Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Cover [Abstract] | |
Document Type | 10-K |
Entity Incorporation, State or Country Code | DE |
City Area Code | (214) |
Local Phone Number | 756-6900 |
Entity File Number | 1-31234 |
Entity Address, City or Town | Dallas, |
Entity Address, Postal Zip Code | 75201 |
Entity Tax Identification Number | 75-2969997 |
Entity Address, Address Line One | 200 Crescent Court, Suite 1200 |
Trading Symbol | WHG |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Entity Address, State or Province | TX |
Document Annual Report | true |
Entity Information [Line Items] | |
Entity Filer Category | Non-accelerated Filer |
Entity Registrant Name | WESTWOOD HOLDINGS GROUP, INC. |
Entity Shell Company | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Location | Dallas, Texas |
Auditor Name | BDO USA, P.C. |
Auditor Firm ID | 243 |
Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Feb. 15, 2019 | |
Document And Entity Information [Abstract] | |||
Entity Central Index Key | 0001165002 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 101,997,608 | ||
Entity Common Stock, Shares Outstanding | 9,062,458 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 20,422,000 | $ 23,859,000 |
Accounts Receivable, after Allowance for Credit Loss | 14,394,000 | 13,900,000 |
Investments, at fair value | 32,674,000 | 15,342,000 |
Prepaid Taxes | 205,000 | 446,000 |
Other current assets | 4,543,000 | 4,645,000 |
Total current assets | 72,238,000 | 58,192,000 |
Long-term Investments | 7,247,000 | 4,455,000 |
Equity Method Investments | 4,284,000 | 6,574,000 |
Goodwill | 39,501,000 | 35,732,000 |
Deferred income taxes | 726,000 | 1,762,000 |
Intangible assets, net | 24,803,000 | 28,952,000 |
Property and equipment, net of accumulated depreciation of $10,078 and $9,277 | 1,444,000 | 1,828,000 |
Assets | 155,167,000 | 146,427,000 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 6,130,000 | 5,678,000 |
Dividends payable | 1,692,000 | 1,745,000 |
Compensation and benefits payable | 9,539,000 | 8,689,000 |
Total current liabilities | 18,647,000 | 17,614,000 |
Accrued dividends | 675,000 | 701,000 |
Asset Acquisition, Contingent Consideration, Liability | 10,133,000 | 12,901,000 |
Total long-term liabilities | 14,074,000 | 18,165,000 |
Total liabilities | 32,721,000 | 35,779,000 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Common stock, $0.01 par value, authorized 25,000,000 shares, issued 11,856,737 and 11,527,544, respectively and outstanding 9,140,760 and 8,881,831, respectively | 119,000 | 115,000 |
Additional paid-in capital | 201,622,000 | 199,914,000 |
Treasury stock, at cost – 2,715,977 and 2,645,713, respectively | (85,990,000) | (85,128,000) |
Retained earnings (accumulated deficit) | 4,650,000 | (4,253,000) |
Total Westwood Holdings Group, Inc. stockholders’ equity | 120,401,000 | 110,648,000 |
Noncontrolling Interest | 2,045,000 | |
Stockholders' Equity, Total | 122,446,000 | 110,648,000 |
Total liabilities and stockholders’ equity | 155,167,000 | 146,427,000 |
Operating Lease, Right-of-Use Asset | 3,673,000 | 4,976,000 |
Other Assets, Noncurrent | 1,010,000 | 929,000 |
Assets, Noncurrent [Abstract] | 82,929,000 | 88,235,000 |
Operating Lease, Liability | 4,552,000 | 6,065,000 |
Operating Lease, Liability, Current | 1,286,000 | 1,502,000 |
Operating Lease, Liability, Noncurrent | 3,266,000 | 4,563,000 |
Other Long-term Investments | $ 241,000 | $ 3,027,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 10,078 | $ 9,196 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 10,182,583 | |
Common stock, shares outstanding | 8,904,902 | |
Treasury stock, shares | 1,277,681 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Revenue, Net | $ 534,000 | $ (708,000) | $ (339,000) |
Total revenues | 89,781,000 | 68,681,000 | 73,054,000 |
Employee compensation and benefits | 52,918,000 | 40,124,000 | 42,532,000 |
Amortization of intangible assets | 4,149,000 | 1,889,000 | 1,624,000 |
Unrealized Gain (Loss) on Investments | 6,000 | (1,495,000) | (1,797,000) |
Net interest and dividend revenue | 1,191,000 | 266,000 | 868,000 |
Other Income | 6,241,000 | 907,000 | 602,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 13,443,000 | (5,195,000) | 14,003,000 |
Provision for income taxes | 2,872,000 | (567,000) | 4,240,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 10,571,000 | $ (4,628,000) | $ 9,763,000 |
Basic (in dollars per share) | $ 1.20 | $ (0.59) | $ 1.24 |
Diluted (in dollars per share) | $ 1.17 | $ (0.59) | $ 1.23 |
Sales and marketing | $ 2,990,000 | $ 2,003,000 | $ 1,280,000 |
Westwood mutual funds | 3,133,000 | 2,201,000 | 2,657,000 |
Information technology | 9,650,000 | 7,719,000 | 8,161,000 |
Professional services | 5,132,000 | 5,357,000 | 4,391,000 |
General and administrative | 12,512,000 | 9,057,000 | 8,074,000 |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 209,000 | 7,093,000 | |
Operating Expenses | 83,776,000 | 73,554,000 | 67,095,000 |
Operating Income (Loss) | 6,005,000 | (4,873,000) | 5,959,000 |
Realized Investment Gains (Losses) | 0 | 0 | 8,371,000 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 1,051,000 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 9,520,000 | (4,628,000) | 9,763,000 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 10,571,000 | (4,628,000) | 9,763,000 |
Expenses: | |||
Employee compensation and benefits | 52,918,000 | 40,124,000 | 42,532,000 |
Sales and marketing | 2,990,000 | 2,003,000 | 1,280,000 |
Westwood mutual funds | 3,133,000 | 2,201,000 | 2,657,000 |
Information technology | 9,650,000 | 7,719,000 | 8,161,000 |
Professional services | 5,132,000 | 5,357,000 | 4,391,000 |
General and administrative | 12,512,000 | 9,057,000 | 8,074,000 |
Foreign Currency Transaction Gain (Loss), before Tax | 2,768,000 | 0 | 0 |
Operating Income (Loss) | 6,005,000 | (4,873,000) | 5,959,000 |
Income (loss) before income taxes | 13,443,000 | (5,195,000) | 14,003,000 |
Provision for income taxes | 2,872,000 | (567,000) | 4,240,000 |
Net income (loss) | 10,571,000 | (4,628,000) | 9,763,000 |
Other comprehensive income (loss), net of tax: | |||
Total comprehensive income (loss) | $ 9,520,000 | $ (4,628,000) | $ 9,763,000 |
Earnings (loss) per share: | |||
Basic (in dollars per share) | $ 1.20 | $ (0.59) | $ 1.24 |
Diluted (in dollars per share) | $ 1.17 | $ (0.59) | $ 1.23 |
Weighted average shares outstanding: | |||
Basic (in shares) | 7,964,423 | 7,844,363 | 7,875,395 |
Diluted (in shares) | 8,112,139 | 7,844,363 | 7,927,972 |
Unrealized Gain (Loss) on Investments | $ 6,000 | $ (1,495,000) | $ (1,797,000) |
Other Income | 6,241,000 | 907,000 | 602,000 |
General and Administrative Expense [Member] | |||
Amortization of intangible assets | 4,100,000 | 1,900,000 | 1,600,000 |
Asset Management [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 67,391,000 | 46,685,000 | 45,927,000 |
Investment Performance [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 1,265,000 | 1,018,000 | 3,335,000 |
Fiduciary and Trust [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 20,242,000 | 21,686,000 | 24,030,000 |
Trust performance-based fees [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 349,000 | $ 0 | $ 101,000 |
CONSOLIDATED STATEMENTs OF STOC
CONSOLIDATED STATEMENTs OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Westwood Holdings Group, Inc. Common Stock, Par | Additional Paid-In Capital | Treasury Stock | Noncontrolling Interest | Retained Earnings (Accumulated Deficit) |
BALANCE at Dec. 31, 2020 | $ 130,711 | $ 105 | $ 210,268 | $ (77,967) | $ 0 | $ (1,695) |
BALANCE, shares at Dec. 31, 2020 | 8,326,948 | |||||
Net income | 9,763 | 9,763 | ||||
Issuance of restricted stock, net of forfeitures | $ 2 | (2) | ||||
Issuance of restricted stock, net of forfeitures, shares | 158,098 | |||||
Stock-based compensation expense | 5,835 | 5,835 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | (20,823) | (20,823) | ||||
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013) | (3,706) | (3,706) | ||||
Issuance of treasury stock under employee stock plans, shares | 2,353 | |||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (91) | 91 | ||||
Restricted stock returned for payment of taxes | (884) | (884) | ||||
Restricted stock returned for payment of taxes, shares | (51,359) | |||||
BALANCE at Dec. 31, 2021 | 117,906 | $ 107 | 195,187 | (81,750) | 0 | 4,362 |
BALANCE, shares at Dec. 31, 2021 | 8,253,491 | |||||
Treasury Stock, Shares, Acquired, Employee Stock Plan | (182,549) | |||||
Treasury Stock, Acquired, Employee Stock Plan | (2,990) | (2,990) | ||||
Net income | (4,628) | (4,628) | ||||
Issuance of restricted stock, net of forfeitures | $ 8 | (8) | ||||
Issuance of restricted stock, net of forfeitures, shares | 868,900 | |||||
Stock-based compensation expense | 6,001 | 6,001 | ||||
Distributed Earnings | (1,166) | (1,166) | ||||
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013) | (3,987) | (3,987) | ||||
Purchases of treasury stock | (2,851) | (2,851) | ||||
Purchases of treasury stock, shares | (205,521) | |||||
Issuance of treasury stock under employee stock plans, shares | 2,564 | |||||
Issuance of treasury stock under employee stock plans | (100) | 100 | ||||
Restricted stock returned for payment of taxes | (627) | (627) | ||||
Restricted stock returned for payment of taxes, shares | (37,603) | |||||
BALANCE at Dec. 31, 2022 | $ 110,648 | $ 115 | 199,914 | (85,128) | 0 | (4,253) |
BALANCE, shares at Dec. 31, 2022 | 8,904,902 | 8,881,831 | ||||
Accumulated Other Comprehensive Income (Loss), Tax | $ (46) | |||||
Net income | 10,571 | |||||
Issuance of restricted stock, net of forfeitures | $ 4 | (4) | ||||
Issuance of restricted stock, net of forfeitures, shares | 329,194 | |||||
Stock-based compensation expense | 6,518 | 6,518 | ||||
Distributed Earnings | (4,806) | (4,806) | ||||
Dividends declared ($2.07 in 2015, $1.82 per share in 2014, $1.64 per share in 2013) | (617) | (617) | ||||
Restricted stock returned for payment of taxes | (862) | (862) | ||||
Restricted stock returned for payment of taxes, shares | (70,265) | |||||
BALANCE at Dec. 31, 2023 | $ 120,401 | $ 119 | $ 201,622 | $ (85,990) | $ 2,045 | $ 4,650 |
BALANCE, shares at Dec. 31, 2023 | 9,140,760 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 1,051 | |||||
Noncontrolling Interest, Increase from Business Combination | 994 | |||||
Accumulated Other Comprehensive Income (Loss), Tax | $ 43 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared, per share | $ 2.88 | $ 2.76 | $ 2.54 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 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 | 0 | (8,371) | |
Realized Investment Gains (Losses) | 0 | 0 | 8,371 |
Stock-based compensation expense | 6,518 | 6,001 | 5,835 |
Deferred income taxes | 1,036 | (916) | 620 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 69 | 0 | 0 |
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases | (119) | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (2,768) | ||
Insurance proceeds | (5,000) | ||
Gain on sale of operations | 0 | 0 | (148) |
Gain on asset disposition | 1,103 | 1,110 | 1,235 |
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) |
Cash flows from investing activities: | |||
Sale of investments | 741 | 33,419 | |
Proceeds from Insurance Settlement, Investing Activities | 5,000 | ||
Purchases of investments | 0 | 0 | (15) |
Payments to Acquire Investments | (147) | 320 | 178 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | 501 |
Cash flows from financing activities: | |||
Purchases of treasury stock | 0 | (2,851) | (2,990) |
Restricted stock returned for payment of taxes | (862) | (627) | (884) |
Cash dividends | (5,502) | (5,625) | (22,932) |
Effect of currency rate changes on cash | 0 | 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 | 0 |
Accrued dividends | 2,368 | 2,446 | 2,933 |
Supplemental Deferred Purchase Price | 0 | 12,901 | |
Net Cash Provided by (Used in) Operating Activities | (1,185) | 51,490 | 19,385 |
Proceeds from Sale of Other Investments | 0 | 0 | 9,258 |
Net Cash Provided by (Used in) Investing Activities | 4,112 | (33,739) | 9,566 |
Net Cash Provided by (Used in) Financing Activities | $ (6,364) | $ (9,103) | $ (26,806) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS: ASC 820 defines fair value, establishes a framework for measuring fair value and requires additional disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows: • Level 1 – quoted market prices in active markets for identical assets and liabilities • Level 2 – inputs other than quoted prices that are directly or indirectly observable • Level 3 – unobservable inputs where there is little or no market activity Our strategic investments in InvestCloud and Vista, discussed in Note 6 "Investments" are excluded from the recurring fair value table shown below, as we have elected to apply the measurement alternative for those investments. The following table summarizes our assets and liabilities measured at fair value on a recurring basis, as of the dates indicated within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Measured at NAV (1) Total As of December 31, 2023 Investments in trading securities $ 32,674 $ — $ — $ — $ 32,674 Private investment fund — — — 241 241 Total assets measured at fair value $ 32,674 $ — $ — $ 241 $ 32,915 Salient Acquisition contingent consideration $ — $ — $ 10,133 $ — $ 10,133 Total liabilities measured at fair value $ — $ — $ 10,133 $ — $ 10,133 As of December 31, 2022 Investments in trading securities $ 15,342 $ — $ — $ — $ 15,342 Private investment fund — — — 235 235 Private equity — — 2,792 — 2,792 Total assets measured at fair value $ 15,342 $ — $ 2,792 $ 235 $ 18,369 Salient Acquisition contingent consideration $ — $ — $ 12,901 $ — $ 12,901 Total liabilities measured at fair value $ — $ — $ 12,901 $ — $ 12,901 (1) Comprised of certain investments measured at fair value using NAV as a practical expedient. The fair value amounts presented in this table are intended to allow reconciliation of the fair value hierarchy to the amounts presented on our Consolidated Balance Sheets. Prior to our exchange of Charis shares for shares in Vista, our investment in Charis was included within Level 3 of the fair value hierarchy as we valued it utilizing inputs not observable in the market. Historically, our investment was measured at fair value on a recurring basis using a market approach based on either a price to tangible book value multiple range determined to be reasonable in the current environment, or on market transactions. On April 3, 2023, Charis was acquired by Vista in a transaction in which the Company exchanged its shares in Charis for shares in Vista. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS: Property and Equipment The following table reflects information about our property and equipment as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Leasehold improvements $ 5,173 $ 4,921 Furniture and fixtures 2,792 2,786 Computer hardware and office equipment 3,557 3,317 Accumulated depreciation (10,078) (9,196) Property and equipment, net $ 1,444 $ 1,828 |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift [Abstract] (Deprecated 2020) | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS: Westwood Trust must maintain cash and investments in an amount equal to the required minimum restricted capital of $4.0 million as required by the Texas Finance Code. Restricted capital is included in Investments in the accompanying Consolidated Balance Sheets. At December 31, 2023, Westwood Trust had approximately $11.1 million in excess of its minimum capital requirement. Westwood Trust is limited under applicable Texas law in the payment of dividends of undivided profits, which is that part of equity capital equal to the balance of net profits, income, gains and losses since formation minus subsequent distributions to stockholders and transfers to surplus or capital under share dividends or appropriate Board resolutions. At the discretion of its Board, Westwood Trust may make quarterly and special dividend payments, or other distributions, to Westwood out of its undivided profits. No dividend payments were made in 2023, 2022 or 2021. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Advisory Fee Revenues Our advisory fees are generated by Westwood Management for managing client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of AUM and AUA and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on AUM on the last day of the preceding quarter, quarterly in arrears based on AUM on the last day of the quarter just ended or are based on a daily or monthly analysis of AUM for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our Consolidated Financial Statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors include separate accounts of (i) corporate pension and profit sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals; (ii) sub-advisory relationships where Westwood provides investment management services for funds offered by other financial institutions; (iii) pooled investment vehicles, including collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers. Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our suite of investment strategies for institutional investors and wealth management accounts. Arrangements with Performance-Based Obligations A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time, and a limited number of our mutual fund offerings have fees that generate additional revenues if we outperform specified indices over specific periods of time. Performance-based fees are paid after the performance obligation has been satisfied. The revenue is based on future market performance and is subject to many factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied. Trust Fee Revenues Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of AUM. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of AUM for the quarter, or monthly, based on the month-end value of AUM, and are paid monthly and quarterly in arrears. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Consolidated Financial Statements contain no deferred fee revenues. Revenue Disaggregated Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands). Year Ended December 31, 2023 2022 2021 Advisory Fees: Institutional $ 37,738 $ 26,653 $ 31,069 Mutual Funds 29,745 20,245 17,507 Wealth Management 1,172 805 686 Trust Fees 20,592 21,686 24,131 Other 534 (708) (339) Total revenues $ 89,781 $ 68,681 $ 73,054 We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands): Year Ended December 31, 2023 Advisory Trust Performance-based Other Total Canada $ 1,105 $ — $ — $ — $ 1,105 U.S. 66,286 20,242 1,614 534 88,676 Total $ 67,391 $ 20,242 $ 1,614 $ 534 $ 89,781 Year Ended December 31, 2022 Advisory Trust Performance-based Other Total Canada 1,171 — — — 1,171 U.S. 45,514 21,686 1,018 (708) 67,510 Total $ 46,685 $ 21,686 $ 1,018 $ (708) $ 68,681 Year Ended December 31, 2021 Advisory Trust Performance-based Other Total Canada 1,163 — — — 1,163 Europe 638 — 262 — 900 U.S. 45,512 24,131 1,687 (339) 70,991 Total $ 47,313 $ 24,131 $ 1,949 $ (339) $ 73,054 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS (LOSS) PER SHARE: Basic earnings (loss) per common share is computed by dividing comprehensive income (loss) attributable to Westwood Holdings Group, Inc. by the weighted average number of shares outstanding for the applicable period. Diluted earnings (loss) per share is computed based on the weighted average number of shares outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors using the treasury stock method. There were approximately 63,000, 120,000 and 116,000 anti-dilutive restricted shares as of December 31, 2023, 2022 and 2021, respectively, which were excluded from weighted average shares outstanding. The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share and share amounts): Years ended December 31, 2023 2022 2021 Comprehensive income (loss) attributable to Westwood Holdings Group, Inc. $ 9,520 $ (4,628) $ 9,763 Weighted average shares outstanding – basic 7,964,423 7,844,363 7,875,395 Dilutive potential shares from unvested restricted shares 147,716 — 52,577 Weighted average shares outstanding – diluted 8,112,139 7,844,363 7,927,972 Earnings (loss) per share: Basic $ 1.20 $ (0.59) $ 1.24 Diluted $ 1.17 $ (0.59) $ 1.23 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES: As discussed in Note 2 “Summary of Significant Accounting Policies,” the CTFs and Private Funds (together the “Westwood VIEs”) are considered VIEs, and the Westwood Funds® and Private Equity are considered VOEs (together the “Westwood VOEs”). We receive fees for managing assets in these entities commensurate with market rates. As of December 31, 2023 and 2022, we evaluated all of the Westwood VIEs and Westwood VOEs to determine whether or not we should consolidate the entities into our Consolidated Financial Statements. For the Westwood VIEs, we evaluated whether or not we qualify as the primary beneficiary based on whether we have the obligation to absorb significant losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance, and concluded that we do not qualify as a primary beneficiary for those entities. For the Westwood VOEs, we evaluated whether or not we own a controlling financial interest in the entities, and we concluded that we do not. Based on our analyses, we have not consolidated the Westwood VIEs or Westwood VOEs into our Consolidated Financial Statements for the years ended December 31, 2023 or 2022. We have not otherwise provided any financial support that we were not previously contractually obligated to provide and there are no arrangements that would require us to provide additional financial support to any of these entities. Our seed investments in the Westwood Funds® are accounted for as investments in accordance with our other investments described in Note 6 “Investments.” We recognized fee revenue from the Westwood VIEs and Westwood VOEs of approximately $32.4 million, $23.2 million and $22.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table displays the AUM, the amount of our seed investments that are included in “Investments” and “Investments, at fair value” on the Consolidated Balance Sheets, and the financial risk of loss in each vehicle (in millions): As of December 31, 2023 Assets Under Management Corporate Investment Amount at Risk VIEs/VOEs: Westwood Funds® $ 4,103 $ — $ — Common Trust Funds 668 $ — $ — Private Funds 56 $ 0.3 $ 0.3 Private Equity — $ 7.2 $ 7.2 All other assets: Wealth Management 3,417 Institutional 7,215 Total AUM $ 15,459 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS: Some of our directors, executive officers and their affiliates invest personal funds directly in trust accounts that we manage. At both December 31, 2023 and at December 31, 2022, there was approximately $0.1 million in fees due from these accounts. For the years ended December 31, 2023 and 2022 we recorded trust fees from these accounts of $0.3 million. For the year ended December 31, 2021 we recorded trust fees from these accounts of $0.4 million. One director serves as a consultant to the Company under a consulting agreement for which we recorded expenses of $0.1 million for each of the years ended December 31, 2023, 2022 and 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: Purchase commitments Our purchase commitments primarily consist of outsourced information technology services, software licenses and commitments for financial research tools. As of December 31, 2023, our purchase commitments for the next five years and thereafter were as follows (in thousands): Payments due in: Total Less than 1 year 1-3 years 4-5 years Thereafter Purchase obligations $ 14,637 $ 6,519 $ 5,674 $ 2,444 $ — |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING: We operate two segments: Advisory and Trust. These segments are managed separately based on the types of products and services offered and their related client bases. The Company’s segment information is prepared on the same basis that management uses to review the financial information for operational decision-making purposes. The Company's Chief Operating Decision Maker, our Chief Executive Officer, evaluates the performance of our segments based primarily on fee revenues. Westwood Holdings Group, Inc., the parent company of Advisory and Trust, does not have revenues and is the entity in which we record typical holding company expenses including employee compensation and benefits for holding company employees, directors’ fees and investor relations costs. All segment accounting policies are the same as those described in the summary of significant accounting policies. Intersegment balances that eliminate in consolidation have been applied to the appropriate segment. Advisory Our Advisory segment provides investment advisory services to (i) corporate pension and profit sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals, (ii) sub-advisory relationships where Westwood provides investment management services to the Westwood Funds®, funds offered by other financial institutions and funds offered by our Trust segment and (iii) pooled investment vehicles, including collective investment trusts. Salient and Westwood Management, which provide investment advisory services to similar clients, are included in our Advisory segment. Trust Westwood Trust provides trust and custodial services and participation in common trust funds that it sponsors to institutions and high net worth individuals. Westwood Trust is included in our Trust segment. (in thousands) Advisory Trust Westwood Eliminations Consolidated Year Ended December 31, 2023 Revenues: Net fee revenues from external sources $ 68,656 $ 20,591 $ — $ — $ 89,247 Net intersegment revenues 6,270 279 — (6,549) — Other revenue 534 — — — 534 Total revenues 75,460 20,870 — (6,549) 89,781 Net income (loss) $ 14,636 $ 1,776 $ (5,841) $ — $ 10,571 Segment assets $ 285,179 $ 46,754 $ 14,256 $ (191,022) $ 155,167 Segment goodwill $ 23,100 $ 16,401 $ — $ — $ 39,501 Segment equity method investments $ 4,284 $ — $ — $ — $ 4,284 Expenditures for long-lived assets $ 135 $ 94 $ (82) $ — $ 147 Year Ended December 31, 2022 Revenues: Net fee revenues from external sources $ 47,703 $ 21,686 $ — $ — $ 69,389 Net intersegment revenues 2,080 336 — (2,416) — Other revenue (708) — — — (708) Total revenues 49,075 22,022 — (2,416) 68,681 Net income (loss) $ 11,062 $ 1,005 $ (16,695) $ — $ (4,628) Segment assets $ 283,027 $ 53,644 $ 30,308 $ (220,552) $ 146,427 Segment goodwill $ 19,331 $ 16,401 $ — $ — $ 35,732 Segment equity method investments $ 6,574 $ — $ — $ — $ 6,574 Expenditures for long-lived assets $ 137 $ 84 $ 99 $ — $ 320 Year Ended December 31, 2021 Revenues: Net fee revenues from external sources $ 49,262 $ 24,131 $ — $ — $ 73,393 Net intersegment revenues 2,415 356 — (2,771) — Other revenue (339) — — — (339) Total revenues 51,338 24,487 — (2,771) 73,054 Net income (loss) $ 16,780 $ 5,656 $ (12,673) $ — $ 9,763 Segment assets $ 222,335 $ 56,965 $ 12,784 $ (152,479) $ 139,605 Segment goodwill $ — $ 16,401 $ — $ — $ 16,401 Expenditures for long-lived assets $ 66 $ 61 $ 51 $ — $ 178 Geographical information Refer to Note 4, “Revenue” for our revenue disaggregated by our clients' geographical location. As of December 31, 2023 and 2022, all of our property and equipment was in the United States. |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION | CONCENTRATION: For the years ended December 31, 2023, our ten largest clients accounted for approximately 21% of our fee revenue. For the years ended December 31, 2022 and 2021, our ten largest clients accounted for approximately 22% of our fee revenue. No single customer accounted for 10% or more of our fee revenues in any of these years. The following table presents advisory fee revenue received from our single largest client in each year (in thousands): Years ended December 31, 2023 2022 2021 Advisory fees from our largest client: Asset-based fees $ 3,892 $ 2,582 $ 2,682 Percent of fee revenue 4.4 % 3.7 % 3.7 % |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (Unaudited) | QUARTERLY FINANCIAL DATA (Unaudited): The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2023 and 2022 (in thousands, except per share amounts): Quarter First Second Third Fourth 2023 Revenues $ 17,216 $ 15,603 $ 15,406 $ 20,456 Income (loss) before income taxes 594 (458) (1,021) (4,313) Net income (loss) 50 (378) (1,175) (3,125) Basic earnings (loss) per common share 0.01 (0.05) (0.15) (0.40) Diluted earnings (loss) per common share 0.01 (0.05) (0.15) (0.40) 2022 Revenues $ 18,319 $ 17,484 $ 17,860 $ 19,391 Income (loss) before income taxes 7,014 1,416 2,360 3,213 Net income (loss) 4,101 970 1,879 2,813 Basic earnings (loss) per common share 0.52 0.12 0.24 0.36 Diluted earnings (loss) per common share 0.52 0.12 0.24 0.36 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | There were approximately 63,000, 120,000 and 116,000 anti-dilutive restricted shares as of December 31, 2023, 2022 and 2021, respectively, which were excluded from weighted average shares outstanding. The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share and share amounts): Years ended December 31, 2023 2022 2021 Comprehensive income (loss) attributable to Westwood Holdings Group, Inc. $ 9,520 $ (4,628) $ 9,763 Weighted average shares outstanding – basic 7,964,423 7,844,363 7,875,395 Dilutive potential shares from unvested restricted shares 147,716 — 52,577 Weighted average shares outstanding – diluted 8,112,139 7,844,363 7,927,972 Earnings (loss) per share: Basic $ 1.20 $ (0.59) $ 1.24 Diluted $ 1.17 $ (0.59) $ 1.23 |
