$WHG
WESTWOOD HOLDINGS GROUP INC

2018 Q2 Form 10-Q Financial Statement

#000116500218000049 Filed on July 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2017 Q1
Revenue $32.76M $33.76M $32.62M
YoY Change -2.95% 8.81% 11.99%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.863M $3.506M $3.021M
YoY Change -18.34% 9.12% 12.6%
% of Gross Profit
Research & Development $2.383M $1.883M $1.756M
YoY Change 26.55% -14.45% -10.59%
% of Gross Profit
Depreciation & Amortization $640.0K $730.0K $240.0K
YoY Change -12.33% 1.39% -6.98%
% of Gross Profit
Operating Expenses $5.246M $5.389M $4.777M
YoY Change -2.65% -0.46% 2.8%
Operating Profit $10.94M $10.58M $7.770M
YoY Change 3.34%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.94M $10.58M $7.770M
YoY Change 3.34% 24.33% 37.62%
Income Tax $2.944M $3.687M $1.706M
% Of Pretax Income 26.92% 34.84% 21.96%
Net Earnings $7.992M $6.896M $6.064M
YoY Change 15.89% 21.82% 72.17%
Net Earnings / Revenue 24.4% 20.43% 18.59%
Basic Earnings Per Share $0.95 $0.84 $0.75
Diluted Earnings Per Share $0.94 $0.83 $0.73
COMMON SHARES
Basic Shares Outstanding 8.399M shares 8.167M shares 8.066M shares
Diluted Shares Outstanding 8.543M shares 8.317M shares 8.311M shares

Balance Sheet

Concept 2018 Q2 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.8M $88.80M $75.40M
YoY Change 22.52% 20.16% 5.9%
Cash & Equivalents $47.30M $51.44M $30.63M
Short-Term Investments $61.50M $45.70M $44.80M
Other Short-Term Assets $1.853M $1.914M $2.386M
YoY Change -3.19% -11.35% 5.44%
Inventory
Prepaid Expenses
Receivables $22.90M $23.06M $25.21M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $133.6M $113.8M $103.0M
YoY Change 17.39% 16.75% 3.8%
LONG-TERM ASSETS
Property, Plant & Equipment $4.088M $4.100M $4.190M
YoY Change -0.29% 4.91% 4.05%
Goodwill $19.80M $27.14M $27.14M
YoY Change -27.04% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $5.000M
YoY Change
Other Assets $5.000M $10.50M $10.90M
YoY Change -52.38% -5.41% -2.68%
Total Long-Term Assets $50.70M $62.15M $72.93M
YoY Change -18.43% -13.97% 11.83%
TOTAL ASSETS
Total Short-Term Assets $133.6M $113.8M $103.0M
Total Long-Term Assets $50.70M $62.15M $72.93M
Total Assets $184.3M $175.9M $175.9M
YoY Change 4.74% 3.67% 6.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.700M $3.000M $2.500M
YoY Change -10.0% -14.29% -47.92%
Accrued Expenses $9.000M $9.800M $5.300M
YoY Change -8.16% 11.36% 20.45%
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 $20.10M $21.23M $18.08M
YoY Change -5.31% -0.49% -44.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.000M $3.400M $3.200M
YoY Change -11.76% 9.68% 18.52%
Total Long-Term Liabilities $3.000M $3.400M $3.200M
YoY Change -11.76% 9.68% 18.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.10M $21.23M $18.08M
Total Long-Term Liabilities $3.000M $3.400M $3.200M
Total Liabilities $23.13M $24.61M $21.27M
YoY Change -6.02% 0.8% -39.99%
SHAREHOLDERS EQUITY
Retained Earnings $32.32M $33.14M $31.76M
YoY Change -2.5% 14.83% 12.59%
Common Stock $187.5M $172.2M $168.0M
YoY Change 8.87% 10.65% 13.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $55.20M $50.87M $50.87M
YoY Change 8.52% 16.56% 16.59%
Treasury Stock Shares 1.178M shares 1.101M shares 1.101M shares
Shareholders Equity $154.0K $151.3M $144.8M
YoY Change
Total Liabilities & Shareholders Equity $184.3M $175.9M $166.1M
YoY Change 4.74% 8.58% 1.0%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income $7.992M $6.896M $6.064M
YoY Change 15.89% 21.82% 72.17%
Depreciation, Depletion And Amortization $640.0K $730.0K $240.0K
YoY Change -12.33% 1.39% -6.98%
Cash From Operating Activities $7.050M $16.88M $9.940M
YoY Change -58.23% 26.16% -42.31%
INVESTING ACTIVITIES
Capital Expenditures -$130.0K -$100.0K $150.0K
YoY Change 30.0% -83.61% -60.32%
Acquisitions
YoY Change
Other Investing Activities -$5.000M
YoY Change
Cash From Investing Activities -$5.120M -$100.0K -$150.0K
YoY Change 5020.0% -83.61% -60.53%
FINANCING ACTIVITIES
Cash Dividend Paid $6.564M
YoY Change 14.68%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.740M -5.110M -13.08M
YoY Change 12.33% -49.56% -8.4%
NET CHANGE
Cash From Operating Activities 7.050M 16.88M 9.940M
Cash From Investing Activities -5.120M -100.0K -150.0K
Cash From Financing Activities -5.740M -5.110M -13.08M
Net Change In Cash -3.810M 11.67M -3.290M
YoY Change -132.65% 342.05% -228.02%
FREE CASH FLOW
Cash From Operating Activities $7.050M $16.88M $9.940M
Capital Expenditures -$130.0K -$100.0K $150.0K
Free Cash Flow $7.180M $16.98M $9.790M
YoY Change -57.71% 21.37% -41.91%

Facts In Submission

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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: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 style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Divestiture of our Omaha Operations</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;">On September 6, 2017, we entered into an agreement to sell the Omaha-based component of our Private Wealth business. The sale closed on January 12, 2018. We received proceeds of </font><font style="font-family:inherit;font-size:10pt;font-style:normal;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;">, net of working capital requirements, and recorded a </font><font style="font-family:inherit;font-size:10pt;">$524,000</font><font style="font-family:inherit;font-size:10pt;"> gain on the sale, which is included as &#8220;Gain on sale of operations&#8221; on our Consolidated Statements of Comprehensive Income. The sale reduced goodwill and intangible assets but did not have a material impact on our Condensed Consolidated Balance Sheet. The following table presents cash proceeds received and net assets sold (in thousands):</font></div><div style="line-height:120%;padding-top:12px;text-align:center;text-indent:37px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:54.32098765432099%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:32%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash Proceeds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,013</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net assets sold:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other current assets</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,340</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible assets, net</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,170</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property and equipment, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable and accrued liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(241</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gain on sale of operations</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">524</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></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;">The component is reported within both our Advisory and Trust segments. The sale did not represent a major strategic shift in our business and did not qualify for discontinued operations reporting.</font></div></div>

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