December 31, 2020 $ 601,247 $ — $ 601,247 (1) Derecognized upon the sale of the Company’s Canadian ETF business (Note 3) |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | The following table summarizes impairments recognized by the Company: Years Ended December 31, 2020 2019 2018 AdvisorEngine – Financial interests (Note 8) $ 19,672 $ 30,138 $ — GCC – Intangible asset — — 9,953 AdvisorEngine – Option — — 3,278 Thesys – Series Y Preferred (Note 10) 3,080 — 3,829 WisdomTree Japan — 572 326 Total $ 22,752 $ 30,710 $ 17,386 |
Supplemental Financial Inform_2
Supplemental Financial Information - Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Three Months Ended Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 2020 2020 2020 2020 2019 2019 2019 2019 Total revenues $ 67,059 $ 64,640 $ 58,126 $ 63,874 $ 68,907 $ 67,718 $ 66,293 $ 65,485 Operating income $ 12,907 $ 14,744 $ 11,797 $ 15,634 $ 14,809 $ 16,131 $ 11,911 $ 10,683 (Loss)/income before income taxes ($11,297 ) $ 1,138 ($14,054 ) ($11,009 ) ($22,355 ) $ 8,635 $ 6,066 $ 7,775 Net (loss)/income ($13,497 ) ($270 ) ($13,250 ) ($8,638 ) ($25,880 ) $ 4,152 $ 2,479 $ 8,824 (Loss)/earnings per share—basic ($0.10 ) ($0.01 ) ($0.09 ) ($0.06 ) ($0.17 ) $ 0.02 $ 0.01 $ 0.05 (Loss)/earnings per share—diluted ($0.10 ) ($0.01 ) ($0.09 ) ($0.06 ) ($0.17 ) $ 0.02 $ 0.01 $ 0.05 Dividends per common share $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 Unusual or Infrequent Items: (Loss)/gain on revaluation of deferred consideration (Note 12) ($22,385 ) ($8,870 ) ($23,358 ) ($2,208 ) ($5,354 ) ($6,306 ) ($4,037 ) $ 4,404 Impairments (Note 27) — ($3,080 ) — ($19,672 ) ($30,138 ) — — ($572 ) Loss on extinguishment of debt — — ($2,387 ) — — — — — |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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 Polici_5
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cash and cash equivalents maturity period, maximum | 90 days | |
Short-term lease exception - Lease term | 12 months | 12 months |
Accounting Standards Update 470-20 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reduction of interest expense per quarter | $ 420 |
Acquisitions and Exit Activit_3
Acquisitions and Exit Activities - Summary of Operating Results of ETFS since the Acquisition Date (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquisitions And Exit Activities [Abstract] | |||||||||||
Revenues | $ 55,882 | ||||||||||
Income before taxes | 23,197 | ||||||||||
(Loss)/gain on revaluation of deferred consideration | $ (22,385) | $ (8,870) | $ (23,358) | $ (2,208) | $ (5,354) | $ (6,306) | $ (4,037) | $ 4,404 | $ (56,821) | $ (11,293) | $ 12,220 |
Acquisitions and Exit Activit_4
Acquisitions and Exit Activities - Schedule of Operating Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Operating losses | $ 428 | $ 3,336 | $ 8,445 | |
WTAMC [Member] | ||||
Operating losses | $ 428 | 2,786 | 3,925 | |
WisdomTree Japan Inc. ("WTJ") [Member] | ||||
Operating losses | [1] | $ 550 | $ 4,520 | |
[1] | WTJ also recognized an impairment expense of $572 in connection with the termination of its office lease during the year ended December 31, 2019. |
Acquisitions and Exit Activit_5
Acquisitions and Exit Activities - Schedule of Operating Losses (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
WisdomTree Japan Inc. ("WTJ") [Member] | |
Lease Impairment Charges | $ 572 |
Acquisitions and Exit Activit_6
Acquisitions and Exit Activities - Additional Information (Detail) $ in Thousands, $ in Thousands | Feb. 19, 2020USD ($) | Feb. 19, 2020CAD ($) | Apr. 11, 2018USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Recognized gain loss on sale of business | $ 2,877 | |||||
Business acquistions proforma revenue | $ 297,541 | |||||
Business acquistions proforma income | 37,336 | |||||
Acquisition and disposition-related costs | $ 416 | $ 902 | $ 11,454 | |||
Acquisition of ETFS Business [Member] | ||||||
Business acquisition, cash paid | $ 253,000 | |||||
Business acquisition, number of common shares that the preferred stock is convertible into | shares | 14,750,000 | |||||
Acquisition of ETFS Business [Member] | Common Stock [Member] | ||||||
Business acquisition, number of shares to be issued | shares | 15,250,000 | |||||
WisdomTree Asset Management Canada, Inc [Member] | ||||||
Proceeds from divestiture of businesses | $ 2,774 | $ 3,720 | ||||
Term of contingent payments | 3 years | 3 years | ||||
WisdomTree Asset Management Canada, Inc [Member] | Minimum [Member] | ||||||
Additional consideration payable | $ 2,000 | |||||
WisdomTree Asset Management Canada, Inc [Member] | Maximum [Member] | ||||||
Additional consideration payable | $ 8,000 | |||||
Series A Non-Voting Convertible Preferred Stock [Member] | Acquisition of ETFS Business [Member] | ||||||
Business acquisition, number of shares to be issued | shares | 14,750 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash equivalents | $ 660 | $ 317 |
Total cash and cash equivalents | 73,425 | 74,972 |
US Office [Member] | ||
Operating lease, standby letter of credit | 1,384 | 1,384 |
Two Financial Institutions [Member] | ||
Cash and cash equivalents | 70,911 | 72,120 |
International Business Segment [Member] | ||
Minimum level of regulatory net capital | $ 10,745 | $ 12,312 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liquid investments, original maturities | 90 days |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Categorization of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 13, 2020 | Jun. 16, 2020 | Dec. 31, 2019 |
Assets: | ||||
Securities owned, at fair value | $ 34,895 | $ 17,319 | ||
Liabilities: | ||||
Deferred consideration (Note 12) | 230,137 | 173,024 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Cash equivalents | 660 | 317 | ||
Total | 35,555 | 17,636 | ||
Liabilities: | ||||
Deferred consideration (Note 12) | 230,137 | 173,024 | ||
Securities sold, but not yet purchased | 582 | |||
Total | 173,606 | |||
Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds [Member] | ||||
Assets: | ||||
Securities owned, at fair value | 24,165 | 17,319 | ||
Fair Value, Measurements, Recurring [Member] | Federal Agency [Member] | ||||
Assets: | ||||
Securities owned, at fair value | 8,613 | |||
Fair Value, Measurements, Recurring [Member] | All Other Corporate Bonds [Member] | ||||
Assets: | ||||
Securities owned, at fair value | 2,117 | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets: | ||||
AdvisorEngine Inc. – Financial interests | 0 | 28,172 | ||
Thesys Group, Inc. – Series Y preferred stock | 0 | |||
Total | 0 | |||
Liabilities: | ||||
Convertible notes | 170,191 | $ 24,344 | $ 145,847 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Cash equivalents | 660 | 317 | ||
Total | 24,825 | 17,636 | ||
Liabilities: | ||||
Deferred consideration (Note 12) | 0 | |||
Securities sold, but not yet purchased | 582 | |||
Total | 582 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds [Member] | ||||
Assets: | ||||
Securities owned, at fair value | 24,165 | 17,319 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets: | ||||