Principles of consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of Westwood and its subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. We assess each legal entity that we manage to determine whether consolidation is appropriate at the onset of the relationship. We first determine whether the entity is a variable interest entity (“VIE”), or a voting interest entity (“VOE”), under GAAP and whether we have a controlling financial interest in the entity. Assessing whether or not an entity is a VOE or VIE and if it requires consolidation involves judgment and analysis. Factors considered in this assessment include, but are not limited to, the legal organization of the entity, our equity ownership and contractual involvement with the entity and any related party or de facto agent implications of our involvement with the entity. We reconsider whether entities are a VIE or VOE whenever contractual arrangements change, the entity receives additional equity or returns equity to its investors or changes in facts and circumstances occur that change investors’ abilities to direct the activities of the entity. A VIE is an entity in which (i) the total equity investment at risk is not sufficient to enable the entity to finance its activities without subordinated financial support, (ii) the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with disproportionate voting rights, and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights. That is, the at-risk equity holders do not have the obligation to absorb significant losses, the right to receive residual returns and the right to direct the activities of the entity that most significantly impact the entity’s economic performance. An enterprise must consolidate all VIEs of which it is the primary beneficiary. We determine if a sponsored investment meets the definition of a VIE by considering whether the fund’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the fund’s at-risk equity holders absorb any losses, have the right to receive residual returns and have the right to direct the activities of the entity most responsible for the entity’s economic performance. The primary beneficiary of a VIE is defined as the party that, considering the involvement of related parties and de facto agents, has (i) the power to direct the activities of the VIE that most significantly affect its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. This evaluation is updated on a continuing basis. A VOE is an entity that is outside the scope of the guidance for VIEs. Consolidation of a VOE is required when a reporting entity owns a controlling financial interest in a VOE. Ownership of a majority of the voting interests is the usual condition for a controlling financial interest. We evaluated (i) our relationship as sponsor of the Common Trust Funds (“CTFs”) and managing member of the private equity funds Westwood Hospitality, Westwood Technology Opportunities Fund I, LP and Westwood Energy Secondaries (collectively the “Private Funds”), (ii) our advisory relationships with the Westwood Funds® and (iii) our investments in InvestCloud, Vista, Zarvona Energy Fund GP and Zarvona Energy Fund II-A as discussed in Note 6 “Investments” (“Private Equity”) to determine whether each of these entities is a variable interest entity (“VIE”) or voting ownership entity (“VOE”). Based on our analyses, we determined that the CTFs, Private Funds and Zarvona Energy Fund II-A were VIEs, as the at-risk equity holders do not have the ability to direct the activities that most significantly impact the entities' economic performance, and, while the Company and its representatives have a majority control of the entities' respective boards of directors and can influence the respective entities' management and affairs, the Company is not exposed to a majority of the economics of those entities and does not qualify as primary beneficiaries for those entities. We have not consolidated our investments in those entities for the periods ending December 31, 2023 and 2022. Based on our analyses, we determined the Westwood Funds®, InvestCloud, Vista, and Zarvona Energy Fund GP (i) have sufficient equity at risk to finance the entities' activities independently, (ii) have the obligation to absorb losses, the right to receive residual returns and the right to direct the activities of the entities that most significantly impact the entities' economic performance and (iii) are not structured with disproportionate voting rights and are VOEs. As we do not own controlling financial interests in those entities, we have not consolidated our investments in those entities for the periods ending December 31, 2023 and 2022. |
Use of Estimates | Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses in the financial statements. Such estimates include, but are not limited to, the Company's estimates in connection with values of long lived assets, provision for income tax, goodwill, intangible assets, contingent consideration and accrued expenses. Actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of money market accounts and other short-term, highly liquid investments with maturities of three months or less, other than pooled investment vehicles that are considered investments. We maintain some cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not experienced losses on uninsured cash accounts, which are held at large, well-capitalized financial institutions. |
Accounts Receivable | Accounts Receivable Accounts receivable represents balances arising from services provided to customers and are recorded on an accrual basis, net of any allowance for credit losses. Accounts receivable are written off when they are determined to be uncollectible. Any allowance for doubtful accounts is estimated based on the Company’s historical amounts written off, existing conditions in the industry, and the financial stability of the customer. The majority of our accounts receivable balances consist of advisory and trust fees receivable from customers that we believe are, and have experienced to be, fully collectible. Accordingly, our Consolidated Financial Statements include neither an allowance for credit losses, nor provision for credit losses. |
Investments | Investments Investments that are measured at fair market value are classified as trading securities and are carried at quoted market values on the accompanying Consolidated Balance Sheets. Net unrealized holding gains or losses on investments classified as trading securities are reflected as a component of other revenues. We measure realized gains and losses on investments using the specific identification method. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820, Fair Value Measurements ("ASC 820") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We determined the estimated fair values of our financial instruments using available information. The fair value amounts discussed in Notes 6 “Investments” and 7 “Fair Value Measurements” are not necessarily indicative of either the amounts realizable upon disposition of these instruments or of our intent or ability to dispose of these assets. The estimated fair value of cash and cash equivalents, included in Level 1 of the fair value hierarchy as discussed in Note 7 "Fair Value Measurements", approximates their carrying value due to their short-term maturities. The carrying amount of investments designated as “trading” securities, primarily U.S. Government securities, money market funds, equity funds, equities and exchange-traded bond funds, equals fair value based on prices quoted in active markets and, with respect to funds, the reported net asset value (“NAV”) of the shares held. Market values of our money market holdings generally do not fluctuate. Our investments in InvestCloud and Vista are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes. Our investment in Westwood Hospitality is measured at fair value using NAV as a practical expedient. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying liabilities assumed at the date of acquisition. Goodwill is tested at least annually for impairment. We test more frequently if indicators are present or changes in circumstances suggest that impairment may exist. These indicators include declines in revenues, earnings or cash flows, or the development of a material adverse change in the business climate. We assess goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, which is referred to as a component. We have identified two reporting units, which are consistent with our reporting segments: Advisory and Trust. The Company is not required to calculate the fair value of a reporting unit unless we determine that it is more likely than not that its fair value is less than the carrying amount. We assess goodwill for impairment using either a qualitative or quantitative assessment. The qualitative assessment includes consideration of the current trends in the industry in which we operate, macroeconomic conditions and recent financial performance of our reporting units. The quantitative analysis requires a comparison of each reporting unit’s carrying value to the fair value of the respective unit. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The fair value of each reporting unit is estimated using a market multiple approach and an income approach. We completed our most recent annual goodwill impairment assessment during the third quarter of 2023, and determined that no goodwill impairment related to the Advisory and Trust segments was required. There was no goodwill impairment in either segment during the years ended December 31, 2023, 2022 or 2021. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of furniture and equipment is provided over the estimated useful lives of the assets (from 3 to 7 years), and depreciation on leasehold improvements is provided over the lesser of the estimated useful life or lease term using the straight-line method. We capitalize leasehold improvements, furniture and fixtures, computer hardware and most office equipment purchases. We include depreciation in the “General and administrative” line on our Consolidated Statements of Comprehensive Income (Loss). |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues such as gains and losses from our seed money investments into net investment strategies. The "Other, net” revenues on our Consolidated Statements of Comprehensive Income (Loss) are the unrealized gains and losses on our seed money investments, and our seed money investments are included in "Investments, at fair value" on our Consolidated Balance Sheets. Our seed money investments were $3.0 million and $7.3 million at December 31, 2023 and 2022, respectively. Advisory and Trust fees are calculated based on a percentage of AUM and AUA, and the performance obligation is realized over the then-current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Incremental costs to obtain a contract are eligible to be capitalized if the costs are expected to be recovered over the service period. We incur certain incremental costs in obtaining new business and continually evaluate whether costs should be capitalized and amortized over the expected period of benefit of the asset. Certain costs used to fulfill a contract such as the distribution services utilized to sell our Westwood Funds® are expensed as incurred. We recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. |
Stock Based Compensation | Stock-Based Compensation We have issued restricted stock to certain U.S. employees and Board of Directors (the "Board") in accordance with our Ninth Amended and Restated Westwood Holdings Group, Inc. Stock Incentive Plan (the “Plan”). Stock-based compensation expense reflects the fair value of stock-based awards measured at grant date and is recognized over the relevant service period. We expense the fair value of stock-based compensation awards granted to our employees and directors in our Consolidated Financial Statements on a straight-line basis over the period that services are required to be provided in exchange for the award (“requisite service period”), which is typically the period over which the award vests. Stock-based compensation is recognized only for awards that vest. We measure the fair value of compensation cost related to restricted stock awards based on the closing market price of our common stock on the grant date. For performance-based share awards, we assess actual performance versus the predetermined performance goals and record compensation expense once we conclude it is probable that we will meet the performance goals required to vest the applicable performance-based awards. We account for restricted stock forfeitures as they occur. |
Income Taxes | Income Taxes We file a U. S. federal income tax return as a consolidated group for Westwood and its U.S.-based subsidiaries. Deferred income tax assets and liabilities are determined based on temporary differences between the financial statements and income tax bases of assets and liabilities as measured at enacted income tax rates. Deferred income tax expense is generally the result of changes in deferred tax assets and liabilities. Deferred taxes relate primarily to incentive compensation and stock-based compensation expense. We record net deferred tax assets to the extent we believe such assets will more likely than not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we were to determine that we would not be able to realize our deferred income tax assets in the future, we would record a valuation allowance. No such valuation allowance has been recorded in our Consolidated Financial Statements. We account for uncertain tax positions by recognizing the impact of a tax position in our Consolidated Financial Statements when we believe it is more likely than not that the tax position would not be sustained upon examination by the appropriate tax authority based on the merits of the position. We include penalties and interest on income-based taxes, if any, in the “General and administrative” line on our Consolidated Statements of Comprehensive Income (Loss). See Note 9 “Income Taxes.” Lease s We determine if an arrangement contains a lease at inception, and leases are classified as either operating or finance leases at the lease commencement date. An arrangement contains a lease if it implicitly or explicitly identifies an asset to be used and conveys the right to control the use of the identified asset in exchange for consideration. Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we generally use our estimated incremental borrowing rate at commencement date to determine the present value of lease payments. When readily determinable, we use the rate implicit in the lease. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Expenses associated with operating leases are recorded in “General and administrative” expenses on our Consolidated Statements of Comprehensive Income (Loss). Short-term leases with a term of 12 months or less are not capitalized. Business Combinations In allocating the purchase price of a business combination, the Company records all assets acquired and liabilities assumed at fair value, with the excess of the purchase price over the aggregate fair values recorded as goodwill. The purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is allocated to goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition. The Company adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing as of the acquisition date. Acquisition-related costs are recognized separately from the acquisition and are expensed as incurred. The acquired client relationships, trade names and non-compete agreements are subject to fair value measurements based primarily on significant inputs not observable in the market and thus represent level 3 measurements. The valuation of an acquired client relationship utilizes an income approach, which provides an estimate of the fair value of an asset based on discounted cash flows and management estimates, including the estimated growth associated with existing clients, market growth and client attrition. The valuation of acquired trade names uses a relief from royalty method in which the fair value of the intangible asset is estimated to be the present value of royalties saved because the Company owns the intangible asset. Revenue projections and estimated useful lives are used in estimating the fair value of the trade names. The non-compete agreements are calculated using the differential cash flow method (with-or-without method), which utilizes the probability of certain employees competing with the Company and revenue projections to calculate the valuation of non-competition agreements. When an acquisition includes future contingent consideration on achieving certain milestones, the Company estimates the earn-out fair value using Monte Carlo simulation models. The Monte Carlo simulations considered assumptions including revenue volatility, risk free rates, discount rates and payment discount rates. The projected contingent payment is discounted back to the current period using a discounted cash flow model. Increases or decreases in projected revenues, probabilities of payment, discount rates or projected payment dates may result in higher or lower fair value measurements. Fluctuations in any of the inputs may result in a significantly lower or higher fair value measurement. A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date, and the fair value of the contingent consideration is remeasured at each subsequent reporting period with any change in fair value recognized as income or expense within the Consolidated Statements of Comprehensive Income (Loss). Equity Method Investments |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Segment Reporting In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires an entity to disclose significant segment expenses and other segment items on an annual and interim basis, and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires an entity to disclose the title and position of the Chief Operating Decision Maker. This ASU does not change how an entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. An entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We expect this ASU to impact our disclosures, with no impact to our results of operations, cash flows or financial condition. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which focuses on the income tax rate reconciliation and income taxes paid. ASU 2023-09 requires an entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories, with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign, and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. We expect this ASU to impact our disclosures, with no impact to our results of operations, cash flows, or financial condition. |
Equity Method Investments | Equity Method Investments Investments in entities where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in "Equity method investments" on our Consolidated Balance Sheets. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. The Company’s proportionate share of the net income or loss of equity method investments is included in "Other income" on the Consolidated Statements of Comprehensive Income (Loss), and any dividends received reduce the carrying value of the investment. |
Revenue (Policies)
Revenue (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenues are recognized when the performance obligation (the investment management and advisory or trust services provided to the client) defined by the investment advisory or sub-advisory agreement is satisfied. For each performance obligation, we determine at contract inception whether the revenue satisfies over time or at a point in time. We derive our revenues from investment advisory fees, trust fees and other sources of revenues such as gains and losses from our seed money investments into net investment strategies. The "Other, net” revenues on our Consolidated Statements of Comprehensive Income (Loss) are the unrealized gains and losses on our seed money investments, and our seed money investments are included in "Investments, at fair value" on our Consolidated Balance Sheets. Our seed money investments were $3.0 million and $7.3 million at December 31, 2023 and 2022, respectively. Advisory and Trust fees are calculated based on a percentage of AUM and AUA, and the performance obligation is realized over the then-current calendar quarter. Once clients receive our investment advisory services we have an enforceable right to payment. Incremental costs to obtain a contract are eligible to be capitalized if the costs are expected to be recovered over the service period. We incur certain incremental costs in obtaining new business and continually evaluate whether costs should be capitalized and amortized over the expected period of benefit of the asset. Certain costs used to fulfill a contract such as the distribution services utilized to sell our Westwood Funds® are expensed as incurred. We recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | There were approximately 63,000, 120,000 and 116,000 anti-dilutive restricted shares as of December 31, 2023, 2022 and 2021, respectively, which were excluded from weighted average shares outstanding. The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share and share amounts): Years ended December 31, 2023 2022 2021 Comprehensive income (loss) attributable to Westwood Holdings Group, Inc. $ 9,520 $ (4,628) $ 9,763 Weighted average shares outstanding – basic 7,964,423 7,844,363 7,875,395 Dilutive potential shares from unvested restricted shares 147,716 — 52,577 Weighted average shares outstanding – diluted 8,112,139 7,844,363 7,927,972 Earnings (loss) per share: Basic $ 1.20 $ (0.59) $ 1.24 Diluted $ 1.17 $ (0.59) $ 1.23 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Balances | All other investments are carried at fair value on a recurring basis and are accounted for as trading securities. Investments carried at fair value are presented in the table below (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated December 31, 2023: U.S. Government securities $ 22,522 $ 14 $ (75) $ 22,461 Money market funds 5,367 111 — 5,478 Equity funds 4,295 195 (260) 4,230 Equities 381 — (24) 357 Exchange-traded bond funds 152 — (4) 148 Total trading securities $ 32,717 $ 320 $ (363) $ 32,674 Private investment fund 265 7 (31) 241 Total investments carried at fair value $ 32,982 $ 327 $ (394) $ 32,915 December 31, 2022: U.S. Government securities $ 5,728 $ — $ (389) $ 5,339 Money market funds 4,093 111 — 4,204 Equity funds 4,863 32 (446) 4,449 Equities 1,278 — (65) 1,213 Exchange-traded bond funds 159 — (22) 137 Total trading securities $ 16,121 $ 143 $ (922) $ 15,342 Private investment fund 265 — (30) 235 Private equity 3,475 — (683) 2,792 Total investments carried at fair value $ 19,861 $ 143 $ (1,635) $ 18,369 |
Other Revenue | The following amounts represent income from all investments, except for income tax amounts, are included in our Consolidated Statements of Comprehensive Income (Loss) under the headings “Other revenues, net," "Net change in unrealized appreciation (depreciation) on private investments," or "Investment Income" (in thousands): For the Years Ended December 31, 2023 2022 2021 Realized gains $ 73 $ 1 $ 41 Realized losses (190) (363) (212) Net realized gains (losses) $ (117) $ (362) $ (171) Income tax expense from gains (losses) $ (25) $ (76) $ (36) Interest income – trading $ 640 $ 414 $ 716 Dividend income $ 61 $ 90 $ 35 Unrealized gains/(losses) $ 1,425 $ (2,131) $ 923 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Values of Assets Within Fair Value Hierarchy | The following table summarizes our assets and liabilities measured at fair value on a recurring basis, as of the dates indicated within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Measured at NAV (1) Total As of December 31, 2023 Investments in trading securities $ 32,674 $ — $ — $ — $ 32,674 Private investment fund — — — 241 241 Total assets measured at fair value $ 32,674 $ — $ — $ 241 $ 32,915 Salient Acquisition contingent consideration $ — $ — $ 10,133 $ — $ 10,133 Total liabilities measured at fair value $ — $ — $ 10,133 $ — $ 10,133 As of December 31, 2022 Investments in trading securities $ 15,342 $ — $ — $ — $ 15,342 Private investment fund — — — 235 235 Private equity — — 2,792 — 2,792 Total assets measured at fair value $ 15,342 $ — $ 2,792 $ 235 $ 18,369 Salient Acquisition contingent consideration $ — $ — $ 12,901 $ — $ 12,901 Total liabilities measured at fair value $ — $ — $ 12,901 $ — $ 12,901 (1) Comprised of certain investments measured at fair value using NAV as a practical expedient. The fair value amounts presented in this table are intended to allow reconciliation of the fair value hierarchy to the amounts presented on our Consolidated Balance Sheets. Prior to our exchange of Charis shares for shares in Vista, our investment in Charis was included within Level 3 of the fair value hierarchy as we valued it utilizing inputs not observable in the market. Historically, our investment was measured at fair value on a recurring basis using a market approach based on either a price to tangible book value multiple range determined to be reasonable in the current environment, or on market transactions. On April 3, 2023, Charis was acquired by Vista in a transaction in which the Company exchanged its shares in Charis for shares in Vista. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in Level 3 investments measured at fair value on a recurring basis for the periods presented (in thousands): Years ended December 31, 2023 2022 Beginning balance $ 2,792 $ 4,369 Exchange of shares (2,792) — Net change in unrealized appreciation (depreciation) on private investments — (1,577) Ending balance $ — $ 2,792 The following table summarizes the changes in Level 3 liabilities measured at fair value on a recurring basis for the periods presented (in thousands): Years ended December 31, 2023 2022 Beginning balance $ 12,901 $ — Acquisition — 12,901 Total (gains) losses included in earnings (2,768) — Ending balance $ 10,133 $ 12,901 The December 31, 2023 contingent consideration fair value of $10.1 million was valued based upon updated revenue growth projections and financial inputs. The fair value of contingent consideration related to both the revenue retention earn-out and the growth earn-out is measured using the Monte Carlo simulation model, which considered assumptions including revenue |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Tables) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Changes in Goodwill | Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying liabilities assumed at the date of acquisition. Changes in goodwill were as follows (in thousands): Trust Segment Advisory Segment Total Balance at December 31, 2021 $ 16,401 $ — $ 16,401 Salient Acquisition — 19,331 19,331 Balance at December 31, 2022 16,401 19,331 35,732 Salient Acquisition adjustment 1 — (428) (428) Broadmark Acquisition — 4,197 4,197 Balance at December 31, 2023 $ 16,401 $ 23,100 $ 39,501 | ||
Summary of Intangible Assets | The following is a summary of intangible assets at December 31, 2023 and 2022 (in thousands, except years): Weighted Average Amortization Period (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount 2023 Client relationships 15.0 $ 34,397 $ (12,906) $ 21,491 Internally developed software 5.8 1,439 (1,258) 181 Trade name 3.0 3,800 (1,372) 2,428 Non-compete agreements 3.0 1,100 (397) 703 $ 40,736 $ (15,933) $ 24,803 2022 Client relationships 15.0 $ 34,397 $ (10,636) $ 23,761 Internally developed software 5.8 1,439 (1,012) 427 Trade name 3.0 3,800 (105) 3,695 Non-compete agreements 3.0 1,100 (31) 1,069 $ 40,736 $ (11,784) $ 28,952 | ||
Amortization expense | $ 4,149 | $ 1,889 | $ 1,624 |
Estimated Amortization Expense for Intangible Assets over the Next Five Years | Estimated amortization expense for intangible assets over the next five years, and thereafter, is as follows (in thousands): For the year ending December 31, Estimated Amortization Expense 2024 $ 4,095 2025 3,939 2026 2,293 2027 2,293 2028 2,293 Thereafter 9,890 Total $ 24,803 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | The following table reflects information about our property and equipment as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Leasehold improvements $ 5,173 $ 4,921 Furniture and fixtures 2,792 2,786 Computer hardware and office equipment 3,557 3,317 Accumulated depreciation (10,078) (9,196) Property and equipment, net $ 1,444 $ 1,828 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes by Jurisdiction | Income (loss) before income taxes by jurisdiction was as follows (in thousands): Years ended December 31, 2023 2022 2021 U.S. $ 12,419 $ (5,112) $ 13,989 Canada (27) (83) 14 Total $ 12,392 $ (5,195) $ 14,003 |
Difference between the Federal Corporate Tax Rate and the Effective Tax Rate | The difference between the Federal corporate tax rate and the effective tax rate is comprised of the following (in thousands). Years ended December 31, 2023 2022 2021 Income tax provision computed at US federal statutory rate $ 2,603 21.0 % $ (1,091) 21.0 % $ 2,935 21.0 % Canadian rate differential — — 87 (1.7) — — State and local income taxes, net of federal income taxes 349 2.8 128 (2.5) 372 2.7 Stock-based compensation 452 3.6 319 (6.1) 859 6.1 Compensation subject to Section 162(m) — — — — 180 1.3 Other, net (532) (4.2) (10) 0.2 (106) (0.8) Total income tax expense $ 2,872 23.2 % $ (567) 10.9 % $ 4,240 30.3 % Effective income tax rate 23.2 % 10.9 % 30.3 % |
