WisdomTree Announces First Quarter 2023 Results – Record Quarter-End AUM of $90.7 Billion; $6.3 Billion Net Inflows (3rd Best Quarter in Company History)

Diluted earnings per share of $0.10; Earnings per share of $0.07, as adjusted

Ten consecutive quarters of net inflows

Annualized inflow rate of 31% across all products

NEW YORK–(BUSINESS WIRE)–WisdomTree, Inc. (NYSE: WT), a global financial innovator, today reported financial results for the first quarter of 2023.

$16.2 million net income ($11.2⁽¹⁾ million net income, as adjusted); including a non-cash gain of $20.6 million associated with the revaluation of deferred consideration-gold payments; a loss of $9.7 million recognized upon the extinguishment of $115.0 million in aggregate principal amount of our 4.25% convertible senior notes issued in 2020 and due in June 2023 (the “2020 Notes”); and other items.

$90.7 billion of ending AUM, an increase of 10.7% arising from net inflows and market appreciation.

$6.3 billion of net inflows, primarily driven by inflows into our fixed income, commodity, emerging markets and international equity products.

0.36% average advisory fee, unchanged from last quarter.

$82.0 million of operating revenues, an increase of 11.9% from the previous quarter due to higher average AUM, and higher other income from large flows into some of our European products.

79.1% gross margin⁽¹⁾, a 2.2 point increase from the previous quarter due to higher revenues.

20.2% operating income margin (21.4%⁽¹⁾ as adjusted), a 4.2 point increase (5.4 point increase, as adjusted⁽¹⁾) compared to our operating margin of 16.0% in the prior quarter due to higher revenues, partly offset by higher expenses.

$130.0 million issuance of convertible senior notes due 2028, bearing an interest at a rate of 5.75% and issued with a conversion price of $9.54 per share. Concurrent with the issuance, we repurchased $115.0 million in aggregate principal amount of our 2020 Notes.

$0.03 quarterly dividend declared, payable on May 24, 2023 to stockholders of record as of the close of business on May 10, 2023.

Update from Jonathan Steinberg, WisdomTree CEO

“WisdomTree’s momentum has accelerated in 2023 as the first quarter of the year was the third best quarter of net inflows in company history. I expect our solid fund performance and positioning, combined with continued growth in managed models, to drive further growth in the remainder of the year. Additionally, our blockchain–native digital wallet, WisdomTree Prime™, is on track for initial launch in app stores in Q2, alongside our suite of digital funds and tokens, cementing our leadership position in the blockchain-enabled finance marketplace, which according to a recent industry report from Citi, could be a $5 trillion market by 2030.”

Update from Jarrett Lilien, WisdomTree COO and President

“WisdomTree’s business has never been stronger; we’ve had ten consecutive quarters of net inflows coupled with all-time record high assets under management of over $90 billion. The breadth, depth and momentum of our inflows continues, with six of our eight major product categories and over half of our 350 global products generating positive flows in the first quarter. I am confident that our strong and steady organic growth will continue throughout 2023 and beyond on the back of strong fund performance, a broad and attractive product suite, and our ever-expanding models franchise.”

OPERATING AND FINANCIAL HIGHLIGHTS

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sept. 30, 2022			June 30, 2022			Mar. 31, 2022
Consolidated Operating Highlights ($ in billions):
AUM—end of period	$	90.7		$	82.0		$	70.9		$	74.3		$	79.4
Net inflows	$	6.3		$	5.3		$	1.7		$	3.9		$	1.3
Average AUM	$	87.5		$	77.6		$	74.7		$	77.7		$	77.8
Average advisory fee		0.36	%		0.36	%		0.38	%		0.39	%		0.40	%


