WhiteHorse Finance, Inc.

WHF

WHFWhiteHorse Finance, Inc. US flag

NASDAQ Global Select

6.76

USD

-0.13

- -

146.09MMarket Cap

Income Statement (USD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	41	22	23	1	34	37	61	34	36	35	21	26	17	20
+ Sales & Services Revenue	41	22	23	1	34	37	61	34	36	35	21	26	17	20
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	44	38	38	47	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Income	- -	10	11	13	-38	-39	-3	-3	-4	-4	-5	-4	-5	-5
- Operating Expenses	1	3	4	3	3	3	3	3	4	4	5	4	5	5
+ Selling, General & Admin	1	3	4	3	3	3	3	3	4	4	5	4	5	5
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	43	25	22	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	4	6	3	34	4	2	-58	-32	-32	-31	-17	-21	-12	-15
+ Interest Expense, Net	-44	-32	-29	-32	-40	10	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest Expense	1	5	6	10	8	10	- -	- -	- -	- -	- -	- -	- -	- -
- Interest Income	45	38	35	42	49	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	47	38	32	66	44	-8	-58	-32	-32	-31	-17	-21	-12	-15
Pretax Income	40	19	20	-3	31	34	58	32	32	31	17	21	12	15
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -	1	1	1	1	1	1	1	1
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	40	19	20	-3	31	34	57	31	32	30	16	20	11	14
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	40	19	20	-3	31	34	57	31	32	30	16	20	11	14
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	40	19	20	-3	31	34	57	31	32	30	16	20	11	14
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	40	19	20	-3	31	34	57	31	32	30	16	20	11	14
EBIT	43	25	22	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	43	25	22	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	106.43	111.36	95.91	4,815.83	102.82	96.92	- -	- -	- -	- -	- -	- -	- -	- -
EBITA	43	25	20	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	99	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	106.43	111.36	95.91	4,815.83	102.82	96.92	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	97.16	85.96	83.78	-443.26	91.51	92.68	93.47	90.07	87.97	85.12	73.45	79.48	63.47	71.07
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	1.16	1.41	1.39	1.42	1.36	1.41	1.62	1.54	1.41	1.43	1.52	1.79	- -
Depreciation Expense	- -	- -	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	15	15	15	15	18	19	21	21	21	21	23	23	23	- -
Basic EPS, GAAP	2.64	1.27	1.3	-0.18	1.71	1.77	2.79	1.5	1.54	1.42	0.68	0.88	0.47	- -
Basic EPS from Cont Ops	2.64	1.27	1.3	-0.18	1.71	1.77	2.79	1.5	1.54	1.42	0.68	0.88	0.47	- -
Diluted Weighted Avg Shares	15	15	15	15	18	19	21	21	21	21	23	23	23	- -
Diluted EPS, GAAP	2.64	1.27	1.3	-0.18	1.71	1.77	2.79	1.5	1.54	1.42	0.68	0.88	0.47	- -
Diluted EPS from Cont Ops	2.64	1.27	1.3	-0.18	1.71	1.77	2.79	1.5	1.54	1.42	0.68	0.88	0.47	- -

