Cover Page
Cover Page - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 15, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Period End Date | Dec. 31, 2022 | ||
Trading Symbol | WT | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | WisdomTree, 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 | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 684,790,415 | ||
Entity Common Stock, Shares Outstanding | 149,304,625 | ||
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 | NYSE | ||
Entity File Number | 001-10932 | ||
Entity Address, Address Line One | 250 West 34th Street | ||
Entity Address, Address Line Two | 3rd Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10119 | ||
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 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | New York, NY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 132,101 | $ 140,709 |
Financial instruments owned, at fair value (including $25,283 and $18,526 invested in WisdomTree products at December 31, 2022 and 2021, respectively) | 126,239 | 127,166 |
Accounts receivable (including $24,139 and $25,628 due from related parties at December 31, 2022 and 2021, respectively) | 30,549 | 31,864 |
Prepaid expenses | 4,684 | 3,952 |
Other current assets | 390 | 276 |
Total current assets | 293,963 | 303,967 |
Fixed assets, net | 544 | 557 |
Indemnification receivable (Note 22) | 1,353 | 21,925 |
Securities held-to-maturity | 259 | 308 |
Deferred tax assets, net | 10,536 | 8,881 |
Investments (Note 8) | 35,721 | 14,238 |
Right of use assets—operating leases (Note 14) | 1,449 | 520 |
Goodwill (Note 24) | 85,856 | 85,856 |
Intangible assets, net (Note 24) | 603,567 | 601,247 |
Other noncurrent assets | 571 | 361 |
Total assets | 1,033,819 | 1,037,860 |
Current liabilities: | ||
Convertible notes—current (Notes 12 and 27) | 59,197 | 0 |
Fund management and administration payable | 36,521 | 20,661 |
Compensation and benefits payable | 24,121 | 32,782 |
Deferred consideration—gold payments (Note 10) | 16,796 | 16,739 |
Income taxes payable | 1,599 | 3,979 |
Operating lease liabilities (Note 14) | 1,125 | 209 |
Accounts payable and other liabilities | 9,075 | 9,297 |
Total current liabilities | 148,434 | 83,667 |
Convertible notes (Notes 12 and 27) | 262,019 | 318,624 |
Deferred consideration—gold payments (Note 10) | 183,494 | 211,323 |
Operating lease liabilities (Note 14) | 339 | 328 |
Other noncurrent liabilities (Note 22) | 1,353 | 21,925 |
Total liabilities | 595,639 | 635,867 |
Preferred stock—Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding; redemption value of $77,969 and $90,741 at December 31, 2022 and 2021, respectively) (Note 13) | 132,569 | 132,569 |
Contingencies (Note XX) | ||
Stockholders' equity | ||
Preferred stock, par value $0.01; 2,000 shares authorized: | 0 | |
Common stock, par value $0.01; 400,000 shares authorized; issued and outstanding: 146,517 and 145,107 at December 31, 2022 and 2021, respectively | 1,465 | 1,451 |
Additional paid-in capital | 291,847 | 289,736 |
Accumulated other comprehensive (loss)/income | (1,420) | 682 |
Retained earnings/(accumulated deficit) | 13,719 | (22,445) |
Total stockholders' equity | 305,611 | 269,424 |
Total liabilities and stockholders' equity | $ 1,033,819 | $ 1,037,860 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 146,517,000 | 145,107,000 |
Common stock, shares outstanding | 146,517,000 | 145,107,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Accounts receivable from related parties | $ 24,139 | $ 25,628 |
Preferred Stock Redemption Value | 77,969 | 90,741 |
Financial instruments owned, at fair value | $ 126,239 | $ 127,166 |
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 |
Preferred Stock Redemption Value | $ 77,969 | $ 90,741 |
Wisdom Tree Products [Member] | ||
Financial instruments owned, at fair value | $ 25,283 | $ 18,526 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Operating Revenues: | |||||
Total revenues | $ 301,345 | $ 304,318 | $ 249,912 | ||
Operating Expenses: | |||||
Compensation and benefits | 97,897 | 88,163 | 74,675 | ||
Fund management and administration | 64,761 | 58,912 | 56,728 | ||
Marketing and advertising | 15,302 | 14,090 | 11,128 | ||
Sales and business development | 11,871 | 9,907 | 10,579 | ||
Contractual gold payments (Note 10) | 17,108 | 17,096 | 16,811 | ||
Professional fees | 13,800 | 7,616 | 4,902 | ||
Occupancy, communications and equipment | 3,898 | 4,629 | 6,427 | ||
Depreciation and amortization | 262 | 738 | 1,021 | ||
Third-party distribution fees | 7,656 | 7,176 | 5,219 | ||
Acquisition and disposition-related costs | 0 | 0 | 416 | ||
Other | 8,705 | 6,933 | 6,924 | ||
Total operating expenses | 241,260 | 215,260 | 194,830 | ||
Operating income | 60,085 | 89,058 | 55,082 | ||
Other Income/(Expenses): | |||||
Interest expense | (14,935) | (12,332) | (9,668) | ||
Gain/(loss) on revaluation of deferred consideration—gold payments (Note 10) | [1] | 27,765 | 2,018 | (56,821) | |
Interest income | 3,320 | 2,009 | 744 | ||
Impairments (Note 26) | 0 | (16,156) | (22,752) | ||
Loss on extinguishment of debt (Note 11) | 0 | 0 | (2,387) | ||
Other losses and gains, net | (36,285) | (7,926) | 580 | ||
Income/(loss) before income taxes | 39,950 | 56,671 | (35,222) | ||
Income tax (benefit)/expense | [2] | (10,734) | 6,874 | 433 | |
Net income/(loss) | $ 50,684 | $ 49,797 | $ (35,655) | ||
Earnings/(loss) per share—basic | $ 0.31 | $ 0.31 | $ (0.25) | ||
Earnings/(loss) per share—diluted | $ 0.31 | $ 0.31 | $ (0.25) | ||
Weighted-average common shares—basic | 143,020 | 143,847 | 148,682 | ||
Weighted-average common shares—diluted | 158,914 | 161,263 | 148,682 | [3] | |
Cash dividends declared per common share | $ 0.12 | $ 0.12 | $ 0.12 | ||
Advisory Fees [Member] | |||||
Operating Revenues: | |||||
Total revenues | $ 293,632 | $ 298,052 | $ 246,395 | ||
Other Income [Member] | |||||
Operating Revenues: | |||||
Total revenues | $ 7,713 | $ 6,266 | $ 3,517 | ||
[1]Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations.[2]The (gain)/loss on revaluation of deferred consideration 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.[3]Excludes 15,122 participating securities for the year ended December 31, 2020 and 6 potentially dilutive common stock equivalents as the Company reported a net loss for the period (shares herein are reported in thousands). |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income/(loss) | $ 50,684 | $ 49,797 | $ (35,655) |
Other comprehensive (loss)/income | |||
Foreign currency translation adjustment, net of income taxes | (2,102) | (420) | 324 |
Other comprehensive (loss)/income | (2,102) | (420) | 157 |
Comprehensive income/(loss) | 48,582 | 49,377 | (35,498) |
WisdomTree Asset Management Canada, Inc [Member] | |||
Other comprehensive (loss)/income | |||
Reclassification of foreign currency translation adjustment to other losses and gains, net | $ 0 | $ 0 | $ (167) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | As Adjusted [Member] | Common Stock [Member] | Common Stock [Member] As Adjusted [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] As Adjusted [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] As Adjusted [Member] | Retained Earnings/ (Accumulated Deficit) | Retained Earnings/ (Accumulated Deficit) As Adjusted [Member] |
Balance at Dec. 31, 2019 | $ 337,412 | $ 1,553 | $ 352,658 | $ 945 | $ (17,744) | |||||
Balance, shares at Dec. 31, 2019 | 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 of $157 and deferred taxes of $1,239 | 3,663 | 3,663 | ||||||||
Other comprehensive income/(loss) | 157 | 157 | ||||||||
Dividends | (20,113) | (20,113) | ||||||||
Net income (loss) | (35,655) | (35,655) | ||||||||
Balance at Dec. 31, 2020 | 266,265 | $ 263,199 | $ 1,487 | $ 1,487 | 317,075 | $ 313,393 | 1,102 | $ 1,102 | (53,399) | $ (52,783) |
Balance, shares at Dec. 31, 2020 | 148,716,000 | 148,716,000 | ||||||||
Reclassification of equity component related to convertible notes, net of deferred taxes of $1,022, upon the implementation of Accounting Standards Update 2020-06 (Note 12) | (3,066) | $ 0 | (3,682) | 0 | 616 | |||||
Restricted stock issued and vesting of restricted stock units, net | 0 | $ 13 | (13) | 0 | 0 | |||||
Restricted stock issued and vesting of restricted stock units net, shares | 1,369,000 | |||||||||
Shares repurchased | (34,506) | $ (51) | (34,455) | 0 | 0 | |||||
Shares repurchased, shares | (5,121,000) | |||||||||
Exercise of stock options, net | 815 | $ 2 | 813 | 0 | 0 | |||||
Exercise of stock options net, shares | 143,000 | |||||||||
Stock-based compensation | 9,998 | $ 0 | 9,998 | 0 | 0 | |||||
Other comprehensive income/(loss) | (420) | 0 | 0 | (420) | 0 | |||||
Dividends | (19,459) | 0 | 0 | 0 | (19,459) | |||||
Net income (loss) | 49,797 | 0 | 0 | 0 | 49,797 | |||||
Balance at Dec. 31, 2021 | $ 269,424 | $ 1,451 | 289,736 | 682 | (22,445) | |||||
Balance, shares at Dec. 31, 2021 | 145,107,000 | 145,107,000 | ||||||||
Restricted stock issued and vesting of restricted stock units, net | $ 0 | $ 20 | (20) | 0 | 0 | |||||
Restricted stock issued and vesting of restricted stock units net, shares | 2,003,000 | |||||||||
Shares repurchased | (3,418) | $ (6) | (3,412) | 0 | 0 | |||||
Shares repurchased, shares | (593,000) | |||||||||
Stock-based compensation | 10,385 | $ 0 | 10,385 | 0 | 0 | |||||
Other comprehensive income/(loss) | (2,102) | 0 | 0 | (2,102) | 0 | |||||
Dividends | (19,362) | 0 | (4,842) | 0 | (14,520) | |||||
Net income (loss) | 50,684 | 0 | 0 | 0 | 50,684 | |||||
Balance at Dec. 31, 2022 | $ 305,611 | $ 1,465 | $ 291,847 | $ (1,420) | $ 13,719 | |||||
Balance, shares at Dec. 31, 2022 | 146,517,000 | 146,517,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Accounting Standards Update 2020-06 [Member] | ||
Deferred tax liability | $ 1,022 | |
Convertible Notes [Member] | ||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities: | ||||
Net income/(loss) | $ 50,684 | $ 49,797 | $ (35,655) | |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||
Advisory fees received in gold and other precious metals | (57,290) | (74,970) | (62,416) | |
Contractual gold payments | 17,108 | 17,096 | 16,811 | |
Losses/(gains) on financial instruments owned, at fair value | 16,516 | 3,715 | (14) | |
Stock-based compensation | 10,385 | 9,998 | 11,706 | |
(Gain)/loss on revaluation of deferred consideration—gold payments | [1] | (27,765) | (2,018) | 56,821 |
Amortization of issuance costs—convertible notes | 2,592 | 2,187 | 1,710 | |
Deferred income taxes | (1,296) | 316 | (2,192) | |
Amortization of right of use asset | 963 | 1,950 | 3,182 | |
Depreciation and amortization | 262 | 738 | 1,021 | |
Impairments | 0 | 16,156 | 22,752 | |
Gain on sale—Canadian ETF business, including remeasurement of contingent consideration | 0 | (787) | (2,877) | |
Loss on extinguishment of debt | 0 | 0 | 2,387 | |
Amortization of issuance costs—former credit facility | 0 | 0 | 1,328 | |
Other | 386 | (272) | (990) | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (720) | (3,506) | (193) | |
Prepaid expenses | (808) | (139) | (159) | |
Gold and other precious metals | 41,847 | 57,417 | 45,087 | |
Other assets | (309) | (394) | 107 | |
Intangibles—software development | (2,370) | 0 | 0 | |
Fund management and administration payable | 3,723 | 1,348 | (2,264) | |
Compensation and benefits payable | 4,485 | 10,242 | (3,804) | |
Income taxes payable | (2,308) | 3,101 | (2,441) | |
Financial instruments sold, but not yet purchased, at fair value | 0 | 0 | (582) | |
Operating lease liabilities | (965) | (15,560) | (3,517) | |
Accounts payable and other liabilities | (33) | (1,097) | 1,328 | |
Net cash provided by operating activities | 55,087 | 75,318 | 47,136 | |
Cash flows from investing activities: | ||||
Purchase of financial instruments owned, at fair value | (67,734) | (115,526) | (36,444) | |
Purchase of investments | (21,863) | (5,750) | 0 | |
Purchase of fixed assets | (220) | (293) | (472) | |
Proceeds from the sale of financial instruments owned, at fair value | 52,115 | 19,441 | 18,703 | |
Proceeds from the sale of Canadian ETF business, net, including receipt of contingent consideration | 0 | 2,360 | 2,774 | |
Proceeds from held-to-maturity securities maturing or called prior to maturity | 45 | 136 | 16,488 | |
Proceeds from the sale of the Company's financial interests in AdvisorEngine Inc. | 0 | 0 | 9,592 | |
Net cash (used in)/provided by investing activities | (37,657) | (99,632) | 10,641 | |
Cash flows from financing activities: | ||||
Dividends paid | (19,362) | (19,459) | (20,113) | |
Shares repurchased | (3,418) | (34,506) | (31,197) | |
Convertible notes issuance costs | 0 | (4,297) | (5,411) | |
Repayment of debt | 0 | 0 | (179,000) | |
Proceeds from the issuance of convertible notes (Note 12) | 0 | 150,000 | 175,250 | |
Proceeds from exercise of stock options | 0 | 815 | 292 | |
Net cash (used in)/provided by financing activities | (22,780) | 92,553 | (60,179) | |
(Decrease)/increase in cash flow due to changes in foreign exchange rate | (3,258) | (955) | 855 | |
Net (decrease)/increase in cash and cash equivalents | (8,608) | 67,284 | (1,547) | |
Cash and cash equivalents—beginning of year | 140,709 | 73,425 | 74,972 | |
Cash and cash equivalents—end of year | 132,101 | 140,709 | 73,425 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for income taxes | 12,500 | 8,456 | 10,131 | |
Cash paid for interest | $ 12,313 | $ 9,898 | $ 7,088 | |
[1]Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - Accounting Standards Update 2020-06 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2021 | Dec. 31, 2022 | |
Decrease in Accumulated Deficit | $ 616 | $ 616 |
Increase in the carrying value of the convertible notes | 4,088 | |
Decrease in additional paid in capital | 3,682 | |
Decrease in deferred tax liability | $ 1,022 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business WisdomTree, Inc., through its global subsidiaries (collectively, “WisdomTree” or the “Company”), is a global financial innovator, offering a well-diversified suite of exchange-traded products (“ETPs”), models and solutions. Building on its heritage of innovation, the Company is also developing next-generation digital products and structures, including digital or blockchain-enabled mutual funds (“Digital Funds”) and tokenized assets, as well as its blockchain-native digital wallet, WisdomTree Prime ™ • 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 Digital Commodity Services, LLC • WisdomTree Digital Management, Inc. open-end • WisdomTree Digital Movement, Inc ™ • WisdomTree Securities, Inc |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 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 VOE or VIE when certain reconsideration events occur. Segment and Geographic Information 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. 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 Income/(Loss) as a component of other comprehensive (loss)/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 10 Marketing and Advertising Marketing and advertising costs, including media advertising and production costs, are expensed when incurred. Depreciation and Amortization Depreciation and amortization is provided for using the straight-line method over the estimated useful lives of the related assets as follows: Equipment 3 Internally-developed software 3 The assets listed above 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, by applying historical loss rates, adjusted for current conditions and reasonable and supportable forecasts to amounts outstanding using the aging method. 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. Financial Instruments Owned and Financial Instruments Sold, but Not yet Purchased (at Fair Value) Financial instruments owned and financial instruments sold, but not yet purchased are financial instruments 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 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 in Accounting Standards Codification (“ASC”) Topic 321, Investments – Equity Securities Inve 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, to occur. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Goodwill is allocated to the Company’s U.S. business and European business components. 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. Goodwill is assessed for impairment annually on November 30 th 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 Software Development Costs Software development costs incurred after the preliminary project stage is complete are capitalized if it is probable that the project will be completed and the software will be used as intended. Capitalized costs consist of employee compensation costs and fees paid to third parties who are directly involved in the application development efforts and are included in intangible assets, net in the Consolidated Balance Sheets. Such Leases The Company accounts for its lease obligations in accordance with ASC Topic 842 , Leases (“ASC 842 ”), which requires the recognition of both (i) a lease liability equal to the present value of the remaining lease 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 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 10). Changes in the fair value of this obligation are reported as gain/(loss) on revaluation of deferred consideration—gold payments in the Consolidated Statements of Operations. Convertible Notes Convertible notes are carried at amortized cost, net of issuance costs. In accordance with Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options 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. Contingent Payments The Company recognizes a gain on contingent payments when the contingency is resolved and the gain is realized. 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 participating securities and are included in the computation of EPS pursuant to the two-class Diluted EPS is calculated under the treasury stock method and the two-class non-voting non-voting if-converted Income Taxes The more-likely-than-not Tax positions are evaluated utilizing a two-step more-likely-than-not The Global Intangible Low-Taxed Non-income Recently Adopted Accounting Pronouncements On January 1, 2021, the Company early adopted ASU 2020-06, Debt – earnings-per-share paid-in On January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting Income 2019-12). the f ollowing year-to-date non-income-based |
Exit Activities
Exit Activities | 12 Months Ended |
Dec. 31, 2022 | |
Exit Activities [Abstract] | |
Exit Activities | 3. Exit Activities 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, 2022 2021 2020 WTAMC $ — $ — $ 428 Disposition-Related Costs During the year ended December 31, 2020, the Company incurred disposition-related costs of $416, in connection with the sale of WTAMC. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. Cash and Cash Equivalents Of the total cash and cash equivalents of $132,101 and $140,709 at December 31, 2022 and 2021, $131,104 and $127,328 were held at two financial institutions at December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, cash equivalents were approximately $930 and $11,488, respectively. Certain of the Company’s subsidiaries are required to maintain a minimum level of regulatory capital, which was $25,988 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, there were no transfers between Levels 2 and 3. December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 930 $ 930 $ — $ — Financial instruments owned, at fair value ETFs 23,772 23,772 — — U.S. treasuries 2,980 2,980 — — Pass-through GSEs 96,837 23,290 73,547 — Corporate bonds 885 — 885 — Other assets—seed capital 1,765 — 1,765 — Investments in Convertible Notes Securrency, Inc.—convertible note (Note 8) 14,500 — — 14,500 Fnality International Limited—convertible note (Note 8) 6,921 — — 6,921 Total $ $ $ $ 21,421 Non-recurring Other investments (1) $ 312 $ — $ — $ 312 Liabilities: Recurring fair value measurements: Deferred consideration (Note 10) $ 200,290 $ — $ — $ (1) Fair value determined on May 10, 2022. December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 11,488 $ 11,488 $ — $ — Financial instruments owned, at fair value ETFs 18,812 18,812 — — Pass-through GSEs 106,245 24,720 81,525 — Corporate bonds 2,109 — 2,109 — Total $ $ $ $ — Non-recurring Securrency, Inc.—Series A convertible preferred stock (1) $ 8,488 $ — $ — $ 8,488 Liabilities: Recurring fair value measurements: Deferred consideration (Note 10) $ 228,062 $ — $ — $ (1) Fair value of $8,488 and $8,349 determined on June 9, 2021 and March 8, 2021, respectively (Note 8 Recurring Fair Value Measurements - Methodology Cash Equivalents (Note 4) Financial instruments owned (Note 6) markets and are therefore classified as Level 1 in the fair value hierarchy. Pricing of pass-through GSEs and corporate bonds include consideration given to collateral characteristics and market assumptions related to yields, credit risk and timing of prepayments and are therefore generally classified as Level 2. Pass-through GSE positions invested in through a fund structure with a quoted market price on an exchange are generally classified as Level 1. Pricing of other assets includes consideration given to the underlying assets and the risks associated with them and are therefore generally classified as Level 2. Fair Value Measurements classified as Level 3 Years Ended December 31, 2022 2021 Investments in Convertible Notes (Note 8) Beginning balance — — Purchases 21,863 — Net unrealized losses (1) (442 ) — Ending balance $ 21,421 $ — Deferred Consideration (Note 10) Beginning balance $ 228,062 $ 230,137 Net realized losses (2) 17,108 17,096 Net unrealized gains (3) (27,765 ) (2,018 ) Settlements (17,115 ) (17,153 ) Ending balance $ $ ( 1) Recorded in other losses and gains, net in the Consolidated Statements of Operations. (2) Recorded as contractual gold payments expense in the Consolidated Statements of Operations. (3) Recorded as gain on revaluation of deferred consideration—gold payments in the Consolidated Statements of Operations. |
Financial instruments owned
Financial instruments owned | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract] | |
Financial instruments owned | 6. Financial instruments owned These instruments consist of the following: December 31, December 31, Financial instruments owned Trading securities 124,474 127,166 Other assets—seed capital 1,765 — The Company recognized net trading losses on financial instruments owned that were still held at the reporting dates of $12,721 and $2,762 during the years ended December 31, 2022 and 2021, respectively, which were recorded in other losses and gains, net, in the Consolidated Statements of Operations. |
Securities Held-to-Maturity
Securities Held-to-Maturity | 12 Months Ended |
Dec. 31, 2022 | |
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) $ $ During the years ended December 31, 2022 and 2021, the Company received proceeds of $45 and $136, respectively, from 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, 2022 2021 Cost/amortized cost 259 $ 308 Gross unrealized losses (20 ) — Gross unrealized gains — 13 Fair value $ $ An allowance for credit losses was not provided on the Company’s held-to-maturity securities as all securities are investments in pass-through GSEs which are determined to have an estimated loss rate of zero due to an implicit U.S. government guarantee. The following table sets forth the maturity profile of the securities held-to-maturity; December 31, 2022 2021 Due within one year $ — $ — Due one year through five years — — Due five years through ten years 27 — Due over ten years 232 308 Total $ $ |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Investments [Abstract] | |
Investments | 8. Investments The following table sets forth the Company’s investments: December 31, 2022 December 31, 2021 Carrying Cost Carrying Cost Securrency, Inc.—Series A convertible preferred stock $ 8,488 $ 8,112 $ 8,488 8,112 Securrency, Inc.—Series B convertible preferred stock 5,500 5,500 5,500 5,500 Securrency, Inc.—convertible note 14,500 15,000 — — Subtotal—Securrency, Inc. $ 28,488 $ 28,612 $ 13,988 $ 13,612 Fnality International Limited—convertible note 6,921 6,863 — — Other investments 312 250 250 250 Securrency, Inc. – Preferred Stock The Company owns approximately 22% (or 18% on a fully-diluted basis) of the capital stock of Securrency, Inc. (“Securrency”), a developer of institutional-grade blockchain-based financial and regulatory technology, issued as a result of strategic investments totaling $13,612. In consideration of such investments, the Company received 5,178,488 shares of Series A convertible preferred stock (“Series A Shares”) in December 2019 and 2,004,665 shares of Series B convertible preferred stock (“Series B Shares”) in March 2021. The Series B Shares contain a liquidation preference that is pari passu with shares of Series B-1 non-cumulative B-1 These investments are accounted for under the measurement alternative prescribed in ASC 321, as they do not have a readily determinable fair value and are not considered to be in-substance During the year ended December 31, 2021, the Company recognized a gain of re-measured The table below presents the inputs used in the backsolve valuation approach (classified as Level 3 in the fair value hierarchy): Inputs June 9, 2021 March 8, 2021 Expected volatility 50% 55% Time to exit (in years) 4.75 5.00 Securrency – Convertible Note In April and November 2022, the Company participated in a convertible note financing, making an aggregate investment of $15,000 in Securrency. In consideration for its investment, the Company was issued a 7% Convertible Promissory Note maturing on April 21, 2023. The note is convertible into either Securrency’s common stock or the class of securities convertible into, exchangeable for, or conferring the right to purchase Securrency’s common stock that is issued in the event of a future equity financing at a conversion price equal to a discount of 25% (or, if applicable, a greater discount offered to other holders of convertible securities in such future equity financing round) to the lowest price paid per equity share issued in the future equity financing round. The note is redeemable upon the occurrence of a corporate transaction for an amount which is the greater of (i) the principal amount and all accrued interest and (ii) the amount that would be received had the note been converted to common stock immediately prior to the occurrence of the corporate transaction. At maturity, redemption or conversion may occur upon the election by the holders of a majority-in-interest The note is accounted for at fair value. Fair value is determined by the Company using the probability-weighted expected return method (“PWERM”), a valuation approach that estimates the value of the note assuming various outcomes. During the year ended December 31, 2022, the Company recognized an unrealized loss of $ when re-measuring the notes to fair value. The table below presents the probability ascribed to potential outcomes used in the PWERM (classified as Level 3 in the fair value hierarchy) and the time to exit: December 31, 2022 Conversion of note upon a future equity financing 60% Redemption of note upon a corporate transaction 25% Default 15% Time to potential outcome (in years) 0.33 Fnality International Limited – Convertible Note In February 2022, the Company participated in a convertible note financing, making a £5,000 ($6,863) investment in Fnality International Limited (“Fnality”), a company incorporated in England and Wales and focused on creating a peer-to-peer The note is convertible into equity shares in the event of a future financing round at a conversion price equal to the lower of (i) a discount of 20% to lowest price paid per equity share issued pursuant to such future financing round and (ii) an amount paid per share subject to a pre-money The note is redeemable upon the occurrence of a change of control for an amount which is the greater of (i) the principal amount and all accrued interest and (ii) the amount that would be received had the note been converted to equity shares immediately prior to the occurrence of the change of control. Redemption may also occur on or after maturity or prior to maturity upon approval by holders of at least 50% and 75%, respectively, of the outstanding notes, or in connection with bankruptcy or other liquidation events. The note is accounted for at fair value. Fair value is determined by the Company using the PWERM and is also remeasured for changes in the British pound and U.S. dollar exchange rate. During the year ended December 31, 2022, the Company recognized a gain of $58 when re-measuring The table below presents the probability ascribed to potential outcomes used in the PWERM (classified as Level 3 in the fair value hierarchy) and the time to exit: December 31, 2022 Conversion of note upon a future financing round 85% Redemption of note upon a change of control 10% Default 5% Time to potential outcome (in years) 0.25 |
Fixed Assets, net
Fixed Assets, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets, net | 9. Fixed Assets, net The following table summarizes fixed assets: December 31, 2022 2021 Equipment Less: accumulated depreciation (418 ) (227 ) Total 544 557 During the year ended December 31, 2021, the Company recognized an impairment charge of $6,576, representing the write-off 14 26 |
Deferred Consideration
Deferred Consideration | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Deferred Consideration | 10. Deferred Consideration Deferred consideration represents an obligation the Company assumed in connection with its acquisition of the European exchange-traded commodity, currency and leveraged-and-inverse business of ETFS Capital Limited (“ETFS Capital”) which occurred on April 11, 2018 (“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 $200,290 and $228,062 at December 31, 2022 and 2021 using the following assumptions: December 31, December 31, Forward-looking gold price (low)—per ounce $ $ Forward-looking gold price (high)—per ounce $ 3,126 $ 2,705 Forward-looking gold price (weighted average)—per ounce $ 2,237 $ 2,106 Discount rate 11.0% 9.0% Perpetual growth rate 1.3% 1.0% The forward-looking gold prices at December 31, 2022 were extrapolated from the last observable CMX exchange price (beyond 2028) and the weighted-average price per ounce was derived from the relative present values of the annual payment obligations. The perpetual growth rate at December 31, 2022 was determined based upon the increase in observable forward-looking gold prices through 2028. This obligation is classified as Level 3 as the discount rate, the extrapolated forward-looking gold prices and perpetual growth rate are significant unobservable inputs. An increase in spot gold prices, 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 $16,796 and $16,739 and long-term amounts payable were $183,494 and $211,323 at December 31, 2022 and 2021, respectively. During the years ended December 31, 2022 and 2021, the Company recognized the following in respect of deferred consideration: Years Ended December 31, 2022 2021 2020 Contractual gold payments $ $ $ 16,811 Contractual gold payments—gold ounces paid 9,500 9,500 9,500 Gain/(loss) on revaluation of deferred consideration—gold payments (1) $ 27,765 $ 2,018 $ (56,821 ) (1) Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations. |
Former Credit Facility
Former Credit Facility | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Former Credit Facility | 11. Former Credit Facility On June 16, 2020, the Company terminated its former credit facility by repaying $ 174,000 2,387 write-off of the remaining unamortized issuance costs. Interest expense recognized on the former credit facility during the year ended December 31, 2020 was $ 4,086 . |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 12. Convertible Notes On June 14, 2021, the Company issued and sold $150,000 i n C pursuant to an indenture dated June 14, 2021, between the Company and U.S. Bank National Association, as trustee (or its successor in interest, the “Trustee”), in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”). On June 16, 2020, the Company issued and sold $150,000 in in After the issuance of the 2021 Notes (and together with the 2020 Notes, the “Convertible Notes”), the Company had $325,000 a g Key terms of the Convertible Notes are as follows: 2021 Notes 2020 Notes Maturity date (unless earlier converted, repurchased or redeemed) June 15, 2026 June 15, 2023 Interest rate 3.25% 4.25% Conversion price $11.04 $5.92 Conversion rate 90.5797 168.9189 Redemption price $14.35 $7.70 • Interest rate: • Conversion price: Convertible at an initial conversion rate into shares of the Company’s common stock, per $1,000 principal amount of notes (equivalent to an initial conversion price as disclosed in the table above) . • Conversion: only under the following circumstances: (i) if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day ten consecutive trading • Cash settlement of principal amount: • Redemption price: • Limited investor put rights: • Conversion rate increase in certain customary circumstances: • Seniority and Security: Non-Voting 13 The indentures contain 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, 2022 and 2021: December 31, 2022 December 31, 2021 2021 Notes 2020 Notes Total 2021 Notes 2020 Notes Total Principal amount 150,000 175,000 325,000 150,000 175,000 325,000 Plus: Premium — 250 250 — 250 250 Gross proceeds 150,000 175,250 325,250 150,000 175,250 325,250 Less: Unamortized issuance costs (1) (2,981 ) (1,053 ) (4,034 ) (3,833 ) (2,793 ) (6,626 ) Carrying amount 147,019 174,197 321,216 146,167 172,457 318,624 Effective interest rate (2) 3.83% 5.26% 4.60% 3.83% 5.26% 4.60% (1) Unamortized issuance costs increased by $119 upon the early adoption of ASU 2020-06 (2) Includes amortization of the issuance costs and premium. On January 1, 2021, the Company early adopted ASU 2020-06, Interest expense on the Convertible Notes during the years ended December 31, 2022 and 2021 was $14,935 and $12,332, respectively. Interest expense on the 2020 Notes during the year ended December 31, 2020 was $5,582. Interest payable of $621 and $590 at December 31, 2022 and 2021, respectively, 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 $320,513 and $360,571 at December 31, 2022 and 2021, respectively. The if-converted if-converted |
Preferred Shares
