Financials

v3.7.0.1
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Assets    
Cash and cash equivalents $ 22,708 $ 37,517
Investments 13 335
Receivables, net 5,779 6,270
Due from Silvercrest Funds 2,306 2,876
Furniture, equipment and leasehold improvements, net 2,411 2,411
Goodwill 25,168 25,168
Intangible assets, net 12,947 13,404
Deferred tax asset—tax receivable agreement 19,934 20,221
Prepaid expenses and other assets 4,129 4,079
Total assets 95,395 112,281
Liabilities and Equity    
Accounts payable and accrued expenses 3,220 4,485
Accrued compensation 6,574 23,797
Notes payable 2,419 2,486
Deferred rent 345 436
Deferred tax and other liabilities 15,207 14,993
Total liabilities 27,765 46,197
Commitments and Contingencies (Note 10)
Equity    
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding, as of March 31, 2017 and December 31, 2016
Additional Paid-In Capital 41,409 41,260
Retained earnings 6,634 5,916
Total Silvercrest Asset Management Group Inc.’s equity 48,172 47,305
Non-controlling interests 19,458 18,779
Total equity 67,630 66,084
Total liabilities and equity 95,395 112,281
Class A Common Stock    
Equity    
Common stock, value 81 81
Total equity 81 81
Class B Common Stock    
Equity    
Common stock, value 48 48
Total equity $ 48 $ 48

Source

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue    
Management and advisory fees $ 21,019 $ 18,334
Family office services 932 929
Total revenue 21,951 19,263
Expenses    
Compensation and benefits 13,080 11,442
General and administrative 4,124 4,197
Total expenses 17,204 15,639
Income before other (expense) income, net 4,747 3,624
Other (expense) income, net    
Other (expense) income, net 8 8
Interest income 11 17
Interest expense (34) (65)
Total other (expense) income, net (15) (40)
Income before provision for income taxes 4,732 3,584
Provision for income taxes 1,432 1,088
Net income 3,300 2,496
Less: net income attributable to non-controlling interests (1,613) (1,189)
Net income attributable to Silvercrest $ 1,687 $ 1,307
Net income per share:    
Basic $ 0.21 $ 0.16
Diluted $ 0.21 $ 0.16
Weighted average shares outstanding:    
Basic 8,078,643 7,995,720
Diluted 8,089,225 7,995,720

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows From Operating Activities    
Net income $ 3,300 $ 2,496
Adjustments to reconcile net income to net cash used in operating activities:    
Equity-based compensation 810 772
Depreciation and amortization 665 665
Deferred rent (91) (107)
Deferred income taxes 431 367
Tax receivable agreement adjustment 122  
Non-cash interest on notes receivable from partners (9) (15)
Distributions received from investment funds 322 1
Other (1) (2)
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds 1,061 1,519
Prepaid expenses and other assets (516) (556)
Accounts payable and accrued expenses (158) 547
Accrued compensation (17,223) (16,357)
Interest payable on notes payable 29 53
Net cash used in operating activities (11,258) (10,617)
Cash Flows From Investing Activities    
Restricted certificates of deposit and escrow   507
Acquisition of furniture, equipment and leasehold improvements (93) (48)
Acquisition of Cappiccille & Company, LLC   (148)
Net cash (used in) provided by investing activities (93) 311
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (756) (180)
Repayments of notes payable (96) (101)
Payments on capital leases (34) (43)
Distributions to partners (1,949) (1,375)
Dividends paid on Class A common stock (969) (959)
Payments from partners on notes receivable 346 508
Net cash used in financing activities (3,458) (2,150)
Net decrease in cash and cash equivalents (14,809) (12,456)
Cash and cash equivalents, beginning of period 37,517 31,562
Cash and cash equivalents, end of period 22,708 19,106
Net cash paid during the period for:    
Income taxes 790 967
Interest 1 6
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 139 152
Asset acquired under capital lease $ 163  
Earnout accrual for acquisition of certain assets of Cappiccille & Company LLC   $ 354

Source

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