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WisdomTree Announces Third Quarter 2021 Results Diluted Earnings Per Share of $0.04 ($0.10, as adjusted)
(MENAFN– GlobeNewsWire – Nasdaq) NEW YORK, Oct. 29, 2021 (GLOBE NEWSWIRE) — WisdomTree Investments, Inc. (NASDAQ: WETF) today reported financial results for the third quarter of 2021.
$5.8 million of net income ($16.3 1 million net income, as adjusted) , see"Non-GAAP Financial Measurements" for additional information.
$72.8 billion of ending AUM , a decrease of 1.6% arising from market depreciation, partly offset by net inflows.
$0.5 billion of net inflows , primarily driven by inflows into our international developed market equity and U.S. equity products.
0.41% average global advisory fee , an increase of 1 basis point due to AUM mix shift.
$78.1 million of operating revenues , an increase of 3.1% due to higher average AUM and a higher average global advisory fee.
80.6% gross margin 1 , essentially unchanged from the previous quarter.
31.0% operating income margin , essentially unchanged from the previous quarter.
$0.03 quarterly dividend declared , payable on November 24, 2021 to stockholders of record as of the close of business on November 10, 2021.
Update from Jonathan Steinberg, WisdomTree CEO
"WisdomTree's positive momentum continued through Q3 with another quarter of organic growth and strong execution alongside our longer-term strategic initiatives. The $550 million of net inflows in the third quarter marked our fourth straight quarter of net inflows, and our year-to-date 6.5% pace of annualized organic growth reflects a significant upward change from recent prior years.
"The key takeaway of this quarter – and the past several quarters – is that our success today is being driven by the breadth and depth of our product lineup, unlike in years past. WisdomTree is the recipient of multiple industry awards for our solutions, people and technologies, a testament to the strength and focus of our business model, especially while operating as a remote-first company. I am proud of what we've accomplished and excited for where WisdomTree is headed."
Update from Jarrett Lilien, WisdomTree COO and President
"I'm pleased to report that WisdomTree continued its strong execution and organic growth in the third quarter and year-to-date. Our U.S. business is generating organic growth of nearly 13% year-to-date with five straight quarters of inflows, with recent success in equities and fixed income, including our U.S. Efficient Core fund which received a 5-star rating by Morningstar in September. We see runway for continued organic growth as our managed models business –already a meaningful driver of growth – continues to gain traction and our new model wins scale up.
"In Europe, our UCITS ETF franchise also continues to gain traction with twelve consecutive months of positive flows with over $1.2 billion of inflows year to date. In Q3, that success was complemented by the launch of our Carbon ETP in late August which has already grown to over $200 million in assets under management today. The pipeline for new fund launches in both the U.S. and Europe remains robust, and I look forward to sharing additional successes with you next quarter.
"In the digital assets space, the WisdomTree Enhanced Commodity Strategy Fund (GCC) was the first ETF in the U.S. to add bitcoin futures as part of the fund mix, and our position in our European crypto ETPs remains strong. Our accomplishments also include launching our +Crypto Model Portfolio for advisers in collaboration with OnRamp Invest which features Gemini integration. We are excited to get this product to market and look forward to implementations with additional partners in the future.
"We are executing well on all fronts, building momentum and are excited to continue to build on our strong results."
OPERATING AND FINANCIAL HIGHLIGHTS
Sept. 30,
2021 June 30,
2021 Mar. 31,
2021 Dec. 31,
2020 Sept. 30,
Consolidated Operating Highlights ($ in billions):
AUM $ 72.8 $ 73.9 $ 69.5 $ 67.4 $ 60.7
Net inflows/(outflows) $ 0.5 $ 0.9 $ 1.3 $ 0.9 $ (0.5 )
Average AUM $ 74.6 $ 73.7 $ 69.6 $ 64.1 $ 61.2
Average advisory fee2 0.41 % 0.40 % 0.41 % 0.40 % 0.41 %
Consolidated Financial Highlights ($ in millions, except per share amounts):
Operating revenues2 $ 78.1 $ 75.8 $ 71.3 $ 65.7 $ 63.7
Net income/(loss) $ 5.8 $ 17.6 $ 15.1 $ (13.5 ) $ (0.3 )
Diluted earnings/(loss) per share $ 0.04 $ 0.11 $ 0.09 $ (0.10 ) $ (0.01 )
Operating income margin 31.0 % 31.3 % 26.1 % 19.7 % 23.1 %
As Adjusted (Non-GAAP1):
Gross margin2 80.6 % 81.0 % 80.4 % 77.2 % 77.5 %
Net income, as adjusted $ 16.3 $ 16.8 $ 12.5 $ 9.2 $ 11.0
Diluted earnings per share, as adjusted $ 0.10 $ 0.10 $ 0.08 $ 0.06 $ 0.07
RECENT BUSINESS DEVELOPMENTS
In September 2021, we announced the addition of our Siegel-WisdomTree Longevity & Global Equity Model Portfolios to the Morgan Stanley Select UMA platform; and we were named"Best Mixed-Allocation ETF Issuer ($100M+)" at the ETF Express US Awards 2021.
In October 2021, we partnered with Federal Life Insurance Company to provide customized model portfolios that combine traditional assets like stocks and bonds with crypto assets like bitcoin and ether, in collaboration with OnRamp Invest; we won a total of three categories at the Mutual Fund Industry and ETF Awards 2021; and we contracted with Say Technologies to better engage with individual shareholders.
In August 2021, we listed the WisdomTree ex-State-Owned Enterprises ESG-screened UCITS ETF (XSOE) on the London Stock Exchange, Borsa Italiana and Börse Xetra; we listed the WisdomTree Carbon ETP (CARB) on the London Stock Exchange; and we applied an ESG screen to the WisdomTree Cloud Computing UCITS ETF (WCLD).
In September 2021, we listed the WisdomTree Carbon ETP (CARB) on the Borsa Italiana and Börse Xetra; and we applied an ESG screen to the WisdomTree Artificial Intelligence UCITS ETF (WTAI) and the WisdomTree AT1 Coco Bond UCITS ETF (CCBO).
In October 2021, we launched the WisdomTree Target Range Fund (GTR) on the NASDAQ; the WisdomTree Enhanced Commodity Strategy Fund (GCC) became the first ETF to add bitcoin futures exposure; and we listed an unhedged share class of the WisdomTree Enhanced Commodity ex-Agriculture UCITS ETF (WXAG) on the London Stock Exchange and Börse Xetra.
WISDOMTREE INVESTMENTS, INC. AND SUBSIDIARIES
Operating Revenues:
Advisory fees2 $ 76,400 $ 74,169 $ 70,042 $ 64,697 $ 63,028 $ 220,611 $ 181,697
Other income 1,712 1,606 1,214 954 721 4,532 2,563
Total revenues 78,112 75,775 71,256 65,651 63,749 225,143 184,260
Compensation and benefits 22,027 20,331 22,627 20,827 19,098 64,985 53,848
Fund management and administration2 15,181 14,367 13,947 14,942 14,328 43,495 41,785
Marketing and advertising 2,925 3,594 3,006 3,715 2,996 9,525 7,413
Sales and business development 2,935 2,159 2,145 2,595 2,386 7,239 7,984
Contractual gold payments 4,250 4,314 4,270 4,449 4,539 12,834 12,362
Professional fees 1,583 1,921 2,013 1,322 950 5,517 3,580
Occupancy, communications and equipment 1,163 1,266 1,475 1,622 1,611 3,904 4,805
Depreciation and
amortization 185 256 252 261 253 693 760
Third-party distribution fees 1,873 2,130 1,343 1,291 1,233 5,346 3,928
Acquisition and disposition- related costs — — — — — — 416
Other 1,787 1,752 1,571 1,720 1,611 5,110 5,204
Total operating expenses 53,909 52,090 52,649 52,744 49,005 158,648 142,085
Operating income 24,203 23,685 18,607 12,907 14,744 66,495 42,175
Other Income/(Expenses):
Interest expense (3,729 ) (2,567 ) (2,296 ) (2,694 ) (2,511 ) (8,592 ) (6,974 )
Gain/(loss) on revaluation of deferred consideration – gold payments 1,737 497 2,832 (22,385 ) (8,870 ) 5,066 (34,436 )
Interest income 689 225 231 351 111 1,145 393
Impairments (15,853 ) — (303 ) — (3,080 ) (16,156 ) (22,752 )
Loss on extinguishment of debt — — — — — — (2,387 )
Other losses and gains, net (714 ) 49 (5,893 ) 524 744 (6,558 ) 56
Income/(loss) before income taxes 6,333 21,889 13,178 (11,297 ) 1,138 41,400 (23,925 )
Income tax expense/(benefit) 500 4,259 (1,969 ) 2,200 1,408 2,790 (1,767 )
Net income/(loss) $ 5,833 $ 17,630 $ 15,147 $ (13,497 ) $ (270 ) $ 38,610 $ (22,158 )
Earnings/(loss) per share – basic $ 0.04 $ 0.113 $ 0.093 ($0.10)3 ($0.01)3 $ 0.243 ($0.16)3
Earnings/(loss) per share – diluted $ 0.04 $ 0.11 $ 0.09 ($0.10)3 ($0.01)3 $ 0.24 ($0.16)3
Weighted average common shares – basic 142,070 145,542 145,649 145,096 145,564 144,445 149,886
Weighted average common shares – diluted 159,213 164,855 161,831 145,096 145,564 161,706 149,886
As Adjusted (Non-GAAP 1 )
Income before income taxes $ 20,991 $ 21,253 $ 15,583 $ 11,504 $ 13,242
Income tax expense $ 4,674 $ 4,458 $ 3,079 $ 2,281 $ 2,205
Net income $ 16,317 $ 16,795 $ 12,504 $ 9,223 $ 11,037
Earnings per share – diluted $ 0.10 $ 0.10 $ 0.08 $ 0.06 $ 0.07
QUARTERLY HIGHLIGHTS
Operating Revenues
Operating revenues increased 3.1% and 22.5% from the second quarter of 2021 and third quarter of 2020, respectively, due to higher average global AUM.
Our average global advisory fee was 0.41%, 0.40%2 and 0.41%2 during the third quarter of 2021, the second quarter of 2021 and the third quarter of 2020, respectively.
Operating expenses increased 3.5% from the second quarter of 2021 primarily due to higher incentive compensation and headcount, fund management and administration costs and sales and business development expenses, partly offset by lower marketing expenses, professional fees and third-party distribution fees.
