Company Quick10K Filing
Quick10K
Wisdomtree Investments
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$7.00 156 $1,090
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-01 Officers
8-K 2019-07-23 Earnings, Officers, Other Events, Exhibits
8-K 2019-06-18 Shareholder Vote
8-K 2019-04-24 Earnings, Other Events, Exhibits
8-K 2019-04-24 Officers, Exhibits
8-K 2019-01-28 Earnings, Other Events, Exhibits
8-K 2018-10-23 Earnings, Officers, Other Events, Exhibits
8-K 2018-07-24 Earnings, Other Events, Exhibits
8-K 2018-06-19 Shareholder Vote
8-K 2018-04-24 Earnings, Other Events, Exhibits
8-K 2018-04-10 Enter Agreement, M&A, Amend Bylaw, Exhibits
8-K 2018-01-30 Earnings, Other Events, Exhibits
8-K 2017-12-29 Other Events, Exhibits
GE General Electric 87,560
TWO Two Harbors Investment 3,630
PBF PBF Energy 3,600
CTRA Contura Energy 1,140
WINS Wins Finance Holdings 411
KDMN Kadmon Holdings 279
DPW DPW Holdings 4
ARTL Artelo Biosciences 0
CLCN Creative Learning 0
CMXC Cell Medx 0
WETF 2019-06-30
Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 d768424dex311.htm
EX-31.2 d768424dex312.htm
EX-31.3 d768424dex313.htm
EX-32 d768424dex32.htm

Wisdomtree Investments Earnings 2019-06-30

WETF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Form 10-Q
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Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the transition period from
    
     
      
    
to
    
    
    
    
.
Commission File Number
001-10932
 
WisdomTree Investments, Inc.
(Exact name of registrant as specified in its charter)
 
     
Delaware
 
13-3487784
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer
Identification No.)
     
245 Park Avenue, 35
th
Floor
New York, New York
 
10167
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
212-801-2080
(Registrant’s telephone number, including area code)
 
 
 
 
 
Securities registered pursuant to Section 12(b) of the Exchange Act:
         
Title of each class
 
Trading 
Symbol(s)
 
Name of each exchange 
on which registered
Common Stock, $0.01 par value
 
WETF
 
The NASDAQ Stock Market LLC
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes
  
    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
 
Accelerated filer
 
             
Non-accelerated
filer
 
 
Smaller reporting company
 
             
 
 
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  
    No  
As of
July 25
, 2019, there were
155,099,477
shares of the registrant’s Common Stock, $0.01 par value per share, outstanding.
 
     
 
 
 
 
 
 
 
 
 
 
Table of Contents
 
WISDOMTREE INVESTMENTS, INC.
Form 10-Q
For the Quarterly Period Ended June 30, 2019
TABLE OF CONTENTS
         
 
Page
Number
 
   
4
 
         
   
4
 
         
   
36
 
         
   
56
 
         
   
57
 
         
   
57
 
         
   
57
 
         
   
57
 
         
   
57
 
         
   
58
 
         
   
58
 
         
   
58
 
         
   
59
 
 
 
 
 
 
 
 
 
Unless otherwise indicated, references to “the Company,” “we,” “us,” “our” and “WisdomTree” mean WisdomTree Investments, Inc. and its subsidiaries.
WisdomTree
®
and Modern Alpha
TM
are trademarks of WisdomTree Investments, Inc. in the United States and in other countries. All other trademarks are the property of their respective owners.
 
