$WHG
WESTWOOD HOLDINGS GROUP INC

2020 Q4 Form 10-Q Financial Statement

#000116500220000147 Filed on October 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $17.11M $15.45M $19.89M
YoY Change -8.07% -22.31% -33.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.90M $2.548M $2.823M
YoY Change -22.8% -9.74% -5.27%
% of Gross Profit
Research & Development $1.890M $2.158M $2.017M
YoY Change -12.09% 6.99% -13.51%
% of Gross Profit
Depreciation & Amortization $650.0K $660.0K $670.0K
YoY Change -5.8% -1.49% 4.69%
% of Gross Profit
Operating Expenses $14.79M $4.706M $4.840M
YoY Change -21.58% -2.77% -8.89%
Operating Profit -$4.043M $1.526M
YoY Change -364.94% -78.66%
Interest Expense -$10.00K -$4.660M $400.0K
YoY Change -100.26% -1265.0%
% of Operating Profit 26.21%
Other Income/Expense, Net $30.00K $30.00K $30.00K
YoY Change 0.0% 0.0%
Pretax Income $2.548M -$8.318M $1.559M
YoY Change -30.97% -633.55% -78.2%
Income Tax -$270.0K $1.971M $442.0K
% Of Pretax Income -10.6% 28.35%
Net Earnings $2.815M -$10.29M $1.117M
YoY Change 10.78% -1021.13% -79.19%
Net Earnings / Revenue 16.45% -66.58% 5.62%
Basic Earnings Per Share $0.36 -$1.31 $0.13
Diluted Earnings Per Share $0.36 -$1.31 $0.13
COMMON SHARES
Basic Shares Outstanding 8.373M shares 7.829M shares 8.433M shares
Diluted Shares Outstanding 7.829M shares 8.471M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.60M $77.60M $101.2M
YoY Change -17.48% -23.32% -15.03%
Cash & Equivalents $13.02M $15.59M $58.37M
Short-Term Investments $69.50M $62.00M $42.80M
Other Short-Term Assets $2.606M $2.211M $2.657M
YoY Change 2.44% -16.79% 15.12%
Inventory
Prepaid Expenses
Receivables $9.450M $9.492M $12.87M
Other Receivables $1.700M $500.0K $0.00
Total Short-Term Assets $96.31M $89.80M $117.7M
YoY Change -17.65% -23.68% -17.03%
LONG-TERM ASSETS
Property, Plant & Equipment $3.186M $3.532M $4.311M
YoY Change -23.27% -18.07% 4.64%
Goodwill $16.40M $16.40M $19.80M
YoY Change -17.18% -17.18% 0.0%
Intangibles
YoY Change
Long-Term Investments $11.70M $11.50M $8.400M
YoY Change -5.65% 36.9% 55.56%
Other Assets $464.0K $444.0K $3.500M
YoY Change 27.47% -87.31% -31.37%
Total Long-Term Assets $52.84M $54.58M $59.65M
YoY Change -14.43% -8.5% 17.41%
TOTAL ASSETS
Total Short-Term Assets $96.31M $89.80M $117.7M
Total Long-Term Assets $52.84M $54.58M $59.65M
Total Assets $149.2M $144.4M $177.3M
YoY Change -16.54% -18.57% -7.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $2.100M $2.000M
YoY Change -23.81% 5.0% -20.0%
Accrued Expenses $9.200M $7.600M $8.400M
YoY Change -20.69% -9.52% -33.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $11.79M $10.80M $18.00M
YoY Change -44.77% -40.0% -27.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.600M $7.100M $9.300M
YoY Change -27.47% -23.66% 190.63%
Total Long-Term Liabilities $6.647M $7.100M $9.300M
YoY Change -26.67% -23.66% 190.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.79M $10.80M $18.00M
Total Long-Term Liabilities $6.647M $7.100M $9.300M
Total Liabilities $18.44M $17.89M $27.25M
YoY Change -39.38% -34.35% -2.51%
SHAREHOLDERS EQUITY
Retained Earnings -$1.695M -$4.624M $14.81M
YoY Change -115.46% -131.22% -53.05%
Common Stock $210.4M $209.2M $202.4M
YoY Change 3.36% 3.35% 5.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $77.97M $78.05M $63.34M
YoY Change 23.21% 23.23% 14.71%
Treasury Stock Shares 1.278M shares 1.408M shares 1.408M shares
Shareholders Equity $130.7K $126.5K $150.1K
YoY Change
Total Liabilities & Shareholders Equity $149.2M $144.4M $177.3M
YoY Change -16.54% -18.57% -7.95%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $2.815M -$10.29M $1.117M
YoY Change 10.78% -1021.13% -79.19%
Depreciation, Depletion And Amortization $650.0K $660.0K $670.0K
YoY Change -5.8% -1.49% 4.69%
Cash From Operating Activities -$2.690M -$28.90M $12.55M
YoY Change 86.81% -330.28% 88.16%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$30.00K -$700.0K
YoY Change -100.0% -95.71% 180.0%
Acquisitions
YoY Change
Other Investing Activities $90.00K $0.00 -$2.770M
YoY Change -113.85% -100.0% 559.52%
Cash From Investing Activities $90.00K -$30.00K -$3.470M
YoY Change -112.33% -99.14% 410.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 -6.570M
YoY Change -100.0% -100.0% 14.06%
NET CHANGE
Cash From Operating Activities -2.690M -28.90M 12.55M
Cash From Investing Activities 90.00K -30.00K -3.470M
Cash From Financing Activities 0.000 0.000 -6.570M
Net Change In Cash -2.600M -28.93M 2.510M
YoY Change -72.46% -1252.59% 991.3%
FREE CASH FLOW
Cash From Operating Activities -$2.690M -$28.90M $12.55M
Capital Expenditures $0.00 -$30.00K -$700.0K
Free Cash Flow -$2.690M -$28.87M $13.25M
YoY Change 97.79% -317.89% 91.47%

Facts In Submission

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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax
4193000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax
0 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5475000 USD
CY2019Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
635000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8819000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4454000 USD
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.31
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.46
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.46
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7829478 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8432598 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8040417 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8414317 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7829478 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8470673 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8040417 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8467823 shares
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
131429000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-10289000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-10289000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
621000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2020Q3 us-gaap Dividends Common Stock
DividendsCommonStock
-50000 USD
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
488000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
126492000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
153986 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
1117000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
1117000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-482 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2019Q3 us-gaap Dividends Common Stock
DividendsCommonStock
6359 USD
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2249 USD
CY2019Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
452 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
150059 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
148287000 USD
us-gaap Net Income Loss
NetIncomeLoss
-11762000 USD
us-gaap Net Income Loss
NetIncomeLoss
-11762000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1250000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
us-gaap Dividends Common Stock
DividendsCommonStock
3829000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5409000 USD
us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
213000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
12952000 USD
whg Treasury Stock Value Acquired Cost Method Employee Stock Plan
TreasuryStockValueAcquiredCostMethodEmployeeStockPlan
697000 USD
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
1120000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
126492000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
161149 USD
us-gaap Net Income Loss
NetIncomeLoss
3370000 USD
us-gaap Net Income Loss
NetIncomeLoss
3370000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1084 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
us-gaap Dividends Common Stock
DividendsCommonStock
19083 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7932 USD
us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
231 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2239 USD
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
2385 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
150059 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
150059 USD
us-gaap Net Income Loss
NetIncomeLoss
-11762000 USD
us-gaap Net Income Loss
NetIncomeLoss
3370000 USD
us-gaap Depreciation
Depreciation
697000 USD
us-gaap Depreciation
Depreciation
662000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1293000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1281000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-1132000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
501000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5409000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7932000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-191000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1572000 USD
whg Noncashleaseexpense
Noncashleaseexpense
1253000 USD
whg Noncashleaseexpense
Noncashleaseexpense
852000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
3403000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax
0 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
11891000 USD
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-23438000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3634000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5673000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-246000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
361000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-47000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-482000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-3769000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58372000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-8100000 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
492000 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-668000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1174000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1057000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7082000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
33611000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
92000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
516000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3020000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
584000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-92000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4120000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
12952000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1258000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5923000 USD
whg Paymentfor Repurchasesof Stockfor Benefit Plan
PaymentforRepurchasesofStockforBenefitPlan
697000 USD
whg Paymentfor Repurchasesof Stockfor Benefit Plan
PaymentforRepurchasesofStockforBenefitPlan
981000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1120000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2385000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
11043000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
19979000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-25812000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-24603000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1187000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1035000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-34173000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49766000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52449000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15593000 USD
us-gaap Restricted Stock Award Forfeitures
RestrictedStockAwardForfeitures
-1300000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1294000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1431000 USD
whg Dividends Accrued
DividendsAccrued
1448000 USD
whg Dividends Accrued
DividendsAccrued
8390000 USD
us-gaap Nature Of Operations
NatureOfOperations
DESCRIPTION OF THE BUSINESS <div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Westwood Holdings Group, Inc. (“Westwood”, “the Company”, “we”, “us” or “our”) was incorporated under the laws of the State of Delaware on December 12, 2001. Westwood manages investment assets and provides services for its clients through its wholly-owned subsidiaries, Westwood Management Corp. and Westwood Advisors, L.L.C. (referred to hereinafter together as “Westwood Management”), Westwood Trust and Westwood International Advisors Inc. (“Westwood International Advisors”). </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 27, 2020, Westwood’s Board of Directors </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">approved the liquidation of Westwood International Advisors, which occurred effective September 30, 2020.</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Westwood Management provides investment advisory services to institutional clients, a family of mutual funds called the Westwood Funds®, other mutual funds, individual investors and clients of Westwood Trust. Prior to its liquidation, Westwood International Advisors provided investment advisory services to institutional clients, the Westwood Funds®, other mutual funds, the UCITS Fund (which was liquidated in June 2020), individual investors and clients of Westwood Trust. Westwood Trust provides trust and custodial services and participation in self-sponsored common trust funds (“CTFs”) to institutions and high net worth individuals. Revenue is largely dependent on the total value and composition of assets under management ("AUM"). Accordingly, fluctuations in financial markets and in the composition of AUM impact our revenues and results of operations.</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the substantially completed closures and liquidation of Westwood International Advisors and our Toronto office, in the three and nine months ended September 30, 2020 we recognized $0.5 million of severance expense, $0.3 million of lease impairment expense and $0.1 million of vendor contract related costs, offset by $1.3 million of restricted stock forfeitures. The severance expense and restricted stock forfeitures were recognized within "Employee compensation and benefits," the lease impairment expense was recognized in "General and administrative," and the vendor contract costs were recognized within "Information technology" on the Condensed Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, we repatriated previously undistributed income to the United States from Canada and incurred $1.1 million of withholding taxes (net of U.S. federal tax deduction). The withholding taxes were recognized in "Income tax expense" on the Condensed Consolidated Statements of Comprehensive Income (Loss).</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Westwood Management is registered with the Securities and Exchange Commission ("SEC") as an investment advisor ("RIA") under the Investment Advisers Act of 1940. Westwood Trust is chartered and regulated by the Texas Department of Banking. Westwood International Advisors is registered as a portfolio manager and exempt market dealer with the Ontario Securities Commission and the Autorité des marchés financiers in Québec.</span></div>
us-gaap Severance Costs1
SeveranceCosts1
500000 USD
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
300000 USD
us-gaap Loss On Contract Termination
LossOnContractTermination
100000 USD
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
1100000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15454000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19892000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47998000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
65463000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15454000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19892000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47998000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
65463000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2020Q3 whg Revenue From External Sources
RevenueFromExternalSources
15384000 USD
CY2020Q3 us-gaap Revenues
Revenues
15454000 USD
CY2020Q3 whg Net Intersegment Revenues
NetIntersegmentRevenues
0 USD
CY2020Q3 whg Otherrevenue
Otherrevenue
70000 USD
CY2020Q3 us-gaap Assets
Assets
144384000 USD
CY2020Q3 us-gaap Goodwill
Goodwill
16401000 USD
CY2019Q3 whg Revenue From External Sources
RevenueFromExternalSources
19599000 USD
CY2019Q3 whg Net Intersegment Revenues
NetIntersegmentRevenues
0 USD
CY2019Q3 us-gaap Investment Income Net
InvestmentIncomeNet
251000 USD
CY2019Q3 whg Otherrevenue
Otherrevenue
42000 USD
CY2019Q3 us-gaap Revenues
Revenues
19892000 USD
CY2019Q3 us-gaap Assets
Assets
177314000 USD
CY2019Q3 us-gaap Goodwill
Goodwill
19804000 USD
whg Revenue From External Sources
RevenueFromExternalSources
48157000 USD
whg Net Intersegment Revenues
NetIntersegmentRevenues
0 USD
us-gaap Investment Income Net
InvestmentIncomeNet
31000 USD
whg Otherrevenue
Otherrevenue
-190000 USD
us-gaap Revenues
Revenues
47998000 USD
whg Revenue From External Sources
RevenueFromExternalSources
63983000 USD
whg Net Intersegment Revenues
NetIntersegmentRevenues
0 USD
us-gaap Investment Income Net
InvestmentIncomeNet
846000 USD
whg Otherrevenue
Otherrevenue
634000 USD
us-gaap Revenues
Revenues
65463000 USD
CY2018Q2 us-gaap Long Term Investments
LongTermInvestments
5400000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
2800000 USD
whg Investmentscarriedatfairvalueunrealizedloss
Investmentscarriedatfairvalueunrealizedloss
-700000 USD
CY2019Q1 us-gaap Long Term Investments
LongTermInvestments
300000 USD
CY2020Q3 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
61956000 USD
us-gaap Debt Securities Trading Unrealized Gain
DebtSecuritiesTradingUnrealizedGain
45000 USD
us-gaap Debt Securities Trading Unrealized Loss
DebtSecuritiesTradingUnrealizedLoss
8000 USD
CY2020Q3 us-gaap Trading Securities Debt
TradingSecuritiesDebt
61993000 USD
CY2020Q3 us-gaap Debt Securities Trading And Equity Securities Fv Ni Cost
DebtSecuritiesTradingAndEquitySecuritiesFvNiCost
65626000 USD
whg Debt Securities Trading And Equity Securities Unrealized Gain
DebtSecuritiesTradingAndEquitySecuritiesUnrealizedGain
45000 USD
whg Debt Securities Trading And Equity Securities Unrealized Loss
DebtSecuritiesTradingAndEquitySecuritiesUnrealizedLoss
350000 USD
CY2020Q3 us-gaap Trading Securities
TradingSecurities
65321000 USD
CY2019Q4 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
50065000 USD
us-gaap Debt Securities Trading Unrealized Gain
DebtSecuritiesTradingUnrealizedGain
259000 USD
us-gaap Debt Securities Trading Unrealized Loss
DebtSecuritiesTradingUnrealizedLoss
0 USD
CY2019Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
50324000 USD
CY2019Q4 us-gaap Debt Securities Trading And Equity Securities Fv Ni Cost
DebtSecuritiesTradingAndEquitySecuritiesFvNiCost
53735000 USD
whg Debt Securities Trading And Equity Securities Unrealized Gain
DebtSecuritiesTradingAndEquitySecuritiesUnrealizedGain
827000 USD
whg Debt Securities Trading And Equity Securities Unrealized Loss
DebtSecuritiesTradingAndEquitySecuritiesUnrealizedLoss
0 USD
CY2019Q4 us-gaap Trading Securities
TradingSecurities
54562000 USD
CY2019Q4 us-gaap Variable Interest Entity Consolidated Assets Noncurrent
VariableInterestEntityConsolidatedAssetsNoncurrent
6400000 USD
CY2020Q3 us-gaap Trading Securities Debt
TradingSecuritiesDebt
61993000 USD
CY2020Q3 us-gaap Trading Securities
TradingSecurities
65321000 USD
CY2019Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
50324000 USD
CY2019Q4 us-gaap Trading Securities
TradingSecurities
54562000 USD
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
2770000 USD
CY2020Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
3314000 USD
CY2019Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
3975000 USD
CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0 USD
CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0 USD
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease
2770000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
2770000 USD
CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
-73000 USD
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
-734000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
0 USD
CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
3241000 USD
CY2020Q3 whg Unobservable Input Book Value Multiple Minimum
UnobservableInputBookValueMultipleMinimum
0.98
CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
3200000 USD
CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
3241000 USD
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
2770000 USD
CY2020Q3 whg Unobservable Input Book Value Multiple Maximum
UnobservableInputBookValueMultipleMaximum
1.26 USD
CY2020Q3 whg Unobservable Input Book Value Multiple Weighted Average
UnobservableInputBookValueMultipleWeightedAverage
1.18 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
56625 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
1300000 USD
CY2020Q3 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
50000 USD
CY2019Q4 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
79000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.160
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.410
whg Discretetaxexpensefromstockbasedcompensation
Discretetaxexpensefromstockbasedcompensation
600000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-10289000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
1117000 USD
us-gaap Net Income Loss
NetIncomeLoss
-11762000 USD
us-gaap Net Income Loss
NetIncomeLoss
3370000 USD
CY2020Q3 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8414317 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7829478 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8432598 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8040417 shares
CY2019Q3 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
38075 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
0 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
53506 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7829478 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8470673 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8040417 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8467823 shares
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.31
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.46
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
CY2020Q3 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
4200000 USD
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.46
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2020Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
3400000 USD
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000.0 USD
CY2020Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10.0 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
679756 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
19.05
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
13000000.0 USD
us-gaap Foreign Currency Translation Adjustment Description
ForeignCurrencyTranslationAdjustmentDescription
4.2 million
CY2019Q4 us-gaap Variable Interest Entity Consolidated Assets Noncurrent
VariableInterestEntityConsolidatedAssetsNoncurrent
6400000 USD
CY2019Q3 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
7200000 USD
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
14400000 USD
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
24300000 USD
CY2020Q3 us-gaap Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
11962000000 USD

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