Income Tax Provision (Benefit) as Set Forth in the Consolidated Statements of Income | Income tax provision as set forth in the Consolidated Statements of Comprehensive Income (Loss) consisted of the following components (in thousands): Years ended December 31, 2023 2022 2021 Current taxes: U.S. Federal $ 1,370 $ 14 $ 3,482 State and local 466 237 356 Foreign — 98 (218) Total current taxes 1,836 349 3,620 Deferred taxes: U.S. Federal 1,014 (888) 446 State and local 22 (44) 30 Foreign — 16 144 Total deferred taxes 1,036 (916) 620 Total income tax provision $ 2,872 $ (567) $ 4,240 |
Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below (in thousands). As of December 31, 2023 2022 Deferred tax assets: Stock-based compensation expense $ 1,160 $ 1,138 Deferred rent 1,039 1,330 Compensation and benefits payable 1,465 1,328 Federal unrecognized tax benefit — 4 Deferred compensation 464 446 Acquisition expenses 876 841 Other — 9 Total deferred tax assets 5,004 5,096 Deferred tax liabilities: Property and equipment (160) (186) Intangibles (1,917) (1,593) Unrealized gains on investments (614) (318) Leases (915) (1,214) Contingent consideration (636) — Other (36) (23) Total deferred tax liabilities (4,278) (3,334) Net deferred tax assets $ 726 $ 1,762 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the change in recorded uncertain tax positions during the years ended December 31, 2023 and 2022 follows (in thousands): Balance at December 31, 2021 $ 25 Reductions for tax positions related to prior years (4) Balance at December 31, 2022 21 Reductions for tax positions related to prior years (21) Balance at December 31, 2023 $ — |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands). Year Ended December 31, 2023 2022 2021 Advisory Fees: Institutional $ 37,738 $ 26,653 $ 31,069 Mutual Funds 29,745 20,245 17,507 Wealth Management 1,172 805 686 Trust Fees 20,592 21,686 24,131 Other 534 (708) (339) Total revenues $ 89,781 $ 68,681 $ 73,054 |
Revenue Disaggregation by Geographic Location [Table Text Block] | We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands): Year Ended December 31, 2023 Advisory Trust Performance-based Other Total Canada $ 1,105 $ — $ — $ — $ 1,105 U.S. 66,286 20,242 1,614 534 88,676 Total $ 67,391 $ 20,242 $ 1,614 $ 534 $ 89,781 Year Ended December 31, 2022 Advisory Trust Performance-based Other Total Canada 1,171 — — — 1,171 U.S. 45,514 21,686 1,018 (708) 67,510 Total $ 46,685 $ 21,686 $ 1,018 $ (708) $ 68,681 Year Ended December 31, 2021 Advisory Trust Performance-based Other Total Canada 1,163 — — — 1,163 Europe 638 — 262 — 900 U.S. 45,512 24,131 1,687 (339) 70,991 Total $ 47,313 $ 24,131 $ 1,949 $ (339) $ 73,054 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total Expense Recorded for Stock Based Compensation | The following table presents the total stock-based compensation expense recorded and the total income tax benefit recognized for stock-based compensation arrangements for the years indicated (in thousands): For the years ended December 31, 2023 2022 2021 Service condition restricted stock expense $ 6,479 $ 5,729 $ 5,253 Performance-based restricted stock expense 39 272 581 Total stock-based compensation expense $ 6,518 $ 6,001 $ 5,834 Total income tax benefit recognized related to stock-based compensation $ 714 $ 672 $ 804 |
Profit Sharing and 401(k) Contributions for the Periods | The following table displays our profit-sharing and retirement plan contributions for the periods presented (in thousands): Years ended December 31, 2023 2022 2021 Profit-sharing contributions, net $ — $ — $ 13 Retirement plan matching contributions 1,616 1,295 1,256 |
Restricted Stock Subject Only to a Service Condition | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Status and Changes in Restricted Stock Grants that Subject to Service Condition | The following table details the status and changes in our restricted stock grants that are subject only to a service condition for the year ended December 31, 2023: Number of Shares Weighted Average Non-vested, January 1, 2023 1,098,008 $ 15.49 Granted 507,244 12.26 Vested (294,340) 20.66 Forfeited (178,051) 13.99 Non-vested, December 31, 2023 1,132,861 $ 12.94 |
Weighted-Average Grant Date Fair Value for Shares Granted and the Total Fair Value of Shares Vested | he following table shows the weighted-average grant date fair value for shares granted and the total fair value of shares vested during the years indicated: Years ended December 31, 2023 2022 2021 Weighted-average grant date fair value $ 12.26 $ 13.26 $ 17.10 Fair value of shares vested (in thousands) $ 6,081 $ 5,278 $ 7,630 |
Restricted Shares Subject to Service and Performance Conditions | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Status and Changes in Restricted Stock Grants that Subject to Service Condition | The following table details the status and changes in our restricted stock grants subject to service and performance conditions for the year ended December 31, 2023: Number of Shares Weighted Average Grant Date Fair Value Non-vested, January 1, 2023 6,243 $ 37.42 Vested (6,243) 6.24 Non-vested, December 31, 2023 — $ — |
Weighted-Average Grant Date Fair Value for Shares Granted and the Total Fair Value of Shares Vested | The following table shows the total fair value of shares vested during the years indicated: Years ended December 31, 2023 2022 2021 Fair value of shares vested (in thousands) $ 39 $ 235 $ 913 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Shares | The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share and share amounts): Years ended December 31, 2023 2022 2021 Comprehensive income (loss) attributable to Westwood Holdings Group, Inc. $ 9,520 $ (4,628) $ 9,763 Weighted average shares outstanding – basic 7,964,423 7,844,363 7,875,395 Dilutive potential shares from unvested restricted shares 147,716 — 52,577 Weighted average shares outstanding – diluted 8,112,139 7,844,363 7,927,972 Earnings (loss) per share: Basic $ 1.20 $ (0.59) $ 1.24 Diluted $ 1.17 $ (0.59) $ 1.23 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | The following table displays the AUM, the amount of our seed investments that are included in “Investments” and “Investments, at fair value” on the Consolidated Balance Sheets, and the financial risk of loss in each vehicle (in millions): As of December 31, 2023 Assets Under Management Corporate Investment Amount at Risk VIEs/VOEs: Westwood Funds® $ 4,103 $ — $ — Common Trust Funds 668 $ — $ — Private Funds 56 $ 0.3 $ 0.3 Private Equity — $ 7.2 $ 7.2 All other assets: Wealth Management 3,417 Institutional 7,215 Total AUM $ 15,459 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure | Payments due in: Total Less than 1 year 1-3 years 4-5 years Thereafter Purchase obligations $ 14,637 $ 6,519 $ 5,674 $ 2,444 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Intersegment Balances | (in thousands) Advisory Trust Westwood Eliminations Consolidated Year Ended December 31, 2023 Revenues: Net fee revenues from external sources $ 68,656 $ 20,591 $ — $ — $ 89,247 Net intersegment revenues 6,270 279 — (6,549) — Other revenue 534 — — — 534 Total revenues 75,460 20,870 — (6,549) 89,781 Net income (loss) $ 14,636 $ 1,776 $ (5,841) $ — $ 10,571 Segment assets $ 285,179 $ 46,754 $ 14,256 $ (191,022) $ 155,167 Segment goodwill $ 23,100 $ 16,401 $ — $ — $ 39,501 Segment equity method investments $ 4,284 $ — $ — $ — $ 4,284 Expenditures for long-lived assets $ 135 $ 94 $ (82) $ — $ 147 Year Ended December 31, 2022 Revenues: Net fee revenues from external sources $ 47,703 $ 21,686 $ — $ — $ 69,389 Net intersegment revenues 2,080 336 — (2,416) — Other revenue (708) — — — (708) Total revenues 49,075 22,022 — (2,416) 68,681 Net income (loss) $ 11,062 $ 1,005 $ (16,695) $ — $ (4,628) Segment assets $ 283,027 $ 53,644 $ 30,308 $ (220,552) $ 146,427 Segment goodwill $ 19,331 $ 16,401 $ — $ — $ 35,732 Segment equity method investments $ 6,574 $ — $ — $ — $ 6,574 Expenditures for long-lived assets $ 137 $ 84 $ 99 $ — $ 320 Year Ended December 31, 2021 Revenues: Net fee revenues from external sources $ 49,262 $ 24,131 $ — $ — $ 73,393 Net intersegment revenues 2,415 356 — (2,771) — Other revenue (339) — — — (339) Total revenues 51,338 24,487 — (2,771) 73,054 Net income (loss) $ 16,780 $ 5,656 $ (12,673) $ — $ 9,763 Segment assets $ 222,335 $ 56,965 $ 12,784 $ (152,479) $ 139,605 Segment goodwill $ — $ 16,401 $ — $ — $ 16,401 Expenditures for long-lived assets $ 66 $ 61 $ 51 $ — $ 178 |
Concentration (Tables)
Concentration (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration | Years ended December 31, 2023 2022 2021 Advisory fees from our largest client: Asset-based fees $ 3,892 $ 2,582 $ 2,682 Percent of fee revenue 4.4 % 3.7 % 3.7 % |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2023 and 2022 (in thousands, except per share amounts): Quarter First Second Third Fourth 2023 Revenues $ 17,216 $ 15,603 $ 15,406 $ 20,456 Income (loss) before income taxes 594 (458) (1,021) (4,313) Net income (loss) 50 (378) (1,175) (3,125) Basic earnings (loss) per common share 0.01 (0.05) (0.15) (0.40) Diluted earnings (loss) per common share 0.01 (0.05) (0.15) (0.40) 2022 Revenues $ 18,319 $ 17,484 $ 17,860 $ 19,391 Income (loss) before income taxes 7,014 1,416 2,360 3,213 Net income (loss) 4,101 970 1,879 2,813 Basic earnings (loss) per common share 0.52 0.12 0.24 0.36 Diluted earnings (loss) per common share 0.52 0.12 0.24 0.36 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The maturities of lease liabilities are as follows (in thousands): Year ending December 31, Operating Leases 2024 $ 1,842 2025 1,930 2026 707 2027 383 2028 389 Thereafter 288 Total undiscounted lease payments $ 5,539 Less: discount (987) Total lease liabilities $ 4,552 |
Lease, Cost | The following table presents the components of lease costs related to our leases (amounts in thousands): Years Ended December 31, 2023 2022 2021 Operating lease costs $ 1,512 $ 1,682 $ 1,655 Sublease income 862 771 602 Sublease income relates to subleasing a portion of our corporate offices. The following table presents supplemental cash flow information related to our leases (amounts in thousands): Years Ended December 31, 2023 2022 2021 Operating cash flows from operating leases $ 1,774 $ 1,762 $ 1,990 Right-of-use assets obtained in exchange for lease obligations $ 173 $ 1,217 $ — |
Lessee, Operating Lease, Disclosure | The following table presents information regarding our operating leases (in thousands, except years and rates): December 31, 2023 2022 Operating lease right-of-use assets $ 3,673 $ 4,976 Operating lease liabilities $ 1,286 $ 1,502 Non-current lease liabilities 3,266 4,563 Total lease liabilities $ 4,552 $ 6,065 Weighted-average remaining lease term (in years) 3.3 4.1 Weighted-average discount rate 5.7 % 5.6 % |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 18,900 |
Description of the Business (De
Description of the Business (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Noncontrolling Interest, Increase from Business Combination | $ 994,000 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 0.48 | |
Subsidiary, Ownership Percentage, Noncontrolling Owner | 80% | |
Other Noncontrolling Interests | $ 0.32 | |
Asset Acquisition, Consideration Transferred | $ 1,200,000 | $ 46,320,000 |
Description of the Business (_2
Description of the Business (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Property and equipment, net of accumulated depreciation of $10,078 and $9,277 | $ 1,444 | $ 1,828 | |
Accounts Payable and Accrued Liabilities, Current | (6,130) | (5,678) | |
Goodwill | 39,501 | 35,732 | $ 16,401 |
Intangible assets, net | 24,803 | 28,952 | |
Other current assets | $ 4,543 | $ 4,645 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) reporting_units | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Provision for income taxes | $ 2,872,000 | $ (567,000) | $ 4,240,000 |
Foreign Currency Transaction Gain (Loss), before Tax | $ 2,768,000 | 0 | $ 0 |
Number of reporting units | reporting_units | 2 | ||
Valuation allowance | $ 0 | ||
Uncertain tax position | 21,000 | 25,000 | |
Unrecognized tax benefits | $ 0 | $ 4,000 | |
Effective Income Tax Rate Reconciliation, Percent | 23.20% | 10.90% | 30.30% |
seed money investment | $ 3,000,000 | $ 7,300,000 | |
Furniture and fixtures | Minimum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | 3 years | ||
Furniture and fixtures | Maximum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | 7 years | ||
Leasehold improvements | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | lesser of the estimated useful life or lease term |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies New Accounting Pronouncements or Change in Accounting Principle (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Provision for income taxes | $ 2,872,000 | $ (567,000) | $ 4,240,000 |
Effective Income Tax Rate Reconciliation, Percent | 23.20% | 10.90% | 30.30% |
Operating Lease, Right-of-Use Asset | $ 3,673,000 | $ 4,976,000 | |
Operating Lease, Payments | 1,774,000 | 1,762,000 | $ 1,990,000 |
Operating Lease, Liability, Noncurrent | 3,266,000 | 4,563,000 | |
Operating Lease, Liability, Current | $ 1,286,000 | $ 1,502,000 |
Investments (Trading Securities
Investments (Trading Securities FV) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment balances | |||
Cost | $ 32,717 | $ 16,121 | |
Gross Unrealized Gains | 320 | 143 | |
Gross Unrealized Losses | (363) | (922) | |
Investments in trading securities | 32,674 | 15,342 | |
Trading Securities, Unrealized Holding Gain | 320 | 143 | |
Trading Securities, Unrealized Holding Loss | 363 | 922 | |
Trading Securities, Cost | 32,717 | 16,121 | |
Investment Owned, at Cost | 32,982 | 19,861 | |
Investments in trading securities | 32,674 | 15,342 | |
Unrealized Gain on Securities | 327 | 143 | |
Unrealized Loss on Securities | (394) | (1,635) | |
Investment Owned, at Fair Value | 32,915 | 18,369 | |
Unrealized Gain (Loss) on Investments | 6 | (1,495) | $ (1,797) |
U.S. Government securities | |||
Investment balances | |||
Cost | 22,522 | 5,728 | |
Gross Unrealized Gains | 14 | 0 | |
Gross Unrealized Losses | (75) | (389) | |
Investments in trading securities | 22,461 | 5,339 | |
Trading Securities, Unrealized Holding Gain | 14 | 0 | |
Trading Securities, Unrealized Holding Loss | 75 | 389 | |
Trading Securities, Cost | 22,522 | 5,728 | |
Investments in trading securities | 22,461 | 5,339 | |
Money market funds | |||
Investment balances | |||
Cost | 5,367 | 4,093 | |
Gross Unrealized Gains | 111 | 111 | |
Gross Unrealized Losses | 0 | 0 | |
Investments in trading securities | 5,478 | 4,204 | |
Trading Securities, Unrealized Holding Gain | 111 | 111 | |
Trading Securities, Unrealized Holding Loss | 0 | 0 | |
Trading Securities, Cost | 5,367 | 4,093 | |
Investments in trading securities | 5,478 | 4,204 | |
Equity funds | |||
Investment balances | |||
Cost | 4,295 | 4,863 | |
Gross Unrealized Gains | 195 | 32 | |
Gross Unrealized Losses | (260) | (446) | |
Investments in trading securities | 4,230 | 4,449 | |
Trading Securities, Unrealized Holding Gain | 195 | 32 | |