AdvisorEngine Inc. – Financial interests | 0 | |||
Thesys Group, Inc. – Series Y preferred stock | 0 | |||
Total | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Total | 10,730 | |||
Liabilities: | ||||
Deferred consideration (Note 12) | 0 | |||
Total | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Federal Agency [Member] | ||||
Assets: | ||||
Securities owned, at fair value | 8,613 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | All Other Corporate Bonds [Member] | ||||
Assets: | ||||
Securities owned, at fair value | 2,117 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets: | ||||
AdvisorEngine Inc. – Financial interests | 0 | |||
Thesys Group, Inc. – Series Y preferred stock | 0 | |||
Total | 0 | |||
Liabilities: | ||||
Convertible notes | 170,191 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Cash equivalents | 0 | |||
Total | 0 | |||
Liabilities: | ||||
Deferred consideration (Note 12) | 230,137 | 173,024 | ||
Total | 173,024 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Assets: | ||||
AdvisorEngine Inc. – Financial interests | 0 | $ 28,172 | ||
Thesys Group, Inc. – Series Y preferred stock | 0 | |||
Total | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Categorization of Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Aug. 13, 2020 | Jun. 16, 2020 | May 04, 2020 |
Fair value of convertible notes | $ 170,191 | $ 24,344 | $ 145,847 | ||
Advisor Engine [Member] | |||||
Fair value of financial interest disposed off | $ 9,592 | ||||
Thesys Group, Inc [Member] | |||||
Fair value of financial interest disposed off | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Reconciliation of Recurring Fair Value Measurements (Detail) - Deferred Consideration Obligation [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 173,024 | $ 161,540 |
Net realized losses | 16,811 | 13,226 |
Net unrealized losses | 56,821 | 11,293 |
Settlements | (16,519) | (13,035) |
Ending balance | $ 230,137 | $ 173,024 |
Securities Owned_Sold but Not_3
Securities Owned/Sold but Not Yet Purchased - Schedule of Securities Owned/Sold But Not Yet Purchased (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Security Owned and Sold Not yet Purchased, at Fair Value [Line Items] | ||
Securities Owned Total | $ 34,895 | $ 17,319 |
Securities Sold, but not yet Purchased Total | 0 | 582 |
Trading Securities [Member] | ||
Security Owned and Sold Not yet Purchased, at Fair Value [Line Items] | ||
Securities Owned Total | 34,895 | 17,319 |
Securities Sold, but not yet Purchased Total | $ 0 | $ 582 |
Securities Owned_Sold but Not_4
Securities Owned/Sold but Not Yet Purchased - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from sale and maturity of available-for-sale securities | $ 0 | $ 64,498 | |
Recognized gross realized losses | $ 739 | ||
Securities Owned and Securities Sold [Member] | |||
Trading losses on securities owned | $ 59 | $ 43 |
Securities Held-to-Maturity - S
Securities Held-to-Maturity - Schedule of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt instruments: Pass-through GSEs (amortized cost) | $ 451 | $ 16,863 |
Federal Agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt instruments: Pass-through GSEs (amortized cost) | $ 451 | $ 16,863 |
Securities Held-to-Maturity -_2
Securities Held-to-Maturity - Schedule of Unrealized Gains, Losses and Fair Value of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity cost or amortized cost | $ 451 | $ 16,863 |
Held-to-maturity gross unrealized gains | 30 | 38 |
Held-to-maturity gross unrealized losses | (12) | (297) |
Held-to-maturity fair value | $ 469 | $ 16,604 |
Securities Held-to-Maturity - A
Securities Held-to-Maturity - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Securities | Dec. 31, 2019USD ($)Securities | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities determined to be other than temporarily impaired | Securities | 0 | 0 |
Proceeds from Sale and Maturity of Held-to-maturity Securities | $ | $ 16,488 | $ 3,244 |
Securities Held-to-Maturity -_3
Securities Held-to-Maturity - Schedule of Maturity Profile of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity due within one year | $ 0 | |
Held-to-maturity due one year through five years | $ 2,000 | |
Held-to-maturity due five years through ten years | 7,494 | |
Held-to-maturity due over ten years | 451 | 7,369 |
Held-to-maturity cost or amortized cost | $ 451 | $ 16,863 |
AdvisorEngine Inc. - Sale of _3
AdvisorEngine Inc. - Sale of Financial Interests - Summary of Ranges and Weighted Averages of Significant Unobservable Inputs Used to Determine Enterprise Value (Details) | Dec. 31, 2020 |
Measurement Input Forecasted Revenue as a Percentage of the Pre-Defined Revenue Targets [Member] | Maximum [Member] | |
Forecasted revenue as a percentage of pre-defined revenue target to measure contingent payments | 0.71 |
Measurement Input Forecasted Revenue as a Percentage of the Pre-Defined Revenue Targets [Member] | Minimum [Member] | |
Forecasted revenue as a percentage of pre-defined revenue target to measure contingent payments | 0.34 |
Measurement Input Forecasted Revenue as a Percentage of the Pre-Defined Revenue Targets [Member] | Weighted Average [Member] | |
Forecasted revenue as a percentage of pre-defined revenue target to measure contingent payments | 0.47 |
Measurement Input Revenue Volatility [Member] | |
Revenue Volatility used to measure contingent payment | 0.25 |
AdvisorEngine Inc. - Sale of _4
AdvisorEngine Inc. - Sale of Financial Interests - Summary of carrying value of the Company's financial interests (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total net carrying value | $ 0 | $ 28,172 |
Advisor Engine [Member] | ||
Unsecured convertible note, Amortized Cost plus Accrued Interest | 0 | 2,126 |
Unsecured non-convertible note, Amortized Cost, plus Accrued Interest | 0 | 31,184 |
Subtotal—Notes receivable, Amortized Cost, plus Accured Interest | 0 | 33,310 |
Preferred stock, Amortized Cost, plus Accrued Interest | 0 | 25,000 |
Total amortized cost, plus accrued interest | 0 | 58,310 |
Unsecured convertible note, Net Carrying Value | 0 | 2,126 |
Unsecured non-convertible note, Net Carrying Value | 0 | 26,046 |
Subtotal—Notes receivable, Net Carrying Value | 0 | 28,172 |
Preferred stock, Net Carrying Value | 0 | |
Total net carrying value | $ 0 | $ 28,172 |
AdvisorEngine Inc. - Sale of _5
AdvisorEngine Inc. - Sale of Financial Interests - Summary of carrying value of the Company's financial interests (Parenthetical) (Detail) - Advisor Engine [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity Nonconsolidated Carrying Amount Assets Impairment | $ 19,672 | |
Variable interest entity, net of an impairment | $ 30,138 | |
Gain on Sale of Investments | $ 1,093 |
AdvisorEngine Inc. - Sale of _6
AdvisorEngine Inc. - Sale of Financial Interests - Additional Information (Detail) - Advisor Engine [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Maximum Amount of Contingent Payments That May be Received | $ 10,408 |
Fair Value Of Upfront Consideration Received [Member] | |
Fair value of upfront consideration received | $ 9,592 |
Notes Receivables - Additional
