$WHG
WESTWOOD HOLDINGS GROUP INC

2013 Q2 Form 10-Q Financial Statement

#000156459013000082 Filed on July 18, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q4 2012 Q2
Revenue $23.48M $20.62M $20.07M
YoY Change 16.99% 21.39% 6.39%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.618M $14.08M $1.462M
YoY Change 10.67% 38.45% -88.21%
% of Gross Profit
Research & Development $678.0K $680.0K $629.0K
YoY Change 7.79% 23.64% 16.48%
% of Gross Profit
Depreciation & Amortization $190.0K $190.0K $210.0K
YoY Change -9.52% -9.52% 16.67%
% of Gross Profit
Operating Expenses $15.74M $14.77M $16.31M
YoY Change -3.51% 37.78% 26.07%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $7.851M $5.859M $3.752M
YoY Change 109.25% -6.7% -36.62%
Income Tax $2.854M $2.260M $1.554M
% Of Pretax Income 36.35% 38.57% 41.42%
Net Earnings $4.955M $3.603M $2.198M
YoY Change 125.43% -12.55% -41.23%
Net Earnings / Revenue 21.11% 17.47% 10.95%
Basic Earnings Per Share $0.67 $0.50 $0.31
Diluted Earnings Per Share $0.66 $0.49 $0.30
COMMON SHARES
Basic Shares Outstanding 7.350M 7.163M
Diluted Shares Outstanding 7.496M 7.251M

Balance Sheet

Concept 2013 Q2 2012 Q4 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.50M $63.70M $51.60M
YoY Change 11.43% 5.99% 3.41%
Cash & Equivalents $6.133M $3.817M $7.138M
Short-Term Investments $51.40M $59.90M $44.50M
Other Short-Term Assets $2.250M $1.365M $8.000M
YoY Change -71.88% -70.33% 77.78%
Inventory
Prepaid Expenses
Receivables $12.86M $8.920M $8.600M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $75.82M $77.37M $68.20M
YoY Change 11.17% 6.72% 6.9%
LONG-TERM ASSETS
Property, Plant & Equipment $2.190M $2.145M $2.200M
YoY Change -0.45% -2.5% 214.29%
Goodwill $11.26M $11.26M $11.26M
YoY Change 0.0% 0.0%
Intangibles $3.969M $4.149M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000M $1.700M
YoY Change
Total Long-Term Assets $19.38M $19.25M $17.90M
YoY Change 8.24% 6.34% 5.93%
TOTAL ASSETS
Total Short-Term Assets $75.82M $77.37M $68.20M
Total Long-Term Assets $19.38M $19.25M $17.90M
Total Assets $95.20M $96.62M $86.10M
YoY Change 10.56% 6.64% 6.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.800M $1.600M $1.800M
YoY Change 0.0% -5.88% 5.88%
Accrued Expenses $8.400M $14.50M $7.500M
YoY Change 12.0% 14.17% 2.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.72M $18.83M $12.80M
YoY Change 7.21% 7.58% 0.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.000M $1.200M $1.300M
YoY Change 53.85% -7.69% 333.33%
Total Long-Term Liabilities $2.038M $1.238M $1.300M
YoY Change 56.77% -4.77% 333.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.72M $18.83M $12.80M
Total Long-Term Liabilities $2.038M $1.238M $1.300M
Total Liabilities $15.76M $20.06M $14.70M
YoY Change 7.22% 1.33% 3.52%
SHAREHOLDERS EQUITY
Retained Earnings $7.677M $3.600M
YoY Change
Common Stock $95.10M $91.39M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $23.14M $18.50M
YoY Change
Treasury Stock Shares $601.6K $495.6K
Shareholders Equity $79.43M $76.55M $71.40M
YoY Change
Total Liabilities & Shareholders Equity $95.20M $96.62M $86.10M
YoY Change 10.56% 6.64% 6.69%

Cashflow Statement

Concept 2013 Q2 2012 Q4 2012 Q2
OPERATING ACTIVITIES
Net Income $4.955M $3.603M $2.198M
YoY Change 125.43% -12.55% -41.23%
Depreciation, Depletion And Amortization $190.0K $190.0K $210.0K
YoY Change -9.52% -9.52% 16.67%
Cash From Operating Activities $4.410M $4.340M $2.150M
YoY Change 105.12% 2.6% -38.57%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$20.00K -$140.0K
YoY Change -57.14% -94.12% -60.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $950.0K $950.0K
YoY Change -100.0% -217.28%
Cash From Investing Activities -$60.00K $930.0K $810.0K
YoY Change -107.41% -180.87% -331.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.890M -8.200M -300.0K
YoY Change 1196.67% 244.54% -88.64%
NET CHANGE
Cash From Operating Activities 4.410M 4.340M 2.150M
Cash From Investing Activities -60.00K 930.0K 810.0K
Cash From Financing Activities -3.890M -8.200M -300.0K
Net Change In Cash 460.0K -2.930M 2.660M
YoY Change -82.71% -518.57% 421.57%
FREE CASH FLOW
Cash From Operating Activities $4.410M $4.340M $2.150M
Capital Expenditures -$60.00K -$20.00K -$140.0K
Free Cash Flow $4.470M $4.360M $2.290M
YoY Change 95.2% -4.6% -40.52%

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IncreaseDecreaseInTradingSecurities
-7880000
us-gaap Increase Decrease In Trading Securities
IncreaseDecreaseInTradingSecurities
-8166000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4003000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
905000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
864000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
2362000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-71000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2459000
us-gaap Increase Decrease In Other Employee Related Liabilities
IncreaseDecreaseInOtherEmployeeRelatedLiabilities
-5931000
us-gaap Increase Decrease In Other Employee Related Liabilities
IncreaseDecreaseInOtherEmployeeRelatedLiabilities
-5171000
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-1991000
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-1814000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
18000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
684000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
676000
us-gaap Payments Of Dividends
PaymentsOfDividends
2988000
us-gaap Payments Of Dividends
PaymentsOfDividends
2943000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
210000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6941000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5853000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-131000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-18000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2316000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-62000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9701000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6989000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
950000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
313000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
194000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-313000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
756000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4637000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3796000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1874000
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5264000
CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7138000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5723000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3785000
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin:12pt 0pt 0pt; page-break-after:avoid"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt; font-weight:bold">1. DESCRIPTION OF THE BUSINESS </font></p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">Westwood Holdings Group, Inc. (&#8220;Westwood&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;) was incorporated under the laws of the State of Delaware on December</font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">&#160;</font><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">12, 2001. Westwood manages investment assets and provides services for its clients through its subsidiaries, Westwood Management Corp. (&#8220;Westwood Management&#8221;), Westwood Trust (&#8220;Westwood Trust&#8221;) and Westwood International Advisors Inc. (&#8220;Westwood International&#8221;). Westwood Management provides investment advisory services to corporate retirement plans, public retirement plans, endowments and foundations, mutual funds, individuals and clients of Westwood Trust. Westwood Trust provides institutions and high net worth individuals with trust and custodial services and participation in its sponsored common trust funds. Westwood International provides investment advisory services to institutional investors. 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></p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">Westwood Management is a registered investment adviser under the Investment Advisers Act of 1940. Westwood Trust is chartered and regulated by the Texas Department of Banking. Westwood International is registered as a portfolio manager and exempt market dealer with the Ontario Securities Commission. </font></p> </div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin:18pt 0pt 0pt; page-break-after:avoid"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt; font-weight:bold">Use of Estimates </font></p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </font></p> </div>
CY2012Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
882000
CY2013Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3969000
CY2013Q2 whg Cash And Cash Equivalents Maturity Period Maximum
CashAndCashEquivalentsMaturityPeriodMaximum
Three months or less
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2013Q2 us-gaap Valuation Allowance Amount
ValuationAllowanceAmount
0
CY2012Q2 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
124000
CY2013Q2 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
153000
CY2013Q2 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
145655
CY2012Q2 whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
83164
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
173704
whg Incremental Common Shares Attributable To Nonvested Restricted Shares
IncrementalCommonSharesAttributableToNonvestedRestrictedShares
141250
CY2012Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5003
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6282
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2013Q2 us-gaap Trading Securities Cost
TradingSecuritiesCost
51417000
us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
160000
CY2013Q2 us-gaap Trading Securities Fair Value Disclosure
TradingSecuritiesFairValueDisclosure
51368000
CY2012Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
59313000
CY2012 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
593000
CY2012Q4 us-gaap Trading Securities Fair Value Disclosure
TradingSecuritiesFairValueDisclosure
59906000
CY2013Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5031000
CY2012Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5031000
CY2013Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1062000
CY2012Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4149000
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
359000
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
359000
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
359000
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
359000
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
359000
CY2013Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-205000
CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
30000
whg Number Of Limited Liability Companies In Which Some Clients Hold Their Investments
NumberOfLimitedLiabilityCompaniesInWhichSomeClientsHoldTheirInvestments
10
whg Number Of Clients Provided With Investment Advisory Services
NumberOfClientsProvidedWithInvestmentAdvisoryServices
2
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3898100
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
704000
CY2013Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
27700000
whg Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period Non Employee
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriodNonEmployee
P1Y
CY2013Q1 whg Share Pretax Income Goal
SharePretaxIncomeGoal
27000000
CY2013Q1 whg Annual Growth Rate Period
AnnualGrowthRatePeriod
P5Y
CY2013Q1 whg Share Goal Growth Rate
ShareGoalGrowthRate
0.10
CY2008 whg Non Recurring Performance Fee
NonRecurringPerformanceFee
8700000
whg Percentage Of Deferred Share Units Vesting After Two Years Of Service
PercentageOfDeferredShareUnitsVestingAfterTwoYearsOfService
0.20
whg Percentage Of Deferred Share Units Vesting After Three Years Of Service
PercentageOfDeferredShareUnitsVestingAfterThreeYearsOfService
0.40
whg Percentage Of Deferred Share Units Vesting After Four Years Of Service
PercentageOfDeferredShareUnitsVestingAfterFourYearsOfService
0.60
whg Percentage Of Deferred Share Units Vesting After Five Years Of Service
PercentageOfDeferredShareUnitsVestingAfterFiveYearsOfService
0.80
CY2013Q2 whg Mutual Fund Incentive Award Liability
MutualFundIncentiveAwardLiability
1300000
us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
10000000
CY2013Q2 us-gaap Loss Contingency Related Receivable Carrying Value Current
LossContingencyRelatedReceivableCarryingValueCurrent
259000
CY2012Q2 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
CY2012Q2 us-gaap Assets
Assets
86102000
CY2012Q2 us-gaap Goodwill
Goodwill
11255000
us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2

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