Operating expenses increased 10.0% from the third quarter of 2020 primarily due to higher incentive compensation and headcount, fund management and administration costs, third-party distribution fees, professional fees and sales and business development expenses, partly offset by lower occupancy expenses and contractual gold payments.
Other Income/(Expenses)
Interest expense increased 45.3% and 48.5% from the second quarter of 2021 and third quarter of 2020, respectively, due to a higher level of debt outstanding, partly offset by a lower effective interest rate.
We recognized a non-cash gain on revaluation of deferred consideration of $1.7 million during the third quarter of 2021. The gain was due to lower forward-looking gold prices. The magnitude of any gain or loss recognized is highly correlated to the magnitude of the change in the forward-looking price of gold.
Interest income increased 206.2% and 520.7% from the second quarter of 2021 and third quarter of 2020, respectively, due to an increase in our securities owned.
During the third quarter of 2021, we recognized an impairment charge of $15.9 million in connection with the termination of our New York office lease. The impairment was inclusive of the write-off of the right-of-use asset, leasehold improvements and fixed assets, broker fees and a reduction in operating lease liabilities.
Other net losses were $0.7 million for the third quarter of 2021. This quarter includes losses on our securities owned of $1.3 million and a gain of $0.8 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 ETPs, foreign exchange fluctuations and other miscellaneous items.
Our effective income tax rate for the third quarter of 2021 of 7.9% resulted in income tax expense of $0.5 million. Our tax rate differs from the federal statutory rate of 21% primarily due to a lower tax rate on foreign earnings and a non-taxable gain on revaluation of deferred consideration, partly offset by higher non-deductible executive compensation.
Our adjusted effective income tax rate was 22.3%1.
NINE MONTH HIGHLIGHTS
Operating revenues increased 22.2% as compared to 2020 due to higher average AUM.
Operating expenses increased 11.7% as compared to 2020 primarily due to higher incentive compensation accruals and headcount, marketing expenses, professional fees, fund management and administration costs, third party distribution fees and contractual gold payments. These increases were partly offset by lower occupancy expenses and sales and business development expenses.
Significant items reported in other income/(expenses) in 2021 include an increase in interest expense of 23.2% due to a higher level of debt outstanding; a non-cash gain on revaluation of deferred consideration of $5.1 million; an increase in interest income of 191.3% due to an increase in our securities owned; impairment charges of $16.2 million; a non-cash charge of $5.2 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); losses on our securities owned of $2.2 million, a gain of $0.8 million related to the remeasurement of contingent consideration payable to us from the sale of our former Canadian ETF business; and a gain of $0.4 million recognized on our investment in Securrency, Inc. due to its recent capital raise. Gains and losses also generally arise from the sale of gold earned from management fees paid by our physically-backed gold ETPs, foreign exchange fluctuations and other miscellaneous items.
Our effective income tax rate for 2021 of 6.7% resulted in income tax expense of $2.8 million. Our tax rate differs from the federal statutory rate of 21% primarily due to a tax benefit of $5.2 million recognized in connection with the release of the tax-related indemnification asset described above, a lower tax rate on foreign earnings and a non-taxable gain on revaluation of deferred consideration. These items were partly offset by tax shortfalls associated with the vesting and exercise of stock-based compensation awards and non-deductible executive compensation.
WisdomTree will discuss its results and operational highlights during a conference call on Friday, October 29, 2021 at 9:00 a.m. ET. The call-in number is (877) 303-7209. Anyone outside the U.S. or Canada should call (970) 315-0420. The slides used during the presentation will be available at . For those unable to join the conference call at the scheduled time, an audio replay will be available on .
ABOUT WISDOMTREE
WisdomTree Investments, Inc., through its subsidiaries in the U.S. and Europe (collectively,"WisdomTree"), is an ETF and ETP sponsor and asset manager headquartered in New York. WisdomTree offers products covering equity, commodity, fixed income, leveraged and inverse, currency, cryptocurrency and alternative strategies. WisdomTree currently has approximately $76.9 billion in assets under management globally.
WisdomTree® is the marketing name for WisdomTree Investments, Inc. and its subsidiaries worldwide.
1 See"Non-GAAP Financial Measurements."
2 Advisory fees and fund management and administration expenses previously reported have been voluntarily revised by us due to an immaterial error correction. These line items have been reduced by $1.8 million, $1.6 million, $1.4 million and $0.9 million for the quarters ended June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively, and $2.4 million for the nine months ended September 30, 2020 with no impact to net income. The reductions represent the netting of expense reimbursements collected on behalf of a third-party that were previously reported on a gross basis in our Consolidated Statements of Operations. Historical gross margin percentages, operating income margins and our average advisory fees also have been revised.
3 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.
4 Cash flows from purchasing securities owned, at fair value of $34,683 and selling securities owned, at fair value of $18,122 during the nine months ended September 30, 2020 that were not acquired specifically for resale or associated with our business activities have been reclassified from operating activities to investing activities to conform to our current presentation in the Consolidated Statements of Cash Flows.
Investor Relations Media Relations
Jeremy Campbell Jessica Zaloom
+1.646.522.2602 +1.917.267.3735
WisdomTree Investments, Inc.
Key Operating Statistics (Unaudited)
Mar. 31,
Dec. 31,
GLOBAL ETPs ($ in millions)
Beginning of period assets $ 73,944 $ 69,534 $ 67,385 $ 60,709 $ 57,618
Inflows/(outflows) 548 931 1,279 881 (485 )
Market appreciation/(depreciation) (1,709 ) 3,483 870 5,795 3,622
Fund closures — (4 ) — — (46 )
End of period assets $ 72,783 $ 73,944 $ 69,534 $ 67,385 $ 60,709
Average assets during the period $ 74,563 $ 73,652 $ 69,583 $ 64,056 $ 61,200
Average advisory fee during the period2 0.41 % 0.40 % 0.41 % 0.40 % 0.41 %
Revenue days 92 91 90 92 92
Number of ETFs – end of the period 322 318 313 309 305
U.S. LISTED ETFs ($ in millions)
Inflows/(outflows) 612 1,130 1,343 919 575
Market appreciation/(depreciation) (999 ) 1,836 2,303 4,288 1,373
Fund closures — — — — —
Number of ETFs – end of the period 73 73 68 67 67
EUROPEAN LISTED ETPs ($ in millions)
Inflows/(outflows) (64 ) (199 ) (64 ) (38 ) (1,060 )
Market appreciation/(depreciation) (710 ) 1,647 (1,433 ) 1,507 2,249
Number of ETPs – end of the period 249 245 245 242 238
PRODUCT CATEGORIES ($ in millions)
Commodity & Currency
Inflows/(outflows) (249 ) (318 ) (660 ) (296 ) (1,112 )
Inflows/(outflows) 351 190 218 395 897
Market appreciation/(depreciation) (253 ) 1,077 1,433 2,360 718
International Developed Market Equity
Beginning of period assets $ 10,792 $ 9,989 $ 9,408 $ 8,620 $ 8,843
Inflows/(outflows) 404 399 17 (191 ) (586 )
Market appreciation/(depreciation) (16 ) 404 564 979 363
End of period assets $ 11,180 $ 10,792 $ 9,989 $ 9,408 $ 8,620
Average assets during the period $ 11,146 $ 10,526 $ 9,791 $ 8,928 $ 8,834
Emerging Market Equity
Beginning of period assets $ 11,519 $ 10,477 $ 8,539 $ 5,979 $ 5,413
Inflows/(outflows) (149 ) 531 1,662 1,399 257
Market appreciation/(depreciation) (704 ) 511 276 1,161 309
End of period assets $ 10,666 $ 11,519 $ 10,477 $ 8,539 $ 5,979
Beginning of period assets $ 3,441 $ 3,246 $ 3,308 $ 3,606 $ 3,507
Inflows/(outflows) 115 168 10 (320 ) 76
Market appreciation/(depreciation) (26 ) 27 (72 ) 22 23
End of period assets $ 3,530 $ 3,441 $ 3,246 $ 3,308 $ 3,606
Average assets during the period $ 3,502 $ 3,337 $ 3,236 $ 3,450 $ 3,581
Inflows/(outflows) 42 (2 ) (5 ) (125 ) (10 )
Market appreciation/(depreciation) (69 ) 174 49 179 89
Beginning of period assets $ 229 $ 377 $ 167 $ 33 $ 15
Inflows/(outflows) 12 8 36 48 15
Market appreciation/(depreciation) 54 (156 ) 174 86 3
End of period assets $ 295 $ 229 $ 377 $ 167 $ 33
Average assets during the period $ 277 $ 300 $ 264 $ 79 $ 27
Beginning of period assets $ 198 $ 227 $ 215 $ 229 $ 225
Inflows/(outflows) 22 (39 ) — (26 ) (4 )
Market appreciation/(depreciation) 2 10 12 12 8
End of period assets $ 222 $ 198 $ 227 $ 215 $ 229
Average assets during the period $ 214 $ 231 $ 223 $ 224 $ 226
Closed ETPs
Beginning of period assets $ 15 $ 22 $ 24 $ 31 $ 28
Inflows/(outflows) — (6 ) 1 (3 ) (18 )
Market appreciation/(depreciation) — 3 (3 ) (4 ) 67
End of period assets $ 15 $ 15 $ 22 $ 24 $ 31
Average assets during the period $ 17 $ 20 $ 22 $ 29 $ 30
Headcount 235 227 $ 227 217 211
Note: Previously issued statistics may be restated due to fund closures and trade adjustments
Source: WisdomTree
Securities owned, at fair value 119,390 34,895
Income taxes receivable 146 —
Prepaid expenses 5,676 3,827
Fixed assets, net 545 7,579
