$WHG
WESTWOOD HOLDINGS GROUP INC

2015 Q4 Form 10-Q Financial Statement

#000116500215000020 Filed on October 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $31.57M $32.45M $28.12M
YoY Change 11.68% 15.39% 22.28%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.33M $2.594M $1.840M
YoY Change 19.43% 40.98% -88.18%
% of Gross Profit
Research & Development $1.650M $1.626M $807.0K
YoY Change 77.42% 101.49% 16.96%
% of Gross Profit
Depreciation & Amortization $1.040M $680.0K $240.0K
YoY Change 352.17% 183.33% 26.32%
% of Gross Profit
Operating Expenses $22.98M $4.220M $2.647M
YoY Change 22.3% 59.43% -83.69%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $8.588M $10.50M $10.59M
YoY Change -9.36% -0.85% 57.2%
Income Tax $3.900M $3.489M $3.474M
% Of Pretax Income 45.41% 33.22% 32.8%
Net Earnings $4.687M $7.013M $7.118M
YoY Change -21.6% -1.48% 65.5%
Net Earnings / Revenue 14.85% 21.61% 25.31%
Basic Earnings Per Share $0.60 $0.90 $0.95
Diluted Earnings Per Share $0.58 $0.87 $0.92
COMMON SHARES
Basic Shares Outstanding 8.614M shares 7.808M shares 7.525M shares
Diluted Shares Outstanding 8.037M shares 7.734M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.10M $80.30M $89.60M
YoY Change -2.76% -10.38% 33.14%
Cash & Equivalents $22.74M $23.88M $16.49M
Short-Term Investments $72.30M $56.50M $73.10M
Other Short-Term Assets $2.926M $2.309M $1.948M
YoY Change 21.26% 18.53% -67.53%
Inventory
Prepaid Expenses
Receivables $19.62M $20.00M $13.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $117.6M $109.3M $109.5M
YoY Change -0.98% -0.18% 28.19%
LONG-TERM ASSETS
Property, Plant & Equipment $2.192M $2.914M $2.623M
YoY Change -16.75% 11.09% 9.29%
Goodwill $27.14M $25.09M $11.26M
YoY Change 141.17% 122.93% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.00M $3.100M $5.700M
YoY Change 189.47% -45.61% 185.0%
Total Long-Term Assets $63.73M $56.94M $23.14M
YoY Change 201.9% 146.08% 18.64%
TOTAL ASSETS
Total Short-Term Assets $117.6M $109.3M $109.5M
Total Long-Term Assets $63.73M $56.94M $23.14M
Total Assets $181.3M $166.2M $132.6M
YoY Change 29.64% 25.34% 26.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $2.600M $2.100M
YoY Change 52.17% 23.81% 5.0%
Accrued Expenses $20.30M $15.40M $13.60M
YoY Change 9.73% 13.24% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.85M $33.55M $25.40M
YoY Change 64.88% 32.09% 32.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.500M $2.500M $2.400M
YoY Change -7.41% 4.17% 9.09%
Total Long-Term Liabilities $2.516M $2.500M $2.400M
YoY Change -5.52% 4.17% 6.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.85M $33.55M $25.40M
Total Long-Term Liabilities $2.516M $2.500M $2.400M
Total Liabilities $47.37M $36.08M $27.72M
YoY Change 58.6% 30.18% 29.51%
SHAREHOLDERS EQUITY
Retained Earnings $29.67M $29.92M $18.51M
YoY Change 46.06% 61.66%
Common Stock $143.9M $140.0M $116.3M
YoY Change 19.96% 20.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.91M $35.98M $29.03M
YoY Change 20.26% 23.94%
Treasury Stock Shares 794.6K shares 814.6K shares $701.8K
Shareholders Equity $134.0M $130.1M $104.9M
YoY Change
Total Liabilities & Shareholders Equity $181.3M $166.2M $132.6M
YoY Change 29.64% 25.34% 26.42%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $4.687M $7.013M $7.118M
YoY Change -21.6% -1.48% 65.5%
Depreciation, Depletion And Amortization $1.040M $680.0K $240.0K
YoY Change 352.17% 183.33% 26.32%
Cash From Operating Activities $3.610M $6.750M $4.140M
YoY Change -36.11% 63.04% -56.56%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K -$140.0K -$40.00K
YoY Change 78.57% 250.0% -88.24%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$240.0K -$140.0K -$40.00K
YoY Change 71.43% 250.0% -88.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.560M -4.330M -3.440M
YoY Change 7.23% 25.87% 1.78%
NET CHANGE
Cash From Operating Activities 3.610M 6.750M 4.140M
Cash From Investing Activities -240.0K -140.0K -40.00K
Cash From Financing Activities -3.560M -4.330M -3.440M
Net Change In Cash -190.0K 2.280M 660.0K
YoY Change -108.68% 245.45% -88.64%
FREE CASH FLOW
Cash From Operating Activities $3.610M $6.750M $4.140M
Capital Expenditures -$250.0K -$140.0K -$40.00K
Free Cash Flow $3.860M $6.890M $4.180M
YoY Change -33.33% 64.83% -57.65%

Facts In Submission

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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Performance Fees
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CY2014Q3 whg Investment Income And Loss
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CY2015Q3 whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
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us-gaap Nature Of Operations
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<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;">$30.6 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;">$39.7 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;">$5.3 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;">$9.1 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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