$WHG
WESTWOOD HOLDINGS GROUP INC

2019 Q2 Form 10-Q Financial Statement

#000116500219000057 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $21.71M $32.76M $33.57M
YoY Change -33.73% -2.95% 2.89%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.916M $2.863M $2.857M
YoY Change 1.85% -18.34% -5.43%
% of Gross Profit
Research & Development $2.282M $2.383M $2.038M
YoY Change -4.24% 26.55% 16.06%
% of Gross Profit
Depreciation & Amortization $650.0K $640.0K $213.0K
YoY Change 1.56% -12.33% -11.25%
% of Gross Profit
Operating Expenses $5.198M $5.246M $4.895M
YoY Change -0.91% -2.65% 2.47%
Operating Profit $2.579M $10.94M $9.963M
YoY Change -76.42% 3.34% 28.22%
Interest Expense -$720.0K
YoY Change
% of Operating Profit -27.92%
Other Income/Expense, Net $80.00K
YoY Change
Pretax Income $2.656M $10.94M $10.49M
YoY Change -75.71% 3.34% 34.97%
Income Tax $795.0K $2.944M $2.509M
% Of Pretax Income 29.93% 26.92% 23.92%
Net Earnings $1.861M $7.992M $7.978M
YoY Change -76.71% 15.89% 31.56%
Net Earnings / Revenue 8.57% 24.4% 23.77%
Basic Earnings Per Share $0.22 $0.95 $0.96
Diluted Earnings Per Share $0.22 $0.94 $0.93
COMMON SHARES
Basic Shares Outstanding 8.447M shares 8.399M shares 8.271M shares
Diluted Shares Outstanding 8.477M shares 8.543M shares 8.540M shares

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.9M $108.8M $100.5M
YoY Change -4.5% 22.52% 33.29%
Cash & Equivalents $56.31M $47.30M $51.55M
Short-Term Investments $47.60M $61.50M $48.90M
Other Short-Term Assets $2.680M $1.853M $3.465M
YoY Change 44.63% -3.19% 45.22%
Inventory
Prepaid Expenses
Receivables $13.68M $22.90M $23.95M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $121.1M $133.6M $129.6M
YoY Change -9.34% 17.39% 25.85%
LONG-TERM ASSETS
Property, Plant & Equipment $4.637M $4.088M $4.220M
YoY Change 13.43% -0.29% 0.72%
Goodwill $19.80M $19.80M $19.80M
YoY Change 0.0% -27.04% -27.04%
Intangibles
YoY Change
Long-Term Investments $5.700M $5.000M
YoY Change 14.0%
Other Assets $4.400M $5.000M $4.200M
YoY Change -12.0% -52.38% -61.47%
Total Long-Term Assets $58.39M $50.70M $45.49M
YoY Change 15.18% -18.43% -37.63%
TOTAL ASSETS
Total Short-Term Assets $121.1M $133.6M $129.6M
Total Long-Term Assets $58.39M $50.70M $45.49M
Total Assets $179.5M $184.3M $175.1M
YoY Change -2.59% 4.74% -0.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $2.700M $3.200M
YoY Change -22.22% -10.0% 28.0%
Accrued Expenses $6.100M $9.000M $5.200M
YoY Change -32.22% -8.16% -1.89%
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 $16.02M $20.10M $16.31M
YoY Change -20.32% -5.31% -9.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.500M $3.000M $2.800M
YoY Change 216.67% -11.76% -12.5%
Total Long-Term Liabilities $9.500M $3.000M $2.800M
YoY Change 216.67% -11.76% -12.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.02M $20.10M $16.31M
Total Long-Term Liabilities $9.500M $3.000M $2.800M
Total Liabilities $25.50M $23.13M $19.10M
YoY Change 10.27% -6.02% -10.21%
SHAREHOLDERS EQUITY
Retained Earnings $20.05M $32.32M $30.49M
YoY Change -37.94% -2.5% -3.98%
Common Stock $200.1M $187.5M $183.7M
YoY Change 6.75% 8.87% 9.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $62.88M $55.20M $55.20M
YoY Change 13.92% 8.52% 8.52%
Treasury Stock Shares 1.392M shares 1.178M shares 1.178M shares
Shareholders Equity $131.4K $154.0K $156.1K
YoY Change
Total Liabilities & Shareholders Equity $179.5M $184.3M $175.1M
YoY Change -2.59% 4.74% 5.43%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $1.861M $7.992M $7.978M
YoY Change -76.71% 15.89% 31.56%
Depreciation, Depletion And Amortization $650.0K $640.0K $213.0K
YoY Change 1.56% -12.33% -11.25%
Cash From Operating Activities $10.49M $7.050M $1.350M
YoY Change 48.79% -58.23% -86.42%
INVESTING ACTIVITIES
Capital Expenditures -$330.0K -$130.0K $299.0K
YoY Change 153.85% 30.0% 99.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$5.000M $10.01M
YoY Change -100.0%
Cash From Investing Activities -$330.0K -$5.120M $9.710M
YoY Change -93.55% 5020.0% -6573.33%
FINANCING ACTIVITIES
Cash Dividend Paid $7.332M
YoY Change 11.7%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.980M -5.740M -12.75M
YoY Change 21.6% 12.33% -2.52%
NET CHANGE
Cash From Operating Activities 10.49M 7.050M 1.350M
Cash From Investing Activities -330.0K -5.120M 9.710M
Cash From Financing Activities -6.980M -5.740M -12.75M
Net Change In Cash 3.180M -3.810M -1.690M
YoY Change -183.46% -132.65% -48.63%
FREE CASH FLOW
Cash From Operating Activities $10.49M $7.050M $1.350M
Capital Expenditures -$330.0K -$130.0K $299.0K
Free Cash Flow $10.82M $7.180M $1.051M
YoY Change 50.7% -57.71% -89.26%

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whg Incremental Common Shares Attributable To Nonvested Restricted Shares
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whg Mutual Fund Administration And Distribution
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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, high net worth individuals 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 Wealth Management 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;">$524,000</font><font style="font-family:inherit;font-size:10pt;"> gain on the sale, which is included as &#8220;Gain on sale of operations&#8221; on our Condensed Consolidated Statements of Comprehensive Income. The sale reduced goodwill and intangible assets but did not have a material impact on our Condensed Consolidated Balance Sheet. The following table presents cash proceeds received and net assets sold (in thousands):</font></div><div style="line-height:120%;padding-top:12px;text-align:center;text-indent:37px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:54.32098765432099%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:32%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash Proceeds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</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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