$WHG
WESTWOOD HOLDINGS GROUP INC

2023 Q3 Form 10-Q Financial Statement

#000116500223000070 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $21.88M $21.95M $15.60M
YoY Change 42.02% 40.65% -10.76%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.974M $3.999M $2.857M
YoY Change 57.89% 39.97% 18.45%
% of Gross Profit
Research & Development $2.334M $2.566M $1.935M
YoY Change 7.56% 32.61% -14.42%
% of Gross Profit
Depreciation & Amortization $1.208M $1.212M $581.0K
YoY Change 122.47% 108.61% -1.36%
% of Gross Profit
Operating Expenses $6.308M $6.565M $4.792M
YoY Change 34.59% 37.0% 2.55%
Operating Profit -$1.453M $3.669M -$398.0K
YoY Change 34.29% -1021.86% -151.16%
Interest Expense $247.0K $235.0K $5.000K
YoY Change 137.5% 4600.0% -98.22%
% of Operating Profit 6.41%
Other Income/Expense, Net $5.265M $239.0K $234.0K
YoY Change 2455.83% 2.14% 64.79%
Pretax Income $4.059M $4.143M -$458.0K
YoY Change -497.55% -1004.59% -132.34%
Income Tax -$316.0K $1.244M -$80.00K
% Of Pretax Income -7.79% 30.03%
Net Earnings $3.356M $2.895M -$378.0K
YoY Change -385.62% -865.87% -138.97%
Net Earnings / Revenue 15.34% 13.19% -2.42%
Basic Earnings Per Share $0.42 $0.36 -$0.05
Diluted Earnings Per Share $0.41 $0.36 -$0.05
COMMON SHARES
Basic Shares Outstanding 9.183M shares 9.144M shares 7.944M shares
Diluted Shares Outstanding 8.117M shares 8.131M shares 7.944M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.49M $38.12M $73.58M
YoY Change -34.5% -48.19% -20.29%
Cash & Equivalents $17.18M $15.23M $21.98M
Short-Term Investments $31.31M $22.89M $51.61M
Other Short-Term Assets $4.129M $4.154M $1.917M
YoY Change 55.99% 116.69% -12.9%
Inventory
Prepaid Expenses
Receivables $13.17M $13.61M $9.290M
Other Receivables $423.0K $0.00 $587.0K
Total Short-Term Assets $66.22M $55.89M $85.38M
YoY Change -23.49% -34.54% -18.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.576M $1.718M $1.844M
YoY Change -8.21% -6.83% -22.81%
Goodwill $39.50M $39.50M $16.40M
YoY Change 140.85% 140.85% 0.0%
Intangibles
YoY Change
Long-Term Investments $4.256M $4.180M $8.704M
YoY Change -49.67% -51.98% 0.59%
Other Assets $982.0K $918.0K $772.0K
YoY Change 23.21% 18.91% 56.59%
Total Long-Term Assets $84.54M $86.22M $44.55M
YoY Change 90.19% 93.53% -6.42%
TOTAL ASSETS
Total Short-Term Assets $66.22M $55.89M $85.38M
Total Long-Term Assets $84.54M $86.22M $44.55M
Total Assets $150.8M $142.1M $129.9M
YoY Change 15.09% 9.37% -14.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.523M $5.780M $2.513M
YoY Change 126.81% 130.0% -21.79%
Accrued Expenses $8.547M $6.620M $5.432M
YoY Change 15.75% 21.87% -8.35%
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 $16.51M $14.85M $9.682M
YoY Change 37.71% 53.4% -18.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.44M $12.15M $4.525M
YoY Change 162.87% 168.6% -20.6%
Total Long-Term Liabilities $14.44M $12.15M $4.525M
YoY Change 162.87% 168.6% -20.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.51M $14.85M $9.682M
Total Long-Term Liabilities $14.44M $12.15M $4.525M
Total Liabilities $30.95M $27.01M $14.21M
YoY Change 77.05% 90.09% -19.22%
SHAREHOLDERS EQUITY
Retained Earnings $2.212M -$959.0K $1.493M
YoY Change -328.04% -164.23% -15.03%
Common Stock $201.5M $201.0M $198.2M
YoY Change 0.92% 1.42% -7.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $85.99M $85.97M $83.97M
YoY Change 0.9% 2.38% 4.24%
Treasury Stock Shares 1.408M shares 1.408M shares 1.408M shares
Shareholders Equity $117.8M $114.1M $115.7M
YoY Change
Total Liabilities & Shareholders Equity $150.8M $142.1M $129.9M
YoY Change 15.09% 9.37% -14.67%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $3.356M $2.895M -$378.0K
YoY Change -385.62% -865.87% -138.97%
Depreciation, Depletion And Amortization $1.208M $1.212M $581.0K
YoY Change 122.47% 108.61% -1.36%
Cash From Operating Activities -$1.782M -$723.0K $3.371M
YoY Change -156.07% -121.45% -42.08%
INVESTING ACTIVITIES
Capital Expenditures $22.00K $13.00K -$52.00K
YoY Change -153.66% -125.0% -46.94%
Acquisitions
YoY Change
Other Investing Activities $5.000M $427.0K $0.00
YoY Change -100.0%
Cash From Investing Activities $4.978M $414.0K -$52.00K
YoY Change -12241.46% -896.15% -41.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.247M -1.213M -2.496M
YoY Change -52.8% -51.4% 69.45%
NET CHANGE
Cash From Operating Activities -1.782M -723.0K 3.371M
Cash From Investing Activities 4.978M 414.0K -52.00K
Cash From Financing Activities -1.247M -1.213M -2.496M
Net Change In Cash 1.949M -1.522M 823.0K
YoY Change 293.74% -284.93% -80.67%
FREE CASH FLOW
Cash From Operating Activities -$1.782M -$723.0K $3.371M
Capital Expenditures $22.00K $13.00K -$52.00K
Free Cash Flow -$1.804M -$736.0K $3.423M
YoY Change -156.04% -121.5% -42.16%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Nature Of Operations
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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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BusinessAcquisitionsProFormaRevenue