Securities held-to-maturity 331 451
Deferred tax assets, net 7,636 8,063
Investments 14,238 8,112
Right of use assets – operating leases 631 16,327
Goodwill 85,856 85,856
Intangible assets 601,247 601,247
Other noncurrent assets 359 180
Fund management and administration payable $ 22,273 $ 19,564
Compensation and benefits payable 24,411 22,803
Deferred consideration – gold payments 15,961 17,374
Operating lease liabilities 361 3,135
Income taxes payable — 916
Accounts payable and other liabilities 12,737 10,207
Total current liabilities 75,743 73,999
Convertible notes 317,979 166,646
Deferred consideration – gold payments 208,992 212,763
Operating lease liabilities 327 17,434
Preferred stock – Series A Non-Voting Convertible, par value $0.01; 14.750 shares authorized, issued and outstanding 132,569 132,569
Common stock, par value $0.01; 250,000 shares authorized:
Issued and outstanding: 145,150 and 148,716 at September 30, 2021 and December 31, 2020, respectively 1,451 1,487
Accumulated other comprehensive income 853 1,102
Accumulated deficit (28,835 ) (53,399 )
Net income/(loss) $ 38,610 (22,158 )
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Advisory fees received in gold, other precious metals and cryptocurrencies (57,617 ) (46,077 )
Impairments 16,156 22,752
Contractual gold payments 12,834 12,362
Stock-based compensation 7,661 9,003
(Gain)/loss on revaluation of deferred consideration – gold payments (5,066 ) 34,436
Unrealized losses 2,183 1,212
Amortization of right of use asset 1,860 2,384
Amortization of issuance costs – convertible notes 1,542 882
Deferred income taxes 1,515 (961 )
Gain on sale – Canadian ETF business, including remeasurement of contingent consideration (787 ) (2,877 )
Depreciation and amortization 693 760
Loss on extinguishment of debt — 2,387
Amortization of issuance costs – former credit facility — 1,328
Other (369 ) (1,173 )
Securities owned, at fair value (84 ) 94
Prepaid expenses (1,888 ) (1,325 )
Gold, other precious metals and cryptocurrencies 44,006 32,969
Other assets (315 ) (341 )
Fund management and administration payable 2,868 735
Compensation and benefits payable 1,756 (12,349 )
Income taxes receivable/payable (1,050 ) (3,399 )
Securities sold, but not yet purchased, at fair value — (582 )
Operating lease liabilities (15,462 ) (2,778 )
Accounts payable and other liabilities 2,336 1,679
Net cash provided by operating activities 50,109 32,129
Purchase of securities owned, at fair value (97,570 ) (34,683 )
Purchase of investments (5,750 ) —
Purchase of fixed assets (237 ) (292 )
Proceeds from sale of securities owned, at fair value 10,976 18,122
Proceeds from held-to-maturity securities maturing or called prior to maturity 114 16,441
Proceeds from sale of the Company's financial interests in AdvisorEngine Inc. — 9,592
Proceeds from sale of Canadian ETF business, net — 2,774
Net cash (used in)/provided by investing activities (92,467 ) 11,954
Shares repurchased (34,506 ) (30,979 )
Dividends paid (14,662 ) (15,207 )
Convertible notes issuance costs (4,297 ) (5,411 )
Repayment of debt — (179,000 )
Proceeds from the issuance of convertible notes 150,000 175,250
Proceeds from exercise of stock options 815 240
Net cash provided by/(used in) financing activities 97,350 (55,107 )
Decrease in cash flows due to changes in foreign exchange rate (493 ) (387 )
Increase/(decrease) in cash and cash equivalents 54,499 (11,411 )
Cash and cash equivalents – beginning of year 73,425 74,972
Cash and cash equivalents – end of period $ 127,924 63,561
Supplemental disclosure of cash flow information:
Cash paid for taxes $ 7,332 7,650
Cash paid for interest $ 3,719 3,390
Non-GAAP Financial Measurements
In an effort to provide additional information regarding our results as determined by GAAP, we also disclose certain non-GAAP information which we believe provides useful and meaningful information. Our management reviews these non-GAAP financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-GAAP measurements so as to share this perspective of management. Non-GAAP measurements do not have any standardized meaning, do not replace nor are superior to GAAP financial measurements and are unlikely to be comparable to similar measures presented by other companies. These non-GAAP financial measurements should be considered in the context with our GAAP results. The non-GAAP financial measurements contained in this press release include:
• Adjusted income before income taxes, income tax expense, net income and diluted earnings per share. We disclose adjusted income before income taxes, income tax expense, net income and diluted earnings per share as non-GAAP financial measurements in order to report our results exclusive of items that are non-recurring or not core to our operating business. We believe presenting these non-GAAP financial measures provides investors with a consistent way to analyze our performance. These non-GAAP financial measures exclude the following:
Unrealized gains or losses on the revaluation of deferred consideration: Deferred consideration is an obligation we assumed in connection with the ETFS acquisition that is carried at fair value. This item represents the present value of an obligation to pay fixed ounces of gold into perpetuity and is measured using forward-looking gold prices. Changes in the forward-looking price of gold and changes in the discount rate used to compute the present value of the annual payment obligations may have a material impact on the carrying value of the deferred consideration and our reported financial results. We exclude this item when calculating our non-GAAP financial measurements as it is not core to our operating business. The item is not adjusted for income taxes as the obligation was assumed by a wholly-owned subsidiary of ours that is based in Jersey, a jurisdiction where we are subject to a zero percent tax rate.
Gains or losses on securities owned: We account for our securities owned as trading securities which requires these instruments to be measured at fair value with gains and losses reported in net income. In the third quarter of 2021, we began excluding these items when calculating our non-GAAP financial measurements as these securities have become a more meaningful percentage of total assets and the gains and losses introduce volatility in earnings and are not core to our operating business.
Tax shortfalls and windfalls upon vesting and exercise of stock-based compensation awards: GAAP requires the recognition of tax windfalls and shortfalls within income tax expense. These items arise upon the vesting and exercise of stock-based compensation awards and the magnitude is directly correlated to the number of awards vesting/exercised as well as the difference between the price of our stock on the date the award was granted and the date the award vested or was exercised. We exclude these items when calculating our non-GAAP financial measurements as they introduce volatility in earnings and are not core to our operating business.
Other items: Remeasurement of contingent consideration payable to us from the sale of our former Canadian ETF business, unrealized gains recognized on our investment in Securrency, impairment charges, interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the convertible notes (prior to January 1, 2021, the effective date of Accounting Standards Update 2020-06, Debt – Debt with Conversion and Other Options, Cash Conversion), a loss on extinguishment of debt, the release of a deferred tax asset valuation allowance recognized on interest carryforwards arising from our debt previously outstanding in the United Kingdom, a gain arising from an adjustment to the estimated fair value of consideration received from the exit of our investment in AdvisorEngine and disposition-related costs are excluded when calculating our non-GAAP financial measurements.
• Adjusted effective income tax rate. We disclose our adjusted effective income tax rate as a non-GAAP financial measurement in order to report our effective income tax rate exclusive of items that are non-recurring or not core to our operating business. We believe reporting our adjusted effective income tax rate provides investors with a consistent way to analyze our income taxes. Our adjusted effective income tax rate is calculated by dividing adjusted income tax expense by adjusted income before income taxes. See above for information regarding the items that are excluded.
• Gross margin and gross margin percentage. We disclose our gross margin and gross margin percentage as non-GAAP financial measurements because we believe they provide investors with a consistent way to analyze the amount we retain after paying third-party service providers to operate our ETPs. These measures also assist us in analyzing the profitability of our products. We define gross margin as total operating revenues less fund management and administration expenses. Gross margin percentage is calculated as gross margin divided by total operating revenues.
GAAP to NON-GAAP RECONCILIATION (CONSOLIDATED)
Adjusted Net Income and Diluted Earnings per Share: Sept. 30,
Net income/(loss), as reported $ 5,833 $ 17,630 $ 15,147 $ (13,497 ) $ (270 )
Deduct/Add back: (Gain)/loss on revaluation of deferred consideration (1,737 ) (497 ) (2,832 ) 22,385 8,870
Add back: Impairments, net of income taxes (where applicable) 12,002 — 245 — 2,326
Add back: Losses on securities owned, net of income taxes 1,006 — — — —
Deduct: Remeasurement of contingent consideration – sale of former Canadian ETF business (787 ) — — — —