Trading Securities, Unrealized Holding Loss | 260 | 446 | |
Trading Securities, Cost | 4,295 | 4,863 | |
Investments in trading securities | 4,230 | 4,449 | |
Private investment fund | |||
Investment balances | |||
Investment Owned, at Cost | 265 | 265 | |
Unrealized Gain on Securities | 7 | 0 | |
Unrealized Loss on Securities | (31) | (30) | |
Investment Owned, at Fair Value | 241 | 235 | |
Private equity | |||
Investment balances | |||
Gross Unrealized Losses | (683) | ||
Trading Securities, Unrealized Holding Loss | 683 | ||
Investment Owned, at Cost | 3,475 | ||
Unrealized Gain on Securities | 0 | ||
Investment Owned, at Fair Value | 2,792 | ||
Equity Securities | |||
Investment balances | |||
Cost | 1,278 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (65) | ||
Investments in trading securities | 1,213 | ||
Trading Securities, Unrealized Holding Gain | 0 | ||
Trading Securities, Unrealized Holding Loss | 65 | ||
Trading Securities, Cost | 1,278 | ||
Investments in trading securities | 1,213 | ||
Debt Securities, Trading, Amortized Cost | 381 | ||
Debt Securities, Trading, Unrealized Gain | 0 | ||
Debt Securities, Trading, Unrealized Loss | (24) | ||
Debt Securities, Trading | 357 | ||
us-gaap_EquitySecuritiesMember | |||
Investment balances | |||
Debt Securities, Trading, Amortized Cost | 152 | 159 | |
Debt Securities, Trading, Unrealized Gain | 0 | 0 | |
Debt Securities, Trading, Unrealized Loss | (4) | (22) | |
Debt Securities, Trading | $ 148 | $ 137 |
Investments (Other Revenue) (De
Investments (Other Revenue) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Realized gains | $ 73 | $ 1 | $ 41 |
Realized losses | (190) | (363) | (212) |
Net realized gains (losses) | (117) | (362) | (171) |
Income tax expense from gains (losses) | (25) | (76) | (36) |
Interest income – trading | 640 | 414 | 716 |
Dividend income | 61 | 90 | 35 |
Gain (Loss) on Investments | 1,425 | (2,131) | 923 |
Unrealized gains/(losses) | $ 839 | $ (2,136) | $ (1,845) |
Investments (Details Textual)
Investments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Investments [Line Items] | |||
Corporate Investment | $ 32,674 | $ 15,342 | |
Unrealized Gain on Securities | 327 | 143 | |
Investments, All Other Investments [Abstract] | |||
Realized Investment Gains (Losses) | 0 | 0 | $ 8,371 |
Unrealized Gain (Loss) on Investments | $ 6 | (1,495) | (1,797) |
Equity Method Investment, Ownership Percentage | 47.50% | ||
Long Term Investments, Cost, in a private company. | $ 4,400 | ||
Carrying value - private investment | 4,400 | ||
Investment carrying value - Vista | 2,800 | ||
Long Term Investment, at Cost, in Private Equity | 300 | ||
Unrealized Gain (Loss) on Investments | 6 | (1,495) | $ (1,797) |
Long-term Investments | 7,247 | 4,455 | |
Unrealized Gain on Securities | 327 | $ 143 | |
Long Term Investments, Cost, in a private company. | 4,400 | ||
Long Term Investment, at Cost, in Private Equity | $ 300 |
Investments Private Equity Inve
Investments Private Equity Investment (Details 2) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, All Other Investments [Abstract] | ||
Long-term Investments | $ 7,247 | $ 4,455 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Investment Owned, at Cost | $ 32,982 | $ 19,861 |
Schedule Of Investments [Line Items] | ||
Trading Securities, Cost | 32,717 | 16,121 |
Equity Method Investments | $ 4,284 | 6,574 |
Equity Method Investment, Ownership Percentage | 47.50% | |
Zarvona Energy Fund II-A, L.P. [Domain] | ||
Schedule Of Investments [Line Items] | ||
Equity Method Investments | $ 700 | $ 700 |
Equity Method Investment, Ownership Percentage | 0.50% | 0.50% |
Broadmark Asset Management LLC [Domain] | ||
Schedule Of Investments [Line Items] | ||
Equity Method Investments | $ 0 | $ 2,417 |
Equity Method Investment, Ownership Percentage | 0% | 47.50% |
Salient MLP Total Return Fund, L.P. [Domain] | ||
Schedule Of Investments [Line Items] | ||
Equity Method Investments | $ 11 | $ 11 |
Equity Method Investment, Ownership Percentage | 0% | 0% |
Salient MLP Total Return TE Fund, L.P. [Domain] | ||
Schedule Of Investments [Line Items] | ||
Equity Method Investments | $ 8 | $ 8 |
Equity Method Investment, Ownership Percentage | 0.20% | 0.20% |
Total [Domain] | ||
Schedule Of Investments [Line Items] | ||
Equity Method Investments | $ 4,284 | $ 6,574 |
Zarvona Energy Fund GP, L.P. [Domain] | ||
Schedule Of Investments [Line Items] | ||
Equity Method Investments | $ 3,565 | $ 3,438 |
Equity Method Investment, Ownership Percentage | 50% | 50% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Levels) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in securities: | |||
Investments in trading securities | $ 32,674 | $ 15,342 | |
Total assets measured at fair value | 32,915 | 18,369 | |
Asset Acquisition, Consideration Transferred, Contingent Consideration | $ 10,100 | 12,900 | |
Unobservable input - revenue retention discount rate - minimum | 11.50% | ||
Unobservable input - revenue retention discount rate - maximum | 12% | ||
Unobservable input - revenue retention volatility - maximum | 16.30% | ||
Unobservable input - revenue retention volatility - minimum | 8.30% | ||
Unobservable input - revenue retention discount rate - weighted average | 11.75% | ||
Unobservable input - revenue retention volatility - weighted average | 11.30% | ||
Unobservable input - growth discount rate - weighted average | 13% | ||
Unobservable input - growth discount rate - maximum | 13.30% | ||
Unobservable input - growth discount rate - minimum | 12.80% | ||
Unobservable input - growth volatility - weighted average | 19.90% | ||
Unobservable input - growth volatility - maximum | 24.90% | ||
Unobservable input - growth volatility - minimum | 14.90% | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 10,133 | 12,901 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | 12,901 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings | (2,768) | 0 | |
Asset Acquisition, Contingent Consideration, Liability | 10,133 | 12,901 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | (2,792) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | 0 | (1,577) | |
Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 2,792 | ||
Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 241 | 235 | |
Contingent Consideration Type [Domain] | |||
Investments in securities: | |||
Asset Acquisition, Consideration Transferred, Contingent Consideration | 10,133 | 12,901 | |
Other Liabilities, Fair Value Disclosure | 10,133 | 12,901 | |
Level 1 | |||
Investments in securities: | |||
Investments in trading securities | 32,674 | 15,342 | |
Total assets measured at fair value | 32,674 | 15,342 | |
Level 1 | Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | ||
Level 1 | Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | 0 | |
Level 2 | |||
Investments in securities: | |||
Investments in trading securities | 0 | 0 | |
Total assets measured at fair value | 0 | 0 | |
Level 2 | Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | ||
Level 2 | Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | 0 | |
Level 3 | |||
Investments in securities: | |||
Investments in trading securities | 0 | 0 | |
Total assets measured at fair value | 0 | 2,792 | |
Level 3 | Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 2,792 | ||
Level 3 | Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | 0 | |
Level 3 | Contingent Consideration Type [Domain] | |||
Investments in securities: | |||
Asset Acquisition, Consideration Transferred, Contingent Consideration | 10,133 | 12,901 | |
Other Liabilities, Fair Value Disclosure | 10,133 | ||
Fair Value Measured at Net Asset Value Per Share | Private Equity Investments [Member] | |||
Investments in securities: | |||
Equity Securities, FV-NI | 0 | ||
Fair Value Measured at Net Asset Value Per Share | Private equity | |||
Investments in securities: | |||
Equity Securities, FV-NI | 241 | 235 | |
Inputs, Net Asset Value [Member] | |||
Investments in securities: | |||
Investments in trading securities | 0 | 0 | |
Total assets measured at fair value | $ 241 | $ 235 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in goodwill | |||
Beginning balance | $ 16,401,000 | $ 16,401,000 | |
Goodwill Acquired | 4,197,000 | 19,331,000 | |
Ending balance | 16,401,000 | 16,401,000 | $ 16,401,000 |
Finite Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 40,736,000 | 40,736,000 | |
Amortization of intangible assets | 4,149,000 | 1,889,000 | 1,624,000 |
Goodwill | 16,401,000 | 16,401,000 | 16,401,000 |
Goodwill Acquired | 4,197,000 | 19,331,000 | |
Goodwill, Purchase Accounting Adjustments | (400,000) | ||
Advisory Segment Goodwill | 23,100,000 | 19,331,000 | 0 |
Balance at December 31, 2021 | 39,501,000 | 35,732,000 | 16,401,000 |
Adjusted goodwill - Advisory segment | (428,000) | ||
Adjusted Goodwill - Total | (428,000) | ||
Acquired Goodwill - Total | 4,197,000 | 19,331,000 | |
General and Administrative Expense [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 4,100,000 | $ 1,900,000 | $ 1,600,000 |
Trade Names [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (years) | 3 years | 3 years | |
Gross Carrying Amount | $ 3,800,000 | $ 3,800,000 | |
Internally developed software | |||
Finite Lived Intangible Assets [Line Items] | |||
Weighted Average Amortization Period (years) | 5 years 9 months 18 days | 5 years 9 months 18 days | |
Gross Carrying Amount | $ 1,439,000 | $ 1,439,000 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 4,149,000 | $ 1,889,000 | $ 1,624,000 |
Summary of intangible assets | |||
Gross Carrying Amount | 40,736,000 | 40,736,000 | |
Accumulated Amortization | (15,933,000) | (11,784,000) | |
Net Carrying Amount | $ 24,803,000 | $ 28,952,000 | |
Customer Relationships [Member] | |||
Summary of intangible assets | |||
Weighted Average Amortization Period (years) | 15 years | 15 years | |
Gross Carrying Amount | $ 34,397,000 | $ 34,397,000 | |
Accumulated Amortization | (12,906,000) | (10,636,000) | |
Net Carrying Amount | $ 21,491,000 | $ 23,761,000 | |
Trade Names [Member] | |||
Summary of intangible assets | |||
Weighted Average Amortization Period (years) | 3 years | 3 years | |
Gross Carrying Amount | $ 3,800,000 | $ 3,800,000 | |
Accumulated Amortization | (1,372,000) | (105,000) | |
Net Carrying Amount | $ 2,428,000 | $ 3,695,000 | |
Noncompete Agreements [Member] | |||
Summary of intangible assets | |||
Weighted Average Amortization Period (years) | 3 years | 3 years | |
Gross Carrying Amount | $ 1,100,000 | $ 1,100,000 | |
Accumulated Amortization | (397,000) | (31,000) | |
Net Carrying Amount | $ 703,000 | $ 1,069,000 | |
Internally developed software | |||
Summary of intangible assets | |||
Weighted Average Amortization Period (years) | 5 years 9 months 18 days | 5 years 9 months 18 days | |
Gross Carrying Amount | $ 1,439,000 | $ 1,439,000 | |
Accumulated Amortization | (1,258,000) | (1,012,000) | |
Net Carrying Amount | 181,000 | 427,000 | |
General and Administrative Expense [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 4,100,000 | $ 1,900,000 | $ 1,600,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Estimated Amortization) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Estimated amortization expense for intangible assets for the next five years | ||
2019 | $ 4,095 | |
2020 | 3,939 | |
2021 | 2,293 | |
2022 | 2,293 | |
2023 | 2,293 | |
Finite-lived intangibles, expected amortization, thereafter | 9,890 | |
Intangible assets, net | $ 24,803 | $ 28,952 |
Balance Sheet Components (Detai
Balance Sheet Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment | ||
Accumulated depreciation | $ (10,078) | $ (9,196) |
Net property and equipment | 1,444 | 1,828 |
Leasehold improvements | ||
Property and equipment | ||
Property and equipment cost | 5,173 | 4,921 |
Furniture and fixtures | ||
Property and equipment | ||
Property and equipment cost | 2,792 | 2,786 |
Computer hardware and office equipment | ||
Property and equipment | ||
Property and equipment cost | $ 3,557 | $ 3,317 |
Income Taxes (by jurisdiction)
Income Taxes (by jurisdiction) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) before income taxes by jurisdiction | |||||||||||
U.S. | $ 12,419 | $ (5,112) | $ 13,989 | ||||||||
Canada | (27) | (83) | 14 | ||||||||
Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Noncontrolling Interests, Net | 12,392 | (5,195) | 14,003 | ||||||||
Income (loss) before income taxes | $ (4,313) | $ (1,021) | $ (458) | $ 594 | $ 3,213 | $ 2,360 | $ 1,416 | $ 7,014 | $ 13,443 | $ (5,195) | $ 14,003 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Reform [Line Items] | |||
Prepaid Taxes | $ 205 | $ 446 | |
U.S. Federal corporate tax rate | 21% | 21% | 21% |
Uncertain tax position | $ 21 | $ 25 |
Income Taxes (Effective tax rat
Income Taxes (Effective tax rate reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Difference between the Federal corporate tax rate and the effective tax rate | |||
Income tax provision computed at US federal statutory rate | $ 2,603 | $ (1,091) | $ 2,935 |
Canadian rate differential | 0 | 87 | 0 |
Other, net | (532) | (10) | (106) |
Income tax provision | $ 2,872 | $ (567) | $ 4,240 |
Income tax provision computed at US federal statutory rate, effective tax rate | 21% | 21% | 21% |
Canadian rate differential, effective tax rate | 0% | (1.70%) | 0% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 349 | $ 128 | $ 372 |
State and local income taxes, net of federal income taxes, effective tax rate | 2.80% | (2.50%) | 2.70% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 0% | 0% | 1.30% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | $ 0 | $ 0 | $ 180 |
Other, net, effective tax rate | (4.20%) | 0.20% | (0.80%) |
Effective income tax rate | 23.20% | 10.90% | 30.30% |
State and local income taxes, net of federal income taxes, effective tax rate | 2.80% | (2.50%) | 2.70% |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 0 | $ 2,792 | $ 4,369 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | $ 452 | $ 319 | $ 859 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 3.60% | (6.10%) | 6.10% |
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount [Abstract] | |||
Income tax provision computed at US federal statutory rate, effective tax rate | 21% | 21% | 21% |
Canadian rate differential, effective tax rate | 0% | (1.70%) | 0% |
Other, net, effective tax rate | (4.20%) | 0.20% | (0.80%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 349 | $ 128 | $ 372 |
Income Taxes (Provision Compone
Income Taxes (Provision Components) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current taxes: | |||
U.S. Federal | $ 1,370 | $ 14 | $ 3,482 |
State and local | 466 | 237 | 356 |
Foreign | 0 | 98 | (218) |
Total current taxes | 1,836 | 349 | 3,620 |
Deferred taxes: | |||
U.S. Federal | 1,014 | (888) | 446 |
State and local | 22 | (44) | 30 |
Foreign | 0 | 16 | 144 |
Total deferred taxes | 1,036 | (916) | 620 |
