WESTWOOD HOLDINGS GROUP INC
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 7, 2024
WHG$18.55-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $10,571 | $(4,628) | $9,763 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation | 670 | 687 | 750 |
| Amortization of intangible assets | 4,149 | 1,889 | 1,624 |
| Net change in unrealized (appreciation) depreciation on investments | (839) | 2,136 | 1,845 |
| Realized gains on private investments | — | — | (8,371) |
| Stock-based compensation expense | 6,518 | 6,001 | 5,835 |
| Deferred income taxes | 1,036 | (916) | 620 |
| Non-cash lease expense | 1,103 | 1,110 | 1,235 |
| Loss on asset disposition | 69 | — | — |
| Gain on remeasurement of lease liabilities | (119) | — | — |
| Fair value change of contingent consideration | (2,768) | — | — |
| Gain on insurance settlement | (5,000) | — | — |
| Gain on asset disposition | — | — | (148) |
| Changes in operating assets and liabilities: | |||
| Net (purchases) sales of investments – trading securities | (16,609) | 48,977 | 4,513 |
| Accounts receivable | 135 | (313) | (1,702) |
| Other current assets | 660 | (1,842) | 189 |
| Accounts payable and accrued liabilities | (447) | 1,251 | 1,009 |
| Compensation and benefits payable | 851 | (861) | 2,042 |
| Income taxes payable | 241 | (687) | 1,750 |
| Other liabilities | (1,406) | (1,314) | (1,569) |
| Net cash provided by (used in) operating activities | (1,185) | 51,490 | 19,385 |
| Cash flows from investing activities: | |||
| Acquisition, net of cash acquired | (741) | (33,419) | — |
| Insurance settlement proceeds | 5,000 | — | — |
| Sale of investments | — | — | 9,258 |
| Purchases of investments | — | — | (15) |
| Purchases of property and equipment | (147) | (320) | (178) |
| Proceeds on sale of property and equipment | — | — | 501 |
| Net cash provided by (used in) investing activities | 4,112 | (33,739) | 9,566 |
| Cash flows from financing activities: | |||
| Purchases of treasury stock | — | (2,851) | (2,990) |
| Restricted stock returned for payment of taxes | (862) | (627) | (884) |
| Cash dividends | (5,502) | (5,625) | (22,932) |
| Net cash used in financing activities | (6,364) | (9,103) | (26,806) |
| Effect of currency rate changes on cash | — | 5 | 45 |
| Net increase (decrease) in cash and cash equivalents | (3,437) | 8,653 | 2,190 |
| Cash and cash equivalents, beginning of year | 23,859 | 15,206 | 13,016 |
| Cash and cash equivalents, end of year | $20,422 | $23,859 | $15,206 |
| Supplemental cash flow information: | |||
| Cash paid during the year for income taxes | $1,594 | $1,858 | $1,858 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $173 | $1,217 | $— |
| Accrued dividends | $2,368 | $2,446 | $2,933 |
| Acquired contingent consideration | $— | $12,901 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.