Deduct/Add back: Tax (windfalls)/shortfalls upon vesting and exercise of stock-based compensation awards — (233 ) 123 21 50
Deduct: Unrealized gain recognized on our investment in Securrency, net of income taxes — (105 ) (179 ) — —
Add back: Interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the convertible notes, net of income taxes — — — 314 286
Deduct: Gain arising from an adjustment to the estimated fair value of consideration received from the exit of our investment in AdvisorEngine — — — — (225 )
Adjusted net income $ 16,317 $ 16,795 $ 12,504 $ 9,223 $ 11,037
Weighted average common shares – diluted 159,213 164,855 161,831 161,138 160,876
Adjusted earnings per share – diluted $ 0.10 $ 0.10 $ 0.08 $ 0.06 $ 0.07
Gross Margin and Gross Margin Percentage: Sept. 30,
Operating revenues2 $ 78,112 $ 75,775 $ 71,256 $ 65,651 $ 63,749
Less: Fund management and administration2 (15,181 ) (14,367 ) (13,947 ) (14,942 ) (14,328 )
Gross margin2 $ 62,931 $ 61,408 $ 57,309 $ 50,709 $ 49,421
Gross margin percentage2 80.6 % 81.0 % 80.4 % 77.2 % 77.5 %
Adjusted Income Before Income Taxes: Sept. 30,
Income/(loss) before income taxes $ 6,333 $ 21,889 $ 13,178 $ (11,297 ) $ 1,138
Add back: Impairments, before income taxes 15,853 — 303 — 3,080
Add back: Losses on securities owned, before income taxes 1,329 — — — —
Deduct: Unrealized gain recognized on our investment in Securrency, before income taxes — (139 ) (237 ) — —
Add back: Loss recognized upon reduction of a tax-related indemnification asset — — 5,171 — —
Add back: Interest expense from the amortization of discount arising from the bifurcation of the conversion option embedded in the convertible notes, before income taxes — — — 416 379
Adjusted income before income taxes $ 20,991 $ 21,253 $ 15,583 $ 11,504 $ 13,242
Adjusted Income Tax Expense and Adjusted Effective Income Tax Rate: Sept. 30,
Mar 31,
Adjusted income before income taxes (above) $ 20,991 $ 21,253 $ 15,583 $ 11,504 $ 13,242
Income tax expense/(benefit) $ 500 $ 4,259 $ (1,969 ) $ 2,200 $ 1,408
Add back: Tax benefit arising from impairments 3,851 — 58 — 754
Add back: Tax benefit arising from losses on securities owned 323 — — — —
Add back/(deduct): Tax windfalls/(shortfalls) upon vesting and exercise of stock-based compensation awards — 233 (123 ) (21 ) (50 )
Deduct: Tax expense on unrealized gain recognized on our investment in Securrency — (34 ) (58 ) — —
Add back: Tax benefit arising from reduction of a tax-related indemnification asset — — 5,171 — —
Add back: Tax benefit arising from the amortization of discount associated with the bifurcation of the conversion option embedded in the convertible notes — — — 102 93
Adjusted income tax expense $ 4,674 $ 4,458 $ 3,079 $ 2,281 $ 2,205
Adjusted effective income tax rate 22.3 % 21.0 % 19.8 % 19.8 % 16.7 %
This press release 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 results. Factors that may cause actual results to differ materially from current expectations include, among other things, the risks described below. 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 press release 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 press release may include statements about
the ultimate duration of the COVID-19 pandemic and its short-term and long-term impact on our business and the global economy;
anticipated trends, conditions and investor sentiment in the global markets and 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.
Our business is subject to many risks and uncertainties, including without limitation:
adverse market developments arising from the COVID-19 pandemic could negatively impact our assets under management, resulting in a decline in our revenues and other potential operational challenges;
declining prices of securities, gold and other precious metals and other commodities can adversely affect our business by reducing the market value of the assets we manage or causing WisdomTree ETP investors to sell their fund shares and trigger redemptions;
fluctuations in the amount and mix of our AUM, whether caused by disruptions in the financial markets or otherwise, including but not limited to a pandemic event such as COVID-19, may negatively impact revenues and operating margins, and may impede our ability to refinance our debt upon maturity or, increase the cost of borrowing upon a refinancing;
competitive pressures could reduce revenues and profit margins;
we derive a substantial portion of our revenues from a limited number of products, and as a result, our operating results are particularly exposed to investor sentiment toward investing in the products' strategies and our ability to maintain the AUM of these products, as well as the performance of these products and market-specific and political and economic risk;
a significant portion of our AUM is held in products with exposure to U.S. and international developed markets and we therefore have exposure to domestic and foreign market conditions and are subject to currency exchange rate risks;
withdrawals or broad changes in investments in our ETPs by investors with significant positions may negatively impact revenues and operating margins;
over the last few years, we have expanded our business internationally. This expansion subjects us to increased operational, regulatory, financial and other risks;
many of our ETPs have a limited track record, and poor investment performance could cause our revenues to decline; and
we depend on third parties to provide many critical services to operate our business and our ETPs. The failure of key vendors to adequately provide such services could materially affect our operating business and harm WisdomTree ETP investors.
Other factors, such as general economic conditions, including currency exchange rate fluctuations, also may have an effect on the results of our operations. For a more complete description of the risks noted above and other risks that could cause our actual results to differ from our current expectations, see"Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.
The forward-looking statements in this press release represent our views as of the date of this press release. 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 press release.
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4-Vinyl Guaiacol natural extracted in the corn ethanol fermentation volatiles, is a colorless or pale yellow oily liquid, has fermented aroma with slightly sweet. It is the major flavor component to determine the quality of wine, soy sauce, tea, coffee, cheese and other food.
Useful in: brown cocoa, brown coffee, brown others, vanilla, savory meat, alcoholics.
Odour threshold in water: 3 ppb.
4-Vinylguaiacol is an important constituent in distilled spirits (whiskey, rum) where it contributes to the overall sweet smoky background notes. It also contributes to the flavour of Tobacco. Used in Coffee, Chocolate, Spice, Vanilla, Tea, Whiskey, Rum, Tobacco, Roasted Peanut and Strawberry flavors. Also used in Artificial Smoke flavors. This material is considered to be an important aroma contributor to "Traimener" wines. Normal use levels in finished consumer product: 0.05-1 ppm. Council of Europe limits: Foods (1 ppm); Beverages (1 ppm).
Specific Gravity: 1.10500 to 1.11500 @ 25.00 °C.
Refractive Index: 1.57000 to 1.58000 @ 20.00 °C.
Powerful spicy clove like odour. Is is used mainly in Imitation vanilla, coffe, cocoa.The normal concentration in Finished product is about 0.2 to 10ppm.
Use: 4-Vinyl Guaiacol natural extracted in the corn ethanol fermentation volatiles, is a colorless or pale yellow oily liquid, has fermented aroma with slightly sweet. It is the major flavor component to determine the quality of wine, soy sauce, tea, coffee, cheese and other food.
Use: Odour threshold in water: 3 ppb.
4- vinyl guaiacol natural 1% in P.G.
4- vinyl guaiacol natural 5% in P.G.
4- vinylguaiacol 10% in PG.
4- vinylguaiacol in 10% P.G.
PubMed:Chemical characterization and acaricide potential of essential oil from aerial parts of Tagetes patula L. (Asteraceae) against engorged adult females of Rhipicephalus sanguineus (Latreille, 1806).
PubMed:Production of vinyl derivatives from alkaline hydrolysates of corn cobs by recombinant Escherichia coli containing the phenolic acid decarboxylase from Lactobacillus plantarum CECT 748T.
PubMed:Decarboxylation of ferulic acid to 4-vinyl guaiacol by Streptomyces setonii.
PubMed:Characteristics of lignin from flax shives as affected by extraction conditions.
PubMed:Cloning, sequencing, and overexpression in Escherichia coli of the Enterobacter sp. Px6-4 gene for ferulic acid decarboxylase.
PubMed:Volatile constituents of the aerial parts of white salsify (Tragopogon porrifolius L., Asteraceae).
PubMed:Bioproduction of lauryl lactone and 4-vinyl guaiacol as value-added chemicals in two-phase biotransformation systems.
PubMed:Formation of 4-vinyl guaiacol as an intermediate in bioconversion of ferulic acid by Schizophyllum commune.
PubMed:Solid-phase extraction and HPLC determination of 4-vinyl guaiacol and its precursor, ferulic acid, in orange juice.
PubMed:Compounds inhibiting prostaglandin synthesis isolated from Ipomoea pes-caprae.
Responsible for off-flavour of 'old fruit' in stored orange juice 2-Methoxy-4-vinylphenol is an aromatic substance allowed to be used as a flavouring agents. It is one of the compounds responsible for the natural aroma of buckwheat. Some insects like Rhynchophorus ferrugineus (Red palm weevil), use this substance for chemical signaling (pheromones).


