Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is traded on the NASDAQ Global Select Market under the symbol “WETF.” As of December 31, 2020, there were 232 holders of record of shares of our common stock and we believe there were approximately 21,000 beneficial owners of our common stock.
In November 2014, we commenced a quarterly cash dividend and intend to continue to pay regular dividends to our stockholders. Any determination as to the payment of dividends, as well as the level of such dividends, will depend on, among other things, general economic and business conditions, our level of AUM, our strategic plans, our financial results and condition, limitations associated with new credit facilities or other agreements that could limit the amount of dividends we are permitted to pay, and any applicable laws.
Issuer Purchases of Equity Securities
The following table provides information with respect to purchases made by or on behalf of the Company or any “affiliated purchaser” of shares of our common stock.
On April 24, 2019, our Board of Directors extended the term of our share repurchase program for three years through April 27, 2022. During the three months ended December 31, 2020, we repurchased 44,351 shares of our common stock under this program for an aggregate cost of approximately $0.2 million. As of December 31, 2020, $52.2 million remained under this program for future purchases.
34
Table of Contents
Total Number
of Shares
Purchased
Average Price
Paid Per Share
Total Number of
Shares Purchased
as
Part of Publicly
Announced Plans
or Programs
Approximate
Dollar Value
of Shares that
May Yet Be
Purchased
Under the
Plans or
Programs
Period
(in thousands)
October 1, 2020 to October 31, 2020
—
$
—
—
November 1, 2020 to November 30, 2020
—
$
—
—
December 1, 2020 to December 31, 2020
44,351
$
4.93
44,351
Total
44,351
$
4.93
44,351
$
52,191
35
Table of Contents
ITEM 6. SELECTED FINANCIAL DATA
You should read the selected consolidated financial data presented below in conjunction with the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Report and our consolidated financial statements and the related notes included elsewhere in this Report. The selected consolidated statements of operations data presented below under the heading “Consolidated Statements of Operations Data” for the years ended December 31, 2020, 2019 and 2018 and the selected consolidated balance sheet data presented below under the heading “Consolidated Balance Sheet Data” as of December 31, 2020 and 2019 have been derived from our audited consolidated financial statements included elsewhere in this Report. The selected consolidated financial data presented below under the headings “Consolidated Statements of Operations Data” for the years ended December 31, 2017 and 2016 and under “Consolidated Balance Sheet Data” as of December 31, 2018, 2017 and 2016 have been derived from our consolidated financial statements not included in this Report. The historical results presented below are not necessarily indicative of the financial results to be expected for future periods.
2020
2019
2018
2017
2016
(in thousands, except per share data)
Consolidated Statements of Operations Data:
Operating Revenues:
Advisory fees
$
250,182
$
265,652
$
271,104
$
226,692
$
218,217
Other income
3,517
2,751
3,012
1,603
703
Total revenues
253,699
268,403
274,116
228,295
218,920
Operating Expenses:
Compensation and benefits
74,675
80,761
74,515
81,493
63,263
Fund management and administration
60,515
61,502
56,686
42,144
41,083
Marketing and advertising
11,128
12,163
13,884
14,402
15,643
Sales and business development
10,579
18,276
17,153
13,811
12,537
Contractual gold payments
16,811
13,226
8,512
—
—
Professional and consulting fees
4,902
5,641
7,984
5,254
6,692
Occupancy, communications and equipment
6,427
6,302
6,203
5,415
5,211
Depreciation and amortization
1,021
1,045
1,301
1,395
1,305
Third-party distribution fees
5,219
6,968
6,611
3,393
2,827
Acquisition and disposition-related costs
416
902
11,454
4,832
—
Other
6,924
8,083
8,534
7,068
6,909
Total operating expenses
198,617
214,869
212,837
179,207
155,470
Operating income
55,082
53,534
61,279
49,088
63,450
Other Income/(Expenses)
Interest expense
(9,668
)
(11,240
)
(7,962
)
—
—
(Loss)/gain on revaluation of deferred consideration – gold payments
(56,821
)
(11,293
)
12,220
—
—
Interest income
744
3,332
3,093
2,861
1,111
Settlement gain
—
—
—
6,909
—
Impairments
(22,752
)
(30,710
)
(17,386
)
—
(1,676
)
Loss on extinguishment of debt
(2,387
)
—
—
—
—
Acquisition payment
—
—
—
—
(6,738
)
Other gains and losses, net
580
(3,502
)
(205
)
(666
)
(585
)
(Loss)/income before taxes
(35,222
)
121
51,039
58,192
55,562
Income tax expense
433
10,546
14,406
30,993
29,407
Net (loss)/income
$
(35,655
)
$
(10,425
)
$
36,633
$
27,199
$
26,155
(Loss)/earnings per share—diluted(1)
$
(0.25
)
$
(0.08
)
$
0.23
$
0.20
$
0.19
Weighted average common shares—diluted(1)
148,682
151,823
158,415
136,003
135,539
Cash dividends declared per common share
$
0.12
$
0.12
$
0.12
$
0.32
$
0.32
(1)
See Note 23 to our Consolidated Financial Statements
2020
2019
2018
2017
2016
Consolidated Balance Sheet Data:
Cash and cash equivalents
$
73,425
$
74,972
$
77,784
$
54,193
$
92,722
Total assets
$
896,692
$
935,207
$
937,518
$
254,985
$
249,767
Convertible Notes and Debt
$
166,646
$
175,956
$
194,592
$
—
$
—
Deferred consideration – gold payments (total)
$
230,137
$
173,024
$
161,540
$
—
$
—
Total liabilities
$
497,858
$
465,226
$
446,614
$
62,034
$
48,423
Preferred stock – Series A Non-Voting
Convertible
$
132,569
$
132,569
$
132,569
$
—
$
—
Stockholders’ equity
$
266,265
$
337,412
$
358,335
$
192,951
$
201,344
36
Table of Contents
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.