$WHG
WESTWOOD HOLDINGS GROUP INC

2017 Q2 Form 10-Q Financial Statement

#000116500217000061 Filed on July 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $33.76M $31.02M
YoY Change 8.81% -16.85%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.506M $3.213M
YoY Change 9.12% 19.31%
% of Gross Profit
Research & Development $1.883M $2.201M
YoY Change -14.45% 54.78%
% of Gross Profit
Depreciation & Amortization $730.0K $720.0K
YoY Change 1.39% 12.5%
% of Gross Profit
Operating Expenses $5.389M $5.414M
YoY Change -0.46% 31.57%
Operating Profit $10.58M
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.58M $8.512M
YoY Change 24.33% -42.3%
Income Tax $3.687M $2.851M
% Of Pretax Income 34.84% 33.49%
Net Earnings $6.896M $5.661M
YoY Change 21.82% -42.21%
Net Earnings / Revenue 20.43% 18.25%
Basic Earnings Per Share $0.84 $0.71
Diluted Earnings Per Share $0.83 $0.69
COMMON SHARES
Basic Shares Outstanding 8.167M shares 8.000M shares
Diluted Shares Outstanding 8.317M shares 8.173M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.80M $73.90M
YoY Change 20.16% 7.1%
Cash & Equivalents $51.44M $29.12M
Short-Term Investments $45.70M $44.80M
Other Short-Term Assets $1.914M $2.159M
YoY Change -11.35% -0.23%
Inventory
Prepaid Expenses
Receivables $23.06M $21.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $113.8M $97.46M
YoY Change 16.75% -0.2%
LONG-TERM ASSETS
Property, Plant & Equipment $4.100M $3.908M
YoY Change 4.91% 21.48%
Goodwill $27.14M $27.14M
YoY Change 0.0% 18.48%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.50M $11.10M
YoY Change -5.41% 226.47%
Total Long-Term Assets $62.15M $72.24M
YoY Change -13.97% 23.57%
TOTAL ASSETS
Total Short-Term Assets $113.8M $97.46M
Total Long-Term Assets $62.15M $72.24M
Total Assets $175.9M $169.7M
YoY Change 3.67% 8.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.000M $3.500M
YoY Change -14.29% 6.06%
Accrued Expenses $9.800M $8.800M
YoY Change 11.36% -20.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.23M $21.33M
YoY Change -0.49% -27.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.400M $3.100M
YoY Change 9.68% 34.78%
Total Long-Term Liabilities $3.400M $3.100M
YoY Change 9.68% 34.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.23M $21.33M
Total Long-Term Liabilities $3.400M $3.100M
Total Liabilities $24.61M $24.41M
YoY Change 0.8% -23.13%
SHAREHOLDERS EQUITY
Retained Earnings $33.14M $28.86M
YoY Change 14.83% 6.01%
Common Stock $172.2M $155.6M
YoY Change 10.65% 14.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.87M $43.64M
YoY Change 16.56% 21.46%
Treasury Stock Shares 1.101M shares 976.1K shares
Shareholders Equity $151.3M $137.6M
YoY Change
Total Liabilities & Shareholders Equity $175.9M $162.0M
YoY Change 8.58% 3.79%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $6.896M $5.661M
YoY Change 21.82% -42.21%
Depreciation, Depletion And Amortization $730.0K $720.0K
YoY Change 1.39% 12.5%
Cash From Operating Activities $16.88M $13.38M
YoY Change 26.16% -56.94%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$610.0K
YoY Change -83.61% 125.93%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$100.0K -$610.0K
YoY Change -83.61% -97.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.110M -10.13M
YoY Change -49.56% 158.42%
NET CHANGE
Cash From Operating Activities 16.88M 13.38M
Cash From Investing Activities -100.0K -610.0K
Cash From Financing Activities -5.110M -10.13M
Net Change In Cash 11.67M 2.640M
YoY Change 342.05% -3.65%
FREE CASH FLOW
Cash From Operating Activities $16.88M $13.38M
Capital Expenditures -$100.0K -$610.0K
Free Cash Flow $16.98M $13.99M
YoY Change 21.37% -55.36%