Income tax provision | $ 2,872 | $ (567) | $ 4,240 |
Income Taxes (Deferred Taxes) (
Income Taxes (Deferred Taxes) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred tax assets: | ||
Stock-based compensation expense | $ 1,160 | $ 1,138 |
Deferred rent | 1,039 | 1,330 |
Compensation and benefits payable | 1,465 | 1,328 |
Federal unrecognized tax benefit | 0 | 4 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 464 | 446 |
Deferred Other Tax Expense (Benefit) | 876 | 841 |
Other | 0 | 9 |
Total deferred tax assets | 5,004 | 5,096 |
Deferred tax liabilities: | ||
Property and equipment | (160) | (186) |
Intangibles | (1,917) | (1,593) |
Unrealized gains on investments | (614) | (318) |
Total deferred tax liabilities | (4,278) | (3,334) |
Net deferred tax assets | 726 | 1,762 |
Deferred Tax Liabilities, Leasing Arrangements | (915) | (1,214) |
Deferred Tax Liabilities, Financing Arrangements | (636) | |
Deferred Tax Liabilities, Other | $ (36) | $ (23) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Net deferred tax assets and liabilities are reflected on our balance sheet | ||
Net deferred tax assets | $ 726 | $ 1,762 |
Income Taxes Income Taxes (Unce
Income Taxes Income Taxes (Uncertain Tax Positions) (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1, 2017 | $ 25 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (21) | $ (4) |
Balance at December 31, 2020 | $ 21 | $ 25 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Banking and Thrift [Abstract] (Deprecated 2020) | ||
Banking Regulation, Tangible Capital, Minimum | $ 4,000,000 | |
Banking Regulation, Tangible Capital, Excess, Actual | 11,100,000 | |
SCLP net capital | 558,000 | $ 320,000 |
SCLP net capital excess | 526,000 | 315,000 |
SCLP minimum net capital | $ 32,000 | $ 5,000 |
Revenue Revenue Disaggregated (
Revenue Revenue Disaggregated (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue from Contract with Customer [Text Block] | Advisory Fee Revenues Our advisory fees are generated by Westwood Management for managing client accounts under investment advisory and sub-advisory agreements. Advisory fees are typically calculated based on a percentage of AUM and AUA and are paid in accordance with the terms of the agreements. Advisory fees are paid quarterly in advance based on AUM on the last day of the preceding quarter, quarterly in arrears based on AUM on the last day of the quarter just ended or are based on a daily or monthly analysis of AUM for the stated period. We recognize advisory fee revenues as services are rendered. Since our advance paying clients' billing periods coincide with the calendar quarter to which such payments relate, revenue is recognized within the quarter and our Consolidated Financial Statements contain no deferred advisory fee revenues. Advisory clients typically consist of institutional and mutual fund accounts. Institutional investors include separate accounts of (i) corporate pension and profit sharing plans, public employee retirement funds, Taft-Hartley plans, endowments, foundations and individuals; (ii) sub-advisory relationships where Westwood provides investment management services for funds offered by other financial institutions; (iii) pooled investment vehicles, including collective investment trusts; and (iv) managed account relationships with brokerage firms and other registered investment advisors that offer Westwood products to their customers. Mutual funds include the Westwood Funds®, a family of mutual funds for which Westwood Management serves as advisor. These funds are available to individual investors, as well as offered as part of our suite of investment strategies for institutional investors and wealth management accounts. Arrangements with Performance-Based Obligations A limited number of our advisory clients have a contractual performance-based fee component in their contracts, which generates additional revenues if we outperform a specified index over a specific period of time, and a limited number of our mutual fund offerings have fees that generate additional revenues if we outperform specified indices over specific periods of time. Performance-based fees are paid after the performance obligation has been satisfied. The revenue is based on future market performance and is subject to many factors outside our control. We cannot conclude that a significant reversal in the cumulative amount of revenue recognized will not occur during the measurement period, and therefore the revenue is recorded at the end of the measurement period when the performance obligation has been satisfied. Trust Fee Revenues Our trust fees are generated by Westwood Trust pursuant to trust or custodial agreements. Trust fees are separately negotiated with each client and are generally based on a percentage of AUM. Westwood Trust also provides trust services to a small number of clients on a fixed fee basis. The fees for most of our trust clients are calculated quarterly in arrears, based on a daily average of AUM for the quarter, or monthly, based on the month-end value of AUM, and are paid monthly and quarterly in arrears. Since billing periods for most of Westwood Trust’s clients coincide with the calendar quarter, revenue is fully recognized within the quarter and our Consolidated Financial Statements contain no deferred fee revenues. Revenue Disaggregated Sales taxes are excluded from revenues. The following table presents our revenue disaggregated by account type (in thousands). Year Ended December 31, 2023 2022 2021 Advisory Fees: Institutional $ 37,738 $ 26,653 $ 31,069 Mutual Funds 29,745 20,245 17,507 Wealth Management 1,172 805 686 Trust Fees 20,592 21,686 24,131 Other 534 (708) (339) Total revenues $ 89,781 $ 68,681 $ 73,054 We have clients in various locations around the world. The following table presents our revenue disaggregated by our clients' geographical locations (in thousands): Year Ended December 31, 2023 Advisory Trust Performance-based Other Total Canada $ 1,105 $ — $ — $ — $ 1,105 U.S. 66,286 20,242 1,614 534 88,676 Total $ 67,391 $ 20,242 $ 1,614 $ 534 $ 89,781 Year Ended December 31, 2022 Advisory Trust Performance-based Other Total Canada 1,171 — — — 1,171 U.S. 45,514 21,686 1,018 (708) 67,510 Total $ 46,685 $ 21,686 $ 1,018 $ (708) $ 68,681 Year Ended December 31, 2021 Advisory Trust Performance-based Other Total Canada 1,163 — — — 1,163 Europe 638 — 262 — 900 U.S. 45,512 24,131 1,687 (339) 70,991 Total $ 47,313 $ 24,131 $ 1,949 $ (339) $ 73,054 | ||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (89,781) | $ (68,681) | $ (73,054) |
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (88,676) | (67,510) | (70,991) |
Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (900) | ||
CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,105) | (1,171) | (1,163) |
Other Revenue Misc Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (534) | 708 | 339 |
Other Revenue Misc Services [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (534) | 708 | 339 |
Other Revenue Misc Services [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Other Revenue Misc Services [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
performance fee [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,614) | (1,018) | (1,949) |
performance fee [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,614) | (1,018) | (1,687) |
performance fee [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (262) | ||
performance fee [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Trust Fee [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (20,242) | (21,686) | (24,131) |
Trust Fee [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (20,242) | (21,686) | (24,131) |
Trust Fee [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||
Trust Fee [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 |
Investment Advisory Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (67,391) | (46,685) | (47,313) |
Investment Advisory Services [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (66,286) | (45,514) | (45,512) |
Investment Advisory Services [Member] | Europe [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (638) | ||
Investment Advisory Services [Member] | CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,105) | (1,171) | (1,163) |
Advisory [Member] | Other Revenue Misc Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (534) | 708 | 339 |
Advisory [Member] | Investment Advisory Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (37,738) | (26,653) | (31,069) |
Advisory [Member] | Mutual Fund Advisory [Member] [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (29,745) | (20,245) | (17,507) |
Advisory [Member] | Private Wealth Advisory [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,172) | (805) | (686) |
Trust [Member] | Trust Fee [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (20,592) | $ (21,686) | $ (24,131) |
Employee Benefits (Details Text
Employee Benefits (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 350,000 | ||
Amount of shares purchased in the open market | $ 0 | $ 2,851,000 | $ 2,990,000 |
Dividends payable | 1,692,000 | 1,745,000 | |
Accrued dividends | 675,000 | 701,000 | |
Stock-based compensation expense | 6,518,000 | 6,001,000 | 5,835,000 |
Amortization of intangible assets | 4,149,000 | 1,889,000 | 1,624,000 |
Mutual fund incentive award expense | 700,000 | 600,000 | |
Unvested mutual fund awards | 2,000,000 | ||
Mutual fund award liability | 1,500,000 | 1,000,000 | |
General and Administrative Expense [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amortization of intangible assets | $ 4,100,000 | $ 1,900,000 | $ 1,600,000 |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total number of shares that may be issued under the stock based compensation Plan (including predecessor plans to the Plan) | 6,248,100 | ||
Shares remain available for issuance | 646,000 | ||
Vested, shares | 294,340 | ||
Remaining unrecognized compensation cost | $ 9,400,000 | ||
Remaining unrecognized compensation cost recognized over a remaining weighted average period | 2 years 4 months 24 days | ||
Number of vested shares from employees on the date vesting | 67,743 | ||
Nonvested restricted shares (in shares) | 1,132,861 | 1,098,008 | |
Restricted Stock | Employee | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted shares granted to employees vesting period | 3 years | ||
Restricted Stock | Director | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted shares granted to employees vesting period | 1 year | ||
Mutual Fund [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Mutual fund vesting period | 2 years | ||
Benefit Plans [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Percentage of compensation | 6% |
Employee Benefits (Stock Comp E
Employee Benefits (Stock Comp Expense Summary table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Employee Benefits and Share-based Compensation | $ 6,001 | $ 5,834 | |
Stock-based compensation expense | $ 6,518 | 6,001 | 5,835 |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total income tax benefit recognized related to stock-based compensation | 714 | 672 | 804 |
Restricted Stock | Service condition restricted stock expense | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Add: Restricted stock expense | 6,479 | 5,729 | 5,253 |
Restricted Stock | Performance-based restricted stock expense | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Add: Restricted stock expense | $ 39 | $ 272 | $ 581 |
Employee Benefits (Details 1)
Employee Benefits (Details 1) - Restricted Shares Subject Only to a Service Condition | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Restricted shares subject only to a service condition: | |
Non-vested, January 1, 2015 (in shares) | shares | 1,098,008 |
Granted (in shares) | shares | 507,244 |
Vested (in shares) | shares | (294,340) |
Forfeited (in shares) | shares | (178,051) |
Non-vested, December 31, 2015 (in shares) | shares | 1,132,861 |
Non-vested, January 1, 2015 (in dollars per share) | $ / shares | $ 15.49 |
Granted (in dollars per share) | $ / shares | 12.26 |
Vested (in dollars per share) | $ / shares | 20.66 |
Forfeited (in dollars per share) | $ / shares | 13.99 |
Non-vested, December 31, 2015 (in dollars per share) | $ / shares | $ 12.94 |
Employee Benefits (Service Gran
Employee Benefits (Service Grants and Vests) (Details) - Service condition restricted stock expense - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted-average grant date fair value for shares granted and the total fair value of shares vested | |||
Weighted-average grant date fair value (in dollars per share) | $ 12.26 | $ 13.26 | $ 17.10 |
Fair value of shares vested (in thousands) | $ 6,081 | $ 5,278 | $ 7,630 |
Employee Benefits (Performance
Employee Benefits (Performance Grants and Vests) (Details) - Restricted Shares Subject to Service and Performance Conditions - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 6,243 | |
Vested (in dollars per share) | $ 6.24 | ||
Weighted-average grant date fair value for shares granted and the total fair value of shares vested | |||
Fair value of shares vested (in thousands) | $ 39 | $ 235 | $ 913 |
Vested, shares | 6,243 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 37.42 |
Employee Benefits (Profit Shari
Employee Benefits (Profit Sharing and 401k) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit sharing and 401(k) contributions for the periods | |||
Profit-sharing contributions, net | $ 0 | $ 0 | $ 13 |
Retirement plan matching contributions | $ 1,616 | $ 1,295 | $ 1,256 |
Earnings Per Share (Anti-diluti
Earnings Per Share (Anti-dilutive Shares) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive restricted shares or options | 63,000 | 120,000 | 116,000 |
Earnings Per Share (Computaton
Earnings Per Share (Computaton of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Computation of Basic and Diluted Shares | |||||||||||
Net income (loss) | $ (3,125) | $ (1,175) | $ (378) | $ 50 | $ 2,813 | $ 1,879 | $ 970 | $ 4,101 | $ 10,571 | $ (4,628) | $ 9,763 |
Weighted average shares outstanding – basic (in shares) | 7,964,423 | 7,844,363 | 7,875,395 | ||||||||
Dilutive potential shares from unvested restricted shares (in shares) | 147,716 | 0 | 52,577 | ||||||||
Weighted average shares outstanding – diluted (in shares) | 8,112,139 | 7,844,363 | 7,927,972 | ||||||||
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ (0.40) | $ (0.15) | $ (0.05) | $ 0.01 | $ 0.36 | $ 0.24 | $ 0.12 | $ 0.52 | $ 1.20 | $ (0.59) | $ 1.24 |
Diluted (in dollars per share) | $ (0.40) | $ (0.15) | $ (0.05) | $ 0.01 | $ 0.36 | $ 0.24 | $ 0.12 | $ 0.52 | $ 1.17 | $ (0.59) | $ 1.23 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 9,520 | $ (4,628) | $ 9,763 |
Variable Interest Entities (Det
Variable Interest Entities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||
