$WHG
WESTWOOD HOLDINGS GROUP INC

2023 Q3 Form 10-Q Financial Statement

#000116500223000084 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q3
Revenue $21.88M $15.41M
YoY Change 42.02% -13.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.974M $2.517M
YoY Change 57.89% 21.54%
% of Gross Profit
Research & Development $2.334M $2.170M
YoY Change 7.56% 12.03%
% of Gross Profit
Depreciation & Amortization $1.208M $543.0K
YoY Change 122.47% -6.38%
% of Gross Profit
Operating Expenses $6.308M $4.687M
YoY Change 34.59% 16.94%
Operating Profit -$1.453M -$1.082M
YoY Change 34.29% -152.94%
Interest Expense $247.0K $104.0K
YoY Change 137.5% -20.61%
% of Operating Profit
Other Income/Expense, Net $5.265M $206.0K
YoY Change 2455.83% 4.04%
Pretax Income $4.059M -$1.021M
YoY Change -497.55% -143.26%
Income Tax -$316.0K $154.0K
% Of Pretax Income -7.79%
Net Earnings $3.356M -$1.175M
YoY Change -385.62% -162.53%
Net Earnings / Revenue 15.34% -7.63%
Basic Earnings Per Share $0.42 -$0.15
Diluted Earnings Per Share $0.41 -$0.15
COMMON SHARES
Basic Shares Outstanding 9.183M shares 8.460M shares
Diluted Shares Outstanding 8.117M shares 7.794M shares

Balance Sheet

Concept 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.49M $74.03M
YoY Change -34.5% -3.29%
Cash & Equivalents $17.18M $22.47M
Short-Term Investments $31.31M $51.56M
Other Short-Term Assets $4.129M $2.647M
YoY Change 55.99% 8.0%
Inventory
Prepaid Expenses
Receivables $13.17M $9.290M
Other Receivables $423.0K $569.0K
Total Short-Term Assets $66.22M $86.54M
YoY Change -23.49% -2.62%
LONG-TERM ASSETS
Property, Plant & Equipment $1.576M $1.717M
YoY Change -8.21% -22.97%
Goodwill $39.50M $16.40M
YoY Change 140.85% 0.0%
Intangibles
YoY Change
Long-Term Investments $4.256M $8.456M
YoY Change -49.67% -2.13%
Other Assets $982.0K $797.0K
YoY Change 23.21% 25.71%
Total Long-Term Assets $84.54M $44.45M
YoY Change 90.19% -4.19%
TOTAL ASSETS
Total Short-Term Assets $66.22M $86.54M
Total Long-Term Assets $84.54M $44.45M
Total Assets $150.8M $131.0M
YoY Change 15.09% -3.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.523M $2.876M
YoY Change 126.81% 3.64%
Accrued Expenses $8.547M $7.384M
YoY Change 15.75% -12.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $16.51M $11.99M
YoY Change 37.71% -9.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.44M $5.494M
YoY Change 162.87% -11.91%
Total Long-Term Liabilities $14.44M $5.494M
YoY Change 162.87% -11.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.51M $11.99M
Total Long-Term Liabilities $14.44M $5.494M
Total Liabilities $30.95M $17.48M
YoY Change 77.05% -10.51%
SHAREHOLDERS EQUITY
Retained Earnings $2.212M -$970.0K
YoY Change -328.04% -135.03%
Common Stock $201.5M $199.7M
YoY Change 0.92% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $85.99M $85.23M
YoY Change 0.9% 5.15%
Treasury Stock Shares 1.408M shares 1.408M shares
Shareholders Equity $117.8M $113.5M
YoY Change
Total Liabilities & Shareholders Equity $150.8M $131.0M
YoY Change 15.09% -3.16%

Cashflow Statement

Concept 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $3.356M -$1.175M
YoY Change -385.62% -162.53%
Depreciation, Depletion And Amortization $1.208M $543.0K
YoY Change 122.47% -6.38%
Cash From Operating Activities -$1.782M $3.178M
YoY Change -156.07% -85.74%
INVESTING ACTIVITIES
Capital Expenditures $22.00K -$41.00K
YoY Change -153.66% 583.33%
Acquisitions
YoY Change
Other Investing Activities $5.000M $0.00
YoY Change -100.0%
Cash From Investing Activities $4.978M -$41.00K
YoY Change -12241.46% 95.24%
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 -2.642M
YoY Change -52.8% -87.4%
NET CHANGE
Cash From Operating Activities -1.782M 3.178M
Cash From Investing Activities 4.978M -41.00K
Cash From Financing Activities -1.247M -2.642M
Net Change In Cash 1.949M 495.0K
YoY Change 293.74% -61.89%
FREE CASH FLOW
Cash From Operating Activities -$1.782M $3.178M
Capital Expenditures $22.00K -$41.00K
Free Cash Flow -$1.804M $3.219M
YoY Change -156.04% -85.56%

