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Unless the context otherwise requires, the term we, us, our, Westwood, or Westwood Holdings Group when used in this Form 10-K ( Report ) and in the Annual Report to the Stockholders refers to Westwood Holdings Group, Inc., a Delaware corporation, and its consolidated subsidiaries taken as a whole. Management s Discussion and Analysis of Financial Condition and Results of Operations and Item 1A.
Operating margin is thin at 5.09%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.2%, steady but not accelerating. Free cash flow declined 10% despite revenue growth, conversion is weakening.
Free cash flow declined 10% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$99M
▲ +3.2% YoY
Net Income (TTM)
$7M
▲ +220.1% YoY
Op. Margin
3.56%
▲ +4.2pp YoY
ROIC
2.09%
▲ +2.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$21M
▼ -10.4% YoY
Op. Cash Flow (TTM)
$21M
▼ -10.4% YoY
Net Debt
-$29M
Net Cash Position
Cash & Equiv.
$39M
5Y CAGR: +8.5%
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