WisdomTree Announces Second Quarter 2023 Results – Record Quarter-End AUM of $93.7 Billion; Diluted Earnings Per Share of $0.32 ($0.09, as Adjusted)

Eleven consecutive quarters of net inflows

Annualized inflow rate of 21% across all products

Termination of contractual gold payments and operating leverage expands margin

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

$54.3 million net income ($14.9⁽¹⁾ million net income, as adjusted); including a non-cash gain of $41.4 million associated with the revaluation and termination of our deferred consideration—gold payments obligation.

$93.7 billion of ending AUM, an increase of 3.3% from the previous quarter arising from net inflows and market appreciation.

$2.3 billion of net inflows, primarily driven by inflows into our international equity and fixed income products, partly offset by outflows from our commodity products.

0.36% average advisory fee, unchanged from last quarter.

$85.7 million of operating revenues, an increase of 4.5% from the previous quarter primarily due to higher average AUM.

79.3% gross margin⁽¹⁾, a 0.2 point increase from the previous quarter due to higher revenues.

21.2% operating income margin (26.9%⁽¹⁾ as adjusted), a 1 point increase (5.5 point increase, as adjusted⁽¹⁾) compared to our operating margin of 20.2% in the prior quarter due to higher revenues and lower contractual gold payments (upon the termination of our deferred consideration—gold payments obligation on May 10, 2023), partly offset by higher expenses incurred in response to an activist campaign.

$60.0 million of cash paid and 1,037,288 shares of common stock issued in connection with the maturity of $60.0 million aggregate principal amount of 4.25% Convertible Senior Notes.

$50.0 million cash consideration paid and 13,087 shares of Series C Non-Voting Convertible Preferred Stock, convertible into 13,087,000 shares of common stock, issued to terminate our deferred consideration—gold payments obligation.

$0.03 quarterly dividend declared, payable on August 23, 2023 to stockholders of record as of the close of business on August 9, 2023.

Update from Jonathan Steinberg, WisdomTree CEO

“WisdomTree’s momentum continued in the second quarter with a 21% year-to-date pace of annualized organic flow growth, best-in-class among our asset manager peers, propelling our global AUM to record high levels. Additionally, we launched WisdomTree Prime™ in 21 states at the end of June, with near full coverage in the U.S. expected by year end. The personal finance app empowers users to save, spend and invest, bringing tokenization and blockchain-enabled finance to the center of the consumer’s financial life. Whether it’s growing the platform organically, leveraging B2B or B2B2C opportunities, or utilizing our early-mover status in tokenization to pursue third party distribution, we have significant opportunity and have opened many paths to success. I’ve never been more excited about the road ahead than I am today and expect our momentum will continue through 2023 and beyond.”

Update from Jarrett Lilien, WisdomTree COO and President

“WisdomTree has had one of its strongest first halves of a year in company history, with best-in-class flow growth driven by deep and wide flow momentum, having gathered net inflows in all 8 major product categories across our broad product suite. Our differentiated models business is also gaining traction, deepening penetration with current partners like Merrill Lynch and Morgan Stanley, winning new mandates with key partners like LPL and Corbu, and continuing to expand our models business with small independent RIAs and broker-dealers, where our pipeline is strong. And, after expanding operating margins by over 500bps through the termination of our contractual gold payments obligation earlier this quarter, we expect further margin expansion in the years ahead as our business is scalable with high incremental margins.”

OPERATING AND FINANCIAL HIGHLIGHTS

	Three Months Ended
	June 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sept. 30, 2022			June 30, 2022
Consolidated Operating Highlights ($ in billions):
AUM—end of period	$	93.7		$	90.7		$	82.0		$	70.9		$	74.3
Net inflows	$	2.3		$	6.3		$	5.3		$	1.7		$	3.9
Average AUM	$	91.6		$	87.5		$	77.6		$	74.7		$	77.7
Average advisory fee		0.36	%		0.36	%		0.36	%		0.38	%		0.39	%


Consolidated Financial Highlights ($ in millions, except per share amounts):
Operating revenues	$	85.7		$	82.0		$	73.3		$	72.4		$	77.3
Net income/(loss)	$	54.3		$	16.2		$	(28.3	)	$	81.2		$	8.0
Diluted earnings/(loss) per share	$	0.32		$	0.10		$	(0.20	)	$	0.50		$	0.05
Operating income margin		21.2	%		20.2	%		16.0	%		20.5	%		20.5	%
As Adjusted (Non-GAAP⁽¹⁾):
Gross margin		79.3	%		79.1	%		76.9	%		77.5	%		79.2	%
Net income, as adjusted	$	14.9		$	11.2		$	7.0		$	9.3		$	11.3
Diluted earnings per share, as adjusted	$	0.09		$	0.07		$	0.04		$	0.06		$	0.07
Operating income margin, as adjusted		26.9	%		21.4	%		16.0	%		20.5	%		23.1	%

RECENT BUSINESS DEVELOPMENTS

Company News

In May 2023, we closed a transaction resulting in the termination of WisdomTree’s contractual gold payments obligation to ETFS Capital Limited for approximately $137 million. The transaction expands our operating margin by over 500 basis points, is accretive to earnings per share and reduces volatility in our quarterly GAAP financial results.
In June 2023, stockholders elected five of WisdomTree’s six nominees, including new director Shamla Naidoo, and one of three nominees proposed by ETFS Capital Limited, Tonia Pankopf, to WisdomTree’s Board of Directors; and Win Neuger was appointed Chair of the Board.
In July 2023, WisdomTree Prime™ became available in the Apple App Store and Google Play for users across 21 states in the U.S., granting investors access to the blockchain-enabled financial app built to save, spend, and invest in digital assets and WisdomTree Digital Funds; our European business won ‘Best ETF Issuer’ at the Online Money Awards, marking the 2^nd consecutive year of winning the award.
Also in July 2023, new chairs and members were appointed to all three committees of our Board of Directors.

Product News

In June 2023, we announced 2-for-1 forward share splits on the WisdomTree Europe Hedged Equity Fund (HEDJ), the WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (AGZD) and the WisdomTree Japan Hedged SmallCap Equity Fund (DXJS); we launched the CORBU x WT PolyMacro Model Portfolios, a collaborative effort with CORBU, a research intelligence and advisory platform, designed for a rapidly changing global investment landscape; our Siegel-WisdomTree Longevity and Siegel-WisdomTree Global Equity Models became available on LPL Financial’s unified managed account platform Model Wealth Portfolios (MWP); and we launched the WisdomTree Renewable Energy UCITS ETF (WRNW) on the London Stock Exchange, Borsa Italiana and Börse Xetra.
In July 2023, we expanded our range of UCITS ETFs on SIX, the Swiss Stock Exchange, with the listing of the WisdomTree Broad Commodities UCITS ETF (PCOM) and WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (WXAG).


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

	Three Months Ended												Six Months Ended
	June 30, 2023			Mar. 31, 2023		Dec. 31, 2022		Sept. 30, 2022			June 30, 2022		June 30, 2023			June 30, 2022
Operating Revenues:
Advisory fees	$	82,004		$	77,637	$	70,913	$	70,616		$	75,586	$	159,641		$	152,103
Other income		3,720			4,407		2,397		1,798			1,667		8,127			3,518
Total revenues		85,724			82,044		73,310		72,414			77,253		167,768			155,621
Operating Expenses:
Compensation and benefits		26,319			27,398		24,831		23,714			24,565		53,717			49,352
Fund management and administration		17,727			17,153		16,906		16,285			16,076		34,880			31,570
Marketing and advertising.		4,465			4,007		4,240		3,145			3,894		8,472			7,917
Sales and business development		3,326			2,994		3,407		2,724			3,131		6,320			5,740
Contractual gold payments		1,583			4,486		4,107		4,105			4,446		6,069			8,896
Professional fees		8,334			3,715		2,666		2,367			4,308		12,049			8,767
Occupancy, communications and equipment		1,172			1,101		1,110		986			1,049		2,273			1,802
Depreciation and amortization		121			109		104		58			53		230			100
Third-party distribution fees		1,881			2,253		1,793		1,833			1,818		4,134			4,030
Other		2,615			2,257		2,427		2,324			2,109		4,872			3,954
Total operating expenses		67,543			65,473		61,591		57,541			61,449		133,016			122,128
Operating income		18,181			16,571		11,719		14,873			15,804		34,752			33,493
Other Income/(Expenses):
Interest expense		(4,021	)		(4,002)		(3,736)		(3,734	)		(3,733)		(8,023	)		(7,465	)
Gain/(loss) on revaluation/termination of deferred consideration—gold payments		41,361			20,592		(35,423)		77,895			2,311		61,953			(14,707	)
Interest income		1,000			1,083		945		811			770		2,083			1,564
Impairments		—			(4,900)		—		—			—		(4,900	)		—
Loss on extinguishment of convertible notes		—			(9,721)		—		—			—		(9,721	)		—
Other gains and losses, net		1,286			(2,007)		(1,815)		(5,289	)		(4,474)		(721	)		(29,181	)
Income/(loss) before income taxes		57,807			17,616		(28,310)		84,556			10,678		75,423			(16,296	)
Income tax expense/(benefit)		3,555			1,383		(21)		3,327			2,673		4,938			(14,040	)
Net income/(loss)	$	54,252		$	16,233	$	(28,289)	$	81,229		$	8,005	$	70,485		$	(2,256	)
Earnings/(loss) per share—basic	$	0.32⁽²⁾		$	0.10⁽²⁾	$	(0.20)	$	0.50⁽²⁾		$	0.05⁽²⁾	$	0.43⁽²⁾		$	(0.02)⁽²⁾
Earnings/(loss) per share—diluted	$	0.32		$	0.10	$	(0.20)	$	0.50⁽²⁾		$	0.05	$	0.42⁽²⁾		$	(0.02	)
Weighted average common shares—basic		144,351			143,862		143,126		143,120		$	143,046		144,108			142,915
Weighted average common shares—diluted		170,672			159,887		143,126		158,953			158,976		165,468			142,915

As Adjusted (Non-GAAP⁽¹⁾)
Total operating expenses	$	62,630		$	64,506	$	61,591	$	57,541		$	59,425
Operating income	$	23,094		$	17,538	$	11,719	$	14,873		$	17,828
Income before income taxes	$	19,752		$	14,485	$	8,615	$	12,645		$	14,498
Income tax expense	$	4,833		$	3,287	$	1,588	$	3,323		$	3,241
Net income	$	14,919		$	11,198	$	7,027	$	9,322		$	11,257
Earnings per share—diluted	$	0.09		$	0.07	$	0.04	$	0.06		$	0.07
Weighted average common shares—diluted		170,672			159,887		159,478		158,953			158,976

QUARTERLY HIGHLIGHTS

Operating Revenues

Operating revenues increased 4.5% and 11.0% from the first quarter of 2023 and the second quarter of 2022, respectively, primarily due to higher average AUM.
Our average advisory fee was 0.36%, 0.36% and 0.39% during the second quarter of 2023, the first quarter of 2023 and the second quarter of 2022, respectively.

Operating Expenses

Operating expenses increased 3.2% from the first quarter of 2023 primarily due to higher professional fees incurred in connection with an activist campaign. This increase was partly offset by lower contractual gold payments, as well as lower compensation due to seasonal items occurring in the prior quarter.
Operating expenses increased 9.9% from the second quarter of 2022 primarily due to higher professional fees incurred in connection with an activist campaign, incentive compensation and headcount, and fund management and administration costs. These increases were partly offset by lower contractual gold payments.

Other Income/(Expenses)

Interest expense was essentially unchanged from the first quarter of 2023 and increased 7.7% from the second quarter of 2022 due to a higher average level of debt outstanding and a higher effective interest rate.
We recognized a non-cash gain on revaluation/termination of deferred consideration of $41.4 million during the second quarter of 2023. This obligation was terminated on May 10, 2023 for aggregate consideration totaling approximately $137.0 million, including $50.0 million in cash and the issuance of 13,087 shares of Series C Non-Voting Convertible Preferred Stock (valued at $86.9 million) which are convertible into 13,087,000 shares of the Company’s common stock.
Interest income was essentially unchanged from the first quarter of 2023 and increased 29.9% from the second quarter of 2022, respectively, due to rising interest rates.
Other gains and losses, net was $1.3 million for the second quarter of 2023. This quarter includes gains on our investments of $3.1 million, partly offset by losses on our financial instruments owned of $1.0 million. 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 second quarter of 2023 was 6.1%, resulting in income tax expense of $3.6 million. The effective tax rate differs from the federal statutory rate of 21% primarily due to a non-taxable gain on revaluation/termination of deferred consideration and a decrease in the deferred tax asset valuation allowance on losses recognized on our investments. These items were partly offset by non-deductible executive compensation.
Our adjusted effective income tax rate was 24.5%⁽¹⁾.