for maternal wellness and the fight against cancer.
are ways you can protect yourself.
Readers respond to our Facebook posts.
The GAO's unhelpful approach to adverse event reporting.
Walking a labyrinth to find peace.
Is there a link between poor oral health and cancer?
Biodegradable plastics are a good idea—until they're not.
Licorice helps your lungs breathe easier.


text:
School rent row continues
PARENTS of Brownies and Guides have written an open letter to Honiton Community Primary School – to complain about a 1,200 per cent increase in rent for use of the school s hall and to implore governors to have a change of heart.
PARENTS of Brownies and Guides have written an open letter to Honiton Community Primary School - to complain about a 1,200 per cent increase in rent for use of the school's hall and to implore governors to have a change of heart.
They are unhappy that a notice in the school newsletter contradicted what they believe to be the facts about the rent rise.
And they are calling on the school to recognise the youth groups as community organisations - so they benefit from a non-commercial rent.
In the school's December newsletter, it is claimed recent reports about the school in this newspaper were "not all factually accurate".
The Midweek Herald has received no complaint from the school.
A report about the rent increase states: "The lettings charge for Brownies and Guides has not been reviewed since 2006. For the past three years they have been paying �1.75 per hour for the hire of the school hall.
"In accordance with the county lettings policy, the governing body is not allowed to subsidise lettings and so, with the increase in fuel costs over the last few years, it was obliged to review the lettings charges.
"This review included consideration of the costs to light and heat the hall for a two hour period and research into the charges of similar establishments in the community.
"Much thought was given to the impact of an increase in charges for Brownies and Guides and so it was agreed to support the adjustment to the change by halving the payment for the first term.
"In real terms, this meant that Brownies would have to pay �8.25 per hour for the hire of the hall, with this increasing to �16.50 per hour in the summer term. This rate is in line with other similar local institutions."
The open letter responds: "We understand the letting fees had not been reviewed for three years and accept that the fees were low and fuel costs will have risen. No one would disagree that a fair rise is acceptable; however a 1,200 per cent rise is unacceptable, unjustifiable and unfair.
"The two Guide groups and two Brownie groups meet approximately 36 weeks a year. The heating is not even on in the evenings with the radiators merely giving off residual heat from the day. Lighting would be on for less than 40 per cent of the year. "Have fuel costs risen by so much? And why, if there is no heating, is this of much relevance? The new cost for the year is �1,200 per group, instead of the �100 currently paid by each group, making a total of �4,800 per year instead of the current �400.
"The guides and Brownies aren't asking to be subsidised, but are asking to merely pay a fair rent, not an over inflated one.
"Devon County Council's educational letting policy can be viewed on line. Part of the policy's rationale is: 'Access by the community should be encouraged'. When arriving at a price, it states it should be demonstrable and reasonable.
"Honiton Primary School has 'kindly' offered the hall at half rent for the next term to: 'support the adjustment to the change'. How generous.
"It does not alter the huge increase even a half rental charge would be, followed by an even larger increase the term after. In the school's newsletter, they attempt to justify this by saying: 'The new rate is in line with other similar local institutions.'
"What it fails to mention is that the county's letting policy suggests different classifications of rent from which the Governors of the school make their own choice. "For reasons we cannot understand, or see any justification for, the governors will not class Guiding as designated use, i.e. approved community user groups but as Private use alongside commercial users.
"Guiding is a fantastic provision and service to the community. It is non-profit making and entirely run by unpaid, dedicated volunteers. This is a sad time. Guiding has just celebrated 100 years. Honiton Guides have used the hall for 10 years in the same way that school halls are being used all across the country. If other similar local institutions also charge such a huge amount to non-profit making voluntary organisations for children, they should be ashamed.
"Our faith in human nature has taken a tumble and we are saddened that Honiton Primary School feels the need to be equally greedy.
"We implore Honiton Primary School to reconsider and classify the groups as the designated users that they reasonably should be.