Consolidated Financial Highlights ($ in millions, except per share amounts):
Operating revenues	$	82.0		$	73.3		$	72.4		$	77.3		$	78.4
Net income/(loss)	$	16.2		$	(28.3	)	$	81.2		$	8.0		$	(10.3	)
Diluted earnings/(loss) per share	$	0.10		$	(0.20	)	$	0.50		$	0.05		$	(0.08	)
Operating income margin		20.2	%		16.0	%		20.5	%		20.5	%		22.6	%
As Adjusted (Non-GAAP⁽¹⁾):
Gross margin		79.1	%		76.9	%		77.5	%		79.2	%		80.2	%
Net income, as adjusted	$	11.2		$	7.0		$	9.3		$	11.3		$	14.1
Diluted earnings per share, as adjusted	$	0.07		$	0.04		$	0.06		$	0.07		$	0.09
Operating income margin, as adjusted		21.4	%		16.0	%		20.5	%		23.1	%		25.7	%

RECENT BUSINESS DEVELOPMENTS

Company News

In February 2023, we completed a private offering of $130.0 million in aggregate principal amount of 5.75% convertible senior notes due 2028 and concurrently repurchased $115 million principal amount of our 2020 Notes due in June 2023.
In March 2023, our Board of Directors adopted a limited duration stockholder rights plan.
In April 2023, we acquired Securrency Transfers, Inc., the transfer agent for our soon-to-launch digital funds via WisdomTree Prime™. This acquired entity is now called WisdomTree Transfers, Inc.

Product News

In February 2023, WisdomTree and Voya Asset Management Co. LLC launched the WisdomTree Voya Yield Enhanced USD Universal Bond Fund (UNIY) on the NASDAQ; and we cross-listed 12 equity and commodity ETPs on the London Stock Exchange.
In March 2023, we won ‘Best Leveraged & Inverse ETF Issuer ($100M+)’ and ‘Best Crypto Issuer Linked ETF Issuer ($100M+)’ at the 2023 ETF Express Europe Awards; we launched currency-hedged share classes for the WisdomTree Quality Dividend Growth Fund on the London Stock Exchange, Borsa Italiana and Börse Xetra; and we implemented enhanced ESG screens on 22 equity and fixed income UCITS ETFs during their March rebalances.
In April 2023, we launched the WisdomTree California Carbon ETP (WCCA) on the London Stock Exchange, Borsa Italiana and Börse Xetra.

WISDOMTREE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sept. 30, 2022			June 30, 2022			Mar. 31, 2022
Operating Revenues:
Advisory fees	$	77,637		$	70,913		$	70,616		$	75,586		$	76,517
Other income		4,407			2,397			1,798			1,667			1,851
Total revenues		82,044			73,310			72,414			77,253			78,368
Operating Expenses:
Compensation and benefits		27,398			24,831			23,714			24,565			24,787
Fund management and administration		17,153			16,906			16,285			16,076			15,494
Marketing and advertising		4,007			4,240			3,145			3,894			4,023
Sales and business development		2,994			3,407			2,724			3,131			2,609
Contractual gold payments		4,486			4,107			4,105			4,446			4,450
Professional fees		3,715			2,666			2,367			4,308			4,459
Occupancy, communications and equipment		1,101			1,110			986			1,049			753
Depreciation and amortization		109			104			58			53			47
Third-party distribution fees		2,253			1,793			1,833			1,818			2,212
Other		2,257			2,427			2,324			2,109			1,845
Total operating expenses		65,473			61,591			57,541			61,449			60,679
Operating income		16,571			11,719			14,873			15,804			17,689
Other Income/(Expenses):
Interest expense		(4,002	)		(3,736	)		(3,734	)		(3,733	)		(3,732	)
Gain/(loss) on revaluation of deferred consideration—gold payments		20,592			(35,423	)		77,895			2,311			(17,018	)
Interest income		1,083			945			811			770			794
Impairments		(4,900	)		—			—			—			—
Loss on extinguishment of convertible notes		(9,721	)		—			—			—			—
Other losses, net		(2,007	)		(1,815	)		(5,289	)		(4,474	)		(24,707	)
Income/(loss) before income taxes		17,616			(28,310	)		84,556			10,678			(26,974	)
Income tax expense/(benefit)		1,383			(21	)		3,327			2,673			(16,713	)
Net income/(loss)	$	16,233		$	(28,289	)	$	81,229		$	8,005		$	(10,261	)
Earnings/(loss) per share—basic	$	0.10	⁽²⁾	$	(0.20	)	$	0.50	⁽²⁾	$	0.05	⁽²⁾	$	(0.08)	⁽²⁾
Earnings/(loss) per share—diluted	$	0.10		$	(0.20	)	$	0.50	⁽²⁾	$	0.05		$	(0.08)	⁽²⁾
Weighted average common shares—basic		143,862			143,126			143,120			143,046			142,782
Weighted average common shares—diluted		159,887			143,126			158,953			158,976			142,782

