whg-20220331

000116500212/3110-Q3/31/20222022Q3FALSEfalse7,1446,4620.010.0125,000,00025,000,00010,314,30510,182,5838,906,1528,904,9021,408,1521,277,6810.150.1350,0005,398,100642,000The following table presents the total stock-based compensation expense recorded for stock-based compensation arrangements for the periods indicated (in thousands):


	Three Months Ended March 31,
	2022		2021
Service condition stock-based compensation expense	$	1,283	$	1,491
Performance condition stock-based compensation expense	97		231
Stock-based compensation expense under the Plan	1,380		1,722
Canadian Plan stock-based compensation expense	—		—
Total stock-based compensation expense	$	1,380	$	1,722

1,2831,491972311,3801,722——1,3801,72213.22.5

Restricted Stock Subject Only to a Service Condition

We calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant, the number of shares issued and an adjustment for restrictions on dividends. This compensation cost is amortized on a straight-line basis over the applicable vesting period, with adjustments for forfeitures recorded as they occur.

The following table details the status and changes in our restricted stock grants subject only to a service condition for the three months ended March 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
Non-vested, January 1, 2020	396,598	$	48.31
Granted	262,373	$	27.39
Vested	(140,974)	$	53.06
Forfeited	(26,372)	$	39.72
Non-vested, March 31, 2022	491,625	$	36.25

396,59848.31262,37327.39140,97453.0626,37239.72491,62536.25

Restricted Stock Subject to Service and Performance Conditions

Under the Plan, certain key employees were provided agreements for grants of restricted shares that vest over multiple year periods subject to achieving annual performance goals established by the Compensation Committee of Westwood’s Board of Directors. Each year the Compensation Committee establishes specific goals for that year’s vesting of the restricted shares. The date that the Compensation Committee establishes annual goals is considered to be the grant date and the fair value measurement date to determine expense on the shares that are likely to vest. The vesting period ends when the Compensation Committee formally approves the performance-based restricted stock vesting based on the specific performance goals from the Company’s audited consolidated financial statements. If a portion of the performance-based restricted shares does not vest, no compensation expense is recognized for that portion and any previously recognized compensation expense related to shares that do not vest is reversed.

The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the three months ended March 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
Non-vested, January 1, 2020	80,975	$	49.73

Vested	(35,275)	$	55.11
Non-vested, March 31, 2022	45,700	$	45.58

80,97549.7335,27555.1145,70045.5827,4740.756,6251.3three 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____________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________________

FORM 10-Q

____________________________________________________________________________________________________


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2022


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission file number 1-31234

____________________________________________________________________________________________________

WESTWOOD HOLDINGS GROUP, INC.

(Exact name of registrant as specified in its charter)

____________________________________________________________________________________________________


Delaware		75-2969997
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

200 CRESCENT COURT, SUITE 1200
DALLAS,	Texas	75201
(Address of principal executive office)		(Zip Code)

(214) 756-6900

(Registrant’s telephone number, including area code)

____________________________________________________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common stock, par value $0.01 per share	WHG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Shares of common stock, par value $0.01 per share, outstanding as of April 20, 2022: 8,578,015.

____________________________________________________________________________________________________

WESTWOOD HOLDINGS GROUP, INC.

INDEX


PART I	FINANCIAL INFORMATION	PAGE

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets as of March 31 , 202 2 and December 31, 20 21	1

	Condensed Consolidated Statements of Comprehensive Incom e for the Three Months Ended March 31 , 2022 and 2021	2

	Condensed Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2 022 and 2021	3

	Condensed Consolidated Statements of Cash Flows for the Three M onths Ended March 31 , 2022 and 2021	4

	Notes to Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19

Item 4.	Controls and Procedures	20

PART II	OTHER INFORMATION	21

Item 1.	Legal Proceedings	21

Item 1A.	Risk Factors	21

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21

Item 6.	Exhibits	22

Signatures		23

WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

(Unaudited)


	March 31, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	21,148	$	15,206
Accounts receivable	9,738		11,152
Investments, at fair value	52,343		65,024
Prepaid income taxes	235		233
Other current assets	2,407		2,246
Total current assets	85,871		93,861
Investments	4,455		4,455
Noncurrent investments at fair value	4,549		4,513
Goodwill	16,401		16,401
Deferred income taxes	827		848
Operating lease right-of-use assets	4,683		4,868
Intangible assets, net	11,506		11,911
Property and equipment, net of accumulated depreciation of $8,822 and $8,637	1,967		2,114
Other long-term assets	757		634
Total assets	$	131,016	$	139,605
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	2,337	$	2,637

Dividends payable	1,724		1,800
Compensation and benefits payable	2,309		9,530

Operating lease liabilities	1,469		1,409

Income taxes payable	990		466
Total current liabilities	8,829		15,842
Accrued dividends	492		1,133

Noncurrent operating lease liabilities	4,435		4,724
Total long-term liabilities	4,927		5,857
Total liabilities	13,756		21,699
Commitments and contingencies (Note 10)
Stockholders' Equity:
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 11,030,410 and outstanding 8,575,451 shares at March 31, 2022; issued 10,658,644 and outstanding 8,253,491 shares at December 31, 2021	110		107
Additional paid-in capital	196,564		195,187
Treasury stock, at cost - 2,454,959 shares at March 31, 2022; 2,405,154 shares at December 31, 2021	(82,576)		(81,750)

Retained earnings	3,162		4,362
Total stockholders' equity	117,260		117,906
Total liabilities and stockholders' equity	$	131,016	$	139,605

See Notes to Condensed Consolidated Financial Statements.

WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data and share amounts)

(Unaudited)


	Three Months Ended March 31,
	2022		2021
REVENUES:
Advisory fees:
Asset-based	$	11,790	$	10,450
Performance-based	—		1,959
Trust fees	5,715		6,065

Other, net	(289)		(155)
Total revenues	17,216		18,319
EXPENSES:
Employee compensation and benefits	10,334		11,548
Sales and marketing	482		230
Westwood mutual funds	596		391
Information technology	1,829		1,992
Professional services	1,520		1,317
General and administrative	2,040		2,072


Total expenses	16,801		17,550
Net operating income	415		769
Realized gains on private investments	—		8,325
Net change in unrealized appreciation (depreciation) on private investments	37		(2,326)
Investment income	(16)		196
Other income	158		50

Income before income taxes	594		7,014
Income tax expense	544		2,913
Net income	$	50	$	4,101



Total comprehensive income	$	50	$	4,101

Earnings per share:
Basic	$	0.01	$	0.52
Diluted	$	0.01	$	0.52
Weighted average shares outstanding:
Basic	7,865,174		7,887,044
Diluted	7,931,453		7,917,390

See Notes to Condensed Consolidated Financial Statements.

WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

For the Three Months Ended March 31, 2022 and 2021

(In thousands, except share amounts)

(Unaudited)


	Common Stock, Par			Additional Paid-In Capital		Treasury Stock		Retained Earnings		Total
	Shares	Amount
Balance, December 31, 2021	8,253,491	$	107	$	195,187	$	(81,750)	$	4,362	$	117,906
Net income	—	—		—		—		50		50


Issuance of restricted stock, net of forfeitures	371,765	3		(3)		—		—		—

Dividends declared ($0.15 per share)	—	—		—		—		(1,250)		(1,250)

Stock-based compensation expense	—	—		1,380		—		—		1,380

Purchases of treasury stock	(12,202)	—		—		(200)		—		(200)

Restricted stock returned for payment of taxes	(37,603)	—		—		(626)		—		(626)
Balance, March 31, 2022	8,575,451	$	110	$	196,564

SEC Form 10-Q filed by Westwood Holdings Group Inc