redpajama_set_name: RedPajamaCommonCrawl


text:
Longmont Association of Realtors® turns 100
Jun 24, 2019 | eNewsletter, Featured, News, Real Estate
2019 Longmont Association of Realtors Board of Directors. (Back Row): Dave Marvin, Kurt Finley, Mike Nelson, Jamie Plaster, Bruce Karle. (Front Row): Cher Smith, Cecilia De Villiers, Terry Lee, Natasha Hubbard. Not pictured Claudia Archuleta. (Photo courtesy: Longmont Association of Realtors).
Established in 1919, the Longmont Association of Realtors® (LAR) is still going strong today. To mark their centennial, they're throwing a party.
LAR will celebrate its 100th birthday with a party on June 25th at the Oak Room at Oskar Blues Brewery. The event is for membership and invited guests. It will feature complimentary drinks, dinner and a live band. In addition to an emcee, there will be longtime LAR members speaking. Decade boards will mark the organization's highlights over the past century, along with displays showcasing items Realtors have used over the years to conduct their business.
Originally named Longmont Real Estate Board, the organization was chartered on June 25, 1919, according to a report published in the National Real Estate Journal. At the time, Longmont was a much different community than it is today. According to data from the 1920 Census, Longmont was home to 5,848 residents, most of whom relied on agriculture to make a living. And while residents were largely buying and selling farmland rather than single-family homes, they relied on Realtors to manage those transactions. Though times have certainly changed, the need for competent, scrupulous Realtors has not.
"The Longmont Association of Realtors is dedicated to providing services and affiliations to our members necessary to conduct their businesses in an ethical and professional manner," says Amy Aschenbrenner, chief executive officer of LAR. "We act with a united voice for our members and the public with regard to protecting and preserving the free enterprise system and the right to own, use and transfer real property."
To keep its members at the forefront of the industry, LAR offers extensive opportunities for Realtor continuing education. "These CE classes are geared towards helping Realtors stay current on contractual changes, industry changes and consumer needs," says Aschenbrenner. Additionally, LAR is committed to staying abreast of legislation affecting owners of residential and commercial properties, at the national, state and local levels. "LAR works closely with the Longmont Chamber, Longmont Downtown Development Authority and Longmont Economic Development Partnership to ensure that Longmont continues to be the best community to live, work and play in."
When the Longmont Board joined the National Association of Real Estate Boards (now known as the National Association of Realtors, or NAR), it was one of just 162 other county and district board affiliates. Today, according to NAR's website, LAR is one of over 1,200 local and regional associations/boards affiliated with the NAR.
In November 1949, LAR's Board of Directors voted to approve a name change from Longmont Real Estate Board to Longmont Board of Realtors. At the same time, boards across the nation were making similar name changes, reflective of a nationwide organizational shift. According to NAR, the term Realtor® is a registered trademark that identifies any real estate professional who holds membership in NAR and adheres to its Code of Ethics.
1960 marked the first time a woman, Anna K. Tucker, held office as LAR's president. Tucker's election was certainly a reflection of a larger national trend. According to a report from the U.S. Bureau of Labor Statistics, in 1950, women comprised about a third of the nation's workforce, steadily rising to about 35 percent in 1960 and nearly 40 percent in 1970.
As the nation changed, so did the city of Longmont and the rules of the real estate business. As Erik Mason, history curator at the Longmont Museum mentioned in a recent interview with At Home, "The first of the Longmont housing booms were in the 1960s and 1970s when tech really came in." Between a new federal air traffic control center, built in 1962, and the arrival of an IBM campus in 1965, the area experienced sharp growth. "The population doubled between 1960 and 1970 and almost doubled again between 1970 and 1980." Mason reports growth had stagnated by 1980 and then took off again in the 1990s. In 1983 and 1992 the LAR's Board of Directors approved jurisdiction changes. Back in those days, says Aschenbrenner, "a Realtor could only list and sell properties that were located within their jurisdiction." Today, though, the regulations are much different. "NAR did away with jurisdictions many years ago."
Throughout the decades, LAR has maintained a commitment to serving the community. In 1979, LAR, then known as the Longmont Board of Realtors, spearheaded a campaign known as Project Access. "[That] stands out to me as one of LAR's greatest contributions," remarks Aschenbrenner. The project, whose tagline was "Help un-handicap the handicapped," was a collaboration between members of the community and the Longmont Board of Realtors. Their goal was to make the city more accessible to residents and visitors, by creating curb cuts in the downtown Longmont area.
Currently, LAR assists organizations including the Inn Between, the OUR Center and Habitat for Humanity. LAR members spend hundreds of hours helping these organizations every year through volunteering and sitting on their boards, in addition to offering financial support. Says Aschenbrenner, "Giving back to the Longmont Community is a very important aspect of… LAR [membership]."
For one hundred years, LAR has been an integral part of the fabric of Longmont's community. Despite a changing city and rapidly advancing technology, it's always sought to protect and preserve the right to own, use, and transfer property.
Where does Aschenbrenner see the organization a hundred years in the future? "There is no doubt that 100 years from know the real estate industry will have a different look." No matter what changes are on the horizon though, Aschenbrenner hopes people will continue to prioritize the goal of homeownership. And she is confident that LAR will help make that goal a reality. "I see LAR 100 years from now continuing the protection of private property owner rights and ensuring Realtors conduct their business in an ethical and professional manner."
For more information, contact the Longmont Association of Realtors, 420 Kimbark St, Longmont, CO 80501, 303.772.5555 or visit longmontrealtors.com.
By Pam Moore. Historical photos courtesy of Longmont Museum


text:
Der Hafen von Bari () ist der Hafen der Stadt Bari (Region Apulien).
Bari ist ein bedeutender Fährhafen; es gibt unter anderem Fährverbindungen zu Städten an der gegenüberliegenden Küste der Adria und nach Griechenland (zum Beispiel nach Dubrovnik, Kefalonia, Korfu, Durrës (Albanien)).

Im Jahr 2019 wurden 1.191.753 Passagiere auf Fähren und 674.675 Kreuzfahrtpassagiere abgefertigt. 6,1 Millionen Tonnen Güter (Container und Massengüter) wurden umgeschlagen.

Infrastruktur
Folgende Straßen binden den Hafen an das Straßennetz:
 Autostrada A14 (Autostrada Adriatica, endet bei Tarent), Ausfahrt Bari Nord
 Strada Statale 16 Adriatica

Bahnstrecken:
 Bahnstrecke Bari-Lecce ("Ferrovia Adriatica", eine der wichtigsten in Italien)
 Bahnstrecke Bari–Martina Franca–Taranto (112 km)
 Bahnstrecke Bari–Taranto
 Bahnstrecke Bari–Barletta (70 km)

Geschichte
Der Hafen von Bari wurde im Laufe seiner Geschichte mehrmals erweitert. Die erste Kaianlage, der Molo Borbonico, wurde 1855 unter dem Königreich beider Sizilien errichtet. 1925 wurde nördlich des alten Hafens ein neues Hafengelände erschlossen, womit die Struktur des modernen Hafens von Bari entstand.

Am 2. Dezember 1943 flogen 105 Junkers Ju 88-Bomber der Luftflotte 2 einen Luftangriff auf den Hafen von Bari.
Der Frachter Liberty-Frachter SS John Harvey mit 2000 Bomben des Typs AN-M47 an Bord (befüllt mit insgesamt 480 Tonnen Senfgas) explodierte, 1000 Soldaten und Zivilisten starben.

