WisdomTree, Inc.

ListenTree's first quarter earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star, then 1 on your telephone keypad. Please be advised that today's conference may be recorded. If you require operator assistance, please press star, then 0. I'd now like to hand the conference over to your speaker today, Jessica Saloom, ListenTree's Head of Corporate Communications.

Good morning. Before we begin, I would like to reference our legal disclaimer available in today's presentation. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including but not limited to the risks set forth in this presentation and in the risk factors section of the Wisentries Annual Report on Form 10-K for the year ended December 31st, 2020. Wisentries assumes no duty and does not undertake to update any forward-looking statements. Now, it is my pleasure to turn the call over to Wisentries CFO, Amit Meuni.

Amit Meuni Thank you, Jess, and good morning, everyone. I'll walk through the highlights for the quarter, then turn the call over to our President, Jarrett Lillian, who will provide some perspective on our successes this quarter and then to Jono for his closing remarks before we open the lines for Q&A. So, beginning on slide two, this was one of our best quarters as reflected by our strong operating and financial results. We ended the quarter with assets under management of $69.5 billion, up 3 percent from positive inflows and market movement. We generated $1.3 billion of net inflows in the quarter. Continuing upon its success from last quarter, our ex-state-owned strategy products generated 1.5 billion of inflows. Also continuing its strong trend, we had inflows of 648 million into our thematic products encompassing cloud computing, artificial intelligence, battery solutions, and our newly launched cybersecurity ETFs. The AUM and our thematic ETFs have now grown 20% to 2.6 billion at the end of the quarter. Our European listed Bitcoin fund took in 36 million in the quarter and now stands at just under 400 million in AUM, doubling in size since the beginning of the year. On the commodity side, we saw some mixed results as we experienced strength in our silver and other precious metal products, which were offset by outflows in gold and oil due to negative market sentiment. Looking at Q2 so far, the strong momentum continues, and we have now raised over 200 million, bringing our AUM to near $73 billion. Now turn to our financial results on slide three. Revenues increased 9% to $73 million for the quarter due to higher average AUM from our strong inflows. Adjusted net income was $12.5 million, or $0.08 a share, up 36% from the fourth quarter. This quarter, we took a non-cash after-tax gain of $2.8 million, for our future goal commitment payments and 200,000 and other non-operating items. Turning to margins on the next slide. Our operating margin expanded to 25.5 percent, reflecting higher average AUM and a flat expense quarter over quarter. Gross margins also increased to 78.7 percent in the quarter. Along with higher average AUM this quarter, the fourth quarter of last year reflected costs for rebalancing on our U.S. listed products, as well as the final Brexit-related expenses for our European listed products. There is no change to our guidance of 77 to 78 percent gross margins for the full year, but we will have fluctuations intracorder. On the next slide, you can see the change in our expenses. Our operating expenses were essentially flat at $54 million. Compensation costs increased due to the seasonally higher payroll taxes and headcount-related costs. Based on our strong results so far this quarter, we anticipate full-year compensation costs to be at the high end of our $75 to $85 million guidance range. We also incurred higher product development costs related to our digital asset initiative, offset by lower marketing and sales-related spending, and fund costs that I referred to on the previous slide. Our gold royalty payments declined due to lower gold prices and we exited our London lease. Our discretionary spending remained well-controlled at $10.5 million this quarter, and our full-year guidance remains at approximately $49 million for the full year. Thank you, and now I'd like to turn the call over to Jarrett.