As Adjusted (Non-GAAP⁽¹⁾)
Total operating expenses	$	64,506		$	61,591		$	57,541		$	59,425		$	58,244
Operating income	$	17,538		$	11,719		$	14,873		$	17,828		$	20,124
Income before income taxes	$	14,485		$	8,615		$	12,645		$	14,498		$	17,674
Income tax expense	$	3,287		$	1,588		$	3,323		$	3,241		$	3,611
Net income	$	11,198		$	7,027		$	9,322		$	11,257		$	14,063
Earnings per share—diluted	$	0.07		$	0.04		$	0.06		$	0.07		$	0.09
Weighted average common shares – diluted		159,887			159,478			158,953			158,976			158,335

QUARTERLY HIGHLIGHTS

Operating Revenues

Operating revenues increased 11.9% and 4.7% from the fourth quarter of 2022 and the first quarter of 2022, respectively, due to higher average AUM and higher other income from large flows into some of our European products.
Our average advisory fee was 0.36%, 0.36% and 0.40% during the first quarter of 2023, the fourth quarter of 2022 and the first quarter of 2022, respectively.

Operating Expenses

Operating expenses increased 6.3% from the fourth quarter of 2022 primarily due to higher compensation arising from payroll taxes, benefits and other items in connection with the payment of year-end bonuses, as well as higher professional fees and third-party distribution fees.
Operating expenses increased 7.9% from the first quarter of 2022 primarily due to higher compensation from increased headcount and stock-based compensation expense, fund management and administration costs and other expenses. These increases were partly offset by lower professional fees.

Other Income/(Expenses)

Interest expense increased 7.1% and 7.2% from the fourth quarter of 2022 and the first quarter of 2022, respectively, due to a higher level of debt outstanding and a higher effective interest rate.
We recognized a non-cash gain on revaluation of deferred consideration of $20.6 million during the first quarter of 2023. The gain arose primarily from an increase in the discount rate used to compute the present value of the annual payment obligations, partly offset by higher gold prices. The magnitude of any gain or loss recognized is highly correlated to changes in the discount rate and the magnitude of the change in the forward-looking price of gold.
Interest income increased 14.6% and 36.4% from the fourth quarter of 2022 and the first quarter of 2022, respectively, due to rising interest rates.
During the first quarter of 2023, we recognized a non-cash impairment charge of $4.9 million on our Series A convertible preferred stock investment in Securrency, Inc.
During the first quarter of 2023, we recognized a loss on extinguishment of convertible notes of $9.7 million arising from the repurchase of $115.0 million in aggregate principal amount of our 2020 Notes.
Other losses, net were $2.0 million for the first quarter of 2023. This quarter includes a non-cash charge of $1.4 million arising from a release of a tax-related indemnification asset upon the expiration of the statute of limitations (an equal and offsetting benefit has been recognized in income tax expense). This quarter also includes losses on our investments of $3.9 million. These items were partly offset by gains on our financial instruments owned of $2.0 million and a gain of $1.5 million related to the remeasurement of contingent consideration payable to us from the sale of our former Canadian ETF business. Gains and losses also generally arise from the sale of gold earned from management fees paid by our physically-backed gold exchange-traded products (“ETPs”), foreign exchange fluctuations and other miscellaneous items.

Income Taxes

Our effective income tax rate for the first quarter of 2023 was 7.9%, resulting in income tax expense of $1.4 million. The effective tax rate differs from the federal statutory rate of 21% primarily due to a non-taxable gain on revaluation of deferred consideration and a reduction a in unrecognized tax benefits upon the expiration of the statute of limitations. These items were partly offset by a non-deductible loss on extinguishment of our 2020 Notes and an increase in the deferred tax asset valuation allowance on losses recognized on our investments.
Our adjusted effective income tax rate was 22.7%⁽¹⁾.

CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS

WisdomTree will discuss its results and operational highlights during a live webcast on Friday, April 28, 2023 at 11:00 a.m. ET, which can be accessed using the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qp07AaN2.

Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the Participant international toll-free access numbers. To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time. All earnings materials and the webcast can be accessed through WisdomTree’s investor relations website at https://ir.wisdomtree.com. A replay of the webcast will also be available shortly after the call.

ABOUT WISDOMTREE

WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models and solutions. We empower investors to shape their future and support financial professionals to better serve their clients and grow their businesses. WisdomTree is leveraging the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. Building on our heritage of innovation, we are also developing next-generation digital products and structures, including digital funds and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime™.

WisdomTree currently has approximately $90.5 billion in assets under management globally.

For more information about WisdomTree and WisdomTree Prime™, visit: https://www.wisdomtree.com.

Please visit us on Twitter at @WisdomTreeNews.

WisdomTree^® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.

__________________________
⁽¹⁾		See “Non-GAAP Financial Measurements.”
⁽²⁾		Earnings/(loss) per share (“EPS”) is calculated pursuant to the two-class method as it results in a lower EPS amount as compared to the treasury stock method.

WisdomTree, Inc.
Key Operating Statistics (Unaudited)
	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sept. 30, 2022			June 30, 2022			Mar. 31, 2022
GLOBAL ETPs ($ in millions)

Beginning of period assets	$	81,993		$	70,878		$	74,302		$	79,407		$	77,479
Inflows/(outflows)		6,341			5,264			1,747			3,852			1,319
Market appreciation/(depreciation)		2,406			5,851			(5,171	)		(8,953	)		609
Fund closures		—			—			—			(4	)		—
End of period assets	$	90,740		$	81,993		$	70,878		$	74,302		$	79,407
Average assets during the period	$	87,508		$	77,649		$	74,677		$	77,738		$	77,809
Average advisory fee during the period		0.36	%		0.36	%		0.38	%		0.39	%		0.40	%
Revenue days		90			92			92			91			90
Number of ETFs—end of the period		350			348			347			344			341

U.S. LISTED ETFs ($ in millions)

Beginning of period assets	$	55,973		$	48,043		$	47,255		$	48,622		$	48,210
Inflows/(outflows)		4,012			4,232			3,812			4,278			2,250
Market appreciation/(depreciation)		1,298			3,698			(3,024	)		(5,645	)		(1,838	)
Fund closures		—			—			—			—			—
End of period assets	$	61,283		$	55,973		$	48,043		$	47,255		$	48,622
Average assets during the period	$	59,430		$	53,655		$	49,466		$	48,270		$	47,499
Number of ETFs—end of the period		80			79			78			77			77

EUROPEAN LISTED ETPs ($ in millions)

Beginning of period assets	$	26,020		$	22,835		$	27,047		$	30,785		$	29,269
Inflows/(outflows)		2,329			1,032			(2,065	)		(426	)		(931	)
Market appreciation/(depreciation)		1,108			2,153			(2,147	)		(3,308	)		2,447
Fund closures		—			—			—			(4	)		—
End of period assets	$	29,457		$	26,020		$	22,835		$	27,047		$	30,785
Average assets during the period	$	28,078		$	23,994		$	25,211		$	29,468		$	30,310
Number of ETPs—end of the period		270			269			269			267			264

PRODUCT CATEGORIES ($ in millions)

Commodity & Currency
Beginning of period assets	$	22,097		$	19,561		$	23,624		$	26,302		$	24,598
Inflows/(outflows)		2,003			796			(2,179	)		(475	)		(1,053	)
Market appreciation/(depreciation)		824			1,740			(1,884	)		(2,203	)		2,757
End of period assets	$	24,924		$	22,097		$	19,561		$	23,624		$	26,302
Average assets during the period	$	23,806		$	20,345		$	21,625		$	25,767		$	25,891

U.S. Equity
Beginning of period assets	$	24,112		$	20,952		$	21,058		$	23,738		$	23,860
(Outflows)/inflows		(149	)		1,021			1,239			306			779
Market appreciation/(depreciation)		571			2,139			(1,345	)		(2,986	)		(901	)
End of period assets	$	24,534		$	24,112		$	20,952		$	21,058		$	23,738
Average assets during the period	$	24,726		$	23,492		$	22,534		$	22,362		$	23,134