2
 
 
Table of Contents
 
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect our results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed in the section entitled “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018. If one or more of these or other risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this Report and the documents that we reference in this Report and have filed with the Securities and Exchange Commission, or the SEC, as exhibits to this Report, completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements.
In particular, forward-looking statements in this Report may include statements about:
  anticipated trends, conditions and investor sentiment in the global markets and exchange traded products, or ETPs;
 
 
 
 
 
 
 
 
  anticipated levels of inflows into and outflows out of our ETPs;
 
 
 
 
 
 
 
 
  our ability to deliver favorable rates of return to investors;
 
 
 
 
 
 
 
 
  competition in our business;
 
 
 
 
 
 
 
 
  our ability to develop new products and services;
 
 
 
 
 
 
 
 
  our ability to maintain current vendors or find new vendors to provide services to us at favorable costs;
 
 
 
 
 
 
 
 
  our ability to successfully operate and expand our business in non-U.S. markets; and
 
 
 
 
 
 
 
 
  the effect of laws and regulations that apply to our business.
 
 
 
 
 
 
 
 
 
The forward-looking statements in this Report represent our views as of the date of this Report. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Therefore, these forward-looking statements do not represent our views as of any date other than the date of this Report.
 
3
 
 
 
Table of Contents
 
PART I: FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
WisdomTree Investments, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Per Share Amounts)
                 
 
June 30,
2019
   
December 31,
2018
 
 
(Unaudited)
   
 
Assets
   
     
 
Current assets:
   
     
 
Cash and cash equivalents
  $
79,611
    $
77,784
 
Securities owned, at fair value
   
9,095
     
8,873
 
Accounts receivable
   
24,442
     
25,834
 
Income taxes receivable
   
1,235
     
1,181
 
Prepaid expenses
   
6,192
     
4,441
 
Other current assets
   
1,017
     
163
 
                 
Total current assets
   
121,592
     
118,276
 
Fixed assets, net
   
8,604
     
9,122
 
Notes receivable, net (Note 8)
   
31,485
     
28,722
 
Indemnification receivable (Note 21)
   
30,877
     
34,876
 
Securities held-to-maturity
   
20,136
     
20,180
 
Deferred tax assets, net
   
4,599
     
7,042
 
Investments, carried at cost (Note 9)
   
28,080
     
28,080
 
Right of use assets – operating leases (Note 14)
   
18,997
     
—  
 
Goodwill (Note 23)
   
85,856
     
85,856
 
Intangible assets (Note 23)
   
603,291
     
603,209
 
Other noncurrent assets
   
1,258
     
2,155
 
                 
Total assets
  $
954,775
    $
937,518
 
                 
Liabilities and stockholders’ equity
   
     
 
Liabilities
   
     
 
Current liabilities:
   
     
 
Fund management and administration payable
  $
23,753
    $
22,508
 
Compensation and benefits payable
   
14,619
     
18,453
 
Deferred consideration – gold payments (Note 11)
   
12,857
     
11,765
 
Securities sold, but not yet purchased, at fair value
   
543
     
1,698
 
Operating lease liabilities (Note 14)
   
3,632
     
—  
 
Accounts payable and other liabilities
   
7,738
     
8,377
 
                 
Total current liabilities
   
63,142
     
62,801
 
Long-term debt (Note 12)
   
195,762
     
194,592
 
Deferred consideration – gold payments (Note 11)
   
148,416
     
149,775
 
Operating lease liabilities (Note 14)
   
20,190
     
—  
 
Deferred rent payable
   
—  
     
4,570
 
Other noncurrent liabilities (Note 21)
   
30,877
     
34,876
 
                 
Total liabilities
   
458,387
     
446,614
 
                 
Preferred stock – Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding (Note 13)
   
132,569
     
132,569
 
                 
Contingencies (Note
15
)
   
 
     
 
 
Stockholders’ equity
   
     
 
Preferred stock, par value $0.01; 2,000 shares authorized:
   
—  
     
—  
 
Common stock, par value $0.01; 250,000 shares authorized; issued and outstanding: 155,108 and 153,202 at June 30, 2019 and December 31, 2018, respectively
   
1,551
     
1,532
 
Additional
paid-in
capital
   
367,750
     
363,655
 
Accumulated other comprehensive income
   
725
     
467
 
Accumulated deficit
   
(6,207
)    
(7,319
)
                 
Total stockholders’ equity
   
363,819
     
358,335
 
                 
Total liabilities and stockholders’ equity
  $
954,775
    $
937,518
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated financial statements
4
 
 
 
Table of Contents
 
WisdomTree Investments, Inc. and Subsidiaries
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)
                                 
 
Three Months Ended June 30,
   
Six Months Ended June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Operating Revenues:
   
     
     
     
 
Advisory fees
  $
65,627
    $
73,778
    $
130,467
    $
132,234
 
Other income
   
666
     
997
     
1,311
     
1,445
 
                                 
Total revenues
   
66,293
     
74,775
     
131,778
     
133,679
 
                                 
Operating Expenses:
   
     
     
     
 
Compensation and benefits
   
21,300
     
19,301
     
42,601
     
38,133
 
Fund management and administration
   
15,576
     
14,621
     
30,742
     
25,533
 
Marketing and advertising
   
2,910
     
3,778
     
5,590
     
6,973
 
Sales and business development
   
4,171
     
4,503
     
8,593
     
8,316
 
Contractual gold payments (Note 11)
   
3,110
     
2,715
     
6,208
     
2,715
 
Professional and consulting fees
   
1,296
     
1,560
     
2,778
     
3,196
 
Occupancy, communications and equipment
   
1,548
     
1,574
     
3,166
     
2,937
 
Depreciation and amortization
   
264
     
337
     
533
     
692
 
Third-party distribution fees
   
1,919
     
1,666
     
4,319
     
3,391
 
Acquisition-related costs (Note 3)
   
33
     
7,928
     
346
     
9,990
 
Other
   
2,255
     
2,261
     
4,308
     
4,051
 
                                 
Total expenses
   
54,382
     
60,244
     
109,184
     
105,927
 
                                 
Operating income
   
11,911
     
14,531
     
22,594
     
27,752
 
Other Income/(Expenses):
   
     
     
     
 
Interest expense
   
(2,910
)    
(2,356
)    
(5,802
)    
(2,356
)
(Loss)/gain on revaluation of deferred consideration – gold payments (Note 11)
   
(4,037
)    
9,898
     
367
     
9,898
 
Interest income
   
818
     
612
     
1,597
     
1,574
 
Impairment (Note 14)
   
—  
     
—  
     
(572
)    
—  
 
Other gains and losses, net
   
284
     
(501
)    
(4,343
)    
(762
)
                                 
Income before income taxes
   
6,066
     
22,184
     
13,841
     
36,106
 
Income tax expense
   
3,587
     
5,460
     
2,538
     
9,958
 
                                 
Net income
  $
2,479
    $
16,724
    $
11,303
    $
26,148
 
                                 
Earnings per share—basic
  $
0.01
    $
0.10
    $
0.07
    $
0.17
 
                                 
Earnings per share—diluted
  $
0.01
    $
0.10
    $
0.07
    $
0.17
 
                                 
Weighted-average common shares—basic
   
151,818
     
149,056
     
151,722
     
142,230
 
                                 
Weighted-average common shares—diluted
   
167,249
     
163,346
     
166,855
     
149,979
 
                                 
Cash dividends declared per common share
  $
0.03
    $
0.03
    $
0.06
    $
0.06
 
                                 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated financial statements
5
 
 
Table of Contents
 
WisdomTree Investments, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In Thousands)
(Unaudited)
                                 
 
Three Months Ended June 30,
   
Six Months Ended June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Net income
  $
2,479
    $
16,724
    $
11,303
    $
26,148
 
Other comprehensive (loss)/income
   
     
     
     
 
Change in unrealized gains on available-for-sale debt securities, net of tax
   
—  
     
17
     
—  
     
477
 
Foreign currency translation adjustment
   
(33
)    
(719
)    
258
     
(307
)
                                 
Other comprehensive (loss)/income
   
(33
)    
(702
)    
258
     
170
 
                                 
Comprehensive income
  $
2,446
    $
16,022
    $
11,561
    $
26,318
 
                                 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated financial statements
6
 
 
Table of Contents
 
WisdomTree Investments, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
(In Thousands)
(Unaudited)
 