Heute besteht der Hafen von Bari aus einem historischen Teil mit zwei Molen, der für die Fischerei vorgesehen ist, und dem Neuen Hafen (Porto Nuovo) mit fünf Becken. Der Hafen öffnet sich nach Nordnordwesten und ist den Windströmungen der Tramontana und des Mistrals ausgesetzt.

Während der COVID-19-Pandemie waren die Verbindungen zwischen Italien und Albanien vom 10. März bis zum 22. Juni 2020 ausschließlich dem Güterverkehr vorbehalten. Diese Entscheidung der albanischen Ministerin für Infrastruktur, Belinda Balluku, erfolgte im Anschluss an die restriktiven Maßnahmen, die die italienische Regierung zur Bekämpfung der COVID-19-Pandemie in Europa ergriffen hatte. Die Maßnahmen Albaniens wurden ab dem 22. Juni 2020 gelockert.

Weblinks

Siehe auch
 Bari#Geschichte
 Bari#Verkehr

Einzelnachweise

Hafen in Italien
Hafen
Verkehrsbauwerk in Apulien
Bari
Bari

redpajama_set_name: RedPajamaWikipedia


The Scotto family's wine history started in Ischia, Italy, in the mid 1800s with Anthony Scotto Sr.'s grandfather, Salvatore Dominic Scotto. Like others in the village, he made wine for his family table and sold the excess to his neighbors, one of whom later became his wife.
He taught his first child, Dominic, everything he knew about winemaking, and Dominic followed in his father's footsteps, making wine in his spare time while he worked as a ship caulker. In 1903 Dominic and his family immigrated to New York and eventually settled in a Brooklyn brownstone, not far from the docks where he practiced his trade on the wooden-hulled sailing ships. He also resumed his second career as a winemaker and sold five-gallon crocks of red wine from his horse-drawn wagon.
Anthony and his brother Sal bottled the family's first American brand, Villa Armando, in 1948, and 13 years later they bought their first California winery. In 2004 Anthony III, who grew up around his grandfather's winery, started Scotto Cellars. Their wine portfolio includes more than 30 labels, including featured wines from Howling Moon and Black Ridge.
The wines of Black Ridge Vineyards are styled to be food-friendly, ideal companions for a wide variety of your favorite appetizers and meals.
A blend of Cabernet Sauvignon, Barbera, Merlot and Syrah.
This crisp white wine is marked by delicate fruit flavors and spice aromas, making it perfect for sipping or serving with lighterfoods and snacks.
Blackberry, red cherry and dark spice flavors make this an ideal companion for heartier foods including zesty pasta and almost anything grilled.
This Pinot Noir features rich blackberry and blueberry flavors accented by eight months in American oak. Serve with turkey, ham or mild cheese.


The Larson Electronics EPL-48-216 Explosion Proof Light Fixture features four high output fluorescent lamps producing 20,000 lumens with a 20,000 hour operational light. The low profile housing is constructed of light-weight, durable, copper-free aluminum and the lamp assembles with screw on end cap for easy servicing. The Explosion Proof Light fixture is available in a standard surface bracket or operational pendant mount design.


A good makeup primer can make a huge difference to the look and life span of your makeup. Those individuals with oily skin can totally relate when their makeup starts slipping around their face a few hours after applying.
It is so maddening to spend time on a makeup look, only to have it slide off your face. People who have an oily skin type should go with a mattifying face primer to keep the oil at bay throughout their day.
There are some really great products out there to give you a beautiful makeup application that lasts. Make sure you choose an oil free product. Spending a few extra dollars on a great primer will make a world of difference.
Benefit Pore Fessional $42 CAD.
This cult favourite is a fantastic choice for my oily skin friends out there. It is a completely translucent makeup primer that diminishes the look of pores and provides a super matte canvas that lasts for hours.
2. NYX Professional Shine Killer $16 CAD.
When battling in the shine war, this primer is a winner for $16. Smooth it on before your favourite foundation for a fresh flawless marvelously matte look that lasts and lasts. You can wear it solo too for a naturally shine-free look.
3. Rimmel Stay Matte $9 CAD.
If you are looking for a mattifying primer on a budget then Rimmel Stay Matte is your winner. It glides onto your skin to create a beautiful, soft canvas in preparation for foundation application.
4. TOO FACED Primed and Poreless Skin Smoothing Face Primer $38 CAD.
Not only does this primer control shine, it also brightens your skin for a fresh and younger look. Who doesn't want brighter skin, right?
5. MAC Prep + Prime Skin Refined Zone $28 CAD.
Fantastic product at an incredible price, this primer conceals pores while also controlling oil. It applies wet and then dries instantly for a long lasting matte finish.
6. Tarte Cosmetics Poreless Mattifying Primer $40 CAD.
This primer is a vegan product that lasts for up to 12 hours to reduce the look of pores and fight shine. This is your skins answer to makeup meltdown.
7. L'Oreal Infallible Mattifying Base $14 CAD.
This primer prepares and smoothes skin by minimizing imperfections, pores and shine. It's mattifying effect, instantly transforms skins texture for an even surface with velvety-soft touch. Foundation glides seamlessly across it.
8. Hourglass Veil Mineral Primer $63 CAD.
This oil-free primer has a silky, airy texture that leaves a smooth canvas for makeup. It reducies the look of redness, pores, and wrinkles. This is probably my all time favourite primer that I will consistently repurchase.
9. Smashbox The Original Photo Finish Oil Free Primer $50 CAD.
If you are a die hard Smashbox fan, you will fall in love with this product. This primer smooths skin, blurs flaws, helps makeup last.


text:
Q: extending ostringstream error C++ In order to simplify matters, I wrote this class StringStream in a Notifications.h file:
namespace A {
namespace B {
namespace C {

extern std::locale g_classicLocale;
class StringStream : public virtual std::ostringstream
{
 public:
        StringStream() { imbue(g_classicLocale); }
        virtual ~StringStream() {};
};

} // namespace C
} // namespace B
} // namespace A

Now, I'm trying to use StringStream in my DBNotification.cpp file:
 #include "Notifications.h"

 namespace A{
 namespace B{
 namespace C{

         DBNotification::DBNotification(){

         }
         DBNotification::~DBNotification(){

         }
         StringStream DBNotification::getValues(){

            // do some work and return me a StringStream Object
         }
 } // C
 } // B
 } // A

When I build the source code, I get:
/usr/lib/gcc/x86_64-redhat-linux/4.1.2/../../../../include/c++/4.1.2/bits/ios_base.h: In copy constructor 'std::basic_ios<char, std::char_traits<char> >::basic_ios(const std::basic_ios<char, std::char_traits<char> >&)':
/usr/lib/gcc/x86_64-redhat-linux/4.1.2/../../../../include/c++/4.1.2/bits/ios_base.h:779: error: 'std::ios_base::ios_base(const std::ios_base&)' is private
/usr/lib/gcc/x86_64-redhat-linux/4.1.2/../../../../include/c++/4.1.2/iosfwd:55: error: within this context
../Notifications.h: In copy constructor 'A::B::C::StringStream::StringStream(const A::B::C::StringStream&)':
../Notifications.h:49: note: synthesized method 'std::basic_ios<char, std::char_traits<char> >::basic_ios(const std::basic_ios<char, std::char_traits<char> >&)' first required here
/usr/lib/gcc/x86_64-redhat-linux/4.1.2/../../../../include/c++/4.1.2/streambuf: In copy constructor 'std::basic_stringbuf<char, std::char_traits<char>, std::allocator<char> >::basic_stringbuf(const std::basic_stringbuf<char, std::char_traits<char>, std::allocator<char> >&)':
/usr/lib/gcc/x86_64-redhat-linux/4.1.2/../../../../include/c++/4.1.2/streambuf:781: error: 'std::basic_streambuf<_CharT, _Traits>::basic_streambuf(const std::basic_streambuf<_CharT, _Traits>&) [with _CharT = char, _Traits = std::char_traits<char>]' is private
/usr/lib/gcc/x86_64-redhat-linux/4.1.2/../../../../include/c++/4.1.2/iosfwd:71: error: within this context
/usr/lib/gcc/x86_64-redhat-linux/4.1.2/../../../../include/c++/4.1.2/iosfwd: In copy constructor 'std::basic_ostringstream<char, std::char_traits<char>, std::allocator<char> >::basic_ostringstream(const std::basic_ostringstream<char, std::char_traits<char>, std::allocator<char> >&)':
/usr/lib/gcc/x86_64-redhat-linux/4.1.2/../../../../include/c++/4.1.2/iosfwd:79: note: synthesized method 'std::basic_stringbuf<char, std::char_traits<char>, std::allocator<char> >::basic_stringbuf(const std::basic_stringbuf<char, std::char_traits<char>, std::allocator<char> >&)' first required here

Could someone let me know what's going on?

