WESTWOOD HOLDINGS GROUP INC
For the period ended Dec 31, 2025. Filed Mar 4, 2026.
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FY2025 · Filed Mar 4, 2026
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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $7,077 | $2,211 | $10,571 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation | 501 | 602 | 670 |
| Amortization of intangible assets | 3,945 | 4,148 | 4,149 |
| Net change in unrealized appreciation on investments | (1,999) | (790) | (839) |
| Stock-based compensation expense | 5,148 | 5,537 | 6,518 |
| Deferred income taxes | (208) | (1,518) | 1,036 |
| Non-cash lease expense | 1,015 | 1,115 | 1,103 |
| 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: | |||
| Accounts receivable | (2,298) | (59) | 135 |
| Other assets | (720) | (1,227) | 660 |
| Accounts payable and accrued liabilities | 1,171 | 283 | (447) |
| Compensation and benefits payable | 2,702 | 1,385 | 851 |
| Income taxes receivable and payable | 1,788 | (90) | 241 |
| Operating lease liabilities | (1,148) | (1,402) | (1,406) |
| Net sales of equity investments | 6,390 | 6,046 | (16,609) |
| Contingent consideration | (4,442) | — | — |
| Net cash provided by (used in) operating activities | 18,922 | 21,122 | (1,185) |
| Cash flows from investing activities: | |||
| Acquisition, net of cash acquired | — | — | (741) |
| Insurance settlement proceeds | — | — | 5,000 |
| Purchases of investments | (3,131) | (3,500) | — |
| Purchases of property and equipment | (86) | (109) | (147) |
| Additions to internally developed software | (449) | (1,004) | — |
| Net cash (used in) provided by investing activities | (3,666) | (4,613) | 4,112 |
| Cash flows from financing activities: | |||
| Purchases of treasury stock | — | (1,348) | — |
| Restricted stock returned for payment of taxes | (1,335) | (939) | (862) |
| Payment of contingent consideration in acquisition | (201) | (10,357) | — |
| Cash dividends | (5,365) | (5,440) | (5,502) |
| Distributions to noncontrolling interest holders | (438) | — | — |
| Purchase of additional noncontrolling interest | (515) | — | — |
| Net cash used in financing activities | (7,854) | (18,084) | (6,364) |
| Net increase (decrease) in cash and cash equivalents | 7,402 | (1,575) | (3,437) |
| Cash and cash equivalents, beginning of year | 18,847 | 20,422 | 23,859 |
| Cash and cash equivalents, end of year | $26,249 | $18,847 | $20,422 |
| Supplemental cash flow information: | |||
| Cash paid during the year for income taxes | $1,019 | $3,431 | $1,594 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $8,133 | $— | $173 |
| Accrued dividends | $2,701 | $2,466 | $2,368 |
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