GWG Holdings, Inc. (GWGH) Margin Analysis

GWG Holdings, Inc.

GWGH (NASDAQ)

(%)

Models
GWG Holdings, Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 14	2020 Dec 31	2019 Dec 31	2018 Dec 31	2017 Dec 31
Revenue	64.18	124.4	92.28	-0.39	63.58
Revenue Growth Rate	-48.4%	34.78%	-23,740%	-100.6%	-7.25%
Cost of Revenue	56.21	0	143.2	97.54	69.29
Gross Profit	7.97	124.4	-50.88	-97.93	-5.71
Gross Margin	12.42%	100%	-55.14%	25,090%	-8.98%
Operating Income	-90.83	-70.29	35.4	-35.03	31.14
Operating Margin	-141.5%	-56.52%	38.36%	8,976%	48.97%
Net Income	-268.6	-215.8	108.1	-119.5	-20.63
Net Margin	-418.5%	-173.5%	117.2%	30,610%	-32.45%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 14	2020 Dec 31	2019 Dec 31	2018 Dec 31	2017 Dec 31
Revenue	64.18	124.4	92.28	-0.39	63.58
Cash from Operating Activities	-270.7	-182.4	-142.8	-95.48	-83.81
Cash from Operating Activities Margin	-421.8%	-146.7%	-154.8%	24,460%	-131.8%
Free Cash Flow	-274.8	-185.7	-142.8	-95.48	-83.81
Free Cash Flow Margin	-428.2%	-149.3%	-154.8%	24,460%	-131.8%
Depreciation and Amortization	41.94	20.93	0	0	0
Depreciation and Amortization Margin	65.34%	16.83%	0%	0%	0%
Capital Expenditure	-4.07	-3.28	0	0	0
Capital Expenditure Margin	-6.35%	-2.64%	0%	0%	0%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2017", "x": "2017-12-31", "y": -8.98}, {"l": "2018", "x": "2018-12-31", "y": 25092}, {"l": "2019", "x": "2019-12-31", "y": -55.14}, {"l": "2020", "x": "2020-12-31", "y": 100}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2017", "x": "2017-12-31", "y": 48.97}, {"l": "2018", "x": "2018-12-31", "y": 8976}, {"l": "2019", "x": "2019-12-31", "y": 38.36}, {"l": "2020", "x": "2020-12-31", "y": -56.52}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2017", "x": "2017-12-31", "y": -32.45}, {"l": "2018", "x": "2018-12-31", "y": 30605}, {"l": "2019", "x": "2019-12-31", "y": 117.2}, {"l": "2020", "x": "2020-12-31", "y": -173.5}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2017", "x": "2017-12-31", "y": -131.8}, {"l": "2018", "x": "2018-12-31", "y": 24463}, {"l": "2019", "x": "2019-12-31", "y": -154.8}, {"l": "2020", "x": "2020-12-31", "y": -149.3}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2021 (Q3) Sep 30	2021 (Q2) Jun 30	2021 (Q1) Mar 31	2020 (Q4) Dec 31	2020 (Q3) Sep 30	2020 (Q2) Jun 30
Revenue	33.79	-4.29	7.76	26.92	31.61	32.29
Revenue Growth Rate	-888.3%	-155.2%	-71.18%	-14.83%	-2.11%
Cost of Revenue	0	56.21	0	0	74.57	48.98
Gross Profit	33.79	-60.49	7.76	26.92	-42.96	-16.69
Gross Margin	100%	1,411%	100%	100%	-135.9%	-51.7%
Operating Income	2.61	-30.82	-22.4	-40.23	-12.66	37.21
Operating Margin	7.73%	719%	-288.6%	-149.4%	-40.05%	115.2%
Net Income	-48.09	-62.1	-67.01	-91.41	-64.58	-14.42
Net Margin	-142.3%	1,449%	-863.6%	-339.5%	-204.3%	-44.67%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2021 (Q3) Sep 30	2021 (Q2) Jun 30	2021 (Q1) Mar 31	2020 (Q4) Dec 31	2020 (Q3) Sep 30	2020 (Q2) Jun 30
Revenue	33.79	-4.29	7.76	26.92	31.61	32.29
Cash from Operating Activities	-110.5	-54.93	-65.8	-39.49	-59.24	-43.04
Cash from Operating Activities Margin	-327%	1,282%	-848%	-146.7%	-187.4%	-133.3%
Free Cash Flow	-112.2	-55.74	-66.52	-40.28	-59.99	-44.3
Free Cash Flow Margin	-332.2%	1,301%	-857.3%	-149.6%	-189.8%	-137.2%
Depreciation and Amortization	14.46	0.686	6.68	20.1	0.335	0.32
Depreciation and Amortization Margin	42.8%	-16.01%	86.15%	74.68%	1.06%	0.991%
Capital Expenditure	-1.76	-0.812	-0.72	-0.783	-0.755	-1.26
Capital Expenditure Margin	-5.2%	18.95%	-9.28%	-2.91%	-2.39%	-3.91%

Quarterly Chart

Monetary values in USD

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2020 (Q2)", "x": "2020-06-30", "y": -51.7}, {"l": "2020 (Q3)", "x": "2020-09-30", "y": -135.9}, {"l": "2020 (Q4)", "x": "2020-12-31", "y": 100}, {"l": "2021 (Q1)", "x": "2021-03-31", "y": 100}, {"l": "2021 (Q2)", "x": "2021-06-30", "y": 1411}, {"l": "2021 (Q3)", "x": "2021-09-30", "y": 100}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2020 (Q2)", "x": "2020-06-30", "y": 115.2}, {"l": "2020 (Q3)", "x": "2020-09-30", "y": -40.05}, {"l": "2020 (Q4)", "x": "2020-12-31", "y": -149.4}, {"l": "2021 (Q1)", "x": "2021-03-31", "y": -288.6}, {"l": "2021 (Q2)", "x": "2021-06-30", "y": 719}, {"l": "2021 (Q3)", "x": "2021-09-30", "y": 7.73}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2020 (Q2)", "x": "2020-06-30", "y": -44.67}, {"l": "2020 (Q3)", "x": "2020-09-30", "y": -204.3}, {"l": "2020 (Q4)", "x": "2020-12-31", "y": -339.5}, {"l": "2021 (Q1)", "x": "2021-03-31", "y": -863.6}, {"l": "2021 (Q2)", "x": "2021-06-30", "y": 1448}, {"l": "2021 (Q3)", "x": "2021-09-30", "y": -142.3}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2020 (Q2)", "x": "2020-06-30", "y": -137.2}, {"l": "2020 (Q3)", "x": "2020-09-30", "y": -189.8}, {"l": "2020 (Q4)", "x": "2020-12-31", "y": -149.6}, {"l": "2021 (Q1)", "x": "2021-03-31", "y": -857.3}, {"l": "2021 (Q2)", "x": "2021-06-30", "y": 1300}, {"l": "2021 (Q3)", "x": "2021-09-30", "y": -332.2}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}