A: Generally streams cannot be copied. Your function DBNotification::getValues() returns a stream object.
Please see this answer

redpajama_set_name: RedPajamaStackExchange


text:
VERA FILES FACT CHECK: The evolving Palace stance on allowing China to fish in PH EEZ
Three years ago, the Permanent Court of Arbitration (PCA) released its historic ruling in favor of the Philippines against China on the South China Sea dispute.
In its decision, the Court noted China's failure to prevent its fishermen from fishing in the Philippines' exclusive economic zone (EEZ) -- a violation of the latter's sovereign rights under the United Nations Convention on the Law of the Sea (UNCLOS).
This was the same stance Presidential Spokesperson Salvador Panelo initially upheld following the June 9 allision in Recto Bank, an area within the country's EEZ. (See VERA FILES FACT SHEET: The evolving statements on the Recto Bank allision: a visual timeline)
But Panelo has changed his position. He now echoes the sentiment of President Rodrigo Duterte who says, he will allow China to exploit the marine resources in the country's EEZ to prevent a "war."
Watch how the Palace's position on the issue evolved.
Presidential Communications Operations Office, Press briefing of Presidential Spokesperson and Chief Presidential Legal Counsel Salvador Panelo:
Presidential Communications Operations Office, Speech during the 122nd founding anniversary of Presidential Security Group, June 26, 2019
Radio Television Malacañang, Media Interview after the Premiere Night of the Movie 'Kontradiskyon', June 24, 2019
Permanent Court of Arbitration, The South China Sea Arbitration Award, July 12, 2016
United Nations, United Nations Convention on the Law of the Sea
(Guided by the code of principles of the International Fact-Checking Network at Poynter, VERA Files tracks the false claims, flip-flops, misleading statements of public officials and figures, and debunks them with factual evidence. Find out more about this initiative and our methodology.)
west philippine sea Panelo Recto Bank recto bank 22 EEZ
Fact Check Filipino
Aug 2, 2019, 3:38 PM
VERA FILES FACT CHECK: Ang nagbabagong paninindigan ng Palasyo sa pagpapahintulot sa China na mangingisda sa PH EEZ
Tatlong taon na ang nakalipas, inilabas ng Permanent Court of Arbitration (PCA) ang makasaysayang…
VERA FILES FACT CHECK: Allowing China to fish in PH EEZ violates Constitution, local laws
Duterte's proposition directly violates the Philippine Charter, the Fisheries Code, and the…
Jul 3, 2019, 3:56 PM
VERA FILES FACT CHECK: Sotto wrong in saying it's 'difficult' to claim exclusivity in PH EEZ
The law establishes the country's baselines, which were used to map out its EEZ.


text:
Q: On hover replace text not working (Jquery) I'm unable to get one of my functions to work. My assumption is that there is a 'scope' issue due to the fact the function works when used in the same file it modifies. Anyway here is the function and fiddle.
The function as the title suggests should replace text on hover and 'off-hover' put the original text back. The code snippet below works, but when used as I'm trying to(fiddle) it does not work.
 http://jsfiddle.net/s4q8bva6/3/
<!DOCTYPE html>

01 - System Overview and System Manager

EDITS:Update
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.1//EN" "http://www.w3.org/TR/xhtml11/DTD/xhtml11.dtd">

    <title>PHP File Tree Demo</title>
    <meta http-equiv="Content-Type" content="text/html;charset=utf-8" />
    <link href="styles/default/default.css" rel="stylesheet" type="text/css" media="screen" />

File Tree

Browsing Training Videos...

    <?php

     //This links the user to http://example.com/?file=filename.ext
    //echo php_file_tree('Training/', "http://example.com/?file=[link]/");

    include("php_file_tree.php");
    // This links the user to http://example.com/?file=filename.ext and only shows image files
    $allowed_extensions = array("htm");
    echo php_file_tree("Training/", "http://URL/files/[link]", $allowed_extensions);
    echo "This is a TEST";
    // This displays a JavaScript alert stating which file the user clicked on
    //echo php_file_tree("demo/", "javascript:alert('You clicked on [link]');");
    ?>


text:
Put the heat on Hamas
Protests urging the government to secure Gilad Shalit's release are counter-productive
Commentary first published on YNet online News Portal
Recently we have been informed of a spontaneous group of Israelis getting together in order to press the prime minister to secure Gilad Shalit's release. It is indeed heartwarming to see good people who feel the urge to get up and do something. Against the backdrop of the corruption and disasters that befall us frequently, it is pleasant to see our positive, humane side, in the form of mutual accountability. Kol Israel Arevim Ze La'Ze.
Indeed, who can forget Gilad Shalit? Who doesn't feel the heartache every time his name his mentioned or every time we see his parents, heroes who did not choose to be in this spot, on TV? Who doesn't feel pangs of conscience over the fact that we're going on with our lives while he's rotting in Hamas' hands? Who has not told himself, if this was my own son God forbid, I would do everything in order to bring about his immediate release?
However, is there any doubt that Prime Minister Ehud Olmert would want, more than anything else, a farewell gift in the form of Shalit's release? Wouldn't Minister Tzipi Livni want to bring the abducted son back to his parents as one of the first acts of her new government once it is formed?
Olmert's and Livni's failure to secure Shalit's release thus far does not indicate that they do not care about the Shalit family's pain or do not possess the required measure of mercy and compassion. Rather, they believe that we cannot comply with Hamas' extreme demands.
Israel has already announced that it is willing to release hundreds of terrorists from prison, including members of Hamas, a movement espousing Israel's destruction. These terrorists include many murderers with "blood on their hands." However, Hamas demands more. Israeli security officials apparently believe we must not comply with those demands in light of the great risk this would pose to the security of Israel and its citizens.
Hamas' conscientious students adopted the doctrine of their Hizbullah instructors and are engaging in psychological warfare as an inseparable part of the abduction, using propaganda in order to prompt public pressure on our government. There is nothing Hamas enjoys seeing more than Israeli "protest movements" that urge the prime minister to immediately submit to the group's demands.
Raising the price tag
However, all those who are anxious about Shalit's fate should ask themselves whether such protest movements do not jeopardize him and all other Israeli citizens. Would Hamas show greater flexibility on its demands if it knows there is massive public pressure on our PM to accept its demands, or rather, if it finds out that our PM enjoys public support in respect to the negotiations? The protests merely raise the price tag and reinforce Hamas' refusal to compromise.
Israeli decision-makers must learn the art of creating psychological pressure during negotiations from our Hamas and Hizbullah enemies. Israel should be the one to prompt the relatives and fellow citizens of Palestinian terrorists to exert pressure on Hamas leaders to promote the release of their loved ones from Israeli prisons.
This objective can be achieved, for example, by airing a daily Arabic-language TV show featuring messages from terrorists Israel is willing to free in exchange for Shalit, while urging the families to facilitate their release.
Another option is to publish in advance the names of all the terrorists that Israel is willing to release, making it clear they are only staying in prison because of the stubbornness of Hamas leaders, who sit in lavish offices in Gaza or Damascus. Shifting the pressure from Israel to Hamas is the move that would bring about Gilad Shalit's speedy release.
* For the Eglish version, please see:
For the Hebrew Version, please see:
Ganor, Boaz (Prof.)
Founder & Executive Director, ICT, Israel
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