                                                 
 
For the Three Months Ended June 30, 2019
 
 
Common Stock
   
 
   
Accumulated
   
Accumulated
Deficit
   
Total
   
 
Shares
Issued
   
Par
Value
   
Additional
Paid-In

Capital
   
Other
Comprehensive
Income
   
Balance—April 1, 2019
   
155,056
    $
1,551
    $
364,717
    $
758
    $
(3,592
)   $
363,434
 
Restricted stock issued and vesting of restricted stock units, net
   
66
     
—  
     
—  
     
—  
     
—  
     
—  
 
Shares repurchased
   
(14
)    
—  
     
(102
)    
—  
     
—  
     
(102
)
Stock-based compensation
   
—  
     
—  
     
3,135
     
—  
     
—  
     
3,135
 
Other comprehensive loss
   
—  
     
—  
     
—  
     
(33
)    
—  
     
(33
)
Dividends
   
—  
     
—  
     
—  
     
—  
     
(5,094
)    
(5,094
)
Net income
   
—  
     
—  
     
—  
     
—  
     
2,479
     
2,479
 
                                                 
Balance—June 30, 2019
   
155,108
    $
1,551
    $
367,750
    $
725
    $
(6,207
)   $
363,819
 
 
 
 
 
 
 
 
For the Three Months Ended June 30, 2018
 
 
Common Stock
   
 
   
Accumulated
   
Accumulated
Deficit
   
Total
   
 
Shares
Issued
   
Par
Value
   
Additional
Paid-In

Capital
   
Other
Comprehensive
Income
   
Balance—April 1, 2018
   
137,751
    $
1,378
    $
218,488
    $
1,163
    $
(19,424
)   $
201,605
 
Common stock issued (Note 3)
   
15,250
     
153
     
137,097
     
—  
     
—  
     
137,250
 
Restricted stock issued and vesting of restricted stock units, net
   
158
     
—  
     
—  
     
—  
     
—  
     
—  
 
Shares repurchased
   
(27
)    
—  
     
(272
)    
—  
     
—  
     
(272
)
Exercise of stock options, net
   
10
     
—  
     
85
     
—  
     
—  
     
85
 
Stock-based compensation
   
—  
     
—  
     
3,529
     
—  
     
—  
     
3,529
 
Reclassification of stock issuance costs to temporary equity
   
—  
     
—  
     
139
     
—  
     
—  
     
139
 
Other comprehensive loss
   
—  
     
—  
     
—  
     
(702
)    
—  
     
(702
)
Dividends
   
—  
     
—  
     
—  
     
—  
     
(5,035
)    
(5,035
)
Net income
   
—  
     
—  
     
—  
     
—  
     
16,724
     
16,724
 
                                                 
Balance—June 30, 2018
   
153,142
    $
1,531
    $
359,066
    $
461
    $
(7,735
)   $
353,323
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated financial statements
7
 
 
Table of Contents
 
WisdomTree Investments, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Continued)
(In Thousands)
(Unaudited)
 
                                                 
 
For the Six Months Ended June 30, 2019
 
 
Common Stock
   
Additional
   
Accumulated
Other
   
Accumulated
Deficit
   
Total
   
 
Shares
Issued
   
Par
Value
   
Paid-In

Capital
   
Comprehensive
Income
   
Balance—January 1, 2019
   
153,202
    $
1,532
    $
363,655
    $
467
    $
(7,319
)   $
358,335
 
Restricted stock issued and vesting of restricted stock units, net
   
2,211
     
21
     
(21
)    
—  
     
—  
     
—  
 
Shares repurchased
   
(325
)    
(2
)    
(2,105
)    
—  
     
—  
     
(2,107
)
Exercise of stock options, net
   
20
     
—  
     
14
     
—  
     
—  
     
14
 
Stock-based compensation
   
—  
     
—  
     
6,207
     
—  
     
—  
     
6,207
 
Other comprehensive income
   
—  
     
—  
     
—  
     
258
     
—  
     
258
 
Dividends
   
—  
     
—  
     
—  
     
—  
     
(10,191
)    
(10,191
)
Net income
   
—  
     
—  
     
—  
     
—  
     
11,303
     
11,303
 
                                                 
Balance—June 30, 2019
   
155,108
    $
1,551
    $
367,750
    $
725
    $
(6,207
)   $
363,819
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2018
 
 
Common Stock
   
Additional
   
Accumulated
Other
   
Accumulated
Deficit
   
Total
   
 
Shares
Issued
   
Par
Value
   
Paid-In

Capital
   
Comprehensive
Income
   
Balance—January 1, 2018
   
136,996
    $
1,370
    $
216,006
    $
291
    $
(24,716
)   $
192,951
 
Common stock issued (Note 3)
   
15,250
     
153
     
137,097
     
—  
     
—  
     
137,250
 
Restricted stock issued and vesting of restricted stock units, net
   
825
     
7
     
(7
)    
—  
     
—  
     
—  
 
Shares repurchased
   
(87
)    
—  
     
(1,006
)    
—  
     
—  
     
(1,006
)
Exercise of stock options, net
   
158
     
1
     
138
     
—  
     
—  
     
139
 
Stock-based compensation
   
—  
     
—  
     
6,838
     
—  
     
—  
     
6,838
 
Other comprehensive income
   
—  
     
—  
     
—  
     
170
     
—  
     
170
 
Dividends
   
—  
     
—  
     
—  
     
—  
     
(9,167
)    
(9,167
)
Net income
   
—  
     
—  
     
—  
     
—  
     
26,148
     
26,148
 
                                                 
Balance—June 30, 2018
   
153,142
    $
1,531
    $
359,066
    $
461
    $
(7,735
)   $
353,323
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated financial statements
8
 
 
Table of Contents
 
WisdomTree Investments, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
 
                 
 
Six Months Ended June 30,
 
 
2019
   
2018
 
Cash flows from operating activities:
   
     
 
Net income
  $
11,303
    $
26,148
 
Adjustments to reconcile net income to net cash provided by operating activities:
   
     
 
Advisory fees received in gold and other precious metals
   
(22,872
)    
(11,033
)
Contractual gold payments
   
6,208
     
2,715
 
Stock-based compensation
   
6,207
     
6,838
 
Deferred income taxes
   
2,443
     
(1,055
)
Amortization of right of use asset
   
1,590
     
—  
 
Amortization of credit facility issuance costs
   
1,430
     
637
 
Paid-in-kind
interest income (Note 8)
   
(1,223
)    
(840
)
Impairment
   
572
     
—  
 
Depreciation and amortization
   
533
     
692
 
Gain on revaluation of deferred consideration – gold payments
   
(367
)    
(9,898
)
Other
   
5
     
834
 
Changes in operating assets and liabilities:
   
     
 
Securities owned, at fair value
   
(222
)    
(2,028
)
Accounts receivable
   
1,833
     
2,871
 
Income taxes receivable/payable
   
(44
)    
8,109
 
Prepaid expenses
   
(1,746
)    
(1,669
)
Gold and other precious metals
   
16,318
     
8,930
 
Other assets
   
(552
)    
975
 
Fund management and administration payable
   
1,231
     
(380
)
Compensation and benefits payable
   
(3,938
)    
(21,170
)
Securities sold, but not yet purchased, at fair value
   
(1,155
)    
1,077
 
Payable to ETFS Capital Limited
   
—  
     
222
 
Operating lease liabilities
   
(1,760
)    
—  
 
Accounts payable and other liabilities
   
(435
)    
(2,961
)
                 
Net cash provided by operating activities
   
15,359
     
9,014
 
                 
Cash flows from investing activities: