Financials

v3.5.0.2
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Assets    
Cash and cash equivalents $ 29,967 $ 31,562
Restricted certificates of deposit 80 587
Investments 30 32
Receivables, net 4,512 4,502
Due from Silvercrest Funds 2,524 4,330
Furniture, equipment and leasehold improvements, net 2,162 2,425
Goodwill 25,168 24,682
Intangible assets, net 13,872 15,331
Deferred tax asset—tax receivable agreement 20,506 21,498
Prepaid expenses and other assets 3,729 3,262
Total assets 102,550 108,211
Liabilities