Preferred Shares | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Preferred Shares | 13. 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 shares of Series A Non-Voting Convertible Preferred Stock (the “Preferred Shares”), which are convertible into an aggregate of shares of common stock. The fair value of this consideration was $ , based on the closing price of the Company’s common stock on April 10, 2018 of $ per share, the trading day prior to the closing of the acquisition. The following is a summary of the Preferred Share balance: December 31, 2022 December 31, Issuance of Preferred Shares $ 132,750 $ 132,750 Less: Issuance costs (181 ) (181 ) 2 Preferred Shares—carrying value $ 132,569 $ 132,569 2 Cash dividends declared per share (quarterly) $ 0.03 $ 0.03 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 day period ending on the date of such attempted conversion or change of control, as applicable, multiplied by 1,000. Such redemption payment will be made in one payment no later than 10 business days following the last day of the Company’s first fiscal quarter that begins on a date following the date ETFS Capital exercises such redemption right. The redemption value of the Preferred Shares was $ and $ at December 31, 2022 and 2021, respectively. The carrying amount of the Preferred Shares was not adjusted as it was not probable that the Preferred Shares would become redeemable. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Lessee Disclosure [Abstract] | |
Leases | 14. Leases The Company has entered into operating leases for its corporate headquarters 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, 2022 2021 Lease cost: Operating lease cost $ 963 $ 1,950 Short-term lease cost 223 205 Total lease cost $ $ Other information: Cash $ 965 $ 15,560 Right-of-use n/a n/a Weighted-average remaining lease term (in years)—operating leases 1.2 1.5 Weighted-average discount rate—operating leases 6.4% 4.4% 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. On September 9, 2021, the Company entered into a Surrender Agreement to terminate the lease for its principal executive office at 245 Park Avenue, New York, New York effective immediately. In consideration for the landlord’s agreement to enter into the Surrender Agreement and accelerate the expiration date of the term of the lease from August 31, 2029, the Company paid a termination fee of $12,725. As a result, the Company recognized a loss on the termination of a lease of $9,277 during the year ended December 31, 2021, which was inclusive of the write-off right-of-use 26 Additionally, the Company recognized an impairment loss of $303 resulting from the derecognition of a right-of-use The Company’s leases also included 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, 2022 with respect to the Company’s operating lease liabilities: 2023 $ 1,125 2024 398 2025 — 2026 — 2027 — 2028 and thereafter — Total future minimum lease payments (undiscounted) $ The following table reconciles the future minimum lease payments (disclosed above) at December 31, 2022 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets: Amounts recognized in the Company’s Consolidated Balance Sheets Lease liability—short term $ 1,125 Lease liability—long term 339 Subtotal 1,464 Difference between undiscounted and discounted cash flows 59 Total future minimum lease payments (undiscounted) $ |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 15. 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 Wi sdomTre In February 2022, the Court of Udine ruled in the Company’s favor. Also in February 2022, WMAI, WTMAML, WTUK and WT Ireland were served with another writ of summons to appear before the Court of Milan by additional investors seeking damages resulting from the closure of 3OIL. In March 2022, WMAI and WTUK were served with writs of summons to appear before the Court of Turin and the Court of Milan by additional investors seeking damages. These writs also were served on the intermediary brokers for the respective claimants, with the claimants alleging joint and several liability of WMAI, WTUK and such intermediary brokers. Total damages sought by all investors are approximately €15,800 ($16,870) at December 31, 2022. The Company is currently assessing these claims with its external counsel. An accrual has not been made with respect to these matters at December 31, 2022 and 2021. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entities | 16. 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 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, 2022 December 31, 2021 Carrying Amount—Assets (Securrency): Preferred stock—Series A Shares 8,488 8,488 Preferred stock—Series B Shares 5,500 5,500 Convertible note 14,500 — Subtotal—Securrency 28,488 13,988 Carrying Amount—Assets (Fnality): Convertible note 6,921 — Carrying Amount—Assets (Other investments): 312 250 Total (Note 8) 35,721 14,238 Maximum exposure to loss |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | 17. Revenues from Contracts with Customers The following table presents the Company’s total revenues from contracts with customers: Years Ended December 31, 2022 2021 2020 Revenues from contracts with customers: Advisory fees 293,632 298,052 246,395 Other 7,713 6,266 3,517 Total operating revenues The Company recognizes revenues from contracts with customers when the performance obligation is satisfied, which is when the promised services are transferred to the customer. A service is considered to be transferred when the customer obtains control, which is represented by the transfer of rights with regard to the 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 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 18 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, 2022 2021 2020 Revenues from contracts with customers: United States $ 184,036 $ 179,016 $ 142,074 Jersey 103,692 114,623 103,061 Ireland 13,617 10,679 4,412 Canada (Note 3) — — 365 Total operating revenues $ $ $ |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. 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 in the Consolidated Balance Sheets: December 31, 2022 2021 Receivable from WTT 16,399 15,987 Receivable from ManJer Issuers 4,485 6,460 Receivable from WMAI and WTICAV 3,255 3,181 Total 25,628 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, 2022 2021 2020 Advisory services provided to WTT $ 183,409 $ 178,511 $ 141,079 Advisory services provided to ManJer Issuers 96,606 108,862 94,199 Advisory services provided to WMAI and WTICAV 13,617 10,679 10,124 Advisory services provided to WTCS — — 628 Advisory services provided to WTAMC — — 365 Total $ $ $ Pursuant to a license agreement between WisdomTree, Inc. (“WTI”) and WML to provide indices for a number of the sub-funds of WTICAV, WTI earned revenue amounting to €642 ($671), €612 ($710) and €313 ($429) for the years ended December 31, 2022, 2021 and 2020, respectively, which has been eliminated in consolidation. No other revenue was earned by WTI from license agreements to provide indices for use in the European Union during 2022, 2021 or 2020. The Company also has investments in certain WisdomTree products of approximately $25,283 and $18,526 at December 31, 2022 and 2021, respectively. Net unrealized and realized losses and gains related to trading WisdomTree products during the years ended December 31, 2022, 2021 and 2020 w ere $(107), ($451) and $63, respectively, which are recorded in other losses and gains, net on the Consolidated Statements of Operations. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | 19. Stock-Based Awards On July 15, 2022, the Company’s stockholders approved the 2022 Equity Plan under which the Company may issue up to 16,000,000 shares of common stock (less one share for every share granted under the 2016 Equity Plan since March 31, 2022 and inclusive of shares available under the 2016 Equity Plan as of March 31, 2022) 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, on an annual basis, 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: th granted will vest; • If the relative TSR is above the 25th percentile, then linear scaling is applied such that the percent of the target number of PRSUs vesting is 100% at the 50th percentile and capped at 200% of the target number of PRSUs granted for performance at the 85th percentile (or 100th percentile for grants made during 2019 and 2020) ; and • If the Company’s TSR is negative, the target number of PRSUs vesting is capped at 100% regardless of the relative TSR percentile. Durin g the years ended December 31, 2022, 2021 and 2020, total stock-based compensation expense was $10,385, $9,998 and $11,706, respectively, and the related tax benefit recognized on the Consolidated Statements of Operations was $2,371, $2,327 and $2,739, respectively. The actual tax benefit realized for the tax deductions for share-based compensation was $1,548, $2,032 and $833 during the years ended December 31, 2022, 2021 and 2020, respectively. A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows: December 31, 2022 Unrecognized Stock- Weighted-Average Employees and directors 12,536 1.38 Stock Options A summary of option activity is as follows: Options Weighted-Average Outstanding January 1, 2020 $ Forfeitures/expirations (63,536 ) 2.49 Exercised (117,000 ) 4.81 Outstanding at December 31, 2020 305,000 $ 5.68 Forfeitures/expirations (162,500 ) 5.72 Exercised (142,500 ) 5.64 Outstanding at December 31, 2021 — $ — There was no option activity during the year ended December 31, 2022. The total intrinsic value of options exercised during the years ended December , and was $ and $ , respectively. Cash received from option exercises during the years ended December , and was $ and $ , respectively. RSAs, RSUs and PRSUs The aggregate fair value of RSAs, RSUs and PRSUs that vested during the years ended December 31, 2022, 2021 and 2020 was $9,466, $10,940 and $4,783, respectively. A summary of activity is as follows: RSA RSU PRSU (1) Shares Weighted Shares Weighted Shares Weighted Unvested Balance at January 1, 2020 3,244,558 7.29 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 Granted 1,642,266 5.46 31,170 5.43 257,043 (2) 6.49 Vested (1,897,699 ) 5.78 (15,136 ) 4.73 — — Forfeited (288,405 ) 5.11 (452 ) 5.37 (47,669 ) 5.74 Unvested Balance at December 31, 2021 3,036,905 5.20 54,990 4.93 550,686 5.73 Granted 2,170,432 5.71 116,247 5.18 319,838 (2) 6.80 Vested (1,621,201 ) 5.31 (27,894 ) 5.10 (202,336 ) 6.24 Forfeited (195,054 ) 5.43 (1,380 ) 5.73 — — Unvested Balance at December 31, 2022 3,391,082 5.46 141,963 5.09 668,188 6.09 (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 average stock prices; (ii) valuation date stock prices; (iii) correlation coefficients based upon the price data used to calculate the historical volatilities; and (iv) the following additional assumptions: Granted in Granted in Granted in Historical stock price volatility (low) 33 % 34 % 21 % Historical stock price volatility (high) 57 % 57 % 36 % Historical stock price volatility (average) 44 % 44 % 26 % Risk free interest rate 1.28 % 0.17 % 1.47 % Expected dividend yield 0.00 % 0.00 % 0.00 % |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 20. 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, 2022 2021 2020 $ 1,342 1,080 974 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 21. Earnings Per Share The following tables set forth reconciliations of the basic and diluted earnings/(loss) per share computations for the periods presented: Years Ended December 31, 2022 2021 2020 Basic Earnings/(Loss) per Share Net income/(loss) $ 50,684 $ 49,797 $ (35,655 ) Less: Income distributed to participating securities (2,186 ) (2,168 ) (2,216 ) Less: Undistributed income allocable to participating securities (3,528 ) (3,378 ) — Net income/(loss) available to common stockholders—Basic EPS $ 44,970 $ 44,251 $ (37,871 ) Weighted average common shares (in thousands) 143,020 143,847 148,682 Basic income/(loss) per share $ 0.31 $ 0.31 $ (0.25 ) Years Ended December 31, 2022 2021 2020 Diluted Earnings/(Loss) per Share Net income/(loss) available to common stockholders 44,970 44,251 (37,871 ) Add back: Undistributed income allocable to participating securities 3,528 3,378 — Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive (3,522 ) (3,353 ) — Net income/(loss) available to common stockholders—Diluted EPS 44,976 44,276 (37,871 ) Weighted Average Diluted Shares (in thousands): Weighted average common shares 143,020 143,847 148,682 Dilutive effect of common stock equivalents, excluding participating securities 275 1,208 — Weighted average diluted shares, excluding participating securities (in thousands) 143,295 145,055 148,682 Diluted income/(loss) per share 0.31 0.31 (0.25 ) Diluted earnings /(loss) per share presented above is calculated using the two-class method as this method results in the lowest diluted earnings per share amount for common stock. Total antidilutive non-participating common stock equivalents were , and during the years ended December , , and , respectively (shares herein are reported in thousands). During the year ended December , , there were dilutive common stock equivalents as the Company reported a net loss for the period. There were no associated with the conversion option embedded in the Convertible Notes included in weighted average diluted shares for the year ended December 31, 2022 and 2020 as the Company’s average stock price was lower than the conversion price. Potential common shares associated with the conversion option embedded in the Convertible Notes for the year ended December 31, 2021 were 1,186 (shares herein are reported in thousands). The following table reconciles weighted average diluted shares as reported on the Company’s Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above: Years Ended December 31, 2022 2021 2020 Reconciliation of Weighted Average Diluted Shares (in thousands) Weighted average diluted shares as disclosed on the Consolidated Statements of Operations (1) Less: Participating securities: Weighted average shares of common stock issuable upon conversion of the (14,750 ) (14,750 ) — Potentially dilutive restricted stock awards (869 ) (1,458 ) — Weighted average diluted shares used to calculate diluted earnings/(loss) per share 143,295 145,055 148,682 (1) (1) Excludes 15,122 participating securities for the year ended December 31, 2020 and 6 potentially dilutive common stock equivalents as the Company reported a net loss for the period (shares herein are reported in thousands). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 22. Income Taxes Income/(loss ) before Income Tax Expense – The U.S. and foreign components of income/(loss) before income tax expense for the years ended December 31, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 2021 2020 U.S. (4,067 ) 15,986 $ (5,187 ) Foreign 44,017 40,685 (30,035 ) Total 39,950 56,671 (35,222 ) 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, 2022, 2021 and 2020 are as follows: Years Ended December 31, 2022 2021 2020 Current: Federal $ 4,685 $ 5,857 $ 3,670 State and local Foreign (15,538 ) (837 ) (1,877 ) $ (9,438 ) $ 6,558 $ 2,625 Deferred: Federal $ (6 ) $ (1,217 ) $ 60 State and local (1 ) (251 ) 13 Foreign (1,289 ) 1,784 (2,265 ) $ (1,296 ) $ 316 $ (2,192 ) Income tax expense/(benefit) $ (10,734 ) $ 6,874 $ 433 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, 2022 2021 2020 U.S. federal statutory income tax (7,397 ) Decrease in unrecognized tax benefits, net (19,871 ) (4,998 ) (5,661 ) Change in valuation allowance – Capital losses 4,761 5 4,448 Change in tax-related 4,173 1,053 1,189 Foreign operations (2,919 ) (3,211 ) (3,342 ) Change in valuation allowance—Foreign net operating losses (“NOLs”) and (1,609 ) — (2,018 ) (Gain)/loss on revaluation of deferred consideration (1) (5,842 ) (424 ) 11,929 GILTI 499 — — Non-deductible 789 881 399 Stock-based compensation tax shortfalls 507 647 1,485 Blended state income tax rate, net of federal benefit (134 ) 526 (171 ) Non-taxable — — (740 ) Other differences, net 526 494 312 Income tax expense/(benefit) (10,734 ) 6,874 433 (1) The (gain)/loss on revaluation of deferred consideration 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, 2022, 2021 and 2020 is as follows: Years Ended December 31, 2022 2021 2020 Federal 6,424 4,258 4,470 State and local 1,431 1,020 1,353 Foreign 4,645 3,178 4,308 Deferred Tax Assets A summary of the components of the Company’s deferred tax assets at December 31, 2022 and 2021 is as follows: 2022 2021 Deferred tax assets: Capital losses 17,541 16,601 Accrued expenses 6,030 4,993 Unrealized losses 3,821 614 NOLs—Foreign 1,609 1,934 Stock-based compensation 1,526 1,359 Goodwill and intangible assets 1,085 1,276 Operating lease liabilities 313 — NOLs—U.S. 255 382 Foreign currency translation adjustment 173 — Outside basis differences 122 122 Interest carryforwards — 437 Other 341 376 Deferred tax assets 32,816 28,094 Deferred tax liabilities: Fixed assets and prepaid assets 278 257 Foreign currency translation adjustment — 181 Unremitted earnings—European subsidiaries 205 118 Right of use assets—operating leases 313 — Deferred tax liabilities 796 556 Total deferred tax assets less deferred tax liabilities 32,020 27,538 Less: Valuation allowance (21,484 ) (18,657 ) Deferred tax assets, net 10,536 8,881 Net Operating and Capital Losses – U.S. The Company’s tax effected net operating losses (“NOLs”) at December 31, 2022 were $255, 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, 2022 were $17,541. These capital losses expire between the years 2023 and 2027. Net Operating Losses – Europe One of the Company’s European subsidiaries generated NOLs outside the U.S. These tax effected NOLs, all of which are carried forward indefinitely, were $1,609 at December 31, 2022. Valuation Allowance The Company’s valuation allowance has been established on its net capital losses, unrealized losses and outside basis differences, as it is more-likely-than-not that these deferred tax assets will not be realized. During the year ended December 31, 2022, the Company released the valuation allowance on its European net operating losses of $ as it is more-likely-than-not that these deferred tax assets will be realized. Uncertain Tax Positions Tax positions 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 Company also recorded an offsetting indemnification asset provided by ETFS Capital as part of its agreement to indemnify the Company for any potential claims. The table below sets forth the aggregate changes in the balance of these gross unrecognized tax benefits: Total Unrecognized Interest and Balance at January 1, 2021 27,016 21,850 5,166 Decrease—Lapse of statute of limitations (1) (5,171 ) (3,559 ) (1,612 ) Increases 173 — 173 Foreign currency translation (2) (93 ) (73 ) (20 ) Balance at December 31, 2021 Decrease—Settlements (1) (13,052 ) (11,865 ) (1,187 ) Decrease—Lapse of statute of limitations (1) (6,845 ) (4,825 ) (2,020 ) Increases 26 — 26 Foreign currency translation (2) (701 ) (571 ) (130 ) Balance at December 31, 2022 1,353 957 396 (1) In January (2) The gross unrecognized tax benefits were accrued in British pounds. The gross unrecognized tax benefits and interest and penalties totaling $1,353 and $21,925 at December 31, 2022 and 2021, respectively, are included in other non-current 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. As of December 31, 2022, with few exceptions, the Company was no longer subject to income tax examinations by any taxing authority for the years before 2018. ManJer’s tax returns (a Jersey-based subsidiary) were previously under review for the years ended December 31, 2014, 2016, 2017 and 2018. In January 2022, the audit was resolved in favor of ManJer. In addition, the Company’s tax returns were previously under review by the State of Michigan for the years ended 2017 through 2020. In August 2022, the audit was resolved in favor of the Company. Undistributed Earnings of Foreign Subsidiaries ASC 740-30 Income Taxes |
Shares Repurchased
Shares Repurchased | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Shares Repurchased | 23. Shares Repurchased On February 22, 2022, the Company’s Board of Directors approved an increase of $85,709 to the Company’s share repurchase program to $100,000 and extended the term for three years through April 27, 2025. Included under the Company’s share repurchase 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, 2022, 2021 and 2020, the Company repurchased 593,261, 5,120,496 and 8,234,324 shares of its common stock, respectively, under this program for an aggregate cost of $3,418, $34,506 and $31,197, 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, 2022, $99,976 remained under this program for future purchases. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 24. 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, 2022 $ 85,856 Changes — Balance at December 31, 2022 $ Goodwill was tested for impairment on November 30, 2022. The quantitative 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 U.K . The remainder of the goodwill is deductible for U.S. tax purposes. Intangible Assets The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30 th : Item Gross Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 2,370 (50 ) 2,320 Balance at December 31, 2022 $ 603,617 $ (50 ) $ 603,567 ETFS Acquisition (Indefinite-Lived) In connection with the ETFS Acquisition, which was completed on April 11, 2018, the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. These 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, 2022. 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 8% (5% weighted average) and a weighted average cost of capital of 11.0%. Software Development (Finite-Lived) Internally-developed software is amortized over a useful life of three years. During the year ended December 31, 2022, the Company recognized amortization expense on internally-developed software of $50. As of December 31, 2022, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows: 2023 $ 700 2024 790 2025 740 2026 90 2027 — 2028 and thereafter — Total expected amortization expense $ The weighted-average remaining useful life of the finite-lived intangible assets is 2.9 years. |
Contingent Payments
Contingent Payments | 12 Months Ended |
Dec. 31, 2022 | |
Contingent Payments [Abstract] | |
Contingent Payments | 25. Contingent Payments AdvisorEngine – Sale of Financial Interests On May 4, 2020, the Company closed a transaction to exit its investment in AdvisorEngine. The fair value of upfront consideration paid to the Company was $9,592. Consideration also included 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. No value has been ascribed to these contingent payments at December 31, 2022 and 2021 and no contingent payments have been received during the last three years. 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 was paid CDN $3,000 (USD $2,360) of additional cash consideration based upon the achievement of certain AUM growth targets as determined on the 18-month The Company may receive additional cash consideration of CDN $0 to $4,000 depending on the achievement of certain AUM growth targets as determined on the 36-month In connection with this sale, the Company recognized a gain of $2,877 during the year ended December 31, 2020. This gain represented the difference between the minimum cash consideration payable to the Company and the carrying value of WTAMC’s net assets upon disposition. A gain of $787 was recognized during the year ended December 31, 2021, from remeasuring the contingent payment to its realizable value. These gains were recorded in other losses and gains, net. |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Impairments | 26. Impairments The following table summarizes impairments recognized by the Company: Years Ended December 31, 2022 2021 2020 Lease termination–New York office (Note 14 $ — $ 9,277 $ — Fixed assets–New York office (Note 9 — 6,576 — Lease termination–London office (Note 14 — 303 — AdvisorEngine–Financial interests — — 19,672 Thesys–Series Y Preferred — — 3,080 Total $ — $ 16,156 $ 22,752 AdvisorEngine During the year ended December 31, 2020, the Company recognized an impairment of $19,672 to adjust the carrying value of its previously held financial interests in AdvisorEngine to fair value. Fair value was subsequently adjusted during the year ended December 31, 2020 by recognizing a gain of $1,093 in other losses and gains, net. These fair value adjustments were based upon the final sale terms as disclosed above (Note 25 Thesys During the year ended December 31, 2020, the Company recognized an impairment of $3,080 on its Series Preferred shares in Thesys, as the investment had underperformed financially when assessed against prior expectations, resulting in a carrying value of $0 at December 31, 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 27. Subsequent Events The Company evaluated subsequent events through the date of issuance of the accompanying consolidated financial statements. On February 1 4 in 5.75% Convertible Senior Notes Trust Company, deducting the initial purchaser’s discount and estimated offering expenses. In connection with the issuance, the Company repurchased $115,000 of aggregate principal amount of its 2020 Notes for $125,118. As a result of during the three months ended March 31, 2023 . Key terms of the 2023 Notes are as follows: Maturity date (unless earlier converted, repurchased or redeemed) August 15, 2028 Interest rate 5.75 % Conversion price $ 9.54 Conversion rate 104.8658 Redemption price $ 12.40 • Interest rate: year , beginning on August 15, 2023 . • Conversion price: • Conversion: during any calendar quarter commencing after the calendar quarter ending on June 30, 2023 (and only during such calendar quarter), (whether or not consecutive) i five business day ten consecutive trading 2023 indenture 2023 2023 • Cash settlement: cash amount • Redemption price: . • Limited investor put rights: • Conversion rate increase in certain customary circumstances: indenture • Seniority and Security: |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 |
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 VOE or VIE when certain reconsideration events occur. |
Segment and Geographic Information | Segment and Geographic Information 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. |
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 Income/(Loss) as a component of other comprehensive (loss)/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 10 |
Marketing and Advertising | Marketing and Advertising Marketing and advertising costs, including media advertising and production costs, are expensed when incurred. |
Depreciation and Amortization | Depreciation and Amortization Depreciation and amortization is provided for using the straight-line method over the estimated useful lives of the related assets as follows: Equipment 3 Internally-developed software 3 The assets listed above 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, by applying historical loss rates, adjusted for current conditions and reasonable and supportable forecasts to amounts outstanding using the aging method. |
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. |
Financial Instruments Owned and Financial Instruments Sold, but Not yet Purchased (at Fair Value) | Financial Instruments Owned and Financial Instruments Sold, but Not yet Purchased (at Fair Value) Financial instruments owned and financial instruments sold, but not yet purchased are financial instruments 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 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 in Accounting Standards Codification (“ASC”) Topic 321, Investments – Equity Securities Inve |
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, to occur. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Goodwill is allocated to the Company’s U.S. business and European business components. 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. Goodwill is assessed for impairment annually on November 30 th |
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 |
Software Development Costs | Software Development Costs Software development costs incurred after the preliminary project stage is complete are capitalized if it is probable that the project will be completed and the software will be used as intended. Capitalized costs consist of employee compensation costs and fees paid to third parties who are directly involved in the application development efforts and are included in intangible assets, net in the Consolidated Balance Sheets. Such |
Leases | Leases The Company accounts for its lease obligations in accordance with ASC Topic 842 , Leases (“ASC 842 ”), which requires the recognition of both (i) a lease liability equal to the present value of the remaining lease 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 |
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 10). Changes in the fair value of this obligation are reported as gain/(loss) on revaluation of deferred consideration—gold payments in the Consolidated Statements of Operations. |
Convertible Notes | Convertible Notes Convertible notes are carried at amortized cost, net of issuance costs. In accordance with Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options |
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. |
Contingent Payments | Contingent Payments The Company recognizes a gain on contingent payments when the contingency is resolved and the gain is realized. |
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 participating securities and are included in the computation of EPS pursuant to the 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 more-likely-than-not Tax positions are evaluated utilizing a two-step more-likely-than-not The Global Intangible Low-Taxed Non-income |
Recently Adopted Accounted Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2021, the Company early adopted ASU 2020-06, Debt – earnings-per-share paid-in On January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting Income 2019-12). the f ollowing year-to-date non-income-based |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Related Assets | Depreciation and amortization is provided for using the straight-line method over the estimated useful lives of the related assets as follows: Equipment 3 Internally-developed software 3 |
Exit Activities (Tables)
Exit Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exit Activities [Abstract] | |
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, 2022 2021 2020 WTAMC $ — $ — $ 428 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, there were no transfers between Levels 2 and 3. December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 930 $ 930 $ — $ — Financial instruments owned, at fair value ETFs 23,772 23,772 — — U.S. treasuries 2,980 2,980 — — Pass-through GSEs 96,837 23,290 73,547 — Corporate bonds 885 — 885 — Other assets—seed capital 1,765 — 1,765 — Investments in Convertible Notes Securrency, Inc.—convertible note (Note 8) 14,500 — — 14,500 Fnality International Limited—convertible note (Note 8) 6,921 — — 6,921 Total $ $ $ $ 21,421 Non-recurring Other investments (1) $ 312 $ — $ — $ 312 Liabilities: Recurring fair value measurements: Deferred consideration (Note 10) $ 200,290 $ — $ — $ (1) Fair value determined on May 10, 2022. December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Recurring fair value measurements: Cash equivalents $ 11,488 $ 11,488 $ — $ — Financial instruments owned, at fair value ETFs 18,812 18,812 — — Pass-through GSEs 106,245 24,720 81,525 — Corporate bonds 2,109 — 2,109 — Total $ $ $ $ — Non-recurring Securrency, Inc.—Series A convertible preferred stock (1) $ 8,488 $ — $ — $ 8,488 Liabilities: Recurring fair value measurements: Deferred consideration (Note 10) $ 228,062 $ — $ — $ (1) Fair value of $8,488 and $8,349 determined on June 9, 2021 and March 8, 2021, respectively (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 December 31, 2022 2021 Investments in Convertible Notes (Note 8) Beginning balance — — Purchases 21,863 — Net unrealized losses (1) (442 ) — Ending balance $ 21,421 $ — Deferred Consideration (Note 10) Beginning balance $ 228,062 $ 230,137 Net realized losses (2) 17,108 17,096 Net unrealized gains (3) (27,765 ) (2,018 ) Settlements (17,115 ) (17,153 ) Ending balance $ $ ( 1) Recorded in other losses and gains, net in the Consolidated Statements of Operations. (2) Recorded as contractual gold payments expense in the Consolidated Statements of Operations. (3) Recorded as gain on revaluation of deferred consideration—gold payments in the Consolidated Statements of Operations. |
Financial instruments owned (Ta
Financial instruments owned (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract] | |
Schedule Of Trading Securities And Other Trading Assets | These instruments consist of the following: December 31, December 31, Financial instruments owned Trading securities 124,474 127,166 Other assets—seed capital 1,765 — |
Securities Held-to-Maturity (Ta
Securities Held-to-Maturity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) $ $ |
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, 2022 2021 Cost/amortized cost 259 $ 308 Gross unrealized losses (20 ) — Gross unrealized gains — 13 Fair value $ $ |
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, 2022 2021 Due within one year $ — $ — Due one year through five years — — Due five years through ten years 27 — Due over ten years 232 308 Total $ $ |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment [Line Items] | |
Investments | The following table sets forth the Company’s investments: December 31, 2022 December 31, 2021 Carrying Cost Carrying Cost Securrency, Inc.—Series A convertible preferred stock $ 8,488 $ 8,112 $ 8,488 8,112 Securrency, Inc.—Series B convertible preferred stock 5,500 5,500 5,500 5,500 Securrency, Inc.—convertible note 14,500 15,000 — — Subtotal—Securrency, Inc. $ 28,488 $ 28,612 $ 13,988 $ 13,612 Fnality International Limited—convertible note 6,921 6,863 — — Other investments 312 250 250 250 |
Summary of Inputs Used in Backsolve Valuation Approach of Investment in currency | The table below presents the inputs used in the backsolve valuation approach (classified as Level 3 in the fair value hierarchy): Inputs June 9, 2021 March 8, 2021 Expected volatility 50% 55% Time to exit (in years) 4.75 5.00 |
Securrency Convertible Note [Member] | |
Investment [Line Items] | |
Summary of Inputs Used in PWERM Approach of Investment | The table below presents the probability ascribed to potential outcomes used in the PWERM (classified as Level 3 in the fair value hierarchy) and the time to exit: December 31, 2022 Conversion of note upon a future equity financing 60% Redemption of note upon a corporate transaction 25% Default 15% Time to potential outcome (in years) 0.33 |
Fnality Convertible Note [Member] | |
Investment [Line Items] | |
Summary of Inputs Used in PWERM Approach of Investment | The table below presents the probability ascribed to potential outcomes used in the PWERM (classified as Level 3 in the fair value hierarchy) and the time to exit: December 31, 2022 Conversion of note upon a future financing round 85% Redemption of note upon a change of control 10% Default 5% Time to potential outcome (in years) 0.25 |
