$WHG
WESTWOOD HOLDINGS GROUP INC

2016 Q1 Form 10-Q Financial Statement

#000116500216000051 Filed on April 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $29.13M $29.61M
YoY Change -1.62% 14.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.683M $1.985M
YoY Change 35.16% 14.41%
% of Gross Profit
Research & Development $1.964M $1.037M
YoY Change 89.39% 45.03%
% of Gross Profit
Depreciation & Amortization $258.0K $145.0K
YoY Change 77.93% 0.69%
% of Gross Profit
Operating Expenses $4.647M $3.022M
YoY Change 53.77% -82.25%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.646M $8.378M
YoY Change -32.61% -2.73%
Income Tax $2.124M $2.768M
% Of Pretax Income 37.62% 33.04%
Net Earnings $3.522M $5.610M
YoY Change -37.22% 0.86%
Net Earnings / Revenue 12.09% 18.95%
Basic Earnings Per Share $0.45 $0.74
Diluted Earnings Per Share $0.44 $0.71
COMMON SHARES
Basic Shares Outstanding 7.862M shares 7.596M shares
Diluted Shares Outstanding 8.047M shares 7.861M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.20M $83.60M
YoY Change -14.83% 33.12%
Cash & Equivalents $26.43M $19.61M
Short-Term Investments $44.80M $64.00M
Other Short-Term Assets $2.263M $7.400M
YoY Change -69.42% 25.42%
Inventory
Prepaid Expenses
Receivables $25.80M $14.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $99.24M $105.9M
YoY Change -6.29% 26.98%
LONG-TERM ASSETS
Property, Plant & Equipment $4.027M $2.900M
YoY Change 38.86% 7.41%
Goodwill $27.14M $11.26M
YoY Change 141.17% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.20M $3.500M
YoY Change 220.0% 775.0%
Total Long-Term Assets $65.21M $20.96M
YoY Change 211.16% 16.34%
TOTAL ASSETS
Total Short-Term Assets $99.24M $105.9M
Total Long-Term Assets $65.21M $20.96M
Total Assets $164.5M $126.9M
YoY Change 29.63% 25.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.800M $3.700M
YoY Change 29.73% 94.74%
Accrued Expenses $4.400M $5.300M
YoY Change -16.98% 43.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.72M $15.80M
YoY Change 107.1% 61.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.700M $2.100M
YoY Change 28.57% 10.53%
Total Long-Term Liabilities $2.700M $2.100M
YoY Change 28.57% 11.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.72M $15.80M
Total Long-Term Liabilities $2.700M $2.100M
Total Liabilities $35.44M $17.90M
YoY Change 97.99% 53.29%
SHAREHOLDERS EQUITY
Retained Earnings $28.20M
YoY Change
Common Stock $147.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $43.63M
YoY Change
Treasury Stock Shares 975.9K shares
Shareholders Equity $129.0M $108.9M
YoY Change
Total Liabilities & Shareholders Equity $164.5M $126.9M
YoY Change 29.59% 25.09%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $3.522M $5.610M
YoY Change -37.22% 0.86%
Depreciation, Depletion And Amortization $258.0K $145.0K
YoY Change 77.93% 0.69%
Cash From Operating Activities $17.23M $13.78M
YoY Change 25.04% -5.79%
INVESTING ACTIVITIES
Capital Expenditures $378.0K $288.0K
YoY Change 31.25% 138.02%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$380.0K -$290.0K
YoY Change 31.03% 139.67%
FINANCING ACTIVITIES
Cash Dividend Paid $5.724M $4.855M
YoY Change 17.9% 23.16%
Common Stock Issuance & Retirement, Net $4.411M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.28M -10.33M
YoY Change 38.24% 30.46%
NET CHANGE
Cash From Operating Activities 17.23M 13.78M
Cash From Investing Activities -380.0K -290.0K
Cash From Financing Activities -14.28M -10.33M
Net Change In Cash 2.570M 3.160M
YoY Change -18.67% -52.03%
FREE CASH FLOW
Cash From Operating Activities $17.23M $13.78M
Capital Expenditures $378.0K $288.0K
Free Cash Flow $16.85M $13.49M
YoY Change 24.9% -6.99%

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CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
72320000 USD
CY2016Q1 us-gaap Short Term Investments
ShortTermInvestments
44755000 USD
CY2016Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1900000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
133967000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
129011000 USD
CY2015Q4 us-gaap Trading Securities
TradingSecurities
72320000 USD
CY2016Q1 us-gaap Trading Securities
TradingSecurities
44755000 USD
CY2015Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
72804000 USD
CY2016Q1 us-gaap Trading Securities Cost
TradingSecuritiesCost
44991000 USD
CY2015Q1 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
15000 USD
CY2016Q1 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
166000 USD
CY2015Q1 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
119000 USD
CY2016Q1 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
248000 USD
CY2015Q1 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
499000 USD
CY2016Q1 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
402000 USD
CY2016Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
47.41
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
794622 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
975927 shares
CY2016Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
93053 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
34910000 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
43631000 USD
CY2016Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4411000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1629000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2014000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
69000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
316000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
251000 USD
CY2015Q1 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
14300000 USD
CY2016Q1 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
13000000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7861090 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8047084 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7596223 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7862449 shares
CY2015Q1 whg Dividends Accrued
DividendsAccrued
5706000 USD
CY2016Q1 whg Dividends Accrued
DividendsAccrued
6714000 USD
CY2015Q4 whg Dividends Payable Non Current
DividendsPayableNonCurrent
1699000 USD
CY2016Q1 whg Dividends Payable Non Current
DividendsPayableNonCurrent
956000 USD
CY2014Q1 whg Economic Earnings Losses
EconomicEarningsLosses
9416000 USD
CY2015Q1 whg Economic Earnings Losses
EconomicEarningsLosses
9416000 USD
CY2016Q1 whg Economic Earnings Losses
EconomicEarningsLosses
8093000 USD
CY2015Q1 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
264867 shares
CY2016Q1 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
102217 shares
CY2015Q1 whg Investment Income And Loss
InvestmentIncomeAndLoss
241000 USD
CY2016Q1 whg Investment Income And Loss
InvestmentIncomeAndLoss
-151000 USD
CY2015Q1 whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
827000 USD
CY2016Q1 whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
696000 USD
CY2015Q4 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
2000000 USD
CY2016Q1 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
800000 USD
CY2016Q1 whg Number Of Clients Provided With Investment Advisory Services
NumberOfClientsProvidedWithInvestmentAdvisoryServices
2
CY2015Q1 whg Paymentfor Repurchasesof Stockfor Benefit Plan
PaymentforRepurchasesofStockforBenefitPlan
1289000 USD
CY2016Q1 whg Paymentfor Repurchasesof Stockfor Benefit Plan
PaymentforRepurchasesofStockforBenefitPlan
614000 USD
CY2016Q1 whg Percentage Of Defense Costs Covered By Insurance
PercentageOfDefenseCostsCoveredByInsurance
0.50
CY2016Q1 whg Significant Changein Income Tax Provisionis Reasonably Possible Amountof Unrecorded Benefit
SignificantChangeinIncomeTaxProvisionisReasonablyPossibleAmountofUnrecordedBenefit
1300000 USD
CY2016Q1 whg Treasury Shares Acquiredfor Benefit Plan
TreasurySharesAcquiredforBenefitPlan
10474 shares
CY2016Q1 whg Treasury Shares Value Acquiredfor Benefit Plan
TreasurySharesValueAcquiredforBenefitPlan
614000 USD
CY2015Q1 whg Trust Fees
TrustFees
5150000 USD
CY2016Q1 whg Trust Fees
TrustFees
7465000 USD
CY2015Q2 whg Variable Interest Entity Financialor Other Support Numberof Entities
VariableInterestEntityFinancialorOtherSupportNumberofEntities
2 mutual_fund
CY2016Q1 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. and Westwood Advisors, LLC (together &#8220;Westwood Management&#8221;), Westwood Trust (&#8220;Westwood Trust&#8221;), and Westwood International Advisors Inc. (&#8220;Westwood International&#8221;). 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>

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