$WHG
WESTWOOD HOLDINGS GROUP INC

2015 Q2 Form 10-Q Financial Statement

#000116500215000006 Filed on July 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $37.31M $30.91M
YoY Change 20.73% 31.65%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.693M $1.759M
YoY Change 53.1% 8.71%
% of Gross Profit
Research & Development $1.422M $1.014M
YoY Change 40.24% 49.56%
% of Gross Profit
Depreciation & Amortization $640.0K $240.0K
YoY Change 166.67% 26.32%
% of Gross Profit
Operating Expenses $4.115M $2.773M
YoY Change 48.4% -82.38%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $14.75M $13.36M
YoY Change 10.45% 70.12%
Income Tax $4.957M $4.765M
% Of Pretax Income 33.6% 35.68%
Net Earnings $9.795M $8.591M
YoY Change 14.01% 73.38%
Net Earnings / Revenue 26.25% 27.8%
Basic Earnings Per Share $1.25 $1.14
Diluted Earnings Per Share $1.23 $1.12
COMMON SHARES
Basic Shares Outstanding 7.806M shares 7.523M shares
Diluted Shares Outstanding 7.961M shares 7.679M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.00M $73.80M
YoY Change -6.5% 28.35%
Cash & Equivalents $22.77M $16.06M
Short-Term Investments $46.20M $57.80M
Other Short-Term Assets $2.164M $5.000M
YoY Change -56.72% 122.22%
Inventory
Prepaid Expenses
Receivables $21.89M $16.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $97.65M $95.50M
YoY Change 2.25% 25.96%
LONG-TERM ASSETS
Property, Plant & Equipment $3.217M $2.700M
YoY Change 19.15% 23.29%
Goodwill $22.91M $11.26M
YoY Change 103.55% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.400M $2.100M
YoY Change 61.9% 5.0%
Total Long-Term Assets $58.46M $19.69M
YoY Change 196.85% 1.63%
TOTAL ASSETS
Total Short-Term Assets $97.65M $95.50M
Total Long-Term Assets $58.46M $19.69M
Total Assets $156.1M $115.2M
YoY Change 35.52% 21.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.300M $1.900M
YoY Change 73.68% 5.56%
Accrued Expenses $11.10M $8.900M
YoY Change 24.72% 5.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.44M $15.00M
YoY Change 96.23% 9.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.300M $2.200M
YoY Change 4.55% 10.0%
Total Long-Term Liabilities $2.300M $2.200M
YoY Change 4.55% 7.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.44M $15.00M
Total Long-Term Liabilities $2.300M $2.200M
Total Liabilities $31.76M $17.20M
YoY Change 84.64% 9.13%
SHAREHOLDERS EQUITY
Retained Earnings $27.23M
YoY Change
Common Stock $135.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $35.93M
YoY Change
Treasury Stock Shares 813.8K shares
Shareholders Equity $124.4M $98.00M
YoY Change
Total Liabilities & Shareholders Equity $156.1M $115.2M
YoY Change 35.51% 21.01%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $9.795M $8.591M
YoY Change 14.01% 73.38%
Depreciation, Depletion And Amortization $640.0K $240.0K
YoY Change 166.67% 26.32%
Cash From Operating Activities $31.07M $2.130M
YoY Change 1358.69% -51.7%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K -$180.0K
YoY Change 50.0% 200.0%
Acquisitions
YoY Change
Other Investing Activities -$24.13M $0.00
YoY Change
Cash From Investing Activities -$24.41M -$180.0K
YoY Change 13461.11% 200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.920M -3.320M
YoY Change 18.07% -14.65%
NET CHANGE
Cash From Operating Activities 31.07M 2.130M
Cash From Investing Activities -24.41M -180.0K
Cash From Financing Activities -3.920M -3.320M
Net Change In Cash 2.740M -1.370M
YoY Change -300.0% -397.83%
FREE CASH FLOW
Cash From Operating Activities $31.07M $2.130M
Capital Expenditures -$270.0K -$180.0K
Free Cash Flow $31.34M $2.310M
YoY Change 1256.71% -48.32%