Fixed Assets, net (Tables)
Fixed Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | The following table summarizes fixed assets: December 31, 2022 2021 Equipment Less: accumulated depreciation (418 ) (227 ) Total 544 557 |
Deferred Consideration (Tables)
Deferred Consideration (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of valuation of deferred consideration | The Company determined the present value of the deferred consideration of $200,290 and $228,062 at December 31, 2022 and 2021 using the following assumptions: December 31, December 31, Forward-looking gold price (low)—per ounce $ $ Forward-looking gold price (high)—per ounce $ 3,126 $ 2,705 Forward-looking gold price (weighted average)—per ounce $ 2,237 $ 2,106 Discount rate 11.0% 9.0% Perpetual growth rate 1.3% 1.0% |
Schedule of Deferred Consideration | During the years ended December 31, 2022 and 2021, the Company recognized the following in respect of deferred consideration: Years Ended December 31, 2022 2021 2020 Contractual gold payments $ $ $ 16,811 Contractual gold payments—gold ounces paid 9,500 9,500 9,500 Gain/(loss) on revaluation of deferred consideration—gold payments (1) $ 27,765 $ 2,018 $ (56,821 ) (1) Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations. |
Convertible Notes (Table)
Convertible Notes (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of key terms of convertible notes | Key terms of the Convertible Notes are as follows: 2021 Notes 2020 Notes Maturity date (unless earlier converted, repurchased or redeemed) June 15, 2026 June 15, 2023 Interest rate 3.25% 4.25% Conversion price $11.04 $5.92 Conversion rate 90.5797 168.9189 Redemption price $14.35 $7.70 |
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, 2022 and 2021: December 31, 2022 December 31, 2021 2021 Notes 2020 Notes Total 2021 Notes 2020 Notes Total Principal amount 150,000 175,000 325,000 150,000 175,000 325,000 Plus: Premium — 250 250 — 250 250 Gross proceeds 150,000 175,250 325,250 150,000 175,250 325,250 Less: Unamortized issuance costs (1) (2,981 ) (1,053 ) (4,034 ) (3,833 ) (2,793 ) (6,626 ) Carrying amount 147,019 174,197 321,216 146,167 172,457 318,624 Effective interest rate (2) 3.83% 5.26% 4.60% 3.83% 5.26% 4.60% (1) Unamortized issuance costs increased by $119 upon the early adoption of ASU 2020-06 (2) Includes amortization of the issuance costs and premium. |
Preferred Shares (Tables)
Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of Preferred Share Balance | The following is a summary of the Preferred Share balance: December 31, 2022 December 31, Issuance of Preferred Shares $ 132,750 $ 132,750 Less: Issuance costs (181 ) (181 ) 2 Preferred Shares—carrying value $ 132,569 $ 132,569 2 Cash dividends declared per share (quarterly) $ 0.03 $ 0.03 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Lease cost: Operating lease cost $ 963 $ 1,950 Short-term lease cost 223 205 Total lease cost $ $ Other information: Cash $ 965 $ 15,560 Right-of-use n/a n/a Weighted-average remaining lease term (in years)—operating leases 1.2 1.5 Weighted-average discount rate—operating leases 6.4% 4.4% |
Schedule of Future Minimum Lease Payments | The following table discloses future minimum lease payments at December 31, 2022 with respect to the Company’s operating lease liabilities: 2023 $ 1,125 2024 398 2025 — 2026 — 2027 — 2028 and thereafter — Total future minimum lease payments (undiscounted) $ |
Schedule of Reconciliation of Future Minimum Lease Payments to Balance Sheet | The following table reconciles the future minimum lease payments (disclosed above) at December 31, 2022 to the operating lease liabilities recognized in the Company’s Consolidated Balance Sheets: Amounts recognized in the Company’s Consolidated Balance Sheets Lease liability—short term $ 1,125 Lease liability—long term 339 Subtotal 1,464 Difference between undiscounted and discounted cash flows 59 Total future minimum lease payments (undiscounted) $ |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Variable Interests in Non-consolidated VIEs | The following table presents information about the Company’s variable interests in non-consolidated December 31, 2022 December 31, 2021 Carrying Amount—Assets (Securrency): Preferred stock—Series A Shares 8,488 8,488 Preferred stock—Series B Shares 5,500 5,500 Convertible note 14,500 — Subtotal—Securrency 28,488 13,988 Carrying Amount—Assets (Fnality): Convertible note 6,921 — Carrying Amount—Assets (Other investments): 312 250 Total (Note 8) 35,721 14,238 Maximum exposure to loss |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Revenues from contracts with customers: Advisory fees 293,632 298,052 246,395 Other 7,713 6,266 3,517 Total operating revenues |
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, 2022 2021 2020 Revenues from contracts with customers: United States $ 184,036 $ 179,016 $ 142,074 Jersey 103,692 114,623 103,061 Ireland 13,617 10,679 4,412 Canada (Note 3) — — 365 Total operating revenues $ $ $ |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 in the Consolidated Balance Sheets: December 31, 2022 2021 Receivable from WTT 16,399 15,987 Receivable from ManJer Issuers 4,485 6,460 Receivable from WMAI and WTICAV 3,255 3,181 Total 25,628 |
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, 2022 2021 2020 Advisory services provided to WTT $ 183,409 $ 178,511 $ 141,079 Advisory services provided to ManJer Issuers 96,606 108,862 94,199 Advisory services provided to WMAI and WTICAV 13,617 10,679 10,124 Advisory services provided to WTCS — — 628 Advisory services provided to WTAMC — — 365 Total $ $ $ |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Unrecognized Stock- Weighted-Average Employees and directors 12,536 1.38 |
Summary of Option Activity | A summary of option activity is as follows: Options Weighted-Average Outstanding January 1, 2020 $ Forfeitures/expirations (63,536 ) 2.49 Exercised (117,000 ) 4.81 Outstanding at December 31, 2020 305,000 $ 5.68 Forfeitures/expirations (162,500 ) 5.72 Exercised (142,500 ) 5.64 Outstanding at December 31, 2021 — $ — |
Summary of Restricted Stock Activity | A summary of activity is as follows: RSA RSU PRSU (1) Shares Weighted Shares Weighted Shares Weighted Unvested Balance at January 1, 2020 3,244,558 7.29 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 Granted 1,642,266 5.46 31,170 5.43 257,043 (2) 6.49 Vested (1,897,699 ) 5.78 (15,136 ) 4.73 — — Forfeited (288,405 ) 5.11 (452 ) 5.37 (47,669 ) 5.74 Unvested Balance at December 31, 2021 3,036,905 5.20 54,990 4.93 550,686 5.73 Granted 2,170,432 5.71 116,247 5.18 319,838 (2) 6.80 Vested (1,621,201 ) 5.31 (27,894 ) 5.10 (202,336 ) 6.24 Forfeited (195,054 ) 5.43 (1,380 ) 5.73 — — Unvested Balance at December 31, 2022 3,391,082 5.46 141,963 5.09 668,188 6.09 (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 average stock prices; (ii) valuation date stock prices; (iii) correlation coefficients based upon the price data used to calculate the historical volatilities; and (iv) the following additional assumptions: |
Summary of Share Based Payment Awards Other Than OptionsValuation Assumptions | Granted in Granted in Granted in Historical stock price volatility (low) 33 % 34 % 21 % Historical stock price volatility (high) 57 % 57 % 36 % Historical stock price volatility (average) 44 % 44 % 26 % Risk free interest rate 1.28 % 0.17 % 1.47 % Expected dividend yield 0.00 % 0.00 % 0.00 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Summary of Discretionary Contributions | A summary of discretionary contributions made by the Company is as follows: Years Ended December 31, 2022 2021 2020 $ 1,342 1,080 974 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | The following tables set forth reconciliations of the basic and diluted earnings/(loss) per share computations for the periods presented: Years Ended December 31, 2022 2021 2020 Basic Earnings/(Loss) per Share Net income/(loss) $ 50,684 $ 49,797 $ (35,655 ) Less: Income distributed to participating securities (2,186 ) (2,168 ) (2,216 ) Less: Undistributed income allocable to participating securities (3,528 ) (3,378 ) — Net income/(loss) available to common stockholders—Basic EPS $ 44,970 $ 44,251 $ (37,871 ) Weighted average common shares (in thousands) 143,020 143,847 148,682 Basic income/(loss) per share $ 0.31 $ 0.31 $ (0.25 ) Years Ended December 31, 2022 2021 2020 Diluted Earnings/(Loss) per Share Net income/(loss) available to common stockholders 44,970 44,251 (37,871 ) Add back: Undistributed income allocable to participating securities 3,528 3,378 — Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive (3,522 ) (3,353 ) — Net income/(loss) available to common stockholders—Diluted EPS 44,976 44,276 (37,871 ) Weighted Average Diluted Shares (in thousands): Weighted average common shares 143,020 143,847 148,682 Dilutive effect of common stock equivalents, excluding participating securities 275 1,208 — Weighted average diluted shares, excluding participating securities (in thousands) 143,295 145,055 148,682 Diluted income/(loss) per share 0.31 0.31 (0.25 ) |
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, 2022, 2021 and 2020, which are determined pursuant to the treasury stock method, to the weighted average diluted shares used to calculate diluted earnings/(loss) per share as disclosed in the table above: Years Ended December 31, 2022 2021 2020 Reconciliation of Weighted Average Diluted Shares (in thousands) Weighted average diluted shares as disclosed on the Consolidated Statements of Operations (1) Less: Participating securities: Weighted average shares of common stock issuable upon conversion of the (14,750 ) (14,750 ) — Potentially dilutive restricted stock awards (869 ) (1,458 ) — Weighted average diluted shares used to calculate diluted earnings/(loss) per share 143,295 145,055 148,682 (1) (1) Excludes 15,122 participating securities for the year ended December 31, 2020 and 6 potentially dilutive common stock equivalents as the Company reported a net loss for the period (shares herein are reported in thousands). |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Domestic and Foreign Components of Income/Loss before Income Tax Expense | The U.S. and foreign components of income/(loss) before income tax expense for the years ended December 31, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 2021 2020 U.S. (4,067 ) 15,986 $ (5,187 ) Foreign 44,017 40,685 (30,035 ) Total 39,950 56,671 (35,222 ) |
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, 2022, 2021 and 2020 are as follows: Years Ended December 31, 2022 2021 2020 Current: Federal $ 4,685 $ 5,857 $ 3,670 State and local Foreign (15,538 ) (837 ) (1,877 ) $ (9,438 ) $ 6,558 $ 2,625 Deferred: Federal $ (6 ) $ (1,217 ) $ 60 State and local (1 ) (251 ) 13 Foreign (1,289 ) 1,784 (2,265 ) $ (1,296 ) $ 316 $ (2,192 ) Income tax expense/(benefit) $ (10,734 ) $ 6,874 $ 433 |
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, 2022 2021 2020 U.S. federal statutory income tax (7,397 ) Decrease in unrecognized tax benefits, net (19,871 ) (4,998 ) (5,661 ) Change in valuation allowance – Capital losses 4,761 5 4,448 Change in tax-related 4,173 1,053 1,189 Foreign operations (2,919 ) (3,211 ) (3,342 ) Change in valuation allowance—Foreign net operating losses (“NOLs”) and (1,609 ) — (2,018 ) (Gain)/loss on revaluation of deferred consideration (1) (5,842 ) (424 ) 11,929 GILTI 499 — — Non-deductible 789 881 399 Stock-based compensation tax shortfalls 507 647 1,485 Blended state income tax rate, net of federal benefit (134 ) 526 (171 ) Non-taxable — — (740 ) Other differences, net 526 494 312 Income tax expense/(benefit) (10,734 ) 6,874 433 (1) The (gain)/loss on revaluation of deferred consideration 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, 2022, 2021 and 2020 is as follows: Years Ended December 31, 2022 2021 2020 Federal 6,424 4,258 4,470 State and local 1,431 1,020 1,353 Foreign 4,645 3,178 4,308 |
Summary of Deferred Tax Asset Recorded | A summary of the components of the Company’s deferred tax assets at December 31, 2022 and 2021 is as follows: 2022 2021 Deferred tax assets: Capital losses 17,541 16,601 Accrued expenses 6,030 4,993 Unrealized losses 3,821 614 NOLs—Foreign 1,609 1,934 Stock-based compensation 1,526 1,359 Goodwill and intangible assets 1,085 1,276 Operating lease liabilities 313 — NOLs—U.S. 255 382 Foreign currency translation adjustment 173 — Outside basis differences 122 122 Interest carryforwards — 437 Other 341 376 Deferred tax assets 32,816 28,094 Deferred tax liabilities: Fixed assets and prepaid assets 278 257 Foreign currency translation adjustment — 181 Unremitted earnings—European subsidiaries 205 118 Right of use assets—operating leases 313 — Deferred tax liabilities 796 556 Total deferred tax assets less deferred tax liabilities 32,020 27,538 Less: Valuation allowance (21,484 ) (18,657 ) Deferred tax assets, net 10,536 8,881 |
Schedule of Changes in Balance of Gross Unrecognized Tax Benefits | The table below sets forth the aggregate changes in the balance of these gross unrecognized tax benefits: Total Unrecognized Interest and Balance at January 1, 2021 27,016 21,850 5,166 Decrease—Lapse of statute of limitations (1) (5,171 ) (3,559 ) (1,612 ) Increases 173 — 173 Foreign currency translation (2) (93 ) (73 ) (20 ) Balance at December 31, 2021 Decrease—Settlements (1) (13,052 ) (11,865 ) (1,187 ) Decrease—Lapse of statute of limitations (1) (6,845 ) (4,825 ) (2,020 ) Increases 26 — 26 Foreign currency translation (2) (701 ) (571 ) (130 ) Balance at December 31, 2022 1,353 957 396 (1) In January (2) The gross unrecognized tax benefits were accrued in British pounds. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 $ 85,856 Changes — Balance at December 31, 2022 $ |
Summary of Intangible Assets | Item Gross Accumulated Net Asset ETFS acquisition $ 601,247 $ — $ 601,247 Software development 2,370 (50 ) 2,320 Balance at December 31, 2022 $ 603,617 $ (50 ) $ 603,567 |
Summary of Unamortized Finite-lived Intangible Assets | As of December 31, 2022, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows: 2023 $ 700 2024 790 2025 740 2026 90 2027 — 2028 and thereafter — Total expected amortization expense $ |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Summary of Impairments Recognized | The following table summarizes impairments recognized by the Company: Years Ended December 31, 2022 2021 2020 Lease termination–New York office (Note 14 $ — $ 9,277 $ — Fixed assets–New York office (Note 9 — 6,576 — Lease termination–London office (Note 14 — 303 — AdvisorEngine–Financial interests — — 19,672 Thesys–Series Y Preferred — — 3,080 Total $ — $ 16,156 $ 22,752 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Schedule of Key terms of the 2023 Notes | Key terms of the 2023 Notes are as follows: Maturity date (unless earlier converted, repurchased or redeemed) August 15, 2028 Interest rate 5.75 % Conversion price $ 9.54 Conversion rate 104.8658 Redemption price $ 12.40 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Internally-developed software | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jan. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | |
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 2020-06 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reduction of interest expense per quarter | $ 420 | $ 1,680 | |
Reduction of accumulated deficit | $ 616 | ||
Increase in carrying value of convertible notes | 4,088 | ||
Decrease in additional paid in capital | 3,682 | ||
Decrease in deferred tax liability | $ 1,022 |
Exit Activities - Schedule of O
Exit Activities - Schedule of Operating Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
WTAMC [Member] | |||
Operating losses | $ 0 | $ 0 | $ 428 |
Exit Activities - Additional In
Exit Activities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Acquisition and disposition-related costs | $ 0 | $ 0 | $ 416 |
WisdomTree Asset Management Canada, Inc [Member] | |||
Acquisition and disposition-related costs | $ 416 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash equivalents | $ 930 | $ 11,488 |
Total cash and cash equivalents | 132,101 | 140,709 |
Two Financial Institutions [Member] | ||
Cash and cash equivalents | 131,104 | 127,328 |
European Business Segment [Member] | ||
Minimum level of regulatory net capital | $ 25,988 | $ 12,320 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | Dec. 31, 2021 |
Liabilities: | ||
Deferred consideration (Note 10) | $ 200,290 | $ 228,062 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 930 | 11,488 |
Total | 148,590 | 138,654 |
Liabilities: | ||
Deferred consideration (Note 10) | 200,290 | 228,062 |
Fair Value, Measurements, Recurring [Member] | Securrency Convertible Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 14,500 | |
Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 23,772 | 18,812 |
Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 96,837 | 106,245 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 885 | 2,109 |
Fair Value, Measurements, Recurring [Member] | U.S. treasuries | ||
Assets: | ||
Financial instruments owned, at fair value | 2,980 | |
Fair Value, Measurements, Recurring [Member] | Other Assets Seed Capital [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 1,765 | |
Fair Value, Measurements, Nonrecurring [Member] | Other Investments [Member] | ||
Assets: | ||
Investment owned, at fair value | 312 | |
Securrency - Series A convertible preferred stock | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Investment owned, at fair value | 8,488 | |
Fnality Convertible Note [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 6,921 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 930 | 11,488 |
Total | 50,972 | 55,020 |
Liabilities: | ||
Deferred consideration (Note 10) | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Securrency Convertible Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 0 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 23,772 | 18,812 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 23,290 | 24,720 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. treasuries | ||
Assets: | ||
Financial instruments owned, at fair value | 2,980 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other Assets Seed Capital [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | |
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Investments [Member] | ||
Assets: | ||
Investment owned, at fair value | 0 | |
Level 1 [Member] | Securrency - Series A convertible preferred stock | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Investment owned, at fair value | 0 | |
Level 1 [Member] | Fnality Convertible Note [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 0 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 76,197 | 83,634 |
Liabilities: | ||
Deferred consideration (Note 10) | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Securrency Convertible Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 0 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 73,547 | 81,525 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 885 | 2,109 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. treasuries | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Assets Seed Capital [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 1,765 | |
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Investments [Member] | ||
Assets: | ||
Investment owned, at fair value | 0 | |
Level 2 [Member] | Securrency - Series A convertible preferred stock | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Investment owned, at fair value | 0 | |
Level 2 [Member] | Fnality Convertible Note [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 0 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total | 21,421 | 0 |
Liabilities: | ||
Deferred consideration (Note 10) | 200,290 | 228,062 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Securrency Convertible Note [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | 14,500 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ETFs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Pass-through GSEs [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. treasuries | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other Assets Seed Capital [Member] | ||
Assets: | ||
Financial instruments owned, at fair value | 0 | |
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Investments [Member] | ||
Assets: | ||
Investment owned, at fair value | 312 | |
Level 3 [Member] | Securrency - Series A convertible preferred stock | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Investment owned, at fair value | $ 8,488 | |
Level 3 [Member] | Fnality Convertible Note [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investments in Convertible Notes | ||
Investments, Fair value disclosure | $ 6,921 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Categorization of Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 09, 2021 | Mar. 08, 2021 |
Securrency - Series A convertible preferred stock | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair value of convertible notes (Note XX) | $ 8,488 | $ 8,349 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Reconciliation of Recurring Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred consideration (Note XX) | ||
Beginning balance | $ 0 | $ 0 |
Purchases | 21,863 | 0 |
Net unrealized (gains)/losses | (442) | 0 |
Ending balance | 21,421 | 0 |
Deferred Consideration Obligation [Member] | ||
Deferred consideration (Note XX) | ||
Beginning balance | 228,062 | 230,137 |
Net realized losses | 17,108 | 17,096 |
Net unrealized (gains)/losses | (27,765) | (2,018) |
Settlements | (17,115) | (17,153) |
Ending balance | $ 200,290 | $ 228,062 |
Financial instruments owned - D
Financial instruments owned - Debt Securities, Trading, and Equity Securities, FV-NI (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 126,239 | $ 127,166 |
WETF Trading Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 124,474 | 127,166 |
Other Assets Seed Capital [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 1,765 | $ 0 |
Financial instruments owned - A
Financial instruments owned - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments Owned at Fair Value [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt and Equity Securities, Gain (Loss) | $ 12,721 | $ 2,762 |
Securities Held-to-Maturity - S
Securities Held-to-Maturity - Schedule of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt instruments: Pass-through GSEs (amortized cost) | $ 259 | $ 308 |
Pass-through GSEs [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt instruments: Pass-through GSEs (amortized cost) | $ 259 | $ 308 |
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, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity cost or amortized cost | $ 259 | $ 308 |
Held-to-maturity gross unrealized losses | (20) | 0 |
Held-to-maturity gross unrealized gains | 0 | 13 |
Held-to-maturity fair value | $ 239 | $ 321 |
Securities Held-to-Maturity - A
Securities Held-to-Maturity - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale and Maturity of Held-to-maturity Securities | $ 45 | $ 136 |
Securities Held-to-Maturity -_3
Securities Held-to-Maturity - Schedule of Maturity Profile of Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity due within one year | $ 0 | $ 0 |
Held-to-maturity due one year through five years | 0 | 0 |
Held-to-maturity due five years through ten years | 27 | 0 |
Held-to-maturity due over ten years | 232 | 308 |
Held-to-maturity cost or amortized cost | $ 259 | $ 308 |
Investments - Details of Invest
Investments - Details of Investments Carried at Cost (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment [Line Items] | ||
Investments | $ 35,721 | $ 14,238 |
Other InvestmentsCarrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 35,721 | 14,238 |
Other Investments Cost [Member] | ||
Investment [Line Items] | ||
Investments | 35,725 | 13,862 |
Securrency Inc. - Series A Convertible Preferred Stock - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 8,488 | 8,488 |
Securrency Inc. - Series A Convertible Preferred Stock - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 8,112 | 8,112 |
Securrency Inc. - Series B Convertible Preferred Stock - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 5,500 | 5,500 |
Securrency Inc. - Series B Convertible Preferred Stock - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 5,500 | 5,500 |
Securrency Inc - Convertible Note - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 14,500 | 0 |
Securrency Inc - Convertible Note - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 15,000 | 0 |
Subtotal – Securrency, Inc. - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 28,488 | 13,988 |
Subtotal – Securrency, Inc. - Cost [Member] | ||
Investment [Line Items] | ||
Investments | 28,612 | 13,612 |
Fnality International Limited Convertible Note Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 6,921 | 0 |
Fnality International Limited Convertible Note Cost [Member] | ||
Investment [Line Items] | ||
Investments | 6,863 | 0 |
Onramp Invest Inc Series A-4 Preferred Stock - Carrying Value [Member] | ||
Investment [Line Items] | ||
Investments | 312 | 250 |
Onramp Invest Inc - Series A-4 Preferred Stock - Cost [Member] | ||
Investment [Line Items] | ||
Investments | $ 250 | $ 250 |
Investments - Additional Inform
Investments - Additional Information (Detail) £ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 31, 2031 | Dec. 31, 2029 | Dec. 31, 2022 GBP (£) | Mar. 31, 2021 shares | Dec. 31, 2019 shares | |
Investment [Line Items] | ||||||||
Cost of Investments | $ 35,721 | $ 14,238 | ||||||
Unrealized gain (loss) on investments | $ (16,516) | (3,715) | $ 14 | |||||
Percentage Of Voting Approval Required To Redeem All Of The Outstanding Notes At Maturity | 50% | |||||||
Percentage of voting approval required to redeem all of the outstanding notes before maturity | 75% | |||||||
Percentage of outstanding convertible note | 75 | |||||||
Subsequent Event [Member] | ||||||||
Investment [Line Items] | ||||||||
Percentage of voting approval required to redeem all of the outstanding series a shares | 60% | |||||||
Percentage of voting approval required to redeem all of the outstanding series B shares | 90% | |||||||
Securrency Inc [Member] | ||||||||
Investment [Line Items] | ||||||||
Cost of Investments | $ 13,612 | |||||||
Ownership interest percentage | 22% | 22% | ||||||
Original fully diluted ownership interest percentage | 18% | 18% | ||||||
Securrency - Series A Preferred Stock [Member] | ||||||||
Investment [Line Items] | ||||||||
Number of shares purchased | shares | 5,178,488 | |||||||
Non-cumulative dividend | 6% | |||||||
Unrealized gain (loss) on investments | $ 376 | |||||||
Securrency - Series B Convertible Preferred Stock [Member] | ||||||||
Investment [Line Items] | ||||||||
Number of shares purchased | shares | 2,004,665 | |||||||
Fnality International Limited [Member] | ||||||||
Investment [Line Items] | ||||||||
Ownership interest percentage | 5% | 5% | ||||||
Percentage of discount on future equity financing for preferred stock | 20% | 20% | ||||||
Unrealized gain (loss) on investments | $ 58 | |||||||
Debt Instrument Maturity Date | Dec. 31, 2023 | |||||||
Fnality International Limited [Member] | Accounting Standards Update 2016-01 [Member] | ||||||||
Investment [Line Items] | ||||||||
Fair value | $ 6,863 | £ 5,000 | ||||||
Securrency Convertible Note [Member] | ||||||||
Investment [Line Items] | ||||||||
Ownership interest percentage | 7% | 7% | ||||||
Percentage of discount on future equity financing for preferred stock | 25% | 25% | ||||||
Unrealized gain (loss) on investments | $ 500 | |||||||
Debt Instrument Maturity Date | Apr. 21, 2023 | |||||||
Securrency Convertible Note [Member] | Accounting Standards Update 2016-01 [Member] | ||||||||
Investment [Line Items] | ||||||||
Fair value | $ 15,000 |
Investments - Summary of table
Investments - Summary of table below presents the inputs used in backsolve valuation approach as follows (Detail) - Fair Value, Inputs, Level 3 [Member] - yr | Jun. 09, 2021 | Mar. 08, 2021 |
Investments Fair Value Disclosure [Line Items] | ||
Expected volatility | 50% | 55% |
Time to exit (in years) | 4.75 | 5 |
Investments - Summary of Inputs
Investments - Summary of Inputs Used in PWERM Approach of Investment (Detail) - Fair Value, Inputs, Level 3 [Member] - yr | 12 Months Ended | ||
Dec. 31, 2022 | Jun. 09, 2021 | Mar. 08, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Time to potential outcome (in years) | 4.75 | 5 | |
Securrency Convertible Note [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Conversion of note upon a future equity financing | 60% | ||
Redemption of note upon a corporate transaction | 25% | ||
Default | 15% | ||
Time to potential outcome (in years) | 0.33 | ||
Fnality Convertible Note [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Conversion of note upon a future financing round | 85% | ||
Redemption of note upon a change of control | 10% | ||
Default | 5% | ||
Time to potential outcome (in years) | 0.25 |
Fixed Assets, net - Schedule of
Fixed Assets, net - Schedule of Fixed Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (418) | $ (227) |
Total | 544 | 557 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 962 | $ 784 |
Fixed Assets, net - Additional
Fixed Assets, net - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Impairment of Leasehold | $ 6,576 |
Deferred Consideration - Additi
Deferred Consideration - Additional Information (Detail) $ in Thousands | Dec. 31, 2022 USD ($) oz | Dec. 31, 2021 USD ($) |
Business Acquisition [Line Items] | ||
Deferred consideration | $ 200,290 | $ 228,062 |
Deferred consideration, current | 16,796 | 16,739 |
Deferred consideration, non-current | $ 183,494 | $ 211,323 |
April 1, 2018 through March 31, 2058 [Member] | ||
Business Acquisition [Line Items] | ||
Fixed payment ounces of gold | oz | 9,500 | |
April 1, 2058 and Thereafter [Member] | ||
Business Acquisition [Line Items] | ||
Fixed payment ounces of gold | oz | 6,333 |
Deferred Consideration - Summar
Deferred Consideration - Summary of valuation of deferred consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Discount rate | 11% | 9% |
Perpetual growth rate | 1.30% | 1% |
Minimum [Member] | ||
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Forward-looking gold price | $ 1,858 | $ 1,833 |
Maximum [Member] | ||
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Forward-looking gold price | 3,126 | 2,705 |
Weighted Average [Member] | ||
Disclosure Of Valuation Of Deferred Consideration [Line Item] | ||
Forward-looking gold price | $ 2,237 | $ 2,106 |
Deferred Consideration - Schedu
Deferred Consideration - Schedule of Deferred Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Contractual gold payments | $ 17,108 | $ 17,096 | $ 16,811 | |
Contractual gold payments – gold ounces paid | 9,500 | 9,500 | 9,500 | |
Gain/(loss) on revaluation of deferred consideration - gold payments | [1] | $ 27,765 | $ 2,018 | $ (56,821) |
[1]Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations. |
Former Credit Facility - Additi
Former Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 16, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ (2,387) | |
Former Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 174,000 | |||
Term Loan and Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | 2,387 | |||
Interest expense | $ 4,086 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||||||
Feb. 10, 2023 | Jun. 14, 2021 USD ($) Day shares | Jan. 01, 2021 USD ($) | Aug. 13, 2020 USD ($) Day shares | Jun. 16, 2020 USD ($) Day shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 14, 2023 USD ($) | |
Convertible Senior Notes [Line Items] | |||||||||
Convertible senior notes face value | $ 325,000 | $ 325,000 | $ 115,000 | ||||||
Accounts Payable and Accrued Liabilities [Member] | |||||||||
Convertible Senior Notes [Line Items] | |||||||||
Interest payable | 621 | 590 | |||||||
Accounting Standards Update 2020-06 [Member] | |||||||||
Convertible Senior Notes [Line Items] | |||||||||
Increase In Unamortized Issuance Costs Upon Implementation Of Asu 20 2006 | $ 119 | ||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||
Convertible Senior Notes [Line Items] | |||||||||
Fair Value Of Convertible Notes | 180,912 | ||||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | |||||||||
Convertible Senior Notes [Line Items] | |||||||||
Convertible senior notes face value | $ 25,000 | $ 150,000 | 325,000 | ||||||
Convertible senior notes stated rate of interest | 4.25% | ||||||||
Covertible senior notes year of maturity | 2023 | 2023 | |||||||
Redemption provisions - Convertible notes, threshold consecutive trading days | Day | 30 | 30 | |||||||
Redemption provisions - Convertible notes redemption price as a percentage of principal amount accrued interest and unpaid interest | 100% | 100% | 100% | ||||||
Maximum Conversion Rate | 167.7853 | ||||||||
Interest expense | 14,935 | 12,332 | |||||||
Maximum number of shares issuable upon conversion | shares | 21,812,089 | 21,812,089 | 21,812,089 | ||||||
Minimum percentage of lenders required to have entire principal amount of convertible notes repurchased by the Company upon certain events of default | 25% | ||||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||
Convertible Senior Notes [Line Items] | |||||||||
Fair Value Of Convertible Notes | $ 320,513 | 360,571 | |||||||
Convertible Senior Notes Due Two Thousand And Twenty Three [Member] | Private Placement [Member] | |||||||||
Convertible Senior Notes [Line Items] | |||||||||
Convertible senior notes stated rate of interest | 4.25% | ||||||||
Convertible Senior Notes [Member] | |||||||||
Convertible Senior Notes [Line Items] | |||||||||
Convertible debt instrument terms of conversion | Conversion price: Convertible at an initial conversion rate into shares of the Company’s common stock, per $1,000 principal amount of notes (equivalent to an initial conversion price as disclosed in the table above) | Conversion price: Convertible at an initial conversion rate into shares of the Company’s common stock, per $1,000 principal amount of notes (equivalent to an initial conversion price as disclosed in the table above) | Conversion: Holders may convert at their option at any time prior to the close of business on the business day immediately preceding March 15, 2026 and March 15, 2023 in respect of the 2021 Notes and 2020 Notes, respectively, only under the following circumstances: (i) if the last reported sale price of the Company’s common stock for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sales price of the Company’s common stock and the conversion rate on each such trading day; (iii) upon a notice of redemption delivered by the Company in accordance with the terms of the indentures but only with respect to the Convertible Notes called (or deemed called) for redemption; or (iv) upon the occurrence of specified corporate events. On or after March 15, 2026 and March 15, 2023 in respect of the 2021 Notes and 2020 Notes, respectively, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances. | ||||||
Redemption provisions - Convertible notes | Redemption price: The Company may redeem for cash all or any portion of the notes, at its option, on or after June 20, 2023 and June 20, 2021 in respect of the 2021 Notes and 2020 Notes, respectively, 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: The Company may redeem for cash all or any portion of the notes, at its option, on or after June 20, 2023 and June 20, 2021 in respect of the 2021 Notes and 2020 Notes, respectively, 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 provisions - Convertible notes, threshold trading days | Day | 20 | 20 | 20 | ||||||
Redemption provisions - Convertible notes, threshold consecutive trading days | Day | 30 | 30 | 30 | ||||||
Redemption provisions - Convertible notes redemption price as a percentage of principal amount accrued interest and unpaid interest | 100% | 100% | 100% | ||||||
Maximum number of shares issuable upon conversion | shares | 69,036,410 | 69,036,410 | 69,036,410 | ||||||
Number Of Threshold Trading Days For Determining The Share Price | 5 days | 5 days | 5 days | ||||||
Measurement period for determining share price | 10 days | 10 days | 10 days | ||||||
Share price as a percentage of last reported price and conversion rate | 98% | 98% | 98% | ||||||
Convertible Senior Notes Due Two Thousand And Twenty Six [Member] | |||||||||
Convertible Senior Notes [Line Items] | |||||||||
Convertible senior notes face value | $ 150,000 | ||||||||
Convertible senior notes stated rate of interest | 3.25% | ||||||||
Covertible senior notes year of maturity | 2026 | ||||||||
Maximum Conversion Rate | 144.9275 | 270.2702 | 270.2702 | ||||||
Two Thousand And Twenty Notes [Member] | |||||||||
Convertible Senior Notes [Line Items] | |||||||||
Convertible senior notes face value | $ 175,000 | ||||||||
Interest expense | $ 5,582 |
Convertible Notes - Schedule of
Convertible Notes - Schedule of key terms of convertible notes (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Two Thousand And Twenty One Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date (unless earlier converted, repurchased or redeemed) | Jun. 15, 2026 | |
Interest rate | 3.25% | |
Conversion price | $ 11.04 | |
Conversion rate | 90.5797 | |
Redemption price | $ 14.35 | |
Two Thousand And Twenty Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date (unless earlier converted, repurchased or redeemed) | Jun. 15, 2023 | |
Interest rate | 4.25% | |
Conversion price | $ 5.92 | |
Conversion rate | 168.9189 | |
Redemption price | $ 7.7 |
Convertible Notes - Summary of
Convertible Notes - Summary of the carrying value of the convertible notes (Detail) - USD ($) $ in Thousands | Feb. 14, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Principal amount | $ 115,000 | $ 325,000 | $ 325,000 |
Plus: premium on Additional Notes | 250 | 250 | |
Carrying amount | 325,250 | 325,250 | |
Debt Instrument, Unamortized Discount | (4,034) | (6,626) | |
Carrying amount | $ 321,216 | $ 318,624 | |
Effective interest rate | 4.60% | 4.60% | |
Two Thousand And Twenty One Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 150,000 | $ 150,000 | |
Plus: premium on Additional Notes | 0 | 0 | |
Carrying amount | 150,000 | 150,000 | |
Debt Instrument, Unamortized Discount | (2,981) | (3,833) | |
Carrying amount | $ 147,019 | $ 146,167 | |
Effective interest rate | 3.83% | 3.83% | |
Two Thousand And Twenty Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 175,000 | ||
Plus: premium on Additional Notes | 250 | ||
Carrying amount | 175,250 | ||
Debt Instrument, Unamortized Discount | $ (1,053) | (2,793) | |
Carrying amount | $ 174,197 | $ 172,457 | |
Effective interest rate | 5.26% |
Preferred Shares - Additional I
Preferred Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 11, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Fair value of preferred stock consideration | $ 132,750 | ||
Preferred stock redemption value | $ 77,969 | $ 90,741 | |
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 | ||
Series of Individually Immaterial Business Acquisitions [Member] | |||
Class of Stock [Line Items] | |||
Acquisition price per share | $ 9 |
Preferred Shares - Summary of P
Preferred Shares - Summary of Preferred Share Balance (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 |
Cash dividends declared per share (quarterly) | $ 0.03 | $ 0.03 |
Leases - Summary of additional
Leases - Summary of additional information regarding Company's Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease cost: | ||
Operating lease cost | $ 963 | $ 1,950 |
Short-term lease cost | 223 | 205 |
Total lease cost | 1,186 | 2,155 |
Other information: | ||
Cash paid for amounts included in the measurement of operating liabilities (operating leases) | $ 965 | $ 15,560 |
Weighted-average remaining lease term (in years)—operating leases | 1 year 2 months 12 days | 1 year 6 months |
Weighted-average discount rate—operating leases | 6.40% | 4.40% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease, impairment loss | $ 9,277 | |||
Payment of lease termination fee | $ 12,725 | |||
Impairment | 0 | 16,156 | $ 22,752 | |
Lease Termination [Member] | London Office [Member] | ||||
Impairment | $ 303 | $ 0 | $ 303 |
Leases - Summary of future mini
Leases - Summary of future minimum lease payments (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessee Disclosure [Abstract] | |
2023 | $ 1,125 |
2024 | 398 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Total future minimum lease payments (undiscounted) | $ 1,523 |
Leases - Summary of Reconciles
Leases - Summary of Reconciles future minimum lease payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amounts recognized in the Company's Consolidated Balance Sheets | ||
Lease liability—short term | $ 1,125 | $ 209 |
Lease liability—long term | 339 | $ 328 |
Subtotal | 1,464 | |
Difference between undiscounted and discounted cash flows | 59 | |
Total future minimum lease payments (undiscounted) | $ 1,523 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - Dec. 31, 2022 € in Thousands, $ in Thousands | EUR (€) | USD ($) |
Court Of Turin And Court Of Milan [Member] | ||
Loss contingency acrual | € 15,800 | $ 16,870 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Information about Variable Interests (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Amount - Assets | ||
Total assets | $ 1,033,819 | $ 1,037,860 |
Other Investments [Member] | ||
Carrying Amount - Assets | ||
Preferred stock—Series A Shares | 312 | 250 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Carrying Amount - Assets | ||
Total assets | 28,488 | 13,988 |
Securrency Inc [Member] | ||
Carrying Amount - Assets | ||
Preferred stock—Series A Shares | 8,488 | 8,488 |
Preferred stock—Series B Shares | 5,500 | 5,500 |
Convertible note | 14,500 | |
Fnality International Limited [Member] | ||
Carrying Amount - Assets | ||
Equity Method Investments | 6,921 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Carrying Amount - Assets | ||
Total assets | 35,721 | 14,238 |
Maximum exposure to loss | $ 35,721 | $ 14,238 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Additional Information (Detail) - Advisory Fees [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | |||
Total operating revenues | $ 301,345 | $ 304,318 | $ 249,912 |
Advisory Fees [Member] | |||
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | |||
Total operating revenues | 293,632 | 298,052 | 246,395 |
Other Income [Member] | |||
Revenues Categorized as Revenues from Contracts with Customers and Other Sources of Revenues [Line Items] | |||
Total operating revenues | $ 7,713 | $ 6,266 | $ 3,517 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Summary of Geographic Distribution of Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 301,345 | $ 304,318 | $ 249,912 |
UNITED STATES | |||
Revenues | 184,036 | 179,016 | 142,074 |
JERSEY | |||
Revenues | 103,692 | 114,623 | 103,061 |
IRELAND | |||
Revenues | 13,617 | 10,679 | 4,412 |
CANADA | |||
Revenues | $ 0 | $ 0 | $ 365 |
Related Party Transactions - Su
Related Party Transactions - Summary of Accounts Receivable from Related Parties (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 24,139 | $ 25,628 |
WisdomTree Trust [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | 16,399 | 15,987 |
Manjer Issuers [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | 4,485 | 6,460 |
Wisdomtree Multi Asset Issuer plc And Wisdomtree issuer icav [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 3,255 | $ 3,181 |
Related Party Transactions - _2
Related Party Transactions - Summary of Revenues from Advisory Services Provided to Related Parties (Detail) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 EUR (€) | |
Related Party Transaction [Line Items] | ||||||
Revenues from advisory services | $ 671 | € 642 | $ 710 | € 612 | $ 429 | € 313 |
Advisory Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues from advisory services | 293,632 | 298,052 | 246,395 | |||
WisdomTree Trust [Member] | Advisory Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues from advisory services | 183,409 | 178,511 | 141,079 | |||
Manjer Issuers [Member] | Advisory Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues from advisory services | 96,606 | 108,862 | 94,199 | |||
WisdomTree Multi Asset Issuer PLC And WisdomTree Issuer PLC [Member] | Advisory Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues from advisory services | 13,617 | 10,679 | 10,124 | |||
WisdomTree Commodity Services LLC [Member] | Advisory Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues from advisory services | 0 | 0 | 628 | |||
WisdomTree Asset Management Canada, Inc [Member] | Advisory Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues from advisory services | $ 0 | $ 0 | $ 365 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) € in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 EUR (€) | |
Related Party Transaction [Line Items] | ||||||
Revenue from Related Parties | $ 671 | € 642 | $ 710 | € 612 | $ 429 | € 313 |
Net losses related to certain WisdomTree ETFs | 107 | 451 | $ 63 | |||
WisdomTree ETF [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Investment | $ 25,283 | $ 18,526 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 15, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | 16,000,000 | |||
Stock-based compensation expense | $ 10,385 | $ 9,998 | $ 11,706 | |
Tax benefit realized for the tax deductions for share-based compensation | 1,548 | 2,032 | 833 | |
Total intrinsic value of options exercised | 0 | 51 | 168 | |
Cash received from option exercise | 0 | 815 | 292 | |
Aggregate fair value of awards that vested | $ 9,466 | 10,940 | 4,783 | |
Below 25th Percentile [Member] | ||||
Share-based Payment Award | ||||
Shares granted and outstanding, Vesting percentage | 0% | |||
At 25th Percentile [Member] | ||||
Share-based Payment Award | ||||
Shares granted and outstanding, Vesting percentage | 50% | |||
At 50th Percentile [Member] | ||||
Share-based Payment Award | ||||
Shares granted and outstanding, Vesting percentage | 100% | |||
At 100th Percentile for grants made in 2019 and 2020 [Member] | ||||
Share-based Payment Award | ||||
Shares granted and outstanding, Vesting percentage | 200% | |||
At 85th Percentile for grants made in 2021 [Member] | ||||
Share-based Payment Award | ||||
Shares granted and outstanding, Vesting percentage | 200% | |||
Income Tax Expense Benefit [Member] | ||||
Share-based Payment Award | ||||
Tax benefit realized for the tax deductions for share-based compensation | $ 2,371 | $ 2,327 | $ 2,739 | |
Performance Based Restricted Stock Unit [Member] | Maximum [Member] | ||||
Share-based Payment Award | ||||
Shares granted and outstanding, Vesting percentage | 200% | |||
Performance Based Restricted Stock Unit [Member] | Minimum [Member] | ||||
Share-based Payment Award | ||||
Shares granted and outstanding, Vesting percentage | 0% |
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, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Remaining Vesting Period | 1 year 4 months 17 days |
Unrecognized Stock-Based Compensation | $ 12,536 |
Stock-Based Awards - Summary _2
Stock-Based Awards - Summary of Option Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Options, beginning balance | 305,000 | 485,536 |
Options, Forfeitures/expirations | (162,500) | (63,536) |
Options, Exercised | (142,500) | (117,000) |
Options, ending balance | 0 | 305,000 |
Weighted Average Exercise Price of Options, beginning balance | $ 5.68 | $ 4.8 |
Weighted Average Exercise Price of Options, Forfeitures or expirations | 5.72 | 2.49 |
Weighted Average Exercise Price of Options, Exercised | 5.64 | 4.81 |
Weighted Average Exercise Price of Options, ending balance | $ 0 | $ 5.68 |
Stock-Based Awards - Summary _3
Stock-Based Awards - Summary of Restricted Stock Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Forfeited, Shares | (452) | ||
Weighted- Average Grant Date Fair Value, Forfeited | $ 5.37 | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Beginning Balance, Shares | 3,036,905 | 3,580,743 | 3,244,558 |
Granted, Shares | 2,170,432 | 1,642,266 | 1,653,186 |
Vested, Shares | (1,621,201) | (1,897,699) | (1,206,879) |
Forfeited, Shares | (195,054) | (288,405) | (110,122) |
Unvested Ending Balance, Shares | 3,391,082 | 3,036,905 | 3,580,743 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ 5.2 | $ 5.38 | $ 7.29 |
Weighted- Average Grant Date Fair Value, Granted | 5.71 | 5.46 | 3.8 |
Weighted- Average Grant Date Fair Value, Vested | 5.31 | 5.78 | 8.13 |
Weighted- Average Grant Date Fair Value, Forfeited | 5.43 | 5.11 | 4.79 |
Unvested Weighted-Average Grant Date Fair Value, Ending Balance | $ 5.46 | $ 5.2 | $ 5.38 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Beginning Balance, Shares | 54,990 | 39,408 | 39,278 |
Granted, Shares | 116,247 | 31,170 | 32,901 |
Vested, Shares | (27,894) | (15,136) | (27,130) |
Forfeited, Shares | (1,380) | (5,641) | |
Unvested Ending Balance, Shares | 141,963 | 54,990 | 39,408 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ 4.93 | $ 4.46 | $ 7.2 |
Weighted- Average Grant Date Fair Value, Granted | 5.18 | 5.43 | 3.82 |
Weighted- Average Grant Date Fair Value, Vested | 5.1 | 4.73 | 7.45 |
Weighted- Average Grant Date Fair Value, Forfeited | 5.73 | 5.39 | |
Unvested Weighted-Average Grant Date Fair Value, Ending Balance | $ 5.09 | $ 4.93 | $ 4.46 |
Performance Based Restricted Stock Unites (PRSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Beginning Balance, Shares | 550,686 | 341,312 | 232,610 |
Granted, Shares | 319,838 | 257,043 | 117,013 |
Vested, Shares | (202,336) | ||
Forfeited, Shares | (47,669) | (8,311) | |
Unvested Ending Balance, Shares | 668,188 | 550,686 | 341,312 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ 5.73 | $ 5.17 | $ 6.24 |
Weighted- Average Grant Date Fair Value, Granted | 6.8 | 6.49 | 3.11 |
Weighted- Average Grant Date Fair Value, Vested | 6.24 | ||
Weighted- Average Grant Date Fair Value, Forfeited | 5.74 | 6.24 | |
Unvested Weighted-Average Grant Date Fair Value, Ending Balance | $ 6.09 | $ 5.73 | $ 5.17 |
Stock-Based Awards - Summary _4
Stock-Based Awards - Summary of Restricted Stock Activity (Parenthetical) (Detail) - Performance Based Restricted Stock Unit [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Maximum [Member] | |
PRSUs - Monte Carlo Inputs | |
Shares granted and outstanding, Vesting percentage | 200% |
Minimum [Member] | |
PRSUs - Monte Carlo Inputs | |
Shares granted and outstanding, Vesting percentage | 0% |
Stock-Based Awards - Summary _5
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Share Based Payment Awards Other Than OptionsValuation Assumptions [Line Items] | |||
Historical stock price volatility (low) | 33% | 34% | 21% |
Historical stock price volatility (high) | 57% | 57% | 36% |
Historical stock price volatility (average) | 44% | 44% | 26% |
Risk free interest rate | 1.28% | 0.17% | 1.47% |
Expected dividend yield | 0% | 0% | 0% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Discretionary Contributions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Discretionary contributions | $ 1,342 | $ 1,080 | $ 974 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Earnings Per Share [Abstract] | ||||
Net income/(loss) | $ 50,684 | $ 49,797 | $ (35,655) | |
Less: Income distributed to participating securities | (2,186) | (2,168) | (2,216) | |
Less: Undistributed income allocable to participating securities | (3,528) | (3,378) | ||
Net income/(loss) available to common stockholders—Basic EPS | $ 44,970 | $ 44,251 | $ (37,871) | |
Weighted average common shares (in thousands) | 143,020 | 143,847 | 148,682 | |
Basic income/(loss) per share | $ 0.31 | $ 0.31 | $ (0.25) | |
Net income/(loss) available to common stockholders | $ 44,970 | $ 44,251 | $ (37,871) | |
Add back: Undistributed income allocable to participating securities | 3,528 | 3,378 | ||
Less: Reallocation of undistributed income allocable to participating securities considered potentially dilutive | (3,522) | (3,353) | ||
Net income/(loss) available to common stockholders – Diluted EPS | $ 44,976 | $ 44,276 | $ (37,871) | |
Weighted average common shares | 143,020 | 143,847 | 148,682 | |
Dilutive effect of common stock equivalents, excluding participating securities | 275 | 1,208 | ||
Weighted average diluted shares | 143,295 | 145,055 | 148,682 | [1] |
Diluted income/(loss) per share | $ 0.31 | $ 0.31 | $ (0.25) | |
[1]Excludes 15,122 participating securities for the year ended December 31, 2020 and 6 potentially dilutive common stock equivalents as the Company reported a net loss for the period (shares herein are reported in thousands). |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Line Items] | |||
Anti-dilutive non-participating common stock equivalents excluded from the calculation of diluted earnings per share | 405,000 | 132,000 | 315,000 |
Potential common shares associated with the conversion option embedded in the Convertible Notes | 1,186 |
Earnings Per Shares - Schedule
Earnings Per Shares - Schedule of Weighted Average Number of Shares (Detail) - shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] | |
Earnings Per Share [Abstract] | ||||
Weighted average diluted shares as disclosed on the Consolidated Statements of Operations | 158,914 | 161,263 | 148,682 | |
Weighted average shares of common stock issuable upon conversion of the Preferred Shares | (14,750) | (14,750) | ||
Potentially dilutive restricted stock awards | (869) | (1,458) | ||
Weighted average diluted shares | 143,295 | 145,055 | 148,682 | |
[1]Excludes 15,122 participating securities for the year ended December 31, 2020 and 6 potentially dilutive common stock equivalents as the Company reported a net loss for the period (shares herein are reported in thousands). |
Earnings Per Shares - Schedul_2
Earnings Per Shares - Schedule of Weighted Average Number of Shares (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 shares | |
Earnings Per Share [Abstract] | |
Participating Securities | 15,122 |
Potentially Dilutive common stock equivalents | 6 |
Income Taxes - U.S. and foreign
Income Taxes - U.S. and foreign components of income/loss before income tax expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S | $ (4,067) | $ 15,986 | $ (5,187) |
Foreign | 44,017 | 40,685 | (30,035) |
Income/(loss) before income taxes | $ 39,950 | $ 56,671 | $ (35,222) |
Income Taxes - Components of Cu
Income Taxes - Components of Current and Deferred Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Current: | ||||
Federal | $ 4,685 | $ 5,857 | $ 3,670 | |
State and local | 1,415 | 1,538 | 832 | |
Foreign | (15,538) | (837) | (1,877) | |
Total current | (9,438) | 6,558 | 2,625 | |
Deferred: | ||||
Federal | (6) | (1,217) | 60 | |
State and local | (1) | (251) | 13 | |
Foreign | (1,289) | 1,784 | (2,265) | |
Total deferred | (1,296) | 316 | (2,192) | |
Income tax expense/(benefit) | [1] | $ (10,734) | $ 6,874 | $ 433 |
[1]The (gain)/loss on revaluation of deferred consideration 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 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Tax Disclosure [Abstract] | ||||
U.S. federal statutory income tax | [1] | $ 8,386 | $ 11,901 | $ (7,397) |
Decrease in unrecognized tax benefits, net | [1] | (19,871) | (4,998) | (5,661) |
Change in valuation allowance – Capital losses | [1] | 4,761 | 5 | 4,448 |
Change in tax-related indemnification assets, net | [1] | 4,173 | 1,053 | 1,189 |
Foreign operations | [1] | (2,919) | (3,211) | (3,342) |
Change in valuation allowance—Foreign net operating losses ("NOLs") and interest carryforwards | [1] | (1,609) | 0 | (2,018) |
(Gain)/loss on revaluation of deferred consideration | [1] | (5,842) | (424) | 11,929 |
GILTI | [1] | 499 | 0 | 0 |
Non-deductible executive compensation | [1] | 789 | 881 | 399 |
Stock-based compensation tax shortfalls | [1] | 507 | 647 | 1,485 |
Blended state income tax rate, net of federal benefit | [1] | (134) | 526 | (171) |
Non-taxable gain on sale—Canadian ETF business | [1] | 0 | 0 | (740) |
Other differences, net | [1] | 526 | 494 | 312 |
Income tax expense/(benefit) | [1] | $ (10,734) | $ 6,874 | $ 433 |
[1]The (gain)/loss on revaluation of deferred consideration 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 Taxes - Schedule of inco
Income Taxes - Schedule of income tax payments by jurisdiction (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes paid net | $ 12,500 | $ 8,456 | $ 10,131 |
Federal | |||
Federal | 6,424 | 4,258 | 4,470 |
State and local | |||
State and local | 1,431 | 1,020 | 1,353 |
Foreign | |||
Foreign | $ 4,645 | $ 3,178 | $ 4,308 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule Of Income Tax [Line Items] | ||||
Tax effected NOLs - US | $ 255 | |||
NOL expiration date | 2024 | |||
Tax effected NOLs - International | $ 1,609 | |||
Release of deferred tax valuation allowace on interest carry forwards | [1] | (1,609) | $ 0 | $ (2,018) |
Accrued for unrecognized tax benefits and interest/penalties related to a tax position claimed or expected to be claimed on a tax return | 1,353 | 21,925 | $ 27,016 | |
Tax effected capital loss | 17,541 | 16,601 | ||
Deferred tax liabilities undistributed earnings of foreign subsidaries | 205 | 118 | ||
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 | $ 1,353 | $ 21,925 | ||
[1]The (gain)/loss on revaluation of deferred consideration 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 Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Capital losses | $ 17,541 | $ 16,601 |
Accrued expenses | 6,030 | 4,993 |
Unrealized losses | 3,821 | 614 |
NOLs—Foreign | 1,609 | 1,934 |
Stock-based compensation | 1,526 | 1,359 |
Goodwill and intangible assets | 1,085 | 1,276 |
Operating lease liabilities | 313 | 0 |
NOLs—U.S. | 255 | 382 |
Foreign currency translation adjustment | 173 | 0 |
Outside basis difference | 122 | 122 |
Interest carryforwards | 0 | 437 |
Other | 341 | 376 |
Deferred tax assets | 32,816 | 28,094 |
Deferred tax liabilities: | ||
Fixed assets and prepaid assets | 278 | 257 |
Foreign currency translation adjustment | 0 | 181 |
Unremitted earnings—European subsidiaries | 205 | 118 |
Right of use assets—operating leases | 313 | 0 |
Deferred tax liabilities | 796 | 556 |
Total deferred tax assets less deferred tax liabilities | 32,020 | 27,538 |
Less: Valuation allowance | (21,484) | (18,657) |
Deferred tax assets, net | $ 10,536 | $ 8,881 |
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, 2022 | Dec. 31, 2021 | ||
Income Tax Contingency [Line Items] | |||
Beginning balance | $ 21,925 | $ 27,016 | |
Decrease—Settlements | [1] | (13,052) | |
Decrease—Lapse of statute of limitations | [1] | (6,845) | (5,171) |
Increases | 26 | 173 | |
Foreign currency translation | [2] | (701) | (93) |
Ending balance | 1,353 | 21,925 | |
Unrecognized Tax Benefits [Member] | |||
Income Tax Contingency [Line Items] | |||
Beginning balance | 18,218 | 21,850 | |
Decrease—Settlements | [1] | (11,865) | |
Decrease—Lapse of statute of limitations | [1] | (4,825) | (3,559) |
Foreign currency translation | [2] | (571) | (73) |
Ending balance | 957 | 18,218 | |
Interest And Penalties [Member] | |||
Income Tax Contingency [Line Items] | |||
Beginning balance | 3,707 | 5,166 | |
Decrease—Settlements | [1] | (1,187) | |
Decrease—Lapse of statute of limitations | [1] | (2,020) | (1,612) |
Increases | 26 | 173 | |
Foreign currency translation | [2] | (130) | (20) |
Ending balance | $ 396 | $ 3,707 | |
[1]In January |
Income Taxes - Schedule of Ch_2
Income Taxes - Schedule of Changes in Balance of Gross Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Unrecognized tax benefits | $ 19,897 | $ 5,171 |
Shares Repurchased - Additional
Shares Repurchased - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 22, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
Repurchased common stock, value | $ 3,418 | $ 34,506 | $ 31,197 | |
Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock purchase authorized amount | $ 100,000 | |||
Three-Year Share Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock purchase authorized amount | $ 85,709 | |||
Repurchased common stock, shares | 593,261 | 5,120,496 | 8,234,324 | |
Repurchased common stock, value | $ 3,418 | $ 34,506 | $ 31,197 | |
Dollar amount remaining available for future share repurchases | $ 99,976 | |||
Stock repurchase program, period in force | 3 years | |||
Share repurchase program, extended term date | Apr. 27, 2025 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill by Reporting Unit (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
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 | 12 Months Ended | ||||
Nov. 30, 2020 | Dec. 31, 2022 | Nov. 30, 2022 | Dec. 31, 2021 | Apr. 11, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Goodwill | $ 85,856 | $ 85,856 | |||
Intangible asset related to its customary advisory agreement | 603,567 | $ 601,247 | |||
Accumulated Amortization | $ (50) | ||||
Software Development [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Finite lived intangible assets useful lives | 3 years | ||||
Accumulated Amortization | $ 50 | ||||
Finite lived intangible assets remaining useful lives | 2 years 10 months 24 days | ||||
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 | |||
Weighted average cost of capital percentage | 11% | ||||
Acquisition of ETFS Business [Member] | Minimum [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Revenue growth multiple | 3% | ||||
Acquisition of ETFS Business [Member] | Maximum [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Revenue growth multiple | 8% | ||||
Acquisition of ETFS Business [Member] | Weighted Average [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Revenue growth multiple | 5% | ||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Acquisition completion date | Apr. 11, 2018 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Intangible Assets And Goodwill [Line Items] | |
Gross Asset | $ 603,617 |
Accumulated Amortization | (50) |
Net Asset | 603,567 |
Software Development [Member] | |
Intangible Assets And Goodwill [Line Items] | |
Gross Asset | 2,370 |
Accumulated Amortization | (50) |
Net Asset | 2,320 |
ETFS acquisition {Member} | |
Intangible Assets And Goodwill [Line Items] | |
Gross Asset | 601,247 |
Accumulated Amortization | 0 |
Net Asset | $ 601,247 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Unamortized Finite-lived Intangible Assets (Detail) - Software Development [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Schedule Of Finite Lived Intangible Assets Future Amortization Expense [Line Items] | |
2023 | $ 700 |
2024 | 790 |
2025 | 740 |
2026 | 90 |
2027 | 0 |
2028 and thereafter | 0 |
Total expected amortization expense | $ 2,320 |
Contingent Payments - Additiona
Contingent Payments - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Feb. 19, 2020 USD ($) | Feb. 19, 2020 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | May 04, 2020 USD ($) | Feb. 19, 2020 CAD ($) | |
Recognized gain loss on sale of business | $ 0 | $ 787 | $ 2,877 | ||||
WisdomTree Asset Management Canada, Inc [Member] | |||||||
Contingent payments | 0 | 0 | |||||
Proceeds from divestiture of businesses | $ 2,774 | $ 3,720 | |||||
Additional consideration payable | $ 2,360 | $ 3,000 | |||||
Recognized gain loss on sale of business | 787 | $ 2,877 | |||||
WisdomTree Asset Management Canada, Inc [Member] | Maximum [Member] | |||||||
Additional consideration payable | 4,000 | ||||||
WisdomTree Asset Management Canada, Inc [Member] | Minimum [Member] | |||||||
Additional consideration payable | $ 0 | ||||||
Advisor Engine [Member] | |||||||
Maximum amount of contingent payments that may be received | $ 10,408 | ||||||
Contingent payments | 0 | 0 | |||||
Contingent payments received | $ 0 | $ 0 | |||||
Advisor Engine [Member] | Fair Value Of Upfront Consideration Received [Member] | |||||||
Fair value of upfront consideration received | $ 9,592 |
Impairments - Summary of Impair
Impairments - Summary of Impairments Recognized (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impairments | $ 0 | $ 16,156 | $ 22,752 | |
Fixed assets [Member] | New York Office [Member] | ||||
Impairments | 0 | 6,576 | ||
Lease Termination [Member] | New York Office [Member] | ||||
Impairments | 0 | 9,277 | ||
Lease Termination [Member] | London Office [Member] | ||||
Impairments | $ 303 | 0 | $ 303 | |
AdvisorEngine – Financial interests [Member] | Financial Interests [Member] | ||||
Impairments | 0 | 19,672 | ||
Thesys – Series Y Preferred [Member] | ||||
Impairments | $ 0 | $ 3,080 |
Impairments - Additional Inform
Impairments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment | $ 0 | $ 16,156 | $ 22,752 |
Advisor Engine [Member] | |||
Gain (Loss) on Disposition of Assets | $ 1,093 | ||
Advisor Engine - Financial ineterest [Member] | Financial Interests [Member] | |||
Impairment | 0 | 19,672 | |
Thesys – Series Y Preferred [Member] | |||
Impairment | $ 0 | 3,080 | |
Gain (Loss) on Disposition of Assets | $ 0 |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Key terms of the 2023 Notes (Detail) - Two Thousand And Twenty Three Notes [Member] - Subsequent Event [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Subsequent Event [Line Items] | |
Maturity date (unless earlier converted, repurchased or redeemed) | Aug. 15, 2028 |
Interest rate | 5.75% |
Conversion price | $ 9.54 |
Conversion rate | shares | 104.8658 |
Redemption price | $ 12.4 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||||||
Feb. 14, 2023 USD ($) | Feb. 10, 2023 | Jun. 14, 2021 Day shares | Aug. 13, 2020 USD ($) Day shares | Jun. 16, 2020 USD ($) Day shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 | |
Principal amount | $ 115,000 | $ 325,000 | $ 325,000 | ||||||
Loss on extinguishment of debt (Note 11) | 0 | $ 0 | $ (2,387) | ||||||
Convertible Senior Notes Due 2023 [Member] | |||||||||
Principal amount | $ 25,000 | $ 150,000 | $ 325,000 | ||||||
Covertible senior notes year of maturity | 2023 | 2023 | |||||||
Maximum number of shares issuable upon conversion | shares | 21,812,089 | 21,812,089 | 21,812,089 | ||||||
Redemption provisions - Convertible notes, threshold consecutive trading days | Day | 30 | 30 | |||||||
Redemption provisions - Convertible notes redemption price as a percentage of principal amount accrued interest and unpaid interest | 100% | 100% | 100% | ||||||
Maximum Conversion Rate | 167.7853 | ||||||||
Two Thousand And Twenty Notes [Member] | |||||||||
Principal amount | 125,118 | ||||||||
Loss on extinguishment of debt (Note 11) | 9,721 | ||||||||
Convertible Senior Notes Due 2028 [Member] | |||||||||
Principal amount | 130,000 | ||||||||
Proceeds from Convertible Debt | $ 126,375 | ||||||||
Covertible senior notes year of maturity | 2028 | ||||||||
Convertible debt instrument terms of conversion | Conversion price: Convertible at an initial conversion rate into shares of the Company’s common stock, per $1,000 principal amount of notes (equivalent to an initial conversion price as disclosed in the table above), subject to adjustment. | Conversion: Holders may convert at their option at any time prior to the close of business on the business day immediately preceding May 15, 2028 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on June 30, 2023 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of theimmediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2023 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sales price of the Company’s common stock and the conversion rate on each such trading day; (iii) upon a notice of redemption delivered by the Company in accordance with the terms of the indenture but only with respect to the 2023 Notes called (or deemed called) for redemption; or (iv) upon the occurrence of specified corporate events. On or after May 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2023 Notes at any time, regardless of the foregoing circumstances. | |||||||
Redemption provisions - Convertible notes | Redemption price: The Company may redeem for cash all or any portion of the notes, at its option, on or after August 20, 2025 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 (whether or not consecutive), 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 2023 Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the 2023 Notes. | Redemption price: The Company may redeem for cash all or any portion of the notes, at its option, on or after August 20, 2025 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 (whether or not consecutive), 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 2023 Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the 2023 Notes. | |||||||
Redemption provisions - Convertible notes, threshold trading days | Day | 20 | 20 | 20 | ||||||
Redemption provisions - Convertible notes, threshold consecutive trading days | Day | 30 | 30 | 30 | ||||||
Redemption provisions - Convertible notes redemption price as a percentage of principal amount accrued interest and unpaid interest | 100% | ||||||||
Number Of Threshold Trading Days For Determining The Share Price | 5 days | 5 days | 5 days | ||||||
Measurement period for determining share price | 10 days | 10 days | 10 days | ||||||
Share price as a percentage of last reported price and conversion rate | 98% | 98% | 98% | ||||||
Subsequent Event [Member] | Convertible Senior Notes Due 2028 [Member] | |||||||||
Convertible note bears interest rate | 5.75% |