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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CY2023Q3 whg Long Term Investments Carried At Fair Value Using Nav
LongTermInvestmentsCarriedAtFairValueUsingNAV
300000 usd
CY2022Q4 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.475
CY2023Q3 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
31803000 usd
us-gaap Debt Securities Trading Unrealized Gain
DebtSecuritiesTradingUnrealizedGain
194000 usd
us-gaap Debt Securities Trading Unrealized Loss
DebtSecuritiesTradingUnrealizedLoss
685000 usd
CY2023Q3 us-gaap Trading Securities Debt
TradingSecuritiesDebt
31312000 usd
CY2023Q3 us-gaap Debt Securities Trading And Equity Securities Fv Ni Cost
DebtSecuritiesTradingAndEquitySecuritiesFvNiCost
32068000 usd
whg Debt Securities Trading And Equity Securities Unrealized Gain
DebtSecuritiesTradingAndEquitySecuritiesUnrealizedGain
201000 usd
whg Debt Securities Trading And Equity Securities Unrealized Loss
DebtSecuritiesTradingAndEquitySecuritiesUnrealizedLoss
698000 usd
CY2023Q3 us-gaap Trading Securities
TradingSecurities
31571000 usd
CY2022Q4 us-gaap Debt Securities Trading And Equity Securities Fv Ni Cost
DebtSecuritiesTradingAndEquitySecuritiesFvNiCost
19861000 usd
CY2022Q3 whg Debt Securities Trading And Equity Securities Unrealized Gain
DebtSecuritiesTradingAndEquitySecuritiesUnrealizedGain
143000 usd
CY2022Q3 whg Debt Securities Trading And Equity Securities Unrealized Loss
DebtSecuritiesTradingAndEquitySecuritiesUnrealizedLoss
1635000 usd
CY2022Q4 us-gaap Trading Securities
TradingSecurities
18369000 usd
CY2023Q3 us-gaap Trading Securities Debt
TradingSecuritiesDebt
31312000 usd
CY2023Q3 us-gaap Trading Securities
TradingSecurities
31571000 usd
CY2022Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
15342000 usd
CY2022Q4 us-gaap Trading Securities
TradingSecurities
18369000 usd
CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0 usd
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
4024000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
2792000 usd
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
4369000 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
0 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
-2792000 usd
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
-248000 usd
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
-593000 usd
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
3776000 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0 usd
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
3776000 usd
CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
7763000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
12901000 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2483000 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-2655000 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
10246000 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
10246000 usd
us-gaap Asset Acquisition Consideration Transferred Contingent Consideration
AssetAcquisitionConsiderationTransferredContingentConsideration
10200000 usd
CY2023Q3 whg Unobservable Input Revenue Retention Discount Rate Minimum
UnobservableInputRevenueRetentionDiscountRateMinimum
true
CY2023Q3 whg Unobservable Input Revenue Retention Discount Rate Maximum
UnobservableInputRevenueRetentionDiscountRateMaximum
true
CY2023Q3 whg Unobservable Input Revenue Retention Discount Rate Weighted Average
UnobservableInputRevenueRetentionDiscountRateWeightedAverage
true
CY2023Q3 whg Unobservable Input Revenue Retention Volatility Minimum
UnobservableInputRevenueRetentionVolatilityMinimum
true
CY2023Q3 whg Unobservable Input Revenue Retention Volatility Maximum
UnobservableInputRevenueRetentionVolatilityMaximum
true
CY2023Q3 whg Unobservable Input Revenue Retention Volatility Weighted Average
UnobservableInputRevenueRetentionVolatilityWeightedAverage
true
CY2023Q3 whg Unobservable Input Growth Discount Rate Minimum
UnobservableInputGrowthDiscountRateMinimum
true
CY2023Q3 whg Unobservable Input Growth Discount Rate Maximum
UnobservableInputGrowthDiscountRateMaximum
true
CY2023Q3 whg Unobservable Input Growth Discount Rate Weighted Average
UnobservableInputGrowthDiscountRateWeightedAverage
true
CY2023Q3 whg Unobservable Input Growth Volatility Minimum
UnobservableInputGrowthVolatilityMinimum
true
CY2023Q3 whg Unobservable Input Growth Volatility Maximum
UnobservableInputGrowthVolatilityMaximum
true
CY2023Q3 whg Unobservable Input Growth Volatility Weighted Average
UnobservableInputGrowthVolatilityWeightedAverage
true
CY2023Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3356000 usd
CY2022Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1175000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6944000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1503000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8002537 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7794060 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7949773 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7867555 shares
CY2022Q3 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
0 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
122966 shares
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
0 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7794060 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8072739 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7867555 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.87
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.86
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2023Q1 us-gaap Goodwill
Goodwill
39501000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
35732000 usd
CY2023Q3 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0 usd
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
4197000 usd
CY2023Q3 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
0 usd
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-428000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
39501000 usd
CY2023Q3 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
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1900000 usd
CY2022Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
99444 shares
CY2022Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
12.64
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
169630 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.47
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2300000 usd
whg Share Repurchase Open Market
ShareRepurchaseOpenMarket
35891 usd
whg Share Repurchase Open Market Average Price
ShareRepurchaseOpenMarketAveragePrice
15.75 usd
whg Share Repurchase Open Market Total Amount
ShareRepurchaseOpenMarketTotalAmount
600000 usd
CY2023Q3 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
8100000 usd
CY2022Q3 us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
4900000 usd
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
24000000.0 usd
us-gaap Variable Interest Entity Activity Between Vie And Entity Revenues
VariableInterestEntityActivityBetweenVIEAndEntityRevenues
15700000 usd
CY2023Q3 us-gaap Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
14412000000 usd

Files In Submission

Name View Source Status
whg-20230930_def.xml Edgar Link unprocessable
whg-20230930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
whg-20230930_lab.xml Edgar Link unprocessable
0001165002-23-000084-index-headers.html Edgar Link pending
0001165002-23-000084-index.html Edgar Link pending
0001165002-23-000084.txt Edgar Link pending
0001165002-23-000084-xbrl.zip Edgar Link pending
a3q23exhibit311.htm Edgar Link pending
a3q23exhibit312.htm Edgar Link pending
a3q23exhibit321.htm Edgar Link pending
a3q23exhibit322.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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whg-20230930.htm Edgar Link pending
whg-20230930.xsd Edgar Link pending
whg-20230930_cal.xml Edgar Link unprocessable
whg-20230930_htm.xml Edgar Link completed