WESTWOOD HOLDINGS GROUP INC
For the period ended Dec 31, 2024. Filed Mar 5, 2025.
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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.
FY2024 · Filed Mar 5, 2025
WHG$18.55-0.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $2,211 | $10,571 | $(4,628) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation | 602 | 670 | 687 |
| Amortization of intangible assets | 4,148 | 4,149 | 1,889 |
| Net change in unrealized (appreciation) depreciation on investments | (790) | (839) | 2,136 |
| Stock-based compensation expense | 5,537 | 6,518 | 6,001 |
| Deferred income taxes | (1,518) | 1,036 | (916) |
| Non-cash lease expense | 1,115 | 1,103 | 1,110 |
| Loss on asset disposition | — | 69 | — |
| Gain on remeasurement of lease liabilities | — | (119) | — |
| Fair value change of contingent consideration | 4,881 | (2,768) | — |
| Gain on insurance settlement | — | (5,000) | — |
| Changes in operating assets and liabilities: | |||
| Net (purchases) sales of investments – investments at fair value | 6,046 | (16,609) | 48,977 |
| Accounts receivable | (59) | 135 | (313) |
| Other assets | (1,227) | 660 | (1,842) |
| Accounts payable and accrued liabilities | 283 | (447) | 1,251 |
| Compensation and benefits payable | 1,385 | 851 | (861) |
| Income taxes receivable | (90) | 241 | (687) |
| Operating lease liabilities | (1,402) | (1,406) | (1,314) |
| Net cash provided by (used in) operating activities | 21,122 | (1,185) | 51,490 |
| Cash flows from investing activities: | |||
| Acquisition, net of cash acquired | — | (741) | (33,419) |
| Insurance settlement proceeds | — | 5,000 | — |
| Purchases of investments | (3,500) | — | — |
| Purchases of property and equipment | (109) | (147) | (320) |
| Additions to internally developed software | (1,004) | — | — |
| Net cash (used in) provided by investing activities | (4,613) | 4,112 | (33,739) |
| Cash flows from financing activities: | |||
| Purchases of treasury stock | (1,348) | — | (2,851) |
| Restricted stock returned for payment of taxes | (939) | (862) | (627) |
| Payment of contingent consideration in acquisition | (10,357) | — | — |
| Cash dividends | (5,440) | (5,502) | (5,625) |
| Net cash used in financing activities | (18,084) | (6,364) | (9,103) |
| Effect of currency rate changes on cash | — | — | 5 |
| Net (decrease) increase in cash and cash equivalents | (1,575) | (3,437) | 8,653 |
| Cash and cash equivalents, beginning of year | 20,422 | 23,859 | 15,206 |
| Cash and cash equivalents, end of year | $18,847 | $20,422 | $23,859 |
| Supplemental cash flow information: | |||
| Cash paid during the year for income taxes | $3,431 | $1,594 | $1,858 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $— | $173 | $1,217 |
| Accrued dividends | $2,466 | $2,368 | $2,446 |
| Acquired contingent consideration | $— | $— | $12,901 |
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