Balance Sheet (USD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	190	102	23	30	34	45	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	156	93	12	23	17	35	24	4	8	12	10	11	12	7
+ Cash & Cash Equivalents	156	93	12	23	17	35	24	4	8	12	10	11	12	7
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	1	2	3	3	5	6	10	6	11	8	8	8	6	6
+ Accounts Receivable, Net	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	1	2	3	3	5	5	10	6	11	8	8	8	6	6
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	32	7	9	4	12	4	-34	-11	-19	-20	-18	-19	-18	-13
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	184	272	404	415	413	441	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Accumulated Depreciation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	180	272	404	415	412	441	470	590	691	819	760	696	642	579
+ LT Investments	180	272	404	415	412	441	470	590	691	819	760	696	642	579
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	3	- -	- -	- -	1	- -	-470	-590	-691	-819	-760	-696	-642	-579
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	3	- -	- -	- -	1	- -	-470	-590	-691	-819	-760	-696	-642	-579
Total Assets	373	374	427	442	446	486	514	631	719	851	796	731	677	615
+ Payables & Accruals	3	37	11	14	15	16	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts Payable	3	34	6	10	9	9	12	11	11	13	13	13	16	9
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	3	5	4	5	8	-12	-11	-11	-13	-13	-13	-16	-9
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	3	37	11	14	15	16	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	141	110	190	183	182	182	176	299	385	476	440	386	353	324
+ LT Borrowings	141	110	190	187	182	182	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	- -	- -	- -	4	- -	- -	-176	-299	-385	-476	-440	-386	-353	-324
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	- -	4	- -	- -	-176	-299	-385	-476	-440	-386	-353	-324
Total Noncurrent Liabilities	141	110	190	187	182	182	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	144	147	201	198	197	199	199	318	406	501	464	414	391	355
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	228	229	229	272	272	302	302	301	300	339	339	338	337	329
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	228	229	229	272	272	302	302	301	300	339	339	338	337	329
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	1	-1	-6	-7	-5	-15	14	12	13	11	-7	-22	-51	-69
+ Other Equity	-1	- -	-6	-28	-23	-15	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	229	227	225	244	249	287	315	313	313	350	332	317	286	260
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	229	227	225	244	249	287	315	313	313	350	332	317	286	260
Total Liabilities & Equity	373	374	427	442	446	486	514	631	719	851	796	731	677	615
Shares Outstanding	15	15	15	18	18	21	21	21	21	23	23	23	23	22
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	-15	17	179	164	165	147	-24	-4	-8	-12	-10	-11	-12	-7
Net Debt to Equity	-6.49	7.53	79.36	67.29	66.28	51.19	-7.66	-1.37	-2.58	-3.48	-2.86	-3.39	-4.34	-2.71
Tangible Common Equity Ratio	61.36	60.67	52.8	55.25	55.89	59.1	61.33	49.58	43.52	41.1	41.73	43.35	42.28	42.23
Current Ratio	63.56	2.74	2.13	2.11	2.32	2.73	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement (USD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	40	19	20	-3	31	34	57	31	32	30	16	20	11	14
+ Depreciation & Amortization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Non-Cash Items	25	-91	-130	-8	4	-28	-28	-119	-100	-127	58	67	55	66
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	25	-91	-130	-8	4	-28	-28	-119	-100	-127	58	67	55	66
+ Chg in Non-Cash Work Cap	-33	59	-29	2	-2	1	2	-7	4	7	-2	3	13	-3
+ (Inc) Dec in Accts Receiv	-2	- -	-1	-1	-1	-1	-4	4	-5	4	- -	- -	3	- -
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	-1	1	- -	-7	7	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	1	30	-26	2	- -	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	-32	29	-1	- -	- -	- -	6	-4	2	3	-2	3	10	-3
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	31	-13	-140	-9	34	7	31	-95	-65	-90	72	90	79	77
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-13	- -	- -	44	- -	30	- -	- -	- -	37	- -	- -	- -	-7
+ Increase in Capital Stock	151	- -	- -	44	- -	30	- -	- -	- -	37	- -	- -	- -	- -
+ Decrease in Capital Stock	-164	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-7
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dividends Paid	- -	-17	-21	-21	-26	-26	-29	-33	-32	-30	-33	-35	-41	-37
+ Net Cash From Debt	141	-31	80	-4	-2	- -	-5	124	86	92	-35	-55	-34	-28
+ Cash From Debt	141	66	140	240	113	103	165	176	296	458	141	167	119	214
+ Repayments of Debt	- -	-97	-59	-244	-115	-103	-170	-52	-210	-366	-175	-222	-153	-242
+ Other Financing Activities	-3	-1	-1	-4	- -	-1	-2	-2	-1	-2	-1	-1	- -	-3
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	125	-50	59	16	-28	3	-36	89	53	97	-68	-92	-75	-75
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	156	-63	-81	7	6	10	-5	-6	-12	7	4	-2	3	2
EBITDA	43	25	22	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	106.43	111.36	95.91	4,815.83	102.82	96.92	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	31	-13	-140	-9	34	7	31	-95	-65	-90	72	90	79	77
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Firm	33	-8	-134	- -	42	17	31	-95	-65	-90	72	90	79	77
Free Cash Flow to Equity	- -	-45	-59	-13	32	7	26	29	22	2	37	35	45	49
Free Cash Flow per Basic Share	2.1	-0.89	-9.33	-0.59	1.86	0.37	1.51	-4.62	-3.14	-4.26	3.1	3.89	3.39	- -
Price/Free Cash Flow	7.06	-16.95	-1.24	-19.53	6.53	36.38	8.41	-2.96	-4.33	-3.63	4.21	3.16	2.86	- -
Cash Flow to Net Income	0.79	-0.7	-7.15	3.18	1.09	0.21	0.54	-3.08	-2.04	-3	4.59	4.43	7.26	5.39
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -