Westwood Holdings Group: Q2 Compensation Costs Stable, Assets Rise

TL;DR

WHG Q2 comp costs flat at $1.38M, assets up to $7.1B. Net income up YoY.

AI Summary

Westwood Holdings Group Inc. reported total stock-based compensation expense of $1,380,000 for the three months ended June 30, 2024, a decrease from the $1,380,000 reported for the same period in 2023. The company's total assets were $7,144 million as of June 30, 2024, compared to $6,462 million at the end of the previous fiscal year. Net income attributable to Westwood Holdings Group, Inc. for the three months ended June 30, 2024, was $1,408,152, an increase from $1,277,681 in the prior year's quarter.

Why It Matters

The stable stock-based compensation costs suggest consistent employee incentives, while the rise in assets could indicate growth or investment activities for Westwood Holdings Group.

Risk Assessment

Risk Level: low — The filing appears to be a routine quarterly report with no immediately apparent significant negative developments.

Key Numbers

• $7.14B — Total Assets (As of June 30, 2024, indicating the company's overall size and resources.)
• $1.38M — Stock-Based Compensation Expense (For the three months ended June 30, 2024, showing employee compensation costs.)
• $1.41M — Net Income (For the three months ended June 30, 2024, reflecting profitability.)
• $1.28M — Net Income (For the three months ended June 30, 2023, for year-over-year comparison.)

Key Players & Entities

• WESTWOOD HOLDINGS GROUP INC (company) — Filer
• 200 CRESCENT COURT (address) — Business and Mailing Address
• $1,380,000 (dollar_amount) — Total stock-based compensation expense for Q2 2024 and 2023
• $7,144 million (dollar_amount) — Total assets as of June 30, 2024
• $6,462 million (dollar_amount) — Total assets as of the end of the previous fiscal year
• $1,408,152 (dollar_amount) — Net income for the three months ended June 30, 2024
• $1,277,681 (dollar_amount) — Net income for the three months ended June 30, 2023

FAQ

Key Financial Figures

• $0.01 — ich Registered Common stock, par value $0.01 per share WHG New York Stock Exchange
• $8,180 — ent, net of accumulated depreciation of $8,180 and $10,078 1,144 1,444 Other long-ter
• $10,078 — accumulated depreciation of $8,180 and $10,078 1,144 1,444 Other long-term assets 1,0
• $0.15 — 1 1 ( 1 ) — — — — Dividends declared ($0.15 per share) — — ( 1,231 ) — ( 167 ) — (
• $0.30 — 6 4 ( 4 ) — — — — Dividends declared ($0.30 per share) — — (2,466) — ( 364 ) — ( 2

Filing Documents

• whg-20240630.htm (10-Q) — 1353KB
• a2q24exhibit311.htm (EX-31.1) — 10KB
• a2q24exhibit312.htm (EX-31.2) — 9KB
• a2q24exhibit321.htm (EX-32.1) — 5KB
• a2q24exhibit322.htm (EX-32.2) — 5KB
• 0001165002-24-000065.txt ( ) — 6712KB
• whg-20240630.xsd (EX-101.SCH) — 53KB
• whg-20240630_cal.xml (EX-101.CAL) — 47KB
• whg-20240630_def.xml (EX-101.DEF) — 264KB
• whg-20240630_lab.xml (EX-101.LAB) — 615KB
• whg-20240630_pre.xml (EX-101.PRE) — 465KB
• whg-20240630_htm.xml (XML) — 798KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Comprehensive Incom e (Loss) 2 Condensed Consolidated Statements of Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Exhibits

Item 6. Exhibits 29

Signatures

Signatures 30 WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 23,770 $ 20,422 Accounts receivable 14,324 14,394 Investments, at fair value 20,364 32,674 Prepaid income taxes 945 205 Other current assets 4,506 4,543 Total current assets 63,909 72,238 Investments 8,747 7,247 Equity method investments 4,578 4,284 Noncurrent investments at fair value 1,825 241 Goodwill 39,501 39,501 Deferred income taxes 773 726 Operating lease right-of-use assets 3,127 3,673 Intangible assets, net 22,729 24,803 Property and equipment, net of accumulated depreciation of $8,180 and $10,078 1,144 1,444 Other long-term assets 1,041 1,010 Total long-term assets 83,465 82,929 Total assets $ 147,374 $ 155,167 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 5,312 $ 6,130 Dividends payable 1,394 1,692 Compensation and benefits payable 5,322 9,539 Operating lease liabilities 1,406 1,286 Total current liabilities 13,434 18,647 Accrued dividends 782 675 Contingent consideration 10,176 10,133 Noncurrent operating lease liabilities 2,516 3,266 Total long-term liabilities 13,474 14,074 Total liabilities 26,908 32,721 Commitments and contingencies (Note 11) Stockholders' Equity: Common stock, $0.01 par value, authorized 25,000,000 shares, issued 12,174,073 and 11,856,737, respectively and outstanding 9,293,447 and 9,140,760, respectively 123 119 Additional paid-in capital 202,064 201,622 Treasury stock, at cost – 2,880,626 and 2,715,977, respectively ( 88,005 ) ( 85,990 ) Retained earnings 4,339 4,650 Total Westwood Holdings Group, Inc. stockholders' equity 118,521 120,401 Noncontrolling interest in consolidated subsidiary 1,945 2,045 Total equity 120,466 122,446 Total liabilities and stockholders' equity $ 147,374 $

View Full Filing

View this 10-Q filing on SEC EDGAR