Notes Receivables - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income recognized | $ 2,498 | $ 1,974 | |
Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income recognized | $ 0 | $ 2,498 | |
Notes Receivable on Nonaccrual Status | Effective January 1, 2020, notes receivable were placed on non-accrual status. |
Investments - Details of Invest
Investments - Details of Investments Carried at Cost (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 27, 2019 |
Investment [Line Items] | |||
Investments | $ 8,112 | $ 11,192 | |
Thesys Group, Inc [Member] | |||
Investment [Line Items] | |||
Investments | 0 | 3,080 | |
Securrency Inc [Member] | Convertible Preferred Stock [Member] | |||
Investment [Line Items] | |||
Investments | $ 8,112 | $ 8,112 | $ 8,112 |
Investment - Additional Informa
Investment - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 27, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 20, 2017 |
Investment [Line Items] | ||||
Carrying value of investments | $ 8,112 | $ 11,192 | ||
Series Y Preferred Stock [Member] | ||||
Investment [Line Items] | ||||
Impairment on Thesys preferred stock | 3,080 | |||
Thesys Group, Inc [Member] | ||||
Investment [Line Items] | ||||
Carrying value of investments | $ 0 | 3,080 | ||
Thesys Group, Inc [Member] | Convertible Preferred Stock [Member] | Series Y Preferred Stock [Member] | ||||
Investment [Line Items] | ||||
Number of shares issued | 7,797,533 | |||
Current fully diluted ownership percentage | 19.00% | |||
Securrency Inc [Member] | ||||
Investment [Line Items] | ||||
Ownership interest percentage | 25.00% | |||
Original fully diluted ownership interest percentage | 20.00% | |||
Percentage of voting approval required to redeem all of the outstanding Series A preferred | 60.00% | |||
Securrency Inc [Member] | Convertible Preferred Stock [Member] | ||||
Investment [Line Items] | ||||
Carrying value of investments | $ 8,112 | $ 8,112 | $ 8,112 | |
Number of shares purchased | 5,178,488 | |||
Non-cumulative dividend | 6.00% |
Fixed Assets, net - Schedule of
Fixed Assets, net - Schedule of Fixed Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation and amortization | $ (8,494) | $ (7,410) |
Total | 7,579 | 8,127 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 2,836 | 2,330 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 2,225 | 2,218 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 11,012 | $ 10,989 |
Deferred Consideration - Additi
Deferred Consideration - Additional Information (Detail) $ in Thousands | Dec. 31, 2020USD ($)oz | Dec. 31, 2019USD ($)oz |
Business Acquisition [Line Items] | ||
Deferred consideration | $ 230,137 | $ 173,024 |
Deferred consideration, current | 17,374 | 13,953 |
Deferred consideration, non-current | $ 212,763 | $ 159,071 |
April 1, 2018 through March 31, 2058 [Member] | ||
Business Acquisition [Line Items] | ||
Fixed payment ounces of gold | oz | 9,500 | 9,500 |
April 1, 2058 and Thereafter [Member] | ||
Business Acquisition [Line Items] | ||
Fixed payment ounces of gold | oz | 6,333 | 6,333 |
Deferred Consideration - Summar
Deferred Consideration - Summary of valuation of deferred consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Discount rate | 9.00% | 10.00% |
Perpetual growth rate | 0.90% | 1.50% |
Minimum [Member] | ||
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Forward-looking gold price | $ 1,903 | $ 1,535 |
Maximum [Member] | ||
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Forward-looking gold price | 2,662 | 2,328 |
Weighted Average [Member] | ||
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Forward-looking gold price | $ 2,117 | $ 1,757 |
Deferred Consideration - Schedu
Deferred Consideration - Schedule of Deferred Consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contractual gold payments | $ 16,811 | $ 13,226 | $ 8,512 | ||||||||
Contractual gold payments – gold ounces paid | 9,500 | 9,500 | |||||||||
Loss on revaluation of deferred consideration – gold payments | $ (22,385) | $ (8,870) | $ (23,358) | $ (2,208) | $ (5,354) | $ (6,306) | $ (4,037) | $ 4,404 | $ (56,821) | $ (11,293) | $ 12,220 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | $ 2,387 | $ 2,387 | |
Long-term debt, fair value | $ 176,986 | ||
Term Loan and Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | 2,387 | ||
Interest expense | $ 4,086 | $ 11,240 |
Credit Facility - Summary of Ou
Credit Facility - Summary of Outstanding Borrowings under Credit Facility (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Amount borrowed | $ 179,000 | $ 200,000 |
Amounts repaid | $ (179,000) | (21,000) |
Amounts outstanding | 179,000 | |
Unamortized issuance costs | (3,044) | |
Carrying amount | $ 175,956 | |
Effective interest rate | 4.15% | 5.32% |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Amount borrowed | $ 0 | |
Amounts repaid | $ 0 | |
Unamortized issuance costs | $ 671 | |
Carrying amount | $ 671 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) $ / shares in Units, $ in Thousands | May 20, 2023USD ($) | Aug. 13, 2020USD ($)shares$ / shares | Jun. 16, 2020USD ($)shares$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 21, 2023Day | May 13, 2023Day |
Convertible Senior Notes [Line Items] | ||||||||
Payments for stock repurchase | $ 31,197 | $ 2,341 | $ 2,885 | |||||
Debt instrument convertible threshold percentage of stock price trigger | 130.00% | |||||||
Interest expense | 5,582 | |||||||
Conversion Rate Increase [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Principal amount of the convertible notes | $ 1,000 | |||||||
Accounts Payable and Accrued Liabilities [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Interest payable | 342 | |||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Convertible senior notes face value | 175,000 | |||||||
Convertible debt equity component | 5,059 | |||||||
Issuance costs allocated to equity component of convertible debt | 157 | |||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Additional Notes [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Convertible debt equity component | 906 | |||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Existing Notes [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Convertible debt equity component | $ 4,153 | |||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Fair value of debt component at issuance date | $ 170,191 | $ 170,191 | ||||||
Convertible notes discount rate | 5.33 | |||||||
Fair value of debt component of convertible senior notes | $ 198,968 | |||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Private Placement [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Convertible senior notes face value | $ 25,000 | $ 150,000 | ||||||
Convertible senior notes stated rate of interest | 4.25% | 4.25% | ||||||
Covertible senior notes year of maturity | 2023 | 2023 | ||||||
Payments for stock repurchase | $ 28,297 | |||||||
Repurchased common stock, shares | shares | 7,487,335 | |||||||
Repurchase price per share | $ / shares | $ 3.78 | |||||||
Convertible senior notes maturity date | Jun. 15, 2023 | Jun. 15, 2023 | ||||||
Redemption provisions - Convertible notes redemption price as a percentage of principal amount accrued interest and unpaid interest | 100.00% | 100.00% | ||||||
Debt instrument percentage of principal amount due to lenders entitled to declare repurchase | 25.00% | 25.00% | ||||||
Share price as a percentage of last reported price and conversion rate | 98.00% | 98.00% | ||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Private Placement [Member] | Conversion Price [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Convertible debt instrument conversion price | $ / shares | $ 5.92 | $ 5.92 | ||||||
Convertible debt instrument terms of conversion | Convertible at an initial conversion rate of 168.9189 shares of the Company’s common stock, per $1,000 principal amount of notes | Convertible at an initial conversion rate of 168.9189 shares of the Company’s common stock, per $1,000 principal amount of notes | ||||||
Debt instrument conversion ratio | 168.9189 | 168.9189 | ||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Private Placement [Member] | Redemption Provisions [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Redemption provisions - Convertible notes | Redemption price of $7.70: The Company may redeem for cash all or any portion of the notes, at its option, on or after June 20, 2021 and on or prior to the 55th scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the Convertible Notes. | Redemption price of $7.70: The Company may redeem for cash all or any portion of the notes, at its option, on or after June 20, 2021 and on or prior to the 55th scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days, including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the Convertible Notes. | ||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Private Placement [Member] | Conversion Rate Increase [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Maximum Conversion Rate | 270.2702 | 270.2702 | ||||||
Maximum number of shares issuable upon conversion | shares | 47,297,285 | 47,297,285 | ||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Private Placement [Member] | Scenario, Forecast [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Redemption provisions - Convertible notes, threshold trading days | Day | 20 | 20 | ||||||
Redemption provisions - Convertible notes, threshold consecutive trading days | Day | 30 | 30 | ||||||
Number Of Threshold Trading Days For Determining The Share Price | 5 days | |||||||
Measurement period for determining share price | 10 days | |||||||
US National Bank Association [Member] | Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Private Placement [Member] | Redemption Provisions [Member] | ||||||||
Convertible Senior Notes [Line Items] | ||||||||
Redemption provisions - Convertible notes redemption price as a percentage of principal amount accrued interest and unpaid interest | 100.00% |
Convertible Notes - Summary of
Convertible Notes - Summary of the carrying value of the convertible notes (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Carrying amount | $ 0 | $ 175,956 | |
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | 175,000 | ||
Plus: premium on Additional Notes | 250 | ||
Carrying amount | 175,250 | ||
Less: Unamortized discount and issuance costs | [1] | (8,604) | |
Carrying amount | $ 166,646 | ||
Effective interest rate | [2] | 6.29% | |
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Additional Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 25,000 | ||
Plus: premium on Additional Notes | 250 | ||
Carrying amount | 25,250 | ||
Less: Unamortized discount and issuance costs | [1] | (1,490) | |
Carrying amount | $ 23,760 | ||
Effective interest rate | [2] | 6.37% | |
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Existing Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 150,000 | ||
Carrying amount | 150,000 | ||
Less: Unamortized discount and issuance costs | [1] | (7,114) | |
Carrying amount | $ 142,886 | ||
Effective interest rate | [2] | 6.28% | |
[1] | The debt discount arose from the bifurcation of the conversion option. The unamortized debt discount and issuance costs is reported net of the unamortized premium on the Additional Notes. | ||
[2] | Includes amortization of the discount arising from the bifurcation of the conversion option, amortization of the issuance costs allocated to the Convertible Notes and amortization of the premium associated with the Additional Notes. |
Preferred Shares - Additional I
Preferred Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 11, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||
Fair value of preferred stock consideration | $ 132,750 | ||
Acquisition price per share | $ 9 | ||
Redeemable preference shares | $ 72,667 | $ 71,630 | |
Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Other redemption rights unrelated to stockholder approval | Temporary equity classification is required for redeemable instruments for which redemption triggers are outside of the issuer’s control. ETFS Capital has the right to redeem all the Preferred Shares specified to be converted during the period of time specified in the Certificate of Designations in the event that: (a) the number of shares of the Company’s common stock authorized by its certificate of incorporation is insufficient to permit the Company to convert all of the Preferred Shares requested by ETFS Capital to be converted; or (b) ETFS Capital does not, upon completion of a change of control of the Company, receive the same amount per Preferred Share as it would have received had each outstanding Preferred Share been converted into common stock immediately prior to the change of control. However, the Company will not be obligated to make any such redemption payments to the extent such payments would be a breach of any covenant or obligation the Company owes to any of its secured creditors or is otherwise prohibited by applicable law. | ||
Acquisition of ETFS Business [Member] | Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued in business acquisition | 14,750 | ||
Acquisition of ETFS Business [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock equivalents | 14,750,000 |
Preferred Shares - Summary of P
Preferred Shares - Summary of Preferred Share Balance (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred Units [Line Items] | ||
Preferred Shares – carrying value | $ 132,569 | $ 132,569 |
Series A Preferred Stock [Member] | ||
Preferred Units [Line Items] | ||
Issuance of Preferred Shares | 132,750 | 132,750 |
Less: Issuance costs | (181) | (181) |
Preferred Shares – carrying value | $ 132,569 | $ 132,569 |
Leases - Summary of additional
Leases - Summary of additional information regarding Company's Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost: | ||
Operating lease cost | $ 3,182 | $ 3,174 |
Short-term lease cost | 1,227 | 1,426 |
Total lease cost | 4,409 | 4,600 |
Other information: | ||
Cash paid for amounts included in the measurement of operating liabilities (operating leases) | $ 3,517 | $ 3,587 |
Weighted-average remaining lease term (in years) – operating leases | 8 years 7 months 6 days | 9 years 4 months 24 days |
Weighted-average discount rate – operating leases | 6.30% | 6.30% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 21, 2024 | Aug. 21, 2023 |
Operating lease notice to landlord before cancellation | 12 months | |
Scenario, Forecast [Member] | ||
Operating lease cancellation cost | $ 4,236 |
Leases - Summary of future mini
Leases - Summary of future minimum lease payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Lessee Disclosure [Abstract] | |
2021 | $ 3,135 |
2022 | 2,958 |
2023 | 2,958 |
2024 | 3,037 |
2025 | 3,148 |
2026 and thereafter | 11,457 |
Total future minimum lease payments (undiscounted) | $ 26,693 |
Leases - Summary of Reconciles
Leases - Summary of Reconciles future minimum lease payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Amounts recognized in the Company's Consolidated Balance Sheet | |||
Lease liability – short term | $ 3,135 | $ 3,682 | |
Lease liability – long term | 17,434 | $ 19,057 | |
Subtotal | 20,569 | $ 24,817 | |
Difference between undiscounted and discounted cash flows | 6,124 | ||
Total future minimum lease payments (undiscounted) | $ 26,693 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - Mar. 31, 2020 € in Thousands, $ in Thousands | EUR (€) | USD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||
Damages sought by plantiffs in litigation matter | € 9,000 | $ 11,056 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Information about Variable Interests (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Amount - Assets | ||
Total net carrying value | $ 0 | $ 28,172,000 |
Total net carrying value | 896,692,000 | 935,207,000 |
Advisor Engine [Member] | ||
Carrying Amount - Assets | ||
Unsecured convertible notes receivable | 0 | 2,126,000 |
Unsecured non-convertible note receivable | 0 | 26,046,000 |
Preferred stock | 0 | |
Total net carrying value | 0 | 28,172,000 |
Securrency Inc [Member] | ||
Carrying Amount - Assets | ||
Preferred stock | 8,112,000 | 8,112,000 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Carrying Amount - Assets | ||
Total net carrying value | 8,112,000 | 36,284,000 |
Maximum exposure to loss | $ 8,112,000 | $ 36,284,000 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Additional Information (Detail) - Advisory Fees [Member] | Dec. 31, 2020USD ($) |
Revenue from Contracts with Customers [Line Items] | |
Contract assets | $ 0 |
Contract liabilities | 0 |
Costs incurred to obtain or fulfill contracts with customers | $ 0 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Summary of Revenues from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | |||||||||||
Total operating revenues | $ 67,059 | $ 64,640 | $ 58,126 | $ 63,874 | $ 68,907 | $ 67,718 | $ 66,293 | $ 65,485 | $ 253,699 | $ 268,403 | $ 274,116 |
Advisory Fees [Member] | |||||||||||
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | |||||||||||
Total operating revenues | 250,182 | 265,652 | 271,104 | ||||||||
Other Income [Member] | |||||||||||
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | |||||||||||
Total operating revenues | $ 3,517 | $ 2,751 | $ 3,012 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Summary of Geographic Distribution of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 67,059 | $ 64,640 | $ 58,126 | $ 63,874 | $ 68,907 | $ 67,718 | $ 66,293 | $ 65,485 | $ 253,699 | $ 268,403 | $ 274,116 |
UNITED STATES | |||||||||||
Revenues | 142,074 | 170,827 | |||||||||
JERSEY | |||||||||||
Revenues | 106,848 | 90,422 | |||||||||
IRELAND | |||||||||||
Revenues | 4,412 | 4,714 | |||||||||
CANADA | |||||||||||
Revenues | $ 365 | $ 2,440 |
Related Party Transactions - Su
Related Party Transactions - Summary of Accounts Receivable from Related Parties (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 26,884 | $ 25,667 |
WisdomTree Trust [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | 13,030 | 14,765 |
Manjer Issuers [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | 11,693 | 9,036 |
WisdomTree Multi Asset Issuer PLC And WisdomTree Issuer PLC [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | 2,125 | 1,559 |
WisdomTree Commodity Services LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 36 | 80 |
WisdomTree Asset Management Canada, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 227 |
Related Party Transactions - _2
Related Party Transactions - Summary of Revenues from Advisory Services Provided to Related Parties (Detail) - Advisory Services [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Revenues from advisory services | $ 250,182 | $ 265,652 | $ 271,104 |
WisdomTree Trust [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from advisory services | 141,079 | 169,483 | 203,031 |
Manjer Issuers [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from advisory services | 97,986 | 82,224 | 54,601 |
WisdomTree Multi Asset Issuer PLC And WisdomTree Issuer PLC [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from advisory services | 10,124 | 10,499 | 10,448 |
WisdomTree Commodity Services LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from advisory services | 628 | 1,006 | 1,267 |
WisdomTree Asset Management Canada, Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from advisory services | $ 365 | $ 2,440 | $ 1,757 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Securities owned, at fair value | $ 34,895 | $ 17,319 | |
Gains and (losses) related to certain WisdomTree ETFs | 63 | 40 | $ (406) |
WisdomTree ETF [Member] | |||
Related Party Transaction [Line Items] | |||
Securities owned, at fair value | $ 23,932 | $ 16,886 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2002 | Jun. 20, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Payment Award | ||||||
Stock option issuance period | 10 years | |||||
Option vested period | 1 year | |||||
Shares of common stock authorized to issue under equity award plan | 10,000,000 | |||||
Stock-based compensation expense | $ 11,706 | $ 11,590 | $ 13,255 | |||
Tax benefit realized for the tax deductions for share-based compensation | 833 | 1,649 | 2,364 | |||
Total intrinsic value of options exercised | 168 | 301 | 4,218 | |||
Cash received from option exercise | $ 292 | $ 160 | $ 191 | |||
Outstanding options | 305,000 | 305,000 | 485,536 | 570,537 | 1,158,828 | |
Options remaining average contractual term | 3 months 18 days | 3 months 18 days | ||||
Options intrinsic value | $ 57 | |||||
Aggregate fair value of awards that vested | $ 4,783 | $ 6,720 | $ 5,975 | |||
Below 25th Percentile [Member] | ||||||
Share-based Payment Award | ||||||
Shares granted and outstanding, Vesting percentage | 0.00% | |||||
At 25th Percentile [Member] | ||||||
Share-based Payment Award | ||||||
Shares granted and outstanding, Vesting percentage | 50.00% | |||||
At 50th Percentile [Member] | ||||||
Share-based Payment Award | ||||||
Shares granted and outstanding, Vesting percentage | 100.00% | |||||
At 100th Percentile [Member] | ||||||
Share-based Payment Award | ||||||
Shares granted and outstanding, Vesting percentage | 200.00% | |||||
Income Tax Expense Benefit [Member] | ||||||
Share-based Payment Award | ||||||
Tax benefit realized for the tax deductions for share-based compensation | $ 2,739 | $ 2,791 | $ 3,015 | |||
Performance Based Restricted Stock Unit [Member] | Maximum [Member] | ||||||
Share-based Payment Award | ||||||
Shares granted and outstanding, Vesting percentage | 200.00% | |||||
Performance Based Restricted Stock Unit [Member] | Minimum [Member] | ||||||
Share-based Payment Award | ||||||
Shares granted and outstanding, Vesting percentage | 0.00% |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Unrecognized Stock-Based Compensation Expense and Average Remaining Vesting Period (Detail) - Employees and Directors [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Remaining Vesting Period | 1 year 3 months 10 days |
Unrecognized Stock-Based Compensation | $ 9,776 |
Stock-Based Awards - Summary _2
Stock-Based Awards - Summary of Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options, beginning balance | 485,536 | 570,537 | 1,158,828 |
Options, Forfeitures/expirations | (63,536) | (1) | |
Options, Exercised | (117,000) | (85,000) | (588,291) |
Options, ending balance | 305,000 | 485,536 | 570,537 |
Weighted Average Exercise Price of Options, beginning balance | $ 4.80 | $ 4.36 | $ 2.75 |
Weighted Average Exercise Price of Options, Forfeitures or expirations | 2.49 | 6.50 | |
Weighted Average Exercise Price of Options, Exercised | 4.81 | 0.70 | 1.19 |
Weighted Average Exercise Price of Options, ending balance | $ 5.68 | $ 4.80 | $ 4.36 |
Stock-Based Awards - Summary _3
Stock-Based Awards - Summary of Option Activity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expire start date on options | Jan. 26, 2021 |
Expire end date on options | Nov. 15, 2021 |
Stock-Based Awards - Summary _4
Stock-Based Awards - Summary of Information on Stock Options Outstanding and Exercisable (Detail) - $ / shares | Dec. 31, 2002 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Options Outstanding & Exercisable, Shares | 305,000 | 305,000 | 485,536 | 570,537 | 1,158,828 |
Options Outstanding, Weighted Average Remaining Life | 3 months 18 days | 3 months 18 days | |||
Options Outstanding, Weighted Average Exercise Price | $ 5.68 | $ 4.80 | $ 4.36 | $ 2.75 | |
$5.05 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Range of Exercise Prices | $ 5.05 | ||||
Options Outstanding & Exercisable, Shares | 190,000 | ||||
Options Outstanding, Weighted Average Remaining Life | 1 month 6 days | ||||
Options Outstanding, Weighted Average Exercise Price | $ 5.05 | ||||
$6.36 - $6.82 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Range of Exercise Prices, low | 6.42 | ||||
Range of Exercise Prices, high | $ 6.82 | ||||
Options Outstanding & Exercisable, Shares | 67,500 | ||||
Options Outstanding, Weighted Average Remaining Life | 4 months 24 days | ||||
Options Outstanding, Weighted Average Exercise Price | $ 6.47 | ||||
$7.01 - $7.30 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Range of Exercise Prices, low | 7.01 | ||||
Range of Exercise Prices, high | $ 7.30 | ||||
Options Outstanding & Exercisable, Shares | 47,500 | ||||
Options Outstanding, Weighted Average Remaining Life | 9 months 18 days | ||||
Options Outstanding, Weighted Average Exercise Price | $ 7.07 |
Stock-Based Awards - Summary _5
Stock-Based Awards - Summary of Restricted Stock Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Beginning Balance, Shares | 3,244,558 | 1,957,102 | 1,816,666 |
Granted, Shares | 1,653,186 | 2,794,703 | 903,231 |
Vested, Shares | (1,206,879) | (1,053,980) | (618,516) |
Forfeited, Shares | (110,122) | (453,267) | (144,279) |
Unvested Ending Balance, Shares | 3,580,743 | 3,244,558 | 1,957,102 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ 7.29 | $ 11.47 | $ 11.75 |
Weighted- Average Grant Date Fair Value, Granted | 3.80 | 6.16 | 11.77 |
Weighted- Average Grant Date Fair Value, Vested | 8.13 | 11.25 | 12.67 |
Weighted- Average Grant Date Fair Value, Forfeited | 4.79 | 9.09 | 11.83 |
Unvested Weighted-Average Grant Date Fair Value, Ending Balance | $ 5.38 | $ 7.29 | $ 11.47 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Beginning Balance, Shares | 39,278 | 9,494 | 5,678 |
Granted, Shares | 32,901 | 35,283 | 7,152 |
Vested, Shares | (27,130) | (5,499) | (1,890) |
Forfeited, Shares | (5,641) | (1,446) | |
Unvested Ending Balance, Shares | 39,408 | 39,278 | 9,494 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ 7.20 | $ 11.52 | $ 10.40 |
Weighted- Average Grant Date Fair Value, Granted | 3.82 | 6.45 | 12.21 |
Weighted- Average Grant Date Fair Value, Vested | 7.45 | 9.85 | 10.40 |
Weighted- Average Grant Date Fair Value, Forfeited | 5.39 | 11.97 | |
Unvested Weighted-Average Grant Date Fair Value, Ending Balance | $ 4.46 | $ 7.20 | $ 11.52 |
Performance Based Restricted Stock Unites (PRSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Beginning Balance, Shares | 232,610 | ||
Granted, Shares | 117,013 | 270,872 | |
Forfeited, Shares | (8,311) | (38,262) | |
Unvested Ending Balance, Shares | 341,312 | 232,610 | |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ 6.24 | ||
Weighted- Average Grant Date Fair Value, Granted | 3.11 | $ 6.24 | |
Weighted- Average Grant Date Fair Value, Forfeited | 6.24 | 6.24 | |
Unvested Weighted-Average Grant Date Fair Value, Ending Balance | $ 5.17 | $ 6.24 |
Stock-Based Awards - Summary _6
Stock-Based Awards - Summary of Restricted Stock Activity (Parenthetical) (Detail) - Performance Based Restricted Stock Unit [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Maximum [Member] | |
PRSUs - Monte Carlo Inputs | |
Shares granted and outstanding, Vesting percentage | 200.00% |
Minimum [Member] | |
PRSUs - Monte Carlo Inputs | |
Shares granted and outstanding, Vesting percentage | 0.00% |
Stock-Based Awards - Summary _7
Stock-Based Awards - Summary of Share Based Payment Awards Other Than OptionsValuation Assumptions (Detail) - Performance Based Restricted Stock Unit [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Share Based Payment Awards Other Than OptionsValuation Assumptions [Line Items] | ||
Historical stock price volatility (low) | 21.00% | 22.00% |
Historical stock price volatility (high) | 36.00% | 42.00% |
Historical stock price volatility (average) | 26.00% | 28.00% |
Risk free interest rate | 1.47% | 2.56% |
Expected dividend yield | 0.00% | 0.00% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Discretionary Contributions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Discretionary contributions | $ 974 | $ 966 | $ 1,051 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Earnings Per Share [Abstract] | |||||||||||||
Net (loss)/income | $ (13,497) | $ (270) | $ (13,250) | $ (8,638) | $ (25,880) | $ 4,152 | $ 2,479 | $ 8,824 | $ (35,655) | $ (10,425) | $ 36,633 | ||
Less: Income distributed to participating securities | (2,216) | (2,163) | (1,595) | ||||||||||
Less: Undistributed income allocable to participating securities | (1,409) | ||||||||||||
Net (loss)/income available to common stockholders – Basic EPS | $ (37,871) | $ (12,588) | $ 33,629 | ||||||||||
Weighted average common shares (in thousands) | 148,682,000 | 151,823,000 | 146,645,000 | ||||||||||
Basic (loss)/earnings per share | $ (0.10) | $ (0.01) | $ (0.09) | $ (0.06) | $ (0.17) | $ 0.02 | $ 0.01 | $ 0.05 | $ (0.25) | $ (0.08) | $ 0.23 | ||
Net (loss)/income available to common stockholders | $ (37,871) | $ (12,588) | $ 33,629 | ||||||||||
Add back: Undistributed income allocable to participating securities | 1,409 | ||||||||||||
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive | (1,403) | ||||||||||||
Net (loss)/income available to common stockholders – Diluted EPS | $ (37,871) | $ (12,588) | $ 33,635 | ||||||||||
Weighted average common shares | 148,682,000 | 151,823,000 | 146,645,000 | ||||||||||
Dilutive effect of common stock equivalents, excluding participating securities | 0 | 0 | 645,000 | ||||||||||
Weighted average diluted shares | 148,682,000 | [1] | 151,823,000 | [1] | 147,290,000 | ||||||||
Diluted (loss)/earnings per share | $ (0.10) | $ (0.01) | $ (0.09) | $ (0.06) | $ (0.17) | $ 0.02 | $ 0.01 | $ 0.05 | $ (0.25) | $ (0.08) | $ 0.23 | ||
[1] | Excludes 15,121,702 and 15,001,511 participating securities for the years ended December 31, 2020 and 2019, respectively, as the Company reported a net loss for those periods. Also excludes 6,087 and 152,085 potentially dilutive common stock equivalents for the years ended December 31, 2020 and 2019, respectively, as the Company reported a net loss for those periods. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive common stock equivalents excluded from calculation of diluted earnings per share | 7,886 | ||
Dilutive common stock equivalents | 0 | 0 | 645,000 |
Earnings Per Shares - Schedule
Earnings Per Shares - Schedule of Weighted Average Number of Shares (Detail) - shares shares in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | [1] | Dec. 31, 2019 | [1] | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations | 148,682 | 151,823 | 158,415 | ||
Weighted average shares of common stock issuable upon conversion of the Preferred Shares (Note 15) | (10,709) | ||||
Potentially dilutive restricted stock awards | (416) | ||||
Weighted average diluted shares | 148,682 | 151,823 | 147,290 | ||
[1] | Excludes 15,121,702 and 15,001,511 participating securities for the years ended December 31, 2020 and 2019, respectively, as the Company reported a net loss for those periods. Also excludes 6,087 and 152,085 potentially dilutive common stock equivalents for the years ended December 31, 2020 and 2019, respectively, as the Company reported a net loss for those periods. |
Earnings Per Shares - Schedul_2
Earnings Per Shares - Schedule of Weighted Average Number of Shares (Parenthetical) (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Participating Securities | 15,122 | 15,002 |
Potentially Dilutive common stock equivalents | 6 | 152 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Income Tax [Line Items] | ||||
Tax effected NOLs - US | $ 510 | |||
NOL expiration date | 2024 | |||
Tax effected NOLs - International | $ 4,402 | $ 9,336 | ||
Accrued for unrecognized tax benefits and interest/penalties related to a tax position claimed or expected to be claimed on a tax return | 27,016 | 32,101 | $ 34,876 | |
Tax effected capital loss | 16,596 | 8,226 | ||
Reduction in unrecognized tax benefits | 5,981 | 4,309 | ||
Decrease in unrecognized tax benefits in next 12 months, including interest and penalties | 5,055 | |||
Decrease in accrued interest and penalties over the next 12 months | 1,539 | |||
Unremitted earnings – International subsidiaries | 138 | |||
UNITED KINGDOM | Release of Valuation Allowance on Account of Interest Carry Forwards [Member] | ||||
Schedule Of Income Tax [Line Items] | ||||
Decrease in valuation allowance on deferred tax assets | 2,615 | |||
Coronavirus Aid, Relief, and Economic Security Act of 2020 (the "CARES Act") [Member] | ||||
Schedule Of Income Tax [Line Items] | ||||
Taxable income exemption percentage | 80.00% | |||
Adjusted taxable income percentage | 50.00% | |||
Original interest expense deduction limit percentage | 30.00% | |||
Other Noncurrent Liabilities [Member] | ||||
Schedule Of Income Tax [Line Items] | ||||
Accrued for unrecognized tax benefits and interest/penalties related to a tax position claimed or expected to be claimed on a tax return | $ 27,016 | $ 32,101 |
Income Taxes - U.S. and foreign
Income Taxes - U.S. and foreign components of income before income tax expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S | $ (5,187) | $ 6,774 | $ 43,677 | ||||||||
Foreign | (30,035) | (6,653) | 7,362 | ||||||||
(Loss)/income before income taxes | $ (11,297) | $ 1,138 | $ (14,054) | $ (11,009) | $ (22,355) | $ 8,635 | $ 6,066 | $ 7,775 | $ (35,222) | $ 121 | $ 51,039 |
Income Taxes - Components of Cu
Income Taxes - Components of Current and Deferred Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 3,670 | $ 10,311 | $ 15,805 |
State and local | 832 | 2,271 | 3,202 |
Foreign | (1,877) | (1,687) | 1,482 |
Total current | 2,625 | 10,895 | 20,489 |
Deferred: | |||
Federal | 60 | (246) | (5,318) |
State and local | 13 | (54) | (1,077) |
Foreign | (2,265) | (49) | 312 |
Total deferred | (2,192) | (349) | (6,083) |
Income tax expense | $ 433 | $ 10,546 | $ 14,406 |
Income Taxes - Reconciliation O
Income Taxes - Reconciliation Of The Statutory Federal Income Tax Expense And The Company's Total Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax | $ (7,397) | $ 25 | $ 10,718 |
Loss/(gain) on revaluation of deferred consideration(1) | 11,929 | 2,378 | (2,570) |
Decrease in unrecognized tax benefits | (5,661) | (3,893) | |
Change in valuation allowance – Capital losses | 4,448 | 7,555 | 794 |
Change in valuation allowance – Foreign net operating losses ("NOLs") and interest carryforwards | (2,018) | 3,997 | 3,510 |
Foreign operations | (3,342) | (3,561) | (1,041) |
Stock-based compensation tax (windfalls)/shortfalls | 1,485 | 1,198 | (543) |
Change in tax-related indemnification assets, net | 1,189 | 740 | |
Non-taxable gain on sale – Canadian ETF business | (740) | ||
Non-deductible executive compensation | 399 | 1,608 | 4 |
Blended state income tax rate, net of federal benefit | (171) | 237 | 1,406 |
Non-deductible acquisition and disposition-related costs | 1,506 | ||
Other differences, net | 312 | 262 | 622 |
Income tax expense | $ 433 | $ 10,546 | $ 14,406 |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax payments by jurisdiction (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income taxes paid net | $ 10,131 | $ 10,060 | $ 14,398 |
Federal | |||
Federal | 4,470 | 6,990 | 10,710 |
State and local | |||
State and local | 1,353 | 1,818 | 2,498 |
Foreign | |||
Foreign | $ 4,308 | $ 1,252 | $ 1,190 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Capital losses | $ 16,596 | $ 8,226 |
Operating lease liabilities | 4,953 | 5,529 |
Accrued expenses | 3,507 | 4,054 |
Interest carryforwards | 2,235 | 2,615 |
NOLs - Foreign | 2,167 | 6,721 |
Stock-based compensation | 1,922 | 1,754 |
Goodwill and intangible assets | 1,466 | 1,671 |
NOLs – U.S. | 510 | 642 |
Outside basis difference | 122 | 123 |
Other | 111 | 218 |
Deferred tax assets | 33,589 | 31,553 |
Deferred tax liabilities: | ||
Right of use assets – operating leases | 3,927 | 4,400 |
Fixed assets and prepaid assets | 1,261 | 1,326 |
Allocated equity component of convertible note | 1,022 | |
Foreign currency translation adjustment | 293 | |
Unremitted earnings – International subsidiaries | 138 | |
Unrealized gains | 744 | |
Deferred tax liabilities | 6,641 | 6,470 |
Total deferred tax assets less deferred tax liabilities | 26,948 | 25,083 |
Less: valuation allowance | (18,885) | (17,685) |
Deferred tax assets, net | $ 8,063 | $ 7,398 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Balance of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Tax Contingency [Line Items] | |||
Beginning balance | $ 32,101 | $ 34,876 | |
Decrease -Lapse of statute of limitations | (5,981) | (4,309) | |
Increases | 320 | 416 | |
Foreign currency translation | [1] | 576 | 1,118 |
Ending balance | 27,016 | 32,101 | |
Unrecognized Tax Benefits [Member] | |||
Income Tax Contingency [Line Items] | |||
Beginning balance | 25,998 | 28,101 | |
Decrease -Lapse of statute of limitations | (4,620) | (2,999) | |
Foreign currency translation | [1] | 472 | 896 |
Ending balance | 21,850 | 25,998 | |
Interest And Penalties [Member] | |||
Income Tax Contingency [Line Items] | |||
Beginning balance | 6,103 | 6,775 | |
Decrease -Lapse of statute of limitations | (1,361) | (1,310) | |
Increases | 320 | 416 | |
Foreign currency translation | [1] | 104 | 222 |
Ending balance | $ 5,166 | $ 6,103 | |
[1] | The gross unrecognized tax benefits were accrued in British pounds. |
Shares Repurchased - Additional
Shares Repurchased - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 24, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||||
Repurchased common stock, value | $ 31,197 | $ 2,341 | $ 2,885 | |
Three-Year Share Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Repurchased common stock, shares | 8,234,324 | 370,428 | 334,953 | |
Repurchased common stock, value | $ 31,197 | $ 2,341 | $ 2,885 | |
Dollar amount remaining available for future share repurchases | $ 52,191 | |||
Share repurchase program, extended term date | Apr. 27, 2022 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill by Reporting Unit (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 85,856 |
Ending balance | 85,856 |
Reportable Subsegments [Member] | |
Goodwill [Line Items] | |
Beginning balance | 85,856 |
Changes | 0 |
Ending balance | $ 85,856 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 11, 2018 |
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | $ 85,856 | $ 85,856 | ||
Intangible asset related to its customary advisory agreement | $ 601,247 | 603,294 | ||
Acquisition completion date | Apr. 11, 2018 | |||
Acquisition of ETFS Business [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Goodwill | $ 84,057 | |||
Intangible asset related to its customary advisory agreement | $ 0 | $ 601,247 | $ 601,247 | |
Weighted average cost of capital percentage | 9.00% | |||
Acquisition of ETFS Business [Member] | Minimum [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Revenue growth multiple | 3.00% | |||
Acquisition of ETFS Business [Member] | Maximum [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Revenue growth multiple | 11.00% | |||
Acquisition of ETFS Business [Member] | Weighted Average [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Revenue growth multiple | 3.50% |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Indefinite-lived Intangible Assets (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Beginning balance | $ 603,294 | |
Decreases | (1,992) | [1] |
Foreign currency translation | (55) | |
Ending balance | 601,247 | |
Acquisition Of Etfs Business [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Beginning balance | 601,247 | |
Ending balance | 601,247 | |
Questrade ETFs [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Beginning balance | 2,047 | |
Decreases | (1,992) | [1] |
Foreign currency translation | $ (55) | |
[1] | Derecognized upon the sale of the Company’s Canadian ETF business (Note 3) |
Impairments (Details)
Impairments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impairments | $ 3,080 | $ 19,672 | $ 30,138 | $ 572 | $ 22,752 | $ 30,710 | $ 17,386 |
Wisdom Tree Japan [Member] | |||||||
Impairments | 572 | 326 | |||||
GCC – Intangible asset [Member] | |||||||
Impairments | 9,953 | ||||||
AdvisorEngine – Financial interests [Member] | Financial Interests [Member] | |||||||
Impairments | 19,672 | $ 30,138 | |||||
AdvisorEngine – Option [Member] | |||||||
Impairments | 3,278 | ||||||
Thesys – Series Y Preferred [Member] | |||||||
Impairments | $ 3,080 | $ 3,829 |
Impairments - Additional Inform
Impairments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 29, 2017 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets related to its customary advisory agreement | $ 603,294 | $ 601,247 | $ 603,294 | |||||
Impairment | $ 3,080 | $ 19,672 | $ 30,138 | $ 572 | 22,752 | 30,710 | $ 17,386 | |
WisdomTree Japan [Member] | ||||||||
Impairment | $ 572 | 326 | ||||||
GreenHaven Commodity Services, LLC [Member] | ||||||||
Intangible assets related to its customary advisory agreement | $ 9,953 | |||||||
Impairment | 9,953 | |||||||
GreenHaven Commodity Services, LLC [Member] | Revenue Growth Rate Maximum [Member] | ||||||||
Projected revenue growth rates | 5.00% | |||||||
GreenHaven Commodity Services, LLC [Member] | Revenue Growth Rate Minimum [Member] | ||||||||
Projected revenue growth rates | 0.00% | |||||||
Advisor Engine [Member] | ||||||||
Impairment | $ 3,278 | |||||||
Weighted average cost of capital percentage | 27.00% | |||||||
Option volatility rate | 40.00% |
Supplemental Financial Inform_3
Supplemental Financial Information - Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 67,059 | $ 64,640 | $ 58,126 | $ 63,874 | $ 68,907 | $ 67,718 | $ 66,293 | $ 65,485 | $ 253,699 | $ 268,403 | $ 274,116 |
Operating income | 12,907 | 14,744 | 11,797 | 15,634 | 14,809 | 16,131 | 11,911 | 10,683 | 55,082 | 53,534 | 61,279 |
(Loss)/income before income taxes | (11,297) | 1,138 | (14,054) | (11,009) | (22,355) | 8,635 | 6,066 | 7,775 | (35,222) | 121 | 51,039 |
Net (loss)/income | $ (13,497) | $ (270) | $ (13,250) | $ (8,638) | $ (25,880) | $ 4,152 | $ 2,479 | $ 8,824 | $ (35,655) | $ (10,425) | $ 36,633 |
(Loss)/earnings per share—basic | $ (0.10) | $ (0.01) | $ (0.09) | $ (0.06) | $ (0.17) | $ 0.02 | $ 0.01 | $ 0.05 | $ (0.25) | $ (0.08) | $ 0.23 |
(Loss)/earnings per share—diluted | (0.10) | (0.01) | (0.09) | (0.06) | (0.17) | 0.02 | 0.01 | 0.05 | (0.25) | (0.08) | 0.23 |
Dividends per common share | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.12 | $ 0.12 | $ 0.12 |
(Loss)/gain on revaluation of deferred consideration (Note 12) | $ (22,385) | $ (8,870) | $ (23,358) | $ (2,208) | $ (5,354) | $ (6,306) | $ (4,037) | $ 4,404 | $ (56,821) | $ (11,293) | $ 12,220 |
Impairments (Notes 27) | $ (3,080) | $ (19,672) | $ (30,138) | $ (572) | (22,752) | $ (30,710) | $ (17,386) | ||||
Loss on extinguishment of debt (Note13) | $ (2,387) | $ (2,387) |