2018 Q4 Form 10-Q Financial Statement

#000116500218000064 Filed on October 24, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $26.12M $29.85M $33.49M
YoY Change -22.98% -10.86% 5.4%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $18.67M $2.980M $3.617M
YoY Change -14.51% -17.61% 41.57%
% of Gross Profit
Research & Development $2.350M $2.332M $1.855M
YoY Change 2.62% 25.71% -1.01%
% of Gross Profit
Depreciation & Amortization $630.0K $640.0K $710.0K
YoY Change -14.86% -9.86% -2.74%
% of Gross Profit
Operating Expenses $21.02M $5.312M $5.472M
YoY Change -12.89% -2.92% 23.55%
Operating Profit $7.151M $5.752M
YoY Change 24.32%
Interest Expense $2.790M
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $7.888M $7.151M $5.752M
YoY Change -19.41% 24.32% -36.46%
Income Tax $2.360M $1.783M $1.620M
% Of Pretax Income 29.92% 24.93% 28.16%
Net Earnings $5.413M $5.368M $4.132M
YoY Change 86.85% 29.91% -29.81%
Net Earnings / Revenue 20.72% 17.98% 12.34%
Basic Earnings Per Share $0.65 $0.64 $0.51
Diluted Earnings Per Share $0.64 $0.62 $0.49
COMMON SHARES
Basic Shares Outstanding 9.018M shares 8.403M shares 8.172M shares
Diluted Shares Outstanding 8.598M shares 8.421M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.2M $119.1M $99.50M
YoY Change 11.93% 19.7% 23.6%
Cash & Equivalents $52.45M $48.09M $51.44M
Short-Term Investments $65.80M $71.00M $48.10M
Other Short-Term Assets $2.731M $2.308M $6.261M
YoY Change -58.7% -63.14% 165.86%
Inventory
Prepaid Expenses
Receivables $18.43M $19.83M $22.16M
Other Receivables $0.00 $600.0K $2.700M
Total Short-Term Assets $139.7M $141.8M $130.7M
YoY Change 1.18% 8.51% 23.64%
LONG-TERM ASSETS
Property, Plant & Equipment $4.454M $4.120M $4.103M
YoY Change 6.3% 0.41% 2.22%
Goodwill $19.80M $19.80M $27.14M
YoY Change -27.04% -27.04% 0.0%
Intangibles
YoY Change
Long-Term Investments $5.400M $5.400M
YoY Change
Other Assets $5.100M $5.100M $9.500M
YoY Change 50.0% -46.32% -13.64%
Total Long-Term Assets $59.44M $50.81M $60.67M
YoY Change 8.98% -16.25% -5.2%
TOTAL ASSETS
Total Short-Term Assets $139.7M $141.8M $130.7M
Total Long-Term Assets $59.44M $50.81M $60.67M
Total Assets $199.2M $192.6M $191.4M
YoY Change 3.39% 0.66% 12.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.500M $2.500M $2.900M
YoY Change -28.57% -13.79% -17.14%
Accrued Expenses $16.50M $12.70M $22.10M
YoY Change -13.61% -42.53% 64.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $27.13M $24.74M $32.38M
YoY Change -13.97% -23.6% 27.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.90M $3.200M $3.600M
YoY Change 131.91% -11.11% 5.88%
Total Long-Term Liabilities $10.91M $3.200M $3.600M
YoY Change 130.49% -11.11% 5.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.13M $24.74M $32.38M
Total Long-Term Liabilities $10.91M $3.200M $3.600M
Total Liabilities $38.03M $27.96M $35.93M
YoY Change 4.88% -22.2% 24.57%
SHAREHOLDERS EQUITY
Retained Earnings $30.53M $31.55M $31.76M
YoY Change 6.7% -0.66% 7.0%
Common Stock $194.2M $191.2M $176.4M
YoY Change 8.3% 8.35% 10.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $58.71M $55.22M $50.91M
YoY Change 17.92% 8.46% 13.48%
Treasury Stock Shares 1.278M shares 1.178M shares 1.102M shares
Shareholders Equity $161.1M $164.7M $155.4M
YoY Change
Total Liabilities & Shareholders Equity $199.2M $192.6M $191.4M
YoY Change 3.39% 0.66% 12.77%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $5.413M $5.368M $4.132M
YoY Change 86.85% 29.91% -29.81%
Depreciation, Depletion And Amortization $630.0K $640.0K $710.0K
YoY Change -14.86% -9.86% -2.74%
Cash From Operating Activities $16.41M $6.670M $12.63M
YoY Change 91.71% -47.19% 50.54%
INVESTING ACTIVITIES
Capital Expenditures -$310.0K -$250.0K -$290.0K
YoY Change -50.79% -13.79% -57.97%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$420.0K
YoY Change
Cash From Investing Activities -$310.0K -$680.0K -$290.0K
YoY Change -50.79% 134.48% -57.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.870M -5.760M -5.150M
YoY Change 88.36% 11.84% -10.75%
NET CHANGE
Cash From Operating Activities 16.41M 6.670M 12.63M
Cash From Investing Activities -310.0K -680.0K -290.0K
Cash From Financing Activities -9.870M -5.760M -5.150M
Net Change In Cash 6.230M 230.0K 7.190M
YoY Change 131.6% -96.8% 272.54%
FREE CASH FLOW
Cash From Operating Activities $16.41M $6.670M $12.63M
Capital Expenditures -$310.0K -$250.0K -$290.0K
Free Cash Flow $16.72M $6.920M $12.92M
YoY Change 81.94% -46.44% 42.29%

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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: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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