Westwood(WHG) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter revenues increased to $25.6 million, up from $23.7 million in the third quarter and $23.2 million a year ago[2] - Comprehensive income for the fourth quarter was $2.1 million, compared to $0.1 million in the third quarter and $2.6 million in the fourth quarter of 2023[5] - Non-GAAP Economic Earnings for the fourth quarter were $3.4 million, or $0.39 per share, compared to $1.1 million, or $0.13 per share in the third quarter[5] - Annual comprehensive income was $2.2 million, down from $9.5 million in 2023, with diluted EPS of $0.26 compared to $1.17 in 2023[7] - Economic Earnings for the year were $6.965 million, down from $18.342 million in 2023, with Economic EPS of $0.82 compared to $2.26 in 2023[17] - Net income for the year ended December 31, 2024, was $2,211,000, down 79.1% from $10,571,000 in 2023[19] - Earnings per share (EPS) dropped to $0.26 in 2024 from $1.17 in 2023, reflecting a decline of 77.8%[23] - Economic EPS for the year ended December 31, 2024, was $0.82, down 63.7% from $2.26 in 2023[23] Assets and Liabilities - Firmwide assets under management and advisement totaled $17.6 billion, with $16.6 billion in AUM and $1.0 billion in AUA[4] - Total assets decreased from $155,167,000 in December 2023 to $149,989,000 in December 2024, a decline of approximately 3.8%[18] - Total liabilities decreased from $32,721,000 in December 2023 to $27,657,000 in December 2024, a reduction of approximately 15.5%[18] Cash Flow and Dividends - The company reported a net cash provided by operating activities of $21,122,000 in 2024, compared to a net cash used of $1,185,000 in 2023[19] - The company declared a cash dividend of $0.15 per common share, payable on April 1, 2025[2] - The company paid cash dividends totaling $5,440,000 in 2024, slightly down from $5,502,000 in 2023[19] Stock and Share Repurchase - The Board authorized an additional $5.0 million for share repurchases, bringing the total available to $5.5 million[2] Product Development - The company launched two innovative ETFs under the Westwood Engineered Beta partnership, enhancing its product offerings[1] - The Westwood Salient Enhanced Midstream Income ETF (MDST) reached $73 million in assets by year-end, amid strong trading volumes[2] Compensation and Expenses - Stock-based compensation expense for 2024 was $5,537,000, down 15.1% from $6,518,000 in 2023[23]