Westwood Holdings Group, Inc. (NYSE: WHG) today reported
second quarter 2023 earnings. Significant items for the quarter
include:
-
Numerous strategies beat their primary benchmarks, including
LargeCap Value, SmallCap Value, MidCap Value, Enhanced Balanced,
High Income, Global Real Estate, Select Income and Tactical
Growth.
-
Quarterly peer rankings benefited from strong investment
performance as High Alpha achieved its second consecutive top
eVestment ranking and Platinum, Enhanced Balanced, Global Real
Estate and Select Income posted top quartile rankings.
-
Revenues totaled $21.9 million compared with the first quarter's
$22.7 million and $15.6 million a year ago. Net income of $2.9
million compared with the first quarter's $0.7 million and a net
loss of $0.4 million in 2022's second quarter.
- The
second quarter was impacted by a $4.1 million gain from the change
in fair value of contingent consideration.
-
Non-GAAP Economic Earnings of $5.7 million compared with the first
quarter's $3.6 million and $1.6 million in last year's second
quarter.
-
Westwood held $38.1 million in cash and short-term investments as
of June 30, 2023, up $5.8 million from the first quarter.
Stockholders' equity totaled $114.1 million and we have no
debt.
- We
declared a cash dividend of $0.15 per common share, payable on
October 2, 2023 to stockholders of record on September 1,
2023.
Brian Casey, Westwood’s President and CEO,
commented, "Today’s investing environment presents plenty of
challenges.
But Westwood has a 40 year history with more than
half of them as a public company, so we are comfortable confronting
and overcoming challenges. We’ve successfully integrated Salient’s
talented people and products and now offer even more competitive
products to the marketplace. Our Select Income and Global Real
Estate strategies scored top 10 percentile rankings in Morningstar
while our MLP & Energy Infrastructure mutual fund also stepped
up to claim four stars from Morningstar. On the more traditional
front, 60% of our US Value products outperformed their benchmarks
for the quarter and, despite suffering through the worst month in
the industry for large cap value outflows, our institutional Large
Cap and SmidCap strategies experienced positive inflows for the
quarter.
Distribution remains challenging amid investor
uncertainty but our fully integrated sales team is working hard,
supported by new technology tools, and set an all-time activity
record. We feel sure that the combination of dedicated salespeople
armed with an expanded array of competitive products will pay
dividends over the coming months."
Revenues were lower than the first quarter on
lower performance-based fees. Revenues were higher than last year's
second quarter reflecting higher average AUM following the
acquisition of Salient Partners' asset management business during
the fourth quarter of last year.
Firmwide assets under management and advisement
totaled $16.2 billion at quarter end, consisting of assets
under management ("AUM") of $15.0 billion and assets under
advisement ("AUA") of $1.2 billion.
Second quarter net income of $2.9 million
compared to the first quarter's $0.7 million due to changes in the
fair value of contingent consideration, offset by lower revenues
and higher income taxes. Diluted earnings (loss) per share ("EPS")
of $0.36 compared with $0.09 for the first quarter. Non-GAAP
Economic Earnings of $5.7 million, or $0.70 per share, compared
with $3.6 million, or $0.45 per share, in the first quarter.
Second quarter net income of $2.9 million
compared to last year's second quarter net loss of $0.4 million due
to changes in the fair value of contingent consideration and higher
revenues, partially offset by higher expenses, primarily employee
compensation and benefits expenses, following the acquisition of
Salient Partners' asset management business in 2022. Diluted EPS
was $0.36 compared with a loss of $0.05 per share for 2022's second
quarter. Non-GAAP Economic Earnings were $5.7 million, or $0.70 per
share, compared with $1.6 million, or $0.20 per share, in the
second quarter of 2022.
Economic Earnings and Economic EPS are non-GAAP
performance measures and are explained and reconciled with the most
comparable GAAP numbers in the attached tables.
Westwood will host a conference call to discuss
second quarter 2023 results and other business matters at 4:30 p.m.
Eastern time today. To join the conference call,
please register here:
https://register.vevent.com/register/BI098cd99103af49f6bcb5baaeee41d7d6
After registering, you will be provided with a
dial-in number containing a personalized PIN.
Webcast
Link: https://edge.media-server.com/mmc/p/5r2wxumm
ABOUT WESTWOOD HOLDINGS
GROUP
Westwood Holdings Group, Inc. is an investment
management boutique and wealth management firm. Westwood offers
high-conviction equity and outcome-oriented solutions to
institutional investors, private wealth clients and financial
intermediaries. The firm specializes in the following distinct
investment capabilities: U.S. Value Equity, Multi-Asset, Energy and
Real Assets, Tactical Absolute Return, Income Alternatives and
Systematic Equity. Strategies are made available through separate
accounts, the Westwood Funds® family of mutual funds and other
pooled vehicles. Westwood benefits from significant, broad-based
employee ownership and trades on the New York Stock Exchange under
the symbol “WHG.” Based in Dallas, Westwood also maintains offices
in Houston and San Francisco.
For more information on Westwood, please visit
westwoodgroup.com.
Forward-looking Statements
Statements in this press release that are not
purely historical facts, including, without limitation, statements
about our expected future financial position, results of operations
or cash flows, as well as other statements including without
limitation, words such as “anticipate,” “believe,” “expect,”
“could,” and other similar expressions, constitute forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Actual results and the timing of
some events could differ materially from those projected in or
contemplated by the forward-looking statements due to a number of
factors, including, without limitation: the composition and market
value of our AUM and AUA; our ability to maintain our fee structure
in light of competitive fee pressures; risks associated with
actions of activist stockholders; distributions to our common
stockholders have included and may in the future include a return
of capital; inclusion of foreign company investments in our AUM;
regulations adversely affecting the financial services industry;
our ability to maintain effective cyber security; litigation risks;
our ability to develop and market new investment strategies
successfully; our reputation and our relationships with current and
potential customers; our ability to attract and retain qualified
personnel; our ability to perform operational tasks; our ability to
select and oversee third-party vendors; our dependence on the
operations and funds of our subsidiaries; our ability to maintain
effective information systems; our ability to prevent misuse of
assets and information in the possession of our employees and
third-party vendors, which could damage our reputation and result
in costly litigation and liability for our clients and us; our
stock is thinly traded and may be subject to volatility;
competition in the investment management industry; our ability to
avoid termination of client agreements and the related investment
redemptions; the significant concentration of our revenues in a
small number of customers; we have made and may continue to make
business combinations as a part of our business strategy, which may
present certain risks and uncertainties; our relationships with
investment consulting firms; our ability to identify and execute on
our strategic initiatives; our ability to declare and pay
dividends; our ability to fund future capital requirements on
favorable terms; our ability to properly address conflicts of
interest; our ability to maintain adequate insurance coverage; our
ability to maintain an effective system of internal controls; and
the other risks detailed from time to time in Westwood’s SEC
filings, including, but not limited to, its annual report on Form
10-K for the year ended December 31, 2022 and its quarterly
report on Form 10-Q for the quarters ended March 31, 2023 and
June 30, 2023. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. Except as required by law, Westwood is
not obligated to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of
unanticipated events.
SOURCE: Westwood Holdings Group, Inc.
(WHG-G)CONTACT:Westwood Holdings Group, Inc.Terry
ForbesChief Financial Officer and Treasurer(214) 756-6900
WESTWOOD HOLDINGS GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)(in thousands, except
per share and share
amounts)(unaudited)
|
Three Months Ended |
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
REVENUES: |
|
|
|
|
|
Advisory fees: |
|
|
|
|
|
Asset-based |
$ |
16,799 |
|
|
$ |
17,033 |
|
|
$ |
10,980 |
|
Performance-based |
|
— |
|
|
|
555 |
|
|
|
— |
|
Trust fees |
|
5,024 |
|
|
|
5,031 |
|
|
|
5,365 |
|
Other, net |
|
122 |
|
|
|
108 |
|
|
|
(742 |
) |
Total revenues |
|
21,945 |
|
|
|
22,727 |
|
|
|
15,603 |
|
EXPENSES: |
|
|
|
|
|
Employee compensation and benefits |
|
13,688 |
|
|
|
14,202 |
|
|
|
9,133 |
|
Sales and marketing |
|
764 |
|
|
|
740 |
|
|
|
509 |
|
Westwood mutual funds |
|
746 |
|
|
|
732 |
|
|
|
445 |
|
Information technology |
|
2,566 |
|
|
|
2,383 |
|
|
|
1,847 |
|
Professional services |
|
1,355 |
|
|
|
1,529 |
|
|
|
832 |
|
General and administrative |
|
3,235 |
|
|
|
3,046 |
|
|
|
2,348 |
|
(Gain) loss from change in fair value of contingent
consideration |
|
(4,078 |
) |
|
|
(1,060 |
) |
|
|
— |
|
Acquisition expenses |
|
— |
|
|
|
209 |
|
|
|
887 |
|
Total expenses |
|
18,276 |
|
|
|
21,781 |
|
|
|
16,001 |
|
Net operating income (loss) |
|
3,669 |
|
|
|
946 |
|
|
|
(398 |
) |
Net change in unrealized appreciation (depreciation) on private
investments |
|
24 |
|
|
|
— |
|
|
|
(299 |
) |
Net investment income |
|
211 |
|
|
|
172 |
|
|
|
5 |
|
Other income |
|
239 |
|
|
|
372 |
|
|
|
234 |
|
Income (loss) before income taxes |
|
4,143 |
|
|
|
1,490 |
|
|
|
(458 |
) |
Income tax provision |
|
1,244 |
|
|
|
776 |
|
|
|
(80 |
) |
Net income (loss) |
$ |
2,899 |
|
|
$ |
714 |
|
|
$ |
(378 |
) |
Total comprehensive income (loss) |
$ |
2,899 |
|
|
$ |
714 |
|
|
$ |
(378 |
) |
Less: Comprehensive income (loss) attributable to noncontrolling
interest |
|
4 |
|
|
|
21 |
|
|
|
— |
|
Comprehensive income (loss) attributable to Westwood
Holdings Group, Inc. |
$ |
2,895 |
|
|
$ |
693 |
|
|
$ |
(378 |
) |
Earnings (loss) per Westwood Holdings Group, Inc.
share: |
|
|
|
|
|
Basic |
$ |
0.36 |
|
|
$ |
0.09 |
|
|
$ |
(0.05 |
) |
Diluted |
$ |
0.36 |
|
|
$ |
0.09 |
|
|
$ |
(0.05 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
|
7,991,228 |
|
|
|
7,853,921 |
|
|
|
7,944,212 |
|
Diluted |
|
8,131,333 |
|
|
|
7,968,504 |
|
|
|
7,944,212 |
|
Economic Earnings |
$ |
5,686 |
|
|
$ |
3,587 |
|
|
$ |
1,608 |
|
Economic EPS |
$ |
0.70 |
|
|
$ |
0.45 |
|
|
$ |
0.20 |
|
Dividends declared per share |
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.15 |
|
WESTWOOD HOLDINGS GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)(in thousands, except
per share and share
amounts)(unaudited)
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
REVENUES: |
|
|
|
Advisory fees: |
|
|
|
Asset-based |
$ |
33,832 |
|
|
$ |
22,770 |
|
Performance-based |
|
555 |
|
|
|
— |
|
Trust fees |
|
10,055 |
|
|
|
11,080 |
|
Other, net |
|
230 |
|
|
|
(1,031 |
) |
Total revenues |
|
44,672 |
|
|
|
32,819 |
|
EXPENSES: |
|
|
|
Employee compensation and benefits |
|
27,890 |
|
|
|
19,467 |
|
Sales and marketing |
|
1,504 |
|
|
|
991 |
|
Westwood mutual funds |
|
1,478 |
|
|
|
1,041 |
|
Information technology |
|
4,949 |
|
|
|
3,676 |
|
Professional services |
|
2,884 |
|
|
|
2,352 |
|
General and administrative |
|
6,281 |
|
|
|
4,388 |
|
(Gain) loss from change in fair value of contingent
consideration |
|
(5,138 |
) |
|
|
— |
|
Acquisition expenses |
|
209 |
|
|
|
887 |
|
Total expenses |
|
40,057 |
|
|
|
32,802 |
|
Net operating income |
|
4,615 |
|
|
|
17 |
|
Net change in unrealized appreciation (depreciation) on private
investments |
|
24 |
|
|
|
(262 |
) |
Net investment income |
|
383 |
|
|
|
(11 |
) |
Other income |
|
611 |
|
|
|
392 |
|
Income before income taxes |
|
5,633 |
|
|
|
136 |
|
Income tax provision |
|
2,020 |
|
|
|
464 |
|
Net income (loss) |
$ |
3,613 |
|
|
$ |
(328 |
) |
Total comprehensive income (loss) |
$ |
3,613 |
|
|
$ |
(328 |
) |
Less: Comprehensive income (loss) attributable to noncontrolling
interest |
|
25 |
|
|
|
— |
|
Comprehensive income (loss) attributable to Westwood
Holdings Group, Inc. |
$ |
3,588 |
|
|
$ |
(328 |
) |
Earnings (loss) per share: |
|
|
|
Basic |
$ |
0.45 |
|
|
$ |
(0.04 |
) |
Diluted |
$ |
0.45 |
|
|
$ |
(0.04 |
) |
Weighted average shares outstanding: |
|
|
|
Basic |
|
7,922,954 |
|
|
|
7,904,911 |
|
Diluted |
|
8,050,298 |
|
|
|
7,904,911 |
|
Economic Earnings |
$ |
9,273 |
|
|
$ |
3,502 |
|
Economic EPS |
$ |
1.15 |
|
|
$ |
0.44 |
|
Dividends declared per share |
$ |
0.30 |
|
|
$ |
0.30 |
|
WESTWOOD HOLDINGS GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands, except par value and share
amounts)(unaudited)
|
June 30, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
Current Assets: |
|
|
|
Cash and cash equivalents |
$ |
15,229 |
|
|
$ |
23,859 |
|
Accounts receivable |
|
13,609 |
|
|
|
13,900 |
|
Investments, at fair value |
|
22,894 |
|
|
|
15,342 |
|
Prepaid income taxes |
|
— |
|
|
|
446 |
|
Other current assets |
|
4,154 |
|
|
|
4,645 |
|
Total current assets |
|
55,886 |
|
|
|
58,192 |
|
Investments |
|
7,247 |
|
|
|
4,455 |
|
Equity method investments |
|
4,180 |
|
|
|
6,574 |
|
Noncurrent investments at fair value |
|
259 |
|
|
|
3,027 |
|
Goodwill |
|
39,501 |
|
|
|
35,732 |
|
Deferred income taxes |
|
1,535 |
|
|
|
1,762 |
|
Operating lease right-of-use assets |
|
3,972 |
|
|
|
4,976 |
|
Intangible assets, net |
|
26,889 |
|
|
|
28,952 |
|
Property and equipment, net of accumulated depreciation of $9,755
and $9,277 |
|
1,718 |
|
|
|
1,828 |
|
Other long-term assets |
|
918 |
|
|
|
929 |
|
Total long-term assets |
|
86,219 |
|
|
|
88,235 |
|
Total assets |
$ |
142,105 |
|
|
$ |
146,427 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current Liabilities: |
|
|
|
Accounts payable and accrued liabilities |
$ |
5,780 |
|
|
$ |
5,678 |
|
Dividends payable |
|
1,408 |
|
|
|
1,745 |
|
Compensation and benefits payable |
|
5,344 |
|
|
|
8,689 |
|
Operating lease liabilities |
|
1,276 |
|
|
|
1,502 |
|
Income taxes payable |
|
1,044 |
|
|
|
— |
|
Total current liabilities |
|
14,852 |
|
|
|
17,614 |
|
Accrued dividends |
|
657 |
|
|
|
701 |
|
Contingent consideration |
|
7,763 |
|
|
|
12,901 |
|
Noncurrent operating lease liabilities |
|
3,734 |
|
|
|
4,563 |
|
Total long-term liabilities |
|
12,154 |
|
|
|
18,165 |
|
Total liabilities |
|
27,006 |
|
|
|
35,779 |
|
Stockholders’ Equity: |
|
|
|
Common stock, $0.01 par value, authorized 25,000,000 shares, issued
11,896,226 and outstanding 9,182,770 shares at June 30, 2023;
issued 11,527,544 and outstanding 8,881,831 shares at December 31,
2022 |
|
119 |
|
|
|
115 |
|
Additional paid-in capital |
|
200,885 |
|
|
|
199,914 |
|
Treasury stock, at cost - 2,713,456 shares at June 30, 2023;
2,645,713 shares at December 31, 2022 |
|
(85,965 |
) |
|
|
(85,128 |
) |
Retained earnings (accumulated deficit) |
|
(959 |
) |
|
|
(4,253 |
) |
Total Westwood Holdings Group, Inc. stockholders’
equity |
|
114,080 |
|
|
|
110,648 |
|
Noncontrolling interest in consolidated
subsidiary |
|
1,019 |
|
|
|
— |
|
Total liabilities and stockholders’ equity |
$ |
142,105 |
|
|
$ |
146,427 |
|
WESTWOOD HOLDINGS GROUP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in
thousands)(unaudited)
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net income (loss) |
$ |
3,613 |
|
|
$ |
(328 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
Depreciation |
|
346 |
|
|
|
352 |
|
Amortization of intangible assets |
|
2,063 |
|
|
|
811 |
|
Net change in unrealized (appreciation) depreciation on
investments |
|
(499 |
) |
|
|
1,312 |
|
Stock-based compensation expense |
|
3,372 |
|
|
|
2,901 |
|
Deferred income taxes |
|
228 |
|
|
|
(502 |
) |
Non-cash lease expense |
|
630 |
|
|
|
490 |
|
Loss on asset disposition |
|
69 |
|
|
|
— |
|
Gain on remeasurement of lease liabilities |
|
(119 |
) |
|
|
— |
|
Fair value change of contingent consideration |
|
(5,138 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Net sales of trading securities |
|
(7,083 |
) |
|
|
12,370 |
|
Accounts receivable |
|
919 |
|
|
|
1,862 |
|
Other current assets |
|
1,141 |
|
|
|
192 |
|
Accounts payable and accrued liabilities |
|
(796 |
) |
|
|
(314 |
) |
Compensation and benefits payable |
|
(3,345 |
) |
|
|
(5,597 |
) |
Income taxes payable |
|
1,490 |
|
|
|
(823 |
) |
Other liabilities |
|
(793 |
) |
|
|
(585 |
) |
Net cash provided by (used in) operating activities |
|
(3,902 |
) |
|
|
12,141 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Acquisition, net of cash acquired |
|
(741 |
) |
|
|
— |
|
Purchases of property and equipment |
|
(97 |
) |
|
|
(82 |
) |
Net cash used in investing activities |
|
(838 |
) |
|
|
(82 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Purchases of treasury stock |
|
— |
|
|
|
(1,404 |
) |
Restricted stock returned for payment of taxes |
|
(837 |
) |
|
|
(626 |
) |
Cash dividends |
|
(3,053 |
) |
|
|
(3,264 |
) |
Net cash used in financing activities |
|
(3,890 |
) |
|
|
(5,294 |
) |
Effect of currency rate changes on cash |
|
— |
|
|
|
4 |
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
(8,630 |
) |
|
|
6,769 |
|
Cash and cash equivalents, beginning of period |
|
23,859 |
|
|
|
15,206 |
|
Cash and cash equivalents, end of period |
$ |
15,229 |
|
|
$ |
21,975 |
|
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
Cash paid during the period for income taxes |
$ |
300 |
|
|
$ |
1,791 |
|
Accrued dividends |
$ |
2,065 |
|
|
$ |
2,214 |
|
Accrued purchases of treasury stock |
$ |
— |
|
|
$ |
190 |
|
WESTWOOD HOLDINGS GROUP, INC. AND
SUBSIDIARIESReconciliation of Comprehensive Income
(Loss) Attributable to Westwood Holdings Group, Inc. to Economic
Earnings(in thousands, except per share and share
amounts)(unaudited)
As supplemental information, we are providing
non-GAAP performance measures that we refer to as Economic Earnings
and Economic EPS. We provide these measures in addition to, not as
a substitute for, Comprehensive income (loss) attributable to
Westwood Holdings Group, Inc. and earnings (loss) per share, which
are reported on a GAAP basis. Our management and Board of Directors
review Economic Earnings and Economic EPS to evaluate our ongoing
performance, allocate resources, and review our dividend policy. We
believe that these non-GAAP performance measures, while not
substitutes for GAAP Comprehensive income (loss) attributable to
Westwood Holdings Group, Inc. or earnings (loss) per share, are
useful for management and investors when evaluating our underlying
operating and financial performance and our available resources. We
do not advocate that investors consider these non-GAAP measures
without also considering financial information prepared in
accordance with GAAP.
We define Economic Earnings as Comprehensive
income (loss) attributable to Westwood Holdings Group, Inc. plus
non-cash equity-based compensation expense, amortization of
intangible assets and deferred taxes related to goodwill. Although
depreciation on fixed assets is a non-cash expense, we do not add
it back when calculating Economic Earnings because depreciation
charges represent an allocation of the decline in the value of the
related assets that will ultimately require replacement. Although
gains and losses from changes in the fair value of contingent
consideration are non-cash, we do not add or subtract those back
when calculating Economic Earnings because gains and losses on
changes in the fair value of contingent consideration are
considered regular following an acquisition. In addition, we do not
adjust Economic Earnings for tax deductions related to restricted
stock expense or amortization of intangible assets. Economic EPS
represents Economic Earnings divided by diluted weighted average
shares outstanding.
|
Three Months Ended |
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
Comprehensive income (loss) attributable to Westwood
Holdings Group, Inc. |
$ |
2,895 |
|
$ |
693 |
|
$ |
(378 |
) |
Stock-based compensation expense |
|
1,624 |
|
|
1,748 |
|
|
1,521 |
|
Intangible amortization |
|
1,042 |
|
|
1,021 |
|
|
406 |
|
Tax benefit from goodwill amortization |
|
125 |
|
|
125 |
|
|
59 |
|
Economic Earnings |
$ |
5,686 |
|
$ |
3,587 |
|
$ |
1,608 |
|
Earnings (loss) per share |
$ |
0.36 |
|
$ |
0.09 |
|
$ |
(0.05 |
) |
Stock-based compensation expense |
|
0.19 |
|
|
0.21 |
|
|
0.19 |
|
Intangible amortization |
|
0.13 |
|
|
0.13 |
|
|
0.05 |
|
Tax benefit from goodwill amortization |
|
0.02 |
|
|
0.02 |
|
|
0.01 |
|
Economic EPS |
$ |
0.70 |
|
$ |
0.45 |
|
$ |
0.20 |
|
Diluted weighted average shares |
|
8,131,333 |
|
|
7,968,504 |
|
|
7,944,212 |
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30, 2023 |
|
June 30, 2022 |
Comprehensive income (loss) attributable to Westwood
Holdings Group, Inc. |
|
|
$ |
3,588 |
|
$ |
(328 |
) |
Stock-based compensation expense |
|
|
|
3,372 |
|
|
2,901 |
|
Intangible amortization |
|
|
|
2,063 |
|
|
811 |
|
Tax benefit from goodwill amortization |
|
|
|
250 |
|
|
118 |
|
Economic Earnings |
|
|
$ |
9,273 |
|
$ |
3,502 |
|
Earnings (loss) per share |
|
|
$ |
0.45 |
|
$ |
(0.04 |
) |
Stock-based compensation expense |
|
|
|
0.41 |
|
|
0.37 |
|
Intangible amortization |
|
|
|
0.26 |
|
|
0.10 |
|
Tax benefit from goodwill amortization |
|
|
|
0.03 |
|
|
0.01 |
|
Economic EPS |
|
|
$ |
1.15 |
|
$ |
0.44 |
|
Diluted weighted average shares |
|
|
|
8,050,298 |
|
|
7,904,911 |
|
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