Investments in trading securities | $ 32,674 | $ 15,342 | |
Fee revenues from Westwood VIEs | 32,400 | $ 23,200 | $ 22,800 |
Common Trust Funds | |||
Variable Interest Entity [Line Items] | |||
Investments in trading securities | $ 0 |
Variable Interest Entities (D_2
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entities | |||
Assets Under Management | $ 15,459,000 | ||
Corporate Investment | 32,674 | $ 15,342 | |
Fee revenues from Westwood VIEs | 32,400 | $ 23,200 | $ 22,800 |
Westwood Funds | |||
Variable Interest Entities | |||
Assets Under Management | 4,103,000 | ||
Corporate Investment | 0 | ||
Amount at Risk | 0 | ||
Common Trust Funds | |||
Variable Interest Entities | |||
Assets Under Management | 668,000 | ||
Corporate Investment | 0 | ||
Amount at Risk | 0 | ||
Westwood Hospitality Fund I LLC [Member] | |||
Variable Interest Entities | |||
Assets Under Management | 56,000 | ||
Corporate Investment | 300 | ||
Amount at Risk | 300 | ||
Private Equity Investments [Member] | |||
Variable Interest Entities | |||
Assets Under Management | 0 | ||
Corporate Investment | 7,200 | ||
Amount at Risk | 7,200 | ||
Wealth Management | |||
Variable Interest Entities | |||
Assets Under Management | 3,417,000 | ||
Institutional | |||
Variable Interest Entities | |||
Assets Under Management | $ 7,215,000 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Sublease Income | $ 862,000 | $ 771,000 | $ 602,000 |
Increase (Decrease) in Accounts Receivable, Related Parties | 100,000 | ||
Related Party Transaction, Amounts of Transaction | 300,000 | 400,000 | |
Costs and Expenses, Related Party | 100,000 | ||
Sublease Income | $ 862,000 | $ 771,000 | $ 602,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Insurance proceeds | $ (5,000) |
Commitments and Contingencies_3
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Future contractual rental payments for non-cancelable operating leases | |
Purchase Obligation | $ 14,637 |
Purchase Obligation, to be Paid, Year One | 6,519 |
Purchase Obligation, to be Paid, Year Two | 5,674 |
Purchase Obligation, to be Paid, Year Four | $ 2,444 |
Segment Reporting (Details Text
Segment Reporting (Details Textual) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | $ 89,247,000 | $ 69,389,000 | $ 73,393,000 | ||||||||
Net intersegment revenues | 0 | 0 | 0 | ||||||||
Net interest and dividend revenue | 1,191,000 | 266,000 | 868,000 | ||||||||
Other revenue | 534,000 | (708,000) | (339,000) | ||||||||
Total revenues | $ 20,456,000 | $ 15,406,000 | $ 15,603,000 | $ 17,216,000 | $ 19,391,000 | $ 17,860,000 | $ 17,484,000 | $ 18,319,000 | 89,781,000 | 68,681,000 | 73,054,000 |
Expenses: | |||||||||||
Total expenses | 83,776,000 | 73,554,000 | 67,095,000 | ||||||||
Realized Investment Gains (Losses) | 0 | 0 | 8,371,000 | ||||||||
Income (loss) before income taxes | (4,313,000) | (1,021,000) | (458,000) | 594,000 | 3,213,000 | 2,360,000 | 1,416,000 | 7,014,000 | 13,443,000 | (5,195,000) | 14,003,000 |
Income tax provision | 2,872,000 | (567,000) | 4,240,000 | ||||||||
Net income | (3,125,000) | $ (1,175,000) | $ (378,000) | $ 50,000 | 2,813,000 | $ 1,879,000 | $ 970,000 | $ 4,101,000 | 10,571,000 | (4,628,000) | 9,763,000 |
Restricted stock expense | 6,518,000 | 6,001,000 | 5,835,000 | ||||||||
Amortization of intangible assets | 4,149,000 | 1,889,000 | 1,624,000 | ||||||||
Deferred taxes on goodwill | (876,000) | (841,000) | |||||||||
Assets | 155,167,000 | 146,427,000 | 155,167,000 | 146,427,000 | 139,605,000 | ||||||
Segment goodwill | 39,501,000 | 35,732,000 | 39,501,000 | 35,732,000 | 16,401,000 | ||||||
Equity Method Investments | 4,284,000 | 6,574,000 | 4,284,000 | 6,574,000 | |||||||
Expenditures for long-lived assets | 147,000 | 320,000 | 178,000 | ||||||||
Unrealized Gain (Loss) on Investments | 6,000 | (1,495,000) | (1,797,000) | ||||||||
Other Income | 6,241,000 | 907,000 | 602,000 | ||||||||
General and Administrative Expense [Member] | |||||||||||
Expenses: | |||||||||||
Amortization of intangible assets | 4,100,000 | 1,900,000 | 1,600,000 | ||||||||
Operating Segments | Advisory [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | 68,656,000 | 47,703,000 | 49,262,000 | ||||||||
Net intersegment revenues | 6,270,000 | 2,080,000 | 2,415,000 | ||||||||
Other revenue | 534,000 | (708,000) | (339,000) | ||||||||
Total revenues | 75,460,000 | 49,075,000 | 51,338,000 | ||||||||
Expenses: | |||||||||||
Net income | 14,636,000 | 11,062,000 | 16,780,000 | ||||||||
Assets | 285,179,000 | 283,027,000 | 285,179,000 | 283,027,000 | 222,335,000 | ||||||
Segment goodwill | 23,100,000 | 19,331,000 | 23,100,000 | 19,331,000 | 0 | ||||||
Equity Method Investments | 4,284,000 | 6,574,000 | 4,284,000 | 6,574,000 | |||||||
Expenditures for long-lived assets | 135,000 | 137,000 | 66,000 | ||||||||
Operating Segments | Trust [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | 20,591,000 | 21,686,000 | 24,131,000 | ||||||||
Net intersegment revenues | 279,000 | 336,000 | 356,000 | ||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Total revenues | 20,870,000 | 22,022,000 | 24,487,000 | ||||||||
Expenses: | |||||||||||
Net income | 1,776,000 | 1,005,000 | 5,656,000 | ||||||||
Assets | 46,754,000 | 53,644,000 | 46,754,000 | 53,644,000 | 56,965,000 | ||||||
Segment goodwill | 16,401,000 | 16,401,000 | 16,401,000 | 16,401,000 | 16,401,000 | ||||||
Equity Method Investments | 0 | 0 | 0 | 0 | |||||||
Expenditures for long-lived assets | 94,000 | 84,000 | 61,000 | ||||||||
Westwood Holdings | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | 0 | 0 | 0 | ||||||||
Net intersegment revenues | 0 | 0 | 0 | ||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Expenses: | |||||||||||
Net income | (5,841,000) | (16,695,000) | (12,673,000) | ||||||||
Assets | 14,256,000 | 30,308,000 | 14,256,000 | 30,308,000 | 12,784,000 | ||||||
Segment goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Equity Method Investments | 0 | 0 | 0 | 0 | |||||||
Expenditures for long-lived assets | (82,000) | 99,000 | 51,000 | ||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From External Sources | 0 | 0 | 0 | ||||||||
Net intersegment revenues | (6,549,000) | (2,416,000) | (2,771,000) | ||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Total revenues | (6,549,000) | (2,416,000) | (2,771,000) | ||||||||
Expenses: | |||||||||||
Net income | 0 | 0 | 0 | ||||||||
Assets | (191,022,000) | (220,552,000) | (191,022,000) | (220,552,000) | (152,479,000) | ||||||
Segment goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Equity Method Investments | $ 0 | $ 0 | 0 | 0 | |||||||
Expenditures for long-lived assets | $ 0 | $ 0 | $ 0 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Net Income to Economic Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||||||||||
Net income | $ (3,125) | $ (1,175) | $ (378) | $ 50 | $ 2,813 | $ 1,879 | $ 970 | $ 4,101 | $ 10,571 | $ (4,628) | $ 9,763 |
Restricted stock expense | 6,518 | 6,001 | 5,835 | ||||||||
Amortization of intangible assets | $ 4,149 | $ 1,889 | $ 1,624 |
Segment Reporting - Property an
Segment Reporting - Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Net property and equipment | $ 1,444 | $ 1,828 |
Concentration (Details Textual)
Concentration (Details Textual) - Customers | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Revenue accounted by major clients | 21% | 22% | |
Customer Relationships [Member] | |||
Concentration Risk [Line Items] | |||
Revenue accounted by major clients | 10% | ||
Sales Revenue, Net | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Number of largest clients | 10 | 10 |
Concentration (Details)
Concentration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 89,781 | $ 68,681 | $ 73,054 |
Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Revenue accounted by major clients | 21% | 22% | |
Westwood Management | Sales Revenue, Net | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Revenue accounted by major clients | 4.40% | 3.70% | 3.70% |
Asset Management [Member] | Sales Revenue, Net | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,892 | $ 2,582 | $ 2,682 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | 12 Months Ended | ||
Feb. 20, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||
Dividends, Cash | $ 0.15 | ||
Equity Method Investment, Ownership Percentage | 47.50% | ||
Unrealized Gain on Securities | $ 327,000 | $ 143,000 | |
Restricted Stock | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 3,200,000 | ||
Restricted stock issued | 268,000 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 20,456,000 | $ 15,406,000 | $ 15,603,000 | $ 17,216,000 | $ 19,391,000 | $ 17,860,000 | $ 17,484,000 | $ 18,319,000 | $ 89,781,000 | $ 68,681,000 | $ 73,054,000 |
Income (loss) before income taxes | (4,313,000) | (1,021,000) | (458,000) | 594,000 | 3,213,000 | 2,360,000 | 1,416,000 | 7,014,000 | 13,443,000 | (5,195,000) | 14,003,000 |
Net income | $ (3,125,000) | $ (1,175,000) | $ (378,000) | $ 50,000 | $ 2,813,000 | $ 1,879,000 | $ 970,000 | $ 4,101,000 | $ 10,571,000 | $ (4,628,000) | $ 9,763,000 |
Basic earnings per common share (in dollars per share) | $ (0.40) | $ (0.15) | $ (0.05) | $ 0.01 | $ 0.36 | $ 0.24 | $ 0.12 | $ 0.52 | $ 1.20 | $ (0.59) | $ 1.24 |
Diluted earnings per common share (in dollars per share) | $ (0.40) | $ (0.15) | $ (0.05) | $ 0.01 | $ 0.36 | $ 0.24 | $ 0.12 | $ 0.52 | $ 1.17 | $ (0.59) | $ 1.23 |
Dividends, Cash | $ 0.15 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Other Long-term Investments | $ 241,000 | $ 3,027,000 | |
Lessee, Operating Lease, Liability, Payments, Due | 1,842,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,930,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 707,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 383,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 389,000 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 288,000 | ||
Operating Lease, Payments | 1,774,000 | 1,762,000 | $ 1,990,000 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (987,000) | ||
Operating Lease, Liability | 4,552,000 | 6,065,000 | |
Operating Lease, Cost | 1,512,000 | 1,682,000 | 1,655,000 |
Sublease Income | 862,000 | 771,000 | 602,000 |
Operating Lease, Right-of-Use Asset | 3,673,000 | 4,976,000 | |
Operating Lease, Liability, Current | 1,286,000 | 1,502,000 | |
Operating Lease, Liability, Noncurrent | $ 3,266,000 | $ 4,563,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 3 months 18 days | 4 years 1 month 6 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.70% | 5.60% | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 173,000 | $ 1,217,000 | $ 0 |
Operating Lease, Lease Income, Lease Payments | $ 5,539,000 | ||
Lessee, Operating Lease, Discount Rate | 7% |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |||
Estimated merger consideration | $ 1,168 | $ 33,400 | |
Asset Acquisition, Consideration Transferred, Contingent Consideration | 10,100 | 12,900 | |
Asset Acquisition [Line Items] | |||
Asset Acquisition, Consideration Transferred | 1,200 | 46,320 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 28,785 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 3,285 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 6,519 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 81 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 18,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 919 | 1,796 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 382 | 26,989 | |
Goodwill Acquired | 4,197 | 19,331 | |
Asset Acquisition, Consideration Transferred, Contingent Consideration | 10,100 | 12,900 | |
Cash Acquired in Excess of Payments to Acquire Business | (402) | (534) | |
Estimated merger consideration | $ 1,168 | 33,400 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 18,900 | ||
Non-compete agreements | 1,100 | ||
business combinations, recognized intangible | 14,000 | ||
Trade name | 3,800 | ||
Closing sate consideration paid in cash | $ 1,570 | $ 46,300 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years 10 months 24 days | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 5,900 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 3,100 | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (100) | ||
Business Acquisition, Pro Forma Revenue | 89,781 | $ 73,058 | |
Business Acquisition, Pro Forma Net Income (Loss) | 10,571 | (100) | |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 7,100 | ||
Goodwill, Purchase Accounting Adjustments | $ (400) | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 80% | ||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 80% | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ (741) | (33,419) | |
Investment Owned, at Fair Value | 2,417 | 2,400 | |
Business Combination, Acquisition of Less than 100 Percent of Broadmark, Noncontontrolling Interest | $ 994 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 3,200% | ||
Business Acquisitions - Salient, Pro Forma Revenue | 95,094 | $ 99,467 | |
Business Acquisitions - Salient, Net Income (Loss0 | (2,310) | $ (1,664) | |
Business Combination Consideration Transferred - Broadmark | $ 1,200 | ||
Business Combination Consideration Transferred Gross- Broadmark | 1,600 | ||
Business Combination - Broadmark Revenues includedin Earnings | 4,400 | ||
Business Combinations - Broadmark net income included in earnings | 4,100 | ||
Nonredeemable Noncontrolling Interest | 1,000 | ||
Contingent Consideration Type [Domain] | |||
Business Combination and Asset Acquisition [Abstract] | |||
Asset Acquisition, Consideration Transferred, Contingent Consideration | 12,901 | ||
Asset Acquisition [Line Items] | |||
Asset Acquisition, Consideration Transferred, Contingent Consideration | 12,901 | ||
Cash and Cash Equivalents | |||
Asset Acquisition [Line Items] | |||
Closing sate consideration paid in cash | 33,953 | ||
Other Current Assets | |||
Asset Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 850 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 150 | ||
Accounts Receivable | |||
Asset Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 629 | ||
Property, Plant and Equipment | |||
Asset Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 11 | ||
Other Assets | |||
Asset Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 511 | ||
Accounts Receivable | |||
Asset Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 2,435 | ||
Revenue retention earn-out | |||
Asset Acquisition [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | 15,000 | ||
Growth earn-out | |||
Asset Acquisition [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 10,000 | ||
Contractual Rights | |||
Asset Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years 1 month 6 days | ||
Trade Names [Member] | |||
Asset Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 months 6 days | ||
Other Intangible Assets | |||
Asset Acquisition [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 months 12 days |