Facts In Submission

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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Number Of Reportable Segments
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2
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
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CY2015Q2 us-gaap Other Assets Current
OtherAssetsCurrent
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CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
332000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
233000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2014Q2 us-gaap Other Sales Revenue Net
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173000 USD
us-gaap Other Sales Revenue Net
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219000 USD
CY2015Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
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us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
146000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1327000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
7291000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5576000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
813806 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
29028000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
35931000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
24133000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
302000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
564000 USD
CY2014Q2 us-gaap Performance Fees
PerformanceFees
3443000 USD
us-gaap Performance Fees
PerformanceFees
3806000 USD
CY2015Q2 us-gaap Performance Fees
PerformanceFees
1918000 USD
us-gaap Performance Fees
PerformanceFees
2206000 USD
us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
379000 USD
CY2014Q2 us-gaap Professional Fees
ProfessionalFees
1189000 USD
us-gaap Professional Fees
ProfessionalFees
2571000 USD
CY2015Q2 us-gaap Professional Fees
ProfessionalFees
1031000 USD
us-gaap Professional Fees
ProfessionalFees
3103000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2633000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3217000 USD
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-5576000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
20317000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
27225000 USD
CY2014Q2 us-gaap Revenues
Revenues
30905000 USD
us-gaap Revenues
Revenues
56854000 USD
CY2015Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
375000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
662000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
496000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
891000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2989000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6468000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4017000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7695000 USD
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
79620000 USD
CY2015Q2 us-gaap Short Term Investments
ShortTermInvestments
46195000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5668000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
110007000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
124351000 USD
CY2014Q4 us-gaap Trading Securities
TradingSecurities
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CY2015Q2 us-gaap Trading Securities
TradingSecurities
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CY2014Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
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CY2015Q2 us-gaap Trading Securities Cost
TradingSecuritiesCost
45982000 USD
CY2014 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
243000 USD
us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
336000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
134000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
81000 USD
CY2014 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
111000 USD
us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
123000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
701795 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1327000 USD
CY2014Q2 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
11200000 USD
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
22500000 USD
CY2015Q2 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
15100000 USD
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
29300000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7679032 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7774410 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7499016 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7806031 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2014Q4 whg Dividends Payable Non Current
DividendsPayableNonCurrent
1450000 USD
CY2015Q2 whg Dividends Payable Non Current
DividendsPayableNonCurrent
1144000 USD
CY2014Q2 whg Economic Earnings Losses
EconomicEarningsLosses
11708000 USD
whg Economic Earnings Losses
EconomicEarningsLosses
20877000 USD
CY2015Q2 whg Economic Earnings Losses
EconomicEarningsLosses
14352000 USD
whg Economic Earnings Losses
EconomicEarningsLosses
23768000 USD
CY2014Q2 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
155685 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
275394 shares
CY2015Q2 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
155375 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
275083 shares
CY2014Q2 whg Investment Income And Loss
InvestmentIncomeAndLoss
216000 USD
whg Investment Income And Loss
InvestmentIncomeAndLoss
385000 USD
CY2015Q2 whg Investment Income And Loss
InvestmentIncomeAndLoss
14000 USD
whg Investment Income And Loss
InvestmentIncomeAndLoss
255000 USD
CY2014Q2 whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
722000 USD
whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
1374000 USD
CY2015Q2 whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
901000 USD
whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
1728000 USD
CY2014Q4 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
844000 USD
CY2015Q2 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
1500000 USD
whg Number Of Clients Provided With Investment Advisory Services
NumberOfClientsProvidedWithInvestmentAdvisoryServices
2
whg Number Of Limited Liability Companies In Which Some Clients Hold Their Investments
NumberOfLimitedLiabilityCompaniesInWhichSomeClientsHoldTheirInvestments
10
whg Percentage Of Defense Costs Covered By Insurance
PercentageOfDefenseCostsCoveredByInsurance
0.5
CY2014Q2 whg Trust Fees
TrustFees
5151000 USD
whg Trust Fees
TrustFees
10179000 USD
CY2015Q2 whg Trust Fees
TrustFees
7921000 USD
whg Trust Fees
TrustFees
13071000 USD
CY2015Q2 whg Variable Interest Entity Financialor Other Support Numberof Entities
VariableInterestEntityFinancialorOtherSupportNumberofEntities
2 mutual_fund
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF THE BUSINESS </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Westwood Holdings Group, Inc. (&#8220;Westwood&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;) was incorporated under the laws of the State of Delaware on </font><font style="font-family:inherit;font-size:10pt;">December&#160;12, 2001</font><font style="font-family:inherit;font-size:10pt;">. Westwood provides investment management services to institutional investors, private wealth clients and financial intermediaries through its subsidiaries, Westwood Management Corp. (&#8220;Westwood Management&#8221;), Westwood Trust (&#8220;Westwood Trust&#8221;), Westwood International Advisors Inc. (&#8220;Westwood International&#8221;) and Westwood Advisors, LLC. Revenue is largely dependent on the total value and composition of assets under management (&#8220;AUM&#8221;). Accordingly, fluctuations in financial markets and in the composition of AUM impact revenues and results of operations. </font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Acquisition of Woodway Financial Advisors</font></div><div style="line-height:120%;text-align:left;text-indent:41px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">January&#160;15, 2015</font><font style="font-family:inherit;font-size:10pt;">, we entered into an agreement to acquire Woodway Financial Advisors (&#8220;Woodway&#8221;), a Houston-based private wealth and trust company that managed assets of approximately </font><font style="font-family:inherit;font-size:10pt;">$1.6 billion</font><font style="font-family:inherit;font-size:10pt;"> at December 31, 2014.</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">&#160;We completed the acquisition on</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;"> </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">April&#160;1, 2015</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">.</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">Pursuant to the acquisition agreement, on April&#160;1, 2015&#160;Woodway merged with Westwood Trust, a wholly-owned subsidiary of Westwood, with Westwood Trust being the surviving entity (the &#8220;Merger&#8221;). The total Merger consideration consisted of (i)&#160;</font><font style="font-family:inherit;font-size:10pt;">$31 million</font><font style="font-family:inherit;font-size:10pt;"> in cash and stock, as described below, and (ii)&#160;contingent consideration equal to the annualized revenue from the post-closing business of Woodway for the twelve-month period ending March&#160;31, 2016 (the &#8220;Earn-Out Period&#8221;), adjusted for certain clients or accounts that have terminated, and capped at </font><font style="font-family:inherit;font-size:10pt;">$15 million</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;Earn-Out&#160;Amount&#8221;).</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preliminary estimated Merger consideration of </font><font style="font-family:inherit;font-size:10pt;">$40.3 million</font><font style="font-family:inherit;font-size:10pt;"> consisted of (i)&#160;closing date consideration of </font><font style="font-family:inherit;font-size:10pt;">$25.3 million</font><font style="font-family:inherit;font-size:10pt;"> paid in cash and the issuance of </font><font style="font-family:inherit;font-size:10pt;">109,712</font><font style="font-family:inherit;font-size:10pt;"> shares of Westwood common stock, valued at </font><font style="font-family:inherit;font-size:10pt;">$5.7 million</font><font style="font-family:inherit;font-size:10pt;"> (discounted from </font><font style="font-family:inherit;font-size:10pt;">$6.7 million</font><font style="font-family:inherit;font-size:10pt;"> due to certain required holding periods), and (ii)&#160;preliminary estimated contingent consideration of </font><font style="font-family:inherit;font-size:10pt;">$9.3 million</font><font style="font-family:inherit;font-size:10pt;">, based on estimates and assumptions as of the closing date of the acquisition, to be paid after the Earn-Out Period. The acquired assets were deemed to constitute a business in a transaction using the purchase method of accounting for business combinations. Accordingly, the purchase price was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date. See further discussion of the acquisition of Woodway in Note 6 &#8220;Acquisitions, Goodwill and Other Intangible Assets.&#8221;</font></div></div>

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