WESTWOOD HOLDINGS GROUP INC
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
WHG$18.55-0.8%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $2,166 | $714 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation | 174 | 176 |
| Amortization of intangible assets | 1,042 | 1,021 |
| Net change in unrealized (appreciation) depreciation on investments | (632) | (369) |
| Stock-based compensation expense | 1,515 | 1,748 |
| Deferred income taxes | (844) | (136) |
| Non-cash lease expense | 269 | 320 |
| Loss on asset disposition | — | 69 |
| Fair value change of contingent consideration | (2,949) | (1,060) |
| Change in operating assets and liabilities: | ||
| Net (purchases) sales of trading securities | 12,404 | 47 |
| Accounts receivable | (784) | (657) |
| Other current assets | (242) | (17) |
| Accounts payable and accrued liabilities | 719 | 141 |
| Compensation and benefits payable | (6,591) | (5,612) |
| Income taxes payable | 2,240 | 881 |
| Other liabilities | (354) | (445) |
| Net cash provided by (used in) operating activities | 8,133 | (3,179) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Acquisition, net of cash acquired | — | (1,168) |
| Purchase of property and equipment | (3) | (84) |
| Net cash provided by (used in) investing activities | (3) | (1,252) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Restricted stock returned for payment of taxes | (940) | (837) |
| Cash dividends paid | (1,724) | (1,840) |
| Net cash used in financing activities | (2,664) | (2,677) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 5,466 | (7,108) |
| Cash and cash equivalents, beginning of period | 20,422 | 23,859 |
| Cash and cash equivalents, end of period | $25,888 | $16,751 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||
| Cash paid during the period for income taxes | $9 | $32 |
| Accrued dividends | $2,047 | $1,972 |
| Additional operating lease right-of-use assets | $— | $1,217 |
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