SIX MONTH HIGHLIGHTS

Operating revenues increased 7.8% as compared to 2022 due to higher average AUM and higher other income from large flows into some of our European products, partly offset by a lower average advisory fee.
Operating expenses increased 8.9% as compared to 2022 primarily due to higher incentive compensation and headcount, fund management and administration costs and professional fees incurred in connection with an activist campaign. These increases were partly offset by lower contractual gold payments.
Significant items reported in other income/(expense) in 2023 include: an increase in interest expense of 7.5% due to a higher level of debt outstanding; an increase in interest income of 33.2% due to an increase in our financial instruments owned; a non-cash charge of $1.4 million arising from the release of tax-related indemnification assets upon the expiration of the statute of limitations (an equal and offsetting benefit was recognized in income tax expense); gains on our financial instruments owned of $0.9 million and losses on our investments of $0.8 million. Gains and losses also generally arise from the sale of gold earned on management fees paid by our physically-backed gold ETPs, foreign exchange fluctuations and other miscellaneous items.
Our effective income tax rate for 2023 was 6.5%, resulting in an income tax expense of $4.9 million. Our tax rate differs from the federal statutory rate of 21% primarily due to a non-taxable gain on revaluation/termination of deferred consideration, a reduction in unrecognized tax benefits associated with the release of the tax-related indemnification asset described above and a lower tax rate on foreign earnings. These items were partly offset by a non-deductible loss on extinguishment of our convertible notes during the first quarter of 2023, non-deductible executive compensation and an increase in the deferred tax asset valuation allowance on losses recognized on our investments.

CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS

WisdomTree will discuss its results and operational highlights during a live webcast on Friday, July 28, 2023 at 11:00 a.m. ET, which can be accessed using the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=G7ogAmF2.

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 $97.2 billion in assets under management globally.

For more information about WisdomTree and WisdomTree Prime^TM, 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
	June 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sept. 30, 2022			June 30, 2022
GLOBAL ETPs ($ in millions)

Beginning of period assets	$	90,740		$	81,993		$	70,878		$	74,302		$	79,407
Inflows/(outflows)		2,327			6,341			5,264			1,747			3,852
Market appreciation/(depreciation)		599			2,406			5,851			(5,171	)		(8,953	)
Fund closures		—			—			—			—			(4	)
End of period assets	$	93,666		$	90,740		$	81,993		$	70,878		$	74,302
Average assets during the period	$	91,578		$	87,508		$	77,649		$	74,678		$	77,738
Average advisory fee during the period		0.36	%		0.36	%		0.36	%		0.38	%		0.39	%
Revenue days		91			90			92			92			91
Number of ETFs—end of the period		353			350			348			347			344

U.S. LISTED ETFs ($ in millions)

Beginning of period assets	$	61,283		$	55,973		$	48,043		$	47,255		$	48,622
Inflows/(outflows)		3,249			4,012			4,232			3,812			4,278
Market appreciation/(depreciation)		1,371			1,298			3,698			(3,024	)		(5,645	)
End of period assets	$	65,903		$	61,283		$	55,973		$	48,043		$	47,255
Average assets during the period	$	62,712		$	59,430		$	53,655		$	49,466		$	48,270
Number of ETFs—end of the period		80			80			79			78			77

EUROPEAN LISTED ETPs ($ in millions)

Beginning of period assets	$	29,457		$	26,020		$	22,835		$	27,047		$	30,785
(Outflows)/inflows		(922	)		2,329			1,032			(2,065	)		(426	)
Market (depreciation)/appreciation		(772	)		1,108			2,153			(2,147	)		(3,308	)
Fund closures		—			—			—			—			(4	)
End of period assets	$	27,763		$	29,457		$	26,020		$	22,835		$	27,047
Average assets during the period	$	28,866		$	28,078		$	23,994		$	25,212		$	29,468
Number of ETPs—end of the period		273			270			269			269			267

PRODUCT CATEGORIES ($ in millions)

U.S. Equity
Beginning of period assets	$	24,534		$	24,112		$	20,952		$	21,058		$	23,738
Inflows/(outflows)		414			(149	)		1,021			1,239			306
Market appreciation/(depreciation)		1,053			571			2,139			(1,345	)		(2,986	)
End of period assets	$	26,001		$	24,534		$	24,112		$	20,952		$	21,058
Average assets during the period	$	24,732		$	24,726		$	23,492		$	22,535		$	22,362

Commodity & Currency
Beginning of period assets	$	24,924		$	22,097		$	19,561		$	23,624		$	26,302
(Outflows)/inflows		(1,512	)		2,003			796			(2,179	)		(475	)
Market (depreciation)/appreciation		(1,028	)		824			1,740			(1,884	)		(2,203	)
End of period assets		22,384		$	24,924		$	22,097		$	19,561		$	23,624
Average assets during the period	$	24,033		$	23,806		$	20,345		$	21,625		$	25,767

Fixed Income
Beginning of period assets	$	18,708		$	15,273		$	11,695		$	9,192		$	5,418
Inflows/(outflows)		1,471			3,513			3,393			2,627			4,038
Market appreciation/(depreciation)		36			(78	)		185			(124	)		(264	)
End of period assets	$	20,215		$	18,708		$	15,273		$	11,695		$	9,192
Average assets during the period	$	19,185		$	17,176		$	13,962		$	10,077		$	7,426


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

International Developed Market Equity
Beginning of period assets	$	11,433		$	10,195		$	9,183		$	9,968		$	11,422
Inflows/(outflows)		1,592			450			40			(115	)		79
Market appreciation/(depreciation)		398			788			972			(670	)		(1,533	)
End of period assets	$	13,423		$	11,433		$	10,195		$	9,183		$	9,968
Average assets during the period	$	12,276		$	10,879		$	10,000		$	10,032		$	10,695

Emerging Market Equity
Beginning of period assets	$	8,811		$	8,116		$	7,495		$	8,386		$	9,991
Inflows/(outflows)		329			486			(53	)		114			(223	)
Market appreciation/(depreciation)		51			209			674			(1,005	)		(1,382	)
End of period assets	$	9,191		$	8,811		$	8,116		$	7,495		$	8,386
Average assets during the period	$	8,998		$	8,666		$	7,770		$	8,329		$	9,155

Leveraged & Inverse
Beginning of period assets	$	1,785		$	1,754		$	1,523		$	1,618		$	1,856
Inflows/(outflows)		12			43			59			45			90
Market appreciation/(depreciation)		67			(12	)		172			(140	)		(328	)
End of period assets	$	1,864		$	1,785		$	1,754		$	1,523		$	1,618
Average assets during the period	$	1,798		$	1,757		$	1,623		$	1,589		$	1,765

Alternatives
Beginning of period assets	$	306		$	310		$	306		$	305		$	293
Inflows/(outflows)		22			(18	)		12			16			34
Market appreciation/(depreciation)		12			14			(8	)		(15	)		(22	)
End of period assets	$	340		$	306		$	310		$	306		$	305
Average assets during the period	$	320		$	308		$	305		$	313		$	299

Cryptocurrency
Beginning of period assets	$	239		$	136		$	163		$	151		$	383
(Outflows)/inflows		(1	)		13			(4	)		—			3
Market appreciation/(depreciation)		10			90			(23	)		12			(235	)
End of period assets	$	248		$	239		$	136		$	163		$	151
Average assets during the period	$	236		$	190		$	152		$	178		$	265

Closed ETPs
Beginning of period assets	$	—		$	—		$	—		$	—		$	4
Fund closures	$	—		$	—		$	—		$	—		$	(4	)
End of period assets	$	—		$	—		$	—		$	—		$	—
Average assets during the period		—			—			—			—			4

Headcount		291			279			273			274			264

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)

	June 30, 2023			Dec. 31, 2022
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	83,735		$	132,101
Financial instruments owned, at fair value		65,492			126,239
Accounts receivable		34,208			30,549
Prepaid expenses		8,161			4,684
Income taxes receivable		894			—
Other current assets		376			390
Total current assets		192,866			293,963
Fixed assets, net		487			544
Indemnification receivable		—			1,353
Securities held-to-maturity		245			259
Deferred tax assets, net		7,626			10,536
Investments		40,002			35,721
Right of use assets—operating leases		849			1,449
Goodwill		86,841			85,856
Intangible assets, net		604,407			603,567
Other noncurrent assets		454			571
Total assets	$	933,777		$	1,033,819

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Fund management and administration payable	$	30,635		$	36,521
Compensation and benefits payable		17,800			24,121
Operating lease liabilities		849			1,125
Convertible notes—current		—			59,197
Deferred consideration—gold payments		—			16,796
Income taxes payable		—			1,599
Accounts payable and other liabilities		18,997			9,075
Total current liabilities		68,281			148,434
Convertible notes—long term		274,140			262,019
Deferred consideration—gold payments		—			183,494
Operating lease liabilities		—			339
Other noncurrent liabilities		—			1,353
Total liabilities		342,421			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
Preferred stock:
Series C Non-Voting Convertible, par value $0.01; 13.087 shares authorized, issued and outstanding		—			—
Common stock, par value $0.01; 400,000 shares authorized:
Issued and outstanding: 150,343 and 146,517 at June 30, 2023 and December 31, 2022, respectively		1,503			1,465
Additional paid-in capital		383,621			291,847
Accumulated other comprehensive loss		(693	)		(1,420	)
Retained earnings		74,356			13,719
Total stockholders’ equity		458,787			305,611
Total liabilities and stockholders’ equity	$	933,777		$	1,033,819