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CY2023Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
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23259000 usd
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DebtSecuritiesTradingUnrealizedGain
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23524000 usd
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CY2023Q2 us-gaap Trading Securities
TradingSecurities
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CY2023Q2 us-gaap Trading Securities
TradingSecurities
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CY2022Q4 us-gaap Trading Securities
TradingSecurities
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CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
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CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
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CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
11841000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
12901000 usd
CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
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CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
7763000 usd
us-gaap Asset Acquisition Consideration Transferred Contingent Consideration
AssetAcquisitionConsiderationTransferredContingentConsideration
7800000 usd
CY2023Q2 whg Unobservable Input Revenue Retention Discount Rate Minimum
UnobservableInputRevenueRetentionDiscountRateMinimum
true
CY2023Q2 whg Unobservable Input Revenue Retention Discount Rate Maximum
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true
CY2023Q2 whg Unobservable Input Revenue Retention Discount Rate Weighted Average
UnobservableInputRevenueRetentionDiscountRateWeightedAverage
true
CY2023Q2 whg Unobservable Input Revenue Retention Volatility Minimum
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true
CY2023Q2 whg Unobservable Input Revenue Retention Volatility Maximum
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true
CY2023Q2 whg Unobservable Input Revenue Retention Volatility Weighted Average
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true
CY2023Q2 whg Unobservable Input Growth Discount Rate Minimum
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true
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true
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true
CY2023Q2 whg Unobservable Input Growth Volatility Minimum
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true
CY2023Q2 whg Unobservable Input Growth Volatility Maximum
UnobservableInputGrowthVolatilityMaximum
true
CY2023Q2 whg Unobservable Input Growth Volatility Weighted Average
UnobservableInputGrowthVolatilityWeightedAverage
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CY2023Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2895000 usd
CY2022Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3588000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7991228 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7944212 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7922954 shares
CY2023Q2 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
140105 shares
CY2022Q2 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
0 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
127344 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8131333 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7944212 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8050298 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.36
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.36
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
CY2023Q1 us-gaap Goodwill
Goodwill
39929000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
35732000 usd
CY2023Q2 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0 usd
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
4197000 usd
CY2023Q2 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-428000 usd
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-428000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
39501000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
39501000 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1900000 usd
CY2022Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
57984 shares
CY2022Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
14.29
CY2022Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
800000 usd
CY2023Q2 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
7900000 usd
CY2022Q2 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
5100000 usd
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
15900000 usd
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
10800000 usd
CY2023Q2 us-gaap Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
14989000000 usd

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