XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.24.0.1

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 Holdings |  | 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration