2023 Q4 Form 10-Q Financial Statement

#000116500223000057 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q2 2023 Q1
Revenue $23.23M $21.95M $22.73M
YoY Change 13.56% 40.65% 32.01%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $18.13M $3.999M $2.726M
YoY Change 7.34% 39.97% 8.09%
% of Gross Profit
Research & Development $2.367M $2.566M $2.383M
YoY Change 12.5% 32.61% 30.29%
% of Gross Profit
Depreciation & Amortization $1.202M $1.212M $176.0K
YoY Change 38.16% 108.61% -0.56%
% of Gross Profit
Operating Expenses $20.39M $6.565M $5.109M
YoY Change 7.32% 37.0% 17.42%
Operating Profit $3.669M $946.0K
YoY Change -1021.86% 127.95%
Interest Expense -$18.00K $235.0K $172.0K
YoY Change -97.78% 4600.0% -1175.0%
% of Operating Profit 6.41% 18.18%
Other Income/Expense, Net $365.0K $239.0K $372.0K
YoY Change 18.12% 2.14% 135.44%
Pretax Income $3.751M $4.143M $1.490M
YoY Change -186.97% -1004.59% 150.84%
Income Tax $1.168M $1.244M $776.0K
% Of Pretax Income 31.14% 30.03% 52.08%
Net Earnings $2.583M $2.895M $693.0K
YoY Change -182.66% -865.87% 1286.0%
Net Earnings / Revenue 11.12% 13.19% 3.05%
Basic Earnings Per Share -$0.40 $0.36 $0.09
Diluted Earnings Per Share $0.32 $0.36 $0.09
COMMON SHARES
Basic Shares Outstanding 9.144M shares 7.854M shares
Diluted Shares Outstanding 8.131M shares 7.969M shares

Balance Sheet

Concept 2023 Q4 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.10M $38.12M $32.35M
YoY Change 35.45% -48.19% -55.99%
Cash & Equivalents $20.42M $15.23M $16.75M
Short-Term Investments $32.67M $22.89M $15.59M
Other Short-Term Assets $4.543M $4.154M $5.272M
YoY Change -2.2% 116.69% 119.03%
Inventory
Prepaid Expenses
Receivables $14.39M $13.61M $15.19M
Other Receivables $205.0K $0.00 $0.00
Total Short-Term Assets $72.24M $55.89M $52.80M
YoY Change 24.14% -34.54% -38.51%
LONG-TERM ASSETS
Property, Plant & Equipment $5.117M $1.718M $1.876M
YoY Change 179.92% -6.83% -4.63%
Goodwill $39.50M $39.50M $39.93M
YoY Change 10.55% 140.85% 143.45%
Intangibles
YoY Change
Long-Term Investments $11.77M $4.180M $4.228M
YoY Change 79.07% -51.98% -53.04%
Other Assets $1.736M $918.0K $957.0K
YoY Change 86.87% 18.91% 26.42%
Total Long-Term Assets $82.93M $86.22M $89.00M
YoY Change -6.01% 93.53% 97.14%
TOTAL ASSETS
Total Short-Term Assets $72.24M $55.89M $52.80M
Total Long-Term Assets $82.93M $86.22M $89.00M
Total Assets $155.2M $142.1M $141.8M
YoY Change 5.97% 9.37% 8.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.130M $5.780M $6.715M
YoY Change 11.74% 130.0% 187.33%
Accrued Expenses $10.83M $6.620M $4.592M
YoY Change 6.22% 21.87% 21.55%
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 $18.65M $14.85M $13.20M
YoY Change 5.86% 53.4% 49.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.07M $12.15M $16.73M
YoY Change -22.93% 168.6% 239.56%
Total Long-Term Liabilities $16.73M $12.15M $16.73M
YoY Change 269.72% 168.6% 239.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.65M $14.85M $13.20M
Total Long-Term Liabilities $16.73M $12.15M $16.73M
Total Liabilities $34.77M $27.01M $29.93M
YoY Change -2.83% 90.09% 117.57%
SHAREHOLDERS EQUITY
Retained Earnings $4.650M -$959.0K -$3.752M
YoY Change -209.33% -164.23% -218.66%
Common Stock $201.7M $201.0M $200.6M
YoY Change 0.86% 1.42% 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $85.99M $85.97M $85.97M
YoY Change 1.01% 2.38% 4.1%
Treasury Stock Shares 1.408M shares 1.408M shares
Shareholders Equity $120.4M $114.1M $110.9M
YoY Change
Total Liabilities & Shareholders Equity $155.2M $142.1M $141.8M
YoY Change 5.97% 9.37% 8.23%

Cashflow Statement

Concept 2023 Q4 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $2.583M $2.895M $693.0K
YoY Change -182.66% -865.87% 1286.0%
Depreciation, Depletion And Amortization $1.202M $1.212M $176.0K
YoY Change 38.16% 108.61% -0.56%
Cash From Operating Activities $4.472M -$723.0K -$3.179M
YoY Change -87.77% -121.45% -136.25%
INVESTING ACTIVITIES
Capital Expenditures $28.00K $13.00K $84.00K
YoY Change -85.79% -125.0% 180.0%
Acquisitions -$1.168M
YoY Change
Other Investing Activities $0.00 $427.0K -$1.168M
YoY Change -100.0%
Cash From Investing Activities -$28.00K $414.0K -$1.252M
YoY Change -99.92% -896.15% 4073.33%
FINANCING ACTIVITIES
Cash Dividend Paid $1.840M
YoY Change -6.69%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.200M -1.213M -$2.677M
YoY Change 3.27% -51.4% -4.32%
NET CHANGE
Cash From Operating Activities 4.472M -723.0K -$3.179M
Cash From Investing Activities -28.00K 414.0K -$1.252M
Cash From Financing Activities -1.200M -1.213M -$2.677M
Net Change In Cash 3.244M -1.522M -$7.108M
YoY Change 133.72% -284.93% -219.62%
FREE CASH FLOW
Cash From Operating Activities $4.472M -$723.0K -$3.179M
Capital Expenditures $28.00K $13.00K $84.00K
Free Cash Flow $4.444M -$736.0K -$3.263M
YoY Change -87.78% -121.5% -137.33%

Facts In Submission

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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., Westwood Advisors, L.L.C. Salient Advisors, LP ("Salient") and its majority-owned subsidiary Broadmark Asset Management LLC ("Broadmark"), (referred to hereinafter together as “Westwood Management”), and Westwood Trust.</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. 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") and assets under advisement ("AUA"), and fluctuations in financial markets and in the composition of AUM and AUA 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%">Westwood Management is registered with the Securities and Exchange Commission ("SEC") as an investment adviser ("RIA") under the Investment Advisers Act of 1940. Westwood Trust is chartered and regulated by the Texas Department of Banking.</span></div>
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