Fixed Income
Beginning of period assets	$	15,273		$	11,695		$	9,192		$	5,418		$	4,356
Inflows/(outflows)		3,513			3,393			2,627			4,038			1,242
Market (depreciation)/appreciation		(78	)		185			(124	)		(264	)		(180	)
End of period assets	$	18,708		$	15,273		$	11,695		$	9,192		$	5,418
Average assets during the period	$	17,176		$	13,962		$	10,077		$	7,426		$	4,691

	Three Months Ended
	Mar. 31, 2023			Dec. 31, 2022			Sept. 30, 2022			June 30, 2022			Mar. 31, 2022

International Developed Market Equity
Beginning of period assets	$	10,195		$	9,183		$	9,968		$	11,422		$	11,894
Inflows/(outflows)		450			40			(115	)		79			97
Market appreciation/(depreciation)		788			972			(670	)		(1,533	)		(569	)
End of period assets	$	11,433		$	10,195		$	9,183		$	9,968		$	11,422
Average assets during the period	$	10,879		$	10,000		$	10,032		$	10,695		$	11,543

Emerging Market Equity
Beginning of period assets	$	8,116		$	7,495		$	8,386		$	9,991		$	10,375
Inflows/(outflows)		486			(53	)		114			(223	)		189
Market appreciation/(depreciation)		209			674			(1,005	)		(1,382	)		(573	)
End of period assets	$	8,811		$	8,116		$	7,495		$	8,386		$	9,991
Average assets during the period	$	8,666		$	7,770		$	8,329		$	9,155		$	10,116

Leveraged & Inverse
Beginning of period assets	$	1,754		$	1,523		$	1,618		$	1,856		$	1,775
Inflows/(outflows)		43			59			45			90			(2	)
Market (depreciation)/appreciation		(12	)		172			(140	)		(328	)		83
End of period assets	$	1,785		$	1,754		$	1,523		$	1,618		$	1,856
Average assets during the period	$	1,757		$	1,623		$	1,589		$	1,765		$	1,830

Alternatives
Beginning of period assets	$	310		$	306		$	305		$	293		$	261
(Outflows)/inflows		(18	)		12			16			34			29
Market appreciation/(depreciation)		14			(8	)		(15	)		(22	)		3
End of period assets	$	306		$	310		$	306		$	305		$	293
Average assets during the period	$	308		$	305		$	313		$	299		$	275

Cryptocurrency
Beginning of period assets	$	136		$	163		$	151		$	383		$	357
Inflows/(outflows)		13			(4	)		—			3			37
Market appreciation/(depreciation)		90			(23	)		12			(235	)		(11	)
End of period assets	$	239		$	136		$	163		$	151		$	383
Average assets during the period	$	190		$	152		$	178		$	265		$	324

Closed ETPs
Beginning of period assets	$	—		$	—		$	—		$	4		$	3
Inflows/(outflows)		—			—			—			—			1
Market appreciation		—			—			—			—			—
Fund closures		—			—			—			(4	)		—
End of period assets	$	—		$	—		$	—		$	—		$	4
Average assets during the period	$	—		$	—		$	—		$	4		$	5

Headcount		279			273			274			264			253

Note: Previously issued statistics may be restated due to fund closures and trade adjustments
Source: WisdomTree

WISDOMTREE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

	Mar. 31, 2023			Dec. 31, 2022
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	119,099		$	132,101
Financial instruments owned, at fair value		130,180			126,239
Accounts receivable		35,496			30,549
Prepaid expenses		5,877			4,684
Income taxes receivable		1,799			—
Other current assets		291			390
Total current assets		292,742			293,963
Fixed assets, net		515			544
Indemnification receivable		—			1,353
Securities held-to-maturity		253			259
Deferred tax assets, net		5,871			10,536
Investments		26,902			35,721
Right of use assets—operating leases		1,153			1,449
Goodwill		85,856			85,856
Intangible assets, net		603,968			603,567
Other noncurrent assets		507			571
Total assets	$	1,017,767		$	1,033,819
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Convertible notes—current	$	59,884		$	59,197
Fund management and administration payable		27,830			36,521
Deferred consideration—gold payments		17,984			16,796
Compensation and benefits payable		9,341			24,121
Income taxes payable		—			1,599
Operating lease liabilities		1,041			1,125
Accounts payable and other liabilities		14,846			9,075
Total current liabilities		130,926			148,434
Convertible notes—long term		273,767			262,019
Deferred consideration—gold payments		161,847			183,494
Operating lease liabilities		120			339
Other noncurrent liabilities		—			1,353
Total liabilities		566,660			595,639
Preferred stock—Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding		132,569			132,569
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01; 400,000 shares authorized:
Issued and outstanding: 149,291 and 146,517 at March 31, 2023 and December 31, 2022, respectively		1,493			1,465
Additional paid-in capital		292,971			291,847
Accumulated other comprehensive loss		(954	)		(1,420	)
Retained earnings		25,028			13,719
Total stockholders’ equity		318,538			305,611
Total liabilities and stockholders’ equity	$	1,017,767		$	1,033,819

WISDOMTREE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)

	Three Months Ended March 31,
	2023			2022
Cash flows from operating activities:
Net income/(loss)	$	16,233		$	(10,261	)
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
(Gain)/loss on revaluation of deferred consideration—gold payments		(20,592	)		17,018
Advisory and license fees paid in gold, other precious metals and cryptocurrency		(12,760	)		(16,052	)
Loss on extinguishment of convertible notes		9,721			—
Impairments		4,900			—
Deferred income taxes		4,783			5,273
Stock-based compensation		4,536			2,936
Contractual gold payments		4,486			4,450
Losses on investments		3,919			163
(Gains)/losses on financial instruments owned, at fair value		(1,954	)		5,142
Amortization of issuance costs—convertible notes		579			645
Amortization of right of use asset		319			89
Depreciation and amortization		109			47
Changes in operating assets and liabilities:
Accounts receivable		(4,791	)		(3,710	)
Prepaid expenses		(1,161	)		(2,264	)
Gold and other precious metals		8,332			11,959
Other assets		167			(52	)
Intangibles—software development		(452	)		—
Fund management and administration payable		3,638			3,199
Compensation and benefits payable		(27,271	)		(23,690	)
Income taxes payable		(3,418	)		(4,228	)
Operating lease liabilities		(326	)		(97	)
Accounts payable and other liabilities		5,606			6,741
Net cash used in operating activities		(5,397	)		(2,692	)
Cash flows from investing activities:
Purchase of financial instruments owned, at fair value		(20,278	)		(25,461	)
Purchase of investments		—			(6,863	)
Purchase of fixed assets		(26	)		(54	)
Proceeds from the sale of financial instruments owned, at fair value		18,290			13,639
Proceeds from held-to-maturity securities maturing or called prior to maturity		6			18
Net cash used in investing activities		(2,008	)		(18,721	)
Cash flows from financing activities:
Repurchase of convertible notes		(124,317	)		—
Dividends paid		(4,821	)		(4,842	)
Shares repurchased		(3,384	)		(3,394	)
Convertible notes issuance costs		(3,548	)		—
Proceeds from the issuance of convertible notes		130,000			—
Net cash used in financing activities		(6,070	)		(8,236	)
Increase/(decrease) in cash flow due to changes in foreign exchange rate		473			(665	)
Net decrease in cash and cash equivalents		(13,002	)		(30,314	)
Cash and cash equivalents—beginning of year		132,101			140,709
Cash and cash equivalents—end of period	$	119,099		$	110,395

Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	1,422		$	2,123
Cash paid for interest	$	801		$	—

Contacts

Investor Relations
Jeremy Campbell

+1.646.522.2602

[email protected]

Media Relations
Jessica Zaloom

+1.917.267.3735

[email protected]

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Source: https://thenewscrypto.com/wisdomtree-announces-first-quarter-2023-results-record-quarter-end-aum-of-90-7-billion-6-3-billion-net-inflows-3rd-best-quarter-in-company-history/