Facts In Submission

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us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
-82000 USD
CY2017Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
175000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
661000 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
-1128000 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4421000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
10282000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
11674000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3696000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5189000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
994000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
245000 USD
CY2016Q2 us-gaap Performance Fees
PerformanceFees
409000 USD
us-gaap Performance Fees
PerformanceFees
409000 USD
CY2017Q2 us-gaap Performance Fees
PerformanceFees
1031000 USD
us-gaap Performance Fees
PerformanceFees
1417000 USD
us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
928000 USD
us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
209000 USD
CY2016Q2 us-gaap Professional Fees
ProfessionalFees
1158000 USD
us-gaap Professional Fees
ProfessionalFees
2804000 USD
CY2017Q2 us-gaap Professional Fees
ProfessionalFees
1318000 USD
us-gaap Professional Fees
ProfessionalFees
2814000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4280000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4100000 USD
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
5189000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
31881000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
33142000 USD
CY2016Q2 us-gaap Revenues
Revenues
31023000 USD
us-gaap Revenues
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60152000 USD
CY2017Q2 us-gaap Revenues
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33756000 USD
us-gaap Revenues
Revenues
66379000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
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687000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1015000 USD
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
513000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
990000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4080000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8083000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8065000 USD
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
56485000 USD
CY2017Q2 us-gaap Short Term Investments
ShortTermInvestments
45665000 USD
CY2017Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1100000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
146069000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
151324000 USD
CY2016Q4 us-gaap Trading Securities
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56485000 USD
CY2017Q2 us-gaap Trading Securities
TradingSecurities
45665000 USD
CY2016Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
56459000 USD
CY2017Q2 us-gaap Trading Securities Cost
TradingSecuritiesCost
45261000 USD
CY2016 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
204000 USD
CY2017Q2 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
485000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
425000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
378000 USD
CY2016 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
178000 USD
CY2017Q2 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
81000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
991563 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1100942 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
44353000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
50868000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1326000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2462000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1125000 USD
us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
628000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
64000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
773000 USD
CY2016Q2 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
13000000 USD
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
26100000 USD
CY2017Q2 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
13100000 USD
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
25900000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8172923 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8132941 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8316508 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8315722 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8000214 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7931331 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8167277 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8118327 shares
whg Dividends Accrued
DividendsAccrued
7160000 USD
whg Dividends Accrued
DividendsAccrued
7760000 USD
CY2016Q4 whg Dividends Payable Non Current
DividendsPayableNonCurrent
1767000 USD
CY2017Q2 whg Dividends Payable Non Current
DividendsPayableNonCurrent
1269000 USD
CY2016Q2 whg Economic Earnings Losses
EconomicEarningsLosses
10387000 USD
whg Economic Earnings Losses
EconomicEarningsLosses
18480000 USD
CY2017Q2 whg Economic Earnings Losses
EconomicEarningsLosses
11710000 USD
whg Economic Earnings Losses
EconomicEarningsLosses
22318000 USD
CY2016Q2 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
172709 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
201610 shares
CY2017Q2 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
149231 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
197395 shares
CY2016Q2 whg Investment Income And Loss
InvestmentIncomeAndLoss
305000 USD
whg Investment Income And Loss
InvestmentIncomeAndLoss
154000 USD
CY2017Q2 whg Investment Income And Loss
InvestmentIncomeAndLoss
312000 USD
whg Investment Income And Loss
InvestmentIncomeAndLoss
965000 USD
CY2016Q2 whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
831000 USD
whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
1527000 USD
CY2017Q2 whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
909000 USD
whg Mutual Fund Administration And Distribution
MutualFundAdministrationAndDistribution
1772000 USD
CY2016Q4 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
1700000 USD
CY2017Q2 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
1200000 USD
whg Paymentfor Repurchasesof Stockfor Benefit Plan
PaymentforRepurchasesofStockforBenefitPlan
614000 USD
whg Paymentfor Repurchasesof Stockfor Benefit Plan
PaymentforRepurchasesofStockforBenefitPlan
1326000 USD
CY2017Q2 whg Percentage Of Defense Costs Covered By Insurance
PercentageOfDefenseCostsCoveredByInsurance
0.50
CY2017Q2 whg Significant Changein Income Tax Provisionis Reasonably Possible Amountof Unrecorded Benefit
SignificantChangeinIncomeTaxProvisionisReasonablyPossibleAmountofUnrecordedBenefit
730000 USD
CY2016Q2 whg Trust Fees
TrustFees
7643000 USD
whg Trust Fees
TrustFees
15108000 USD
CY2017Q2 whg Trust Fees
TrustFees
7917000 USD
whg Trust Fees
TrustFees
15712000 USD
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:12px;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, L.L.C. (together &#8220;Westwood Management&#8221;), Westwood Trust, 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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