$WHG
WESTWOOD HOLDINGS GROUP INC

2016 Q4 Form 10-Q Financial Statement

#000116500216000072 Filed on October 26, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $31.09M $31.78M $32.45M
YoY Change -1.5% -2.08% 15.39%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $18.60M $2.555M $2.594M
YoY Change -12.8% -1.5% 40.98%
% of Gross Profit
Research & Development $1.700M $1.874M $1.626M
YoY Change 3.03% 15.25% 101.49%
% of Gross Profit
Depreciation & Amortization $730.0K $730.0K $680.0K
YoY Change -29.81% 7.35% 183.33%
% of Gross Profit
Operating Expenses $20.29M $4.429M $4.220M
YoY Change -11.71% 4.95% 59.43%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.80M $9.053M $10.50M
YoY Change 25.75% -13.8% -0.85%
Income Tax $3.220M $3.166M $3.489M
% Of Pretax Income 29.82% 34.97% 33.22%
Net Earnings $7.577M $5.887M $7.013M
YoY Change 61.66% -16.06% -1.48%
Net Earnings / Revenue 24.37% 18.53% 21.61%
Basic Earnings Per Share $0.95 $0.74 $0.90
Diluted Earnings Per Share $0.92 $0.72 $0.87
COMMON SHARES
Basic Shares Outstanding 8.800M shares 7.996M shares 7.808M shares
Diluted Shares Outstanding 8.180M shares 8.037M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.20M $80.50M $80.30M
YoY Change -5.15% 0.25% -10.38%
Cash & Equivalents $33.68M $30.69M $23.88M
Short-Term Investments $56.50M $49.80M $56.50M
Other Short-Term Assets $2.364M $2.355M $2.309M
YoY Change -19.21% 1.99% 18.53%
Inventory
Prepaid Expenses
Receivables $23.43M $22.81M $20.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $116.0M $105.7M $109.3M
YoY Change -1.4% -3.27% -0.18%
LONG-TERM ASSETS
Property, Plant & Equipment $4.280M $4.014M $2.914M
YoY Change 95.26% 37.75% 11.09%
Goodwill $27.14M $27.14M $25.09M
YoY Change 0.0% 8.18% 122.93%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.90M $11.00M $3.100M
YoY Change -0.91% 254.84% -45.61%
Total Long-Term Assets $63.72M $63.99M $56.94M
YoY Change -0.02% 12.39% 146.08%
TOTAL ASSETS
Total Short-Term Assets $116.0M $105.7M $109.3M
Total Long-Term Assets $63.72M $63.99M $56.94M
Total Assets $179.7M $169.7M $166.2M
YoY Change -0.91% 2.09% 25.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.600M $3.500M $2.600M
YoY Change -25.71% 34.62% 23.81%
Accrued Expenses $17.20M $13.40M $15.40M
YoY Change -15.27% -12.99% 13.24%
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 $29.67M $25.48M $33.55M
YoY Change -33.86% -24.04% 32.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.900M $3.400M $2.500M
YoY Change 56.0% 36.0% 4.17%
Total Long-Term Liabilities $3.941M $3.400M $2.500M
YoY Change 56.64% 36.0% 4.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.67M $25.48M $33.55M
Total Long-Term Liabilities $3.941M $3.400M $2.500M
Total Liabilities $33.61M $28.85M $36.08M
YoY Change -29.05% -20.05% 30.18%
SHAREHOLDERS EQUITY
Retained Earnings $31.88M $29.68M $29.92M
YoY Change 7.44% -0.79% 61.66%
Common Stock $162.8M $159.7M $140.0M
YoY Change 13.16% 14.11% 20.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $44.35M $44.86M $35.98M
YoY Change 27.05% 24.7% 23.94%
Treasury Stock Shares 991.6K shares 976.1K shares 814.6K shares
Shareholders Equity $146.1M $140.9M $130.1M
YoY Change
Total Liabilities & Shareholders Equity $179.7M $169.7M $166.2M
YoY Change -0.91% 2.09% 25.34%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $7.577M $5.887M $7.013M
YoY Change 61.66% -16.06% -1.48%
Depreciation, Depletion And Amortization $730.0K $730.0K $680.0K
YoY Change -29.81% 7.35% 183.33%
Cash From Operating Activities $8.390M $8.390M $6.750M
YoY Change 132.41% 24.3% 63.04%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$690.0K -$140.0K
YoY Change -44.0% 392.86% 250.0%
Acquisitions
YoY Change
Other Investing Activities $10.00K $0.00 $0.00
YoY Change
Cash From Investing Activities -$130.0K -$690.0K -$140.0K
YoY Change -45.83% 392.86% 250.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.760M -5.770M -4.330M
YoY Change 33.71% 33.26% 25.87%
NET CHANGE
Cash From Operating Activities 8.390M 8.390M 6.750M
Cash From Investing Activities -130.0K -690.0K -140.0K
Cash From Financing Activities -4.760M -5.770M -4.330M
Net Change In Cash 3.500M 1.930M 2.280M
YoY Change -1942.11% -15.35% 245.45%
FREE CASH FLOW
Cash From Operating Activities $8.390M $8.390M $6.750M
Capital Expenditures -$140.0K -$690.0K -$140.0K
Free Cash Flow $8.530M $9.080M $6.890M
YoY Change 120.98% 31.79% 64.83%

Facts In Submission

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us-gaap Labor And Related Expense
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CY2016Q3 us-gaap Liabilities And Stockholders Equity
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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51600000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2015Q3 us-gaap Net Income Loss
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us-gaap Number Of Reportable Segments
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2
CY2015Q4 us-gaap Other Assets Current
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CY2016Q3 us-gaap Other Assets Current
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1007000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1007000 USD
us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
275000 USD
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
5562000 USD
CY2015Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
-572000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
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CY2016Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
281000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
199000 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
0 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
-1128000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5629000 USD
us-gaap Payments Of Dividends
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13065000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
14827000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5621000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3710000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
24133000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
704000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1680000 USD
CY2015Q3 us-gaap Performance Fees
PerformanceFees
0 USD
us-gaap Performance Fees
PerformanceFees
2206000 USD
CY2016Q3 us-gaap Performance Fees
PerformanceFees
226000 USD
us-gaap Performance Fees
PerformanceFees
635000 USD
us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
928000 USD
CY2015Q3 us-gaap Professional Fees
ProfessionalFees
1178000 USD
us-gaap Professional Fees
ProfessionalFees
4281000 USD
CY2016Q3 us-gaap Professional Fees
ProfessionalFees
1903000 USD
us-gaap Professional Fees
ProfessionalFees
4707000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2192000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4014000 USD
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
3710000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
29674000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
29682000 USD
CY2015Q3 us-gaap Revenues
Revenues
32451000 USD
us-gaap Revenues
Revenues
99370000 USD
CY2016Q3 us-gaap Revenues
Revenues
31777000 USD
us-gaap Revenues
Revenues
91929000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
419000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1310000 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
408000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1423000 USD
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
4865000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
12560000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
12164000 USD
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
72320000 USD
CY2016Q3 us-gaap Short Term Investments
ShortTermInvestments
49849000 USD
CY2016Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
2200000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3734000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000 USD
CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000 USD
CY2016Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
9400000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
133967000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
140852000 USD
CY2015Q4 us-gaap Trading Securities
TradingSecurities
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CY2016Q3 us-gaap Trading Securities
TradingSecurities
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CY2015Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
72804000 USD
CY2016Q3 us-gaap Trading Securities Cost
TradingSecuritiesCost
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CY2015 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
15000 USD
us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
271000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-484000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
676000 USD
CY2015 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
499000 USD
us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
79000 USD
CY2016Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
49.92
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
47.93
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
794622 shares
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
976127 shares
CY2016Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
24199 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
117452 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
34910000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
44863000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5629000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1629000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2154000 USD
us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
156000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
206000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
475000 USD
CY2015Q3 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
14000000 USD
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
43300000 USD
CY2016Q3 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
13500000 USD
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
39500000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8037080 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8076055 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8179956 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8212468 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7808239 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7737608 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7995680 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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7952938 shares
whg Dividends Accrued
DividendsAccrued
6452000 USD
whg Dividends Accrued
DividendsAccrued
7682000 USD
CY2015Q4 whg Dividends Payable Non Current
DividendsPayableNonCurrent
1699000 USD
CY2016Q3 whg Dividends Payable Non Current
DividendsPayableNonCurrent
1536000 USD
CY2014Q1 whg Economic Earnings Losses
EconomicEarningsLosses
12434000 USD
CY2015Q3 whg Economic Earnings Losses
EconomicEarningsLosses
12434000 USD
whg Economic Earnings Losses
EconomicEarningsLosses
36201000 USD
CY2016Q3 whg Economic Earnings Losses
EconomicEarningsLosses
10615000 USD
whg Economic Earnings Losses
EconomicEarningsLosses
29094000 USD
CY2016Q2 whg Final Contingent Consideration
FinalContingentConsideration
10100000 USD
CY2015Q3 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
185139 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
316253 shares
CY2016Q3 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
184276 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
259530 shares
CY2015Q3 whg Investment Income And Loss
InvestmentIncomeAndLoss
-462000 USD
whg Investment Income And Loss
InvestmentIncomeAndLoss
-207000 USD
CY2016Q3 whg Investment Income And Loss
InvestmentIncomeAndLoss
414000 USD
whg Investment Income And Loss
InvestmentIncomeAndLoss
568000 USD
CY2015Q3 whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
865000 USD
whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
2593000 USD
CY2016Q3 whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
755000 USD
whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
2282000 USD
CY2015Q4 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
2000000 USD
CY2016Q3 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
1400000 USD
whg Number Of Clients Provided With Investment Advisory Services
NumberOfClientsProvidedWithInvestmentAdvisoryServices
1
whg Paymentfor Repurchasesof Stockfor Benefit Plan
PaymentforRepurchasesofStockforBenefitPlan
1327000 USD
whg Paymentfor Repurchasesof Stockfor Benefit Plan
PaymentforRepurchasesofStockforBenefitPlan
614000 USD
whg Percentage Of Defense Costs Covered By Insurance
PercentageOfDefenseCostsCoveredByInsurance
0.50
whg Settlementof Contingent Consideration In Cash And Stock
SettlementofContingentConsiderationInCashAndStock
9296000 USD
CY2016Q3 whg Significant Changein Income Tax Provisionis Reasonably Possible Amountof Unrecorded Benefit
SignificantChangeinIncomeTaxProvisionisReasonablyPossibleAmountofUnrecordedBenefit
1400000 USD
whg Treasury Shares Acquiredfor Benefit Plan
TreasurySharesAcquiredforBenefitPlan
10474 shares
whg Treasury Shares Value Acquiredfor Benefit Plan
TreasurySharesValueAcquiredforBenefitPlan
614000 USD
CY2015Q3 whg Trust Fees
TrustFees
7973000 USD
whg Trust Fees
TrustFees
21044000 USD
CY2016Q3 whg Trust Fees
TrustFees
7690000 USD
whg Trust Fees
TrustFees
22798000 USD
whg Unrecognized Tax Benefits Increases Resulting From Current And Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentAndPriorPeriodTaxPositions
341000 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. 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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