Westwood Holdings Group, Inc. Reports Third Quarter 2024 Results
Westwood Holdings Group (NYSE: WHG) reported Q3 2024 results with firmwide assets under management reaching $17.7 billion, their highest level in 6 years. Quarterly revenues increased to $23.7 million, up from $22.7 million in Q2 and $21.9 million year-over-year. The company reported comprehensive income of $0.1 million, compared to a loss of $2.2 million in Q2. Non-GAAP Economic Earnings were $1.1 million. The company held $48.3 million in cash and declared a $0.15 per share dividend. WHG announced a partnership with ETF pioneer Ben Fulton to develop new ETF strategies through Westwood Engineered Beta (WEBs).
Westwood Holdings Group (NYSE: WHG) ha riportato i risultati del terzo trimestre del 2024, con un totale di attività gestite che ha raggiunto i 17,7 miliardi di dollari, il livello più alto degli ultimi 6 anni. I ricavi trimestrali sono aumentati a 23,7 milioni di dollari, in crescita rispetto ai 22,7 milioni del secondo trimestre e ai 21,9 milioni rispetto all'anno precedente. L'azienda ha riportato un reddito complessivo di 0,1 milioni di dollari, rispetto a una perdita di 2,2 milioni di dollari nel secondo trimestre. Gli utili economici non-GAAP sono stati di 1,1 milioni di dollari. L'azienda deteneva 48,3 milioni di dollari in contante e ha dichiarato un dividendo di 0,15 dollari per azione. WHG ha annunciato una partnership con il pioniere degli ETF Ben Fulton per sviluppare nuove strategie ETF attraverso il Westwood Engineered Beta (WEBs).
Westwood Holdings Group (NYSE: WHG) informó sobre los resultados del tercer trimestre de 2024, con activos totales bajo gestión alcanzando los 17.7 mil millones de dólares, su nivel más alto en 6 años. Los ingresos trimestrales aumentaron a 23.7 millones de dólares, frente a los 22.7 millones del segundo trimestre y los 21.9 millones en comparación con el año anterior. La compañía reportó un ingreso integral de 0.1 millones de dólares, en comparación con una pérdida de 2.2 millones de dólares en el segundo trimestre. Los ingresos económicos no-GAAP fueron de 1.1 millones de dólares. La compañía tenía 48.3 millones de dólares en efectivo y declaró un dividendo de 0.15 dólares por acción. WHG anunció una asociación con el pionero de los ETF Ben Fulton para desarrollar nuevas estrategias de ETF a través de Westwood Engineered Beta (WEBs).
웨스트우드 홀딩스 그룹 (NYSE: WHG)은 2024년 3분기 실적을 발표했으며, 관리하는 자산이 177억 달러에 도달하여 6년 만에 가장 높은 수준을 기록했습니다. 분기 수익은 2370만 달러로 증가했으며, 2분기의 2270만 달러와 지난해 2190만 달러와 비교하여 증가했습니다. 회사는 종합 소득이 10만 달러라고 보고했으며, 2분기에는 220만 달러의 손실을 기록했습니다. 비-GAAP 경제 수익은 110만 달러였습니다. 회사는 현금으로 4830만 달러를 보유하고 있으며, 주당 0.15달러의 배당금을 선언했습니다. WHG는 ETF 선구자인 벤 풀턴과 파트너십을 체결하여 Westwood Engineered Beta (WEBs)를 통해 새로운 ETF 전략을 개발할 것이라고 발표했습니다.
Westwood Holdings Group (NYSE: WHG) a annoncé les résultats du troisième trimestre 2024, avec des actifs sous gestion atteignant 17,7 milliards de dollars, leur plus haut niveau en 6 ans. Les revenus trimestriels ont augmenté pour atteindre 23,7 millions de dollars, contre 22,7 millions de dollars au deuxième trimestre et 21,9 millions de dollars par rapport à l'année précédente. L'entreprise a enregistré un revenu global de 0,1 million de dollars, par rapport à une perte de 2,2 millions de dollars au deuxième trimestre. Les bénéfices économiques non-GAAP étaient de 1,1 million de dollars. L'entreprise détenait 48,3 millions de dollars en espèces et a déclaré un dividende de 0,15 dollar par action. WHG a annoncé un partenariat avec le pionnier des ETF Ben Fulton pour développer de nouvelles stratégies d'ETF via Westwood Engineered Beta (WEBs).
Westwood Holdings Group (NYSE: WHG) hat die Ergebnisse des dritten Quartals 2024 veröffentlicht, wobei die verwalteten Vermögenswerte 17,7 Milliarden Dollar erreichten, den höchsten Stand seit 6 Jahren. Die Quartalsumsätze stiegen auf 23,7 Millionen Dollar, ein Anstieg von 22,7 Millionen Dollar im zweiten Quartal und 21,9 Millionen Dollar im Jahresvergleich. Das Unternehmen berichtete über ein Gesamteinkommen von 0,1 Millionen Dollar, verglichen mit einem Verlust von 2,2 Millionen Dollar im zweiten Quartal. Die Non-GAAP-Wirtschaftsergebnisse betrugen 1,1 Millionen Dollar. Das Unternehmen hielt 48,3 Millionen Dollar in bar und erklärte eine Dividende von 0,15 Dollar pro Aktie. WHG gab eine Partnerschaft mit dem ETF-Pionier Ben Fulton bekannt, um neue ETF-Strategien über Westwood Engineered Beta (WEBs) zu entwickeln.
- Assets under management reached 6-year high of $17.7 billion
- Revenue increased to $23.7 million, up from $22.7 million in Q2
- Returned to profitability with $0.1 million comprehensive income vs Q2 loss
- Strong cash position of $48.3 million with no debt
- Institutional sales grossed over $1.0 billion year to date
- Comprehensive income declined from $3.4 million in Q3 2023 to $0.1 million
- Non-GAAP Economic Earnings decreased from $6.5 million in Q3 2023 to $1.1 million
- $1.4 million after-tax charge due to increased contingent consideration
Insights
The Q3 2024 results show mixed performance for Westwood Holdings. Revenues increased to
The strategic expansion into ETFs through the WEBs partnership represents a significant market opportunity. The early success of their MDST ETF, reaching key AUM and volume thresholds for platform inclusion, validates their ETF strategy. The robust institutional sales exceeding
Firmwide Assets Under Management of
Continued Innovation with WEBs Partnership to Expand ETF Platform
DALLAS, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Westwood Holdings Group, Inc. (NYSE: WHG) today reported third quarter 2024 earnings. Significant items included:
- Investment strategies beating their primary benchmarks included Platinum, High Alpha, Dividend Select, Income Opportunity, Multi-Asset Income, Alternative Income, Credit Opportunities, Real Estate Income, Tactical Growth SMA, MLP SMA, MLP High Conviction and MLP & Energy Infrastructure.
- Dividend Select and Income Opportunity posted top third rankings, and Multi-Asset Income, Credit Opportunities and MLP SMA all posted top quartile rankings in their peer universes.
- Quarterly revenues totaled
$23.7 million up from the second quarter's$22.7 million and$21.9 million a year ago. Comprehensive income of$0.1 million compared with the second quarter's loss of$2.2 million and income of$3.4 million in 2023's third quarter. - Formed a partnership with Exchange-Traded Fund ("ETF") pioneer Ben Fulton to develop and market new ETF strategies.
- Our comprehensive income included an after-tax charge of
$1.4 million due to an increase in the fair value of contingent consideration from our 2022 Salient acquisition due to an increased earnout valuation based on revised revenue expectations. - Non-GAAP Economic Earnings of
$1.1 million compared with the second quarter's Economic Loss of$0.5 million and Economic Earnings of$6.5 million in the third quarter of 2023. - Westwood held
$48.3 million in cash and short-term investments as of September 30, 2024, up$4.2 million from the second quarter. Stockholders' equity totaled$118.4 million and we have no debt. - We declared a cash dividend of
$0.15 per common share, payable on January 3, 2025 to stockholders of record on December 2, 2024.
Brian Casey, Westwood’s CEO, commented, "We continue to make good progress in our core businesses, delivering higher revenues and earnings as institutional sales grossed over
Revenues increased from the second quarter and last year's third quarter principally due to higher average AUM.
Firmwide assets under management and advisement totaled
Third quarter comprehensive income of
Third quarter comprehensive income of
Economic Earnings (Loss) 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 third quarter 2024 results and other business matters at 4:30 p.m. Eastern time today. To join the conference call, please register here:
https://registrations.events/direct/NTM7419517.
After registering, you will be provided with a dial-in number containing a personalized PIN.
To view the webcast, please register here:
https://edge.media-server.com/mmc/p/vjn47uq6
Once registered, an email will be sent with important details for this conference call, as well as a unique Registrant ID.
ABOUT WESTWOOD HOLDINGS GROUP
Westwood Holdings Group, Inc. is a focused investment management boutique and wealth management firm.
Founded in 1983, Westwood offers a broad array of investment solutions to institutional investors, private wealth clients and financial intermediaries. The firm specializes in several distinct investment capabilities: U.S. Value Equity, Multi-Asset, Energy & Real Assets, Income Alternatives, Tactical Absolute Return and Managed Investment Solutions, which are available through separate accounts, the Westwood Funds® family of mutual funds, exchange-traded funds ("ETFs") 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 Chicago, 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, 2023 and its quarterly report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024. 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 Forbes
Chief Financial Officer and Treasurer
(214) 756-6900
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share and share amounts)
(unaudited)
Three Months Ended | |||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||
REVENUES: | |||||||||||
Advisory fees: | |||||||||||
Asset-based | $ | 17,774 | $ | 17,139 | $ | 16,902 | |||||
Trust fees | 5,447 | 5,227 | 5,063 | ||||||||
Other, net | 498 | 322 | (85 | ) | |||||||
Total revenues | 23,719 | 22,688 | 21,880 | ||||||||
EXPENSES: | |||||||||||
Employee compensation and benefits | 13,572 | 13,638 | 12,661 | ||||||||
Sales and marketing | 644 | 755 | 676 | ||||||||
Westwood mutual funds | 798 | 855 | 872 | ||||||||
Information technology | 2,572 | 2,350 | 2,334 | ||||||||
Professional services | 1,812 | 1,450 | 1,009 | ||||||||
General and administrative | 2,991 | 3,011 | 3,298 | ||||||||
(Gain) loss from change in fair value of contingent consideration | 1,824 | 4,807 | 2,483 | ||||||||
Total expenses | 24,213 | 26,866 | 23,333 | ||||||||
Net operating income (loss) | (494 | ) | (4,178 | ) | (1,453 | ) | |||||
Net investment income | 587 | 548 | 247 | ||||||||
Other income | 374 | 224 | 5,265 | ||||||||
Income (loss) before income taxes | 467 | (3,406 | ) | 4,059 | |||||||
Income tax provision | 308 | (1,193 | ) | (316 | ) | ||||||
Net income (loss) | $ | 159 | $ | (2,213 | ) | $ | 4,375 | ||||
Total comprehensive income (loss) | $ | 159 | $ | (2,213 | ) | $ | 4,375 | ||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 54 | 30 | 1,019 | ||||||||
Comprehensive income (loss) attributable to Westwood Holdings Group, Inc. | $ | 105 | $ | (2,243 | ) | $ | 3,356 | ||||
Earnings (loss) per Westwood Holdings Group, Inc. share: | |||||||||||
Basic | $ | 0.01 | $ | (0.27 | ) | $ | 0.42 | ||||
Diluted | $ | 0.01 | $ | (0.27 | ) | $ | 0.41 | ||||
Weighted average shares outstanding: | |||||||||||
Basic | 8,123,714 | 8,218,596 | 8,002,537 | ||||||||
Diluted | 8,488,372 | 8,218,596 | 8,116,747 | ||||||||
Economic Earnings (Loss) | $ | 1,084 | $ | (508 | ) | $ | 6,480 | ||||
Economic EPS | $ | 0.13 | $ | (0.06 | ) | $ | 0.80 | ||||
Dividends declared per share | $ | 0.15 | $ | 0.15 | $ | 0.15 |
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share and share amounts)
(unaudited)
Nine Months Ended | |||||||
September 30, 2024 | September 30, 2023 | ||||||
REVENUES: | |||||||
Advisory fees: | |||||||
Asset-based | $ | 51,730 | $ | 50,734 | |||
Performance-based | — | 555 | |||||
Trust fees | 15,787 | 15,118 | |||||
Other, net | 1,622 | 145 | |||||
Total revenues | 69,139 | 66,552 | |||||
EXPENSES: | |||||||
Employee compensation and benefits | 41,921 | 40,551 | |||||
Sales and marketing | 2,027 | 2,180 | |||||
Westwood mutual funds | 2,374 | 2,350 | |||||
Information technology | 7,212 | 7,283 | |||||
Professional services | 4,751 | 3,893 | |||||
General and administrative | 8,903 | 9,579 | |||||
(Gain) loss from change in fair value of contingent consideration | 3,682 | (2,655 | ) | ||||
Acquisition expenses | — | 209 | |||||
Total expenses | 70,870 | 63,390 | |||||
Net operating income (loss) | (1,731 | ) | 3,162 | ||||
Net change in unrealized appreciation (depreciation) on private investments | — | 24 | |||||
Net investment income | 1,590 | 630 | |||||
Other income | 783 | 5,876 | |||||
Income before income taxes | 642 | 9,692 | |||||
Income tax provision | 530 | 1,704 | |||||
Net income | $ | 112 | $ | 7,988 | |||
Total comprehensive income | $ | 112 | $ | 7,988 | |||
Less: Comprehensive income (loss) attributable to noncontrolling interest | (46 | ) | 1,044 | ||||
Comprehensive income attributable to Westwood Holdings Group, Inc. | $ | 158 | $ | 6,944 | |||
Earnings per share: | |||||||
Basic | $ | 0.02 | $ | 0.87 | |||
Diluted | $ | 0.02 | $ | 0.86 | |||
Weighted average shares outstanding: | |||||||
Basic | 8,140,664 | 7,949,773 | |||||
Diluted | 8,448,629 | 8,072,739 | |||||
Economic Earnings | $ | 3,588 | $ | 12,178 | |||
Economic EPS | $ | 0.42 | $ | 1.51 | |||
Dividends declared per share | $ | 0.45 | $ | 0.45 |
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share amounts)
(unaudited)
September 30, 2024 | December 31, 2023 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 22,790 | $ | 20,422 | |||
Accounts receivable | 14,596 | 14,394 | |||||
Investments, at fair value | 25,522 | 32,674 | |||||
Prepaid income taxes | 639 | 205 | |||||
Other current assets | 5,075 | 4,543 | |||||
Total current assets | 68,622 | 72,238 | |||||
Investments | 8,944 | 7,247 | |||||
Equity method investments | 4,211 | 4,284 | |||||
Noncurrent investments at fair value | 1,919 | 241 | |||||
Goodwill | 39,501 | 39,501 | |||||
Deferred income taxes | 1,590 | 726 | |||||
Operating lease right-of-use assets | 2,842 | 3,673 | |||||
Intangible assets, net | 21,718 | 24,803 | |||||
Property and equipment, net of accumulated depreciation of | 1,014 | 1,444 | |||||
Other long-term assets | 1,140 | 1,010 | |||||
Total long-term assets | 82,879 | 82,929 | |||||
Total assets | $ | 151,501 | $ | 155,167 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 4,934 | $ | 6,130 | |||
Dividends payable | 1,431 | 1,692 | |||||
Compensation and benefits payable | 8,283 | 9,539 | |||||
Operating lease liabilities | 1,523 | 1,286 | |||||
Total current liabilities | 16,171 | 18,647 | |||||
Accrued dividends | 905 | 675 | |||||
Contingent consideration | 12,000 | 10,133 | |||||
Noncurrent operating lease liabilities | 2,041 | 3,266 | |||||
Total long-term liabilities | 14,946 | 14,074 | |||||
Total liabilities | 31,117 | 32,721 | |||||
Stockholders’ Equity: | |||||||
Common stock, | 123 | 119 | |||||
Additional paid-in capital | 202,247 | 201,622 | |||||
Treasury stock, at cost – 2,902,505 and 2,715,977, respectively | (88,278 | ) | (85,990 | ) | |||
Retained earnings | 4,293 | 4,650 | |||||
Total Westwood Holdings Group, Inc. stockholders’ equity | 118,385 | 120,401 | |||||
Noncontrolling interest in consolidated subsidiary | 1,999 | 2,045 | |||||
Total liabilities and stockholders’ equity | $ | 151,501 | $ | 155,167 |
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September 30, | |||||||
2024 | 2023 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 112 | $ | 7,988 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation | 464 | 511 | |||||
Amortization of intangible assets | 3,085 | 3,106 | |||||
Net change in unrealized (appreciation) depreciation on investments | (917 | ) | (499 | ) | |||
Stock-based compensation expense | 4,321 | 5,111 | |||||
Deferred income taxes | (864 | ) | 652 | ||||
Non-cash lease expense | 831 | 844 | |||||
Loss on asset disposition | — | 69 | |||||
Gain on remeasurement of lease liabilities | — | (119 | ) | ||||
Fair value change of contingent consideration | 3,682 | (2,655 | ) | ||||
Gain on insurance settlement | — | (5,000 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Net (purchases) sales of trading securities | 6,267 | (15,626 | ) | ||||
Accounts receivable | (202 | ) | 1,355 | ||||
Other current assets | (644 | ) | 1,101 | ||||
Accounts payable and accrued liabilities | (1,192 | ) | (55 | ) | |||
Compensation and benefits payable | (1,254 | ) | (1,428 | ) | |||
Income taxes payable | (434 | ) | 25 | ||||
Other liabilities | (1,041 | ) | (1,064 | ) | |||
Net cash provided by (used in) operating activities | 12,214 | (5,684 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Acquisition, net of cash acquired | — | (741 | ) | ||||
Purchases of property and equipment | (34 | ) | (119 | ) | |||
Purchases of investments | (1,500 | ) | — | ||||
Insurance settlement proceeds | — | 5,000 | |||||
Net cash provided by (used in) investing activities | (1,534 | ) | 4,140 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Purchases of treasury stock | (1,348 | ) | — | ||||
Restricted stock returned for payment of taxes | (940 | ) | (863 | ) | |||
Payment of contingent consideration in acquisition | (1,815 | ) | — | ||||
Cash dividends | (4,209 | ) | (4,274 | ) | |||
Net cash used in financing activities | (8,312 | ) | (5,137 | ) | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 2,368 | (6,681 | ) | ||||
Cash and cash equivalents, beginning of period | 20,422 | 23,859 | |||||
Cash and cash equivalents, end of period | $ | 22,790 | $ | 17,178 | |||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||
Cash paid during the period for income taxes | $ | 1,817 | $ | 1,024 | |||
Accrued dividends | $ | 2,336 | $ | 2,220 |
WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES
Reconciliation of Comprehensive Income (Loss) Attributable to Westwood Holdings Group, Inc. to Economic Earnings (Loss)
(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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) for tax deductions related to restricted stock expense or amortization of intangible assets. Economic EPS represents Economic Earnings (Loss) divided by diluted weighted average shares outstanding.
Three Months Ended | |||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||
Comprehensive income (loss) attributable to Westwood Holdings Group, Inc. | $ | 105 | $ | (2,243 | ) | $ | 3,356 | ||||
Stock-based compensation expense | 1,409 | 1,397 | 1,739 | ||||||||
Intangible amortization | 1,011 | 1,032 | 1,043 | ||||||||
Tax benefit from goodwill amortization | 156 | 156 | 125 | ||||||||
Tax impact of adjustments to GAAP comprehensive income (loss) | (1,597 | ) | (850 | ) | 217 | ||||||
Economic Earnings (Loss) | $ | 1,084 | $ | (508 | ) | $ | 6,480 | ||||
Earnings (loss) per share | $ | 0.01 | $ | (0.27 | ) | $ | 0.41 | ||||
Stock-based compensation expense | 0.17 | 0.17 | 0.21 | ||||||||
Intangible amortization | 0.12 | 0.12 | 0.13 | ||||||||
Tax benefit from goodwill amortization | 0.02 | 0.02 | 0.02 | ||||||||
Tax impact of adjustments to GAAP comprehensive income (loss) | (0.19 | ) | (0.10 | ) | 0.03 | ||||||
Economic EPS | $ | 0.13 | $ | (0.06 | ) | $ | 0.80 | ||||
Diluted weighted average shares | 8,488,372 | 8,218,596 | 8,116,747 | ||||||||
Nine Months Ended | |||||||||||
September 30, 2024 | September 30, 2023 | ||||||||||
Comprehensive income attributable to Westwood Holdings Group, Inc. | $ | 158 | $ | 6,944 | |||||||
Stock-based compensation expense | 4,321 | 5,111 | |||||||||
Intangible amortization | 3,085 | 3,106 | |||||||||
Tax benefit from goodwill amortization | 437 | 375 | |||||||||
Tax impact of adjustments to GAAP comprehensive income | (4,413 | ) | (3,358 | ) | |||||||
Economic Earnings | $ | 3,588 | $ | 12,178 | |||||||
Earnings per share | $ | 0.02 | $ | 0.86 | |||||||
Stock-based compensation expense | 0.50 | 0.63 | |||||||||
Intangible amortization | 0.37 | 0.38 | |||||||||
Tax benefit from goodwill amortization | 0.05 | 0.05 | |||||||||
Tax impact of adjustments to GAAP comprehensive income | (0.52 | ) | (0.41 | ) | |||||||
Economic EPS | $ | 0.42 | $ | 1.51 | |||||||
Diluted weighted average shares | 8,448,629 | 8,072,739 |
FAQ
What was Westwood Holdings Group's (WHG) revenue in Q3 2024?
How much are Westwood Holdings Group's (WHG) assets under management in Q3 2024?
What dividend did Westwood Holdings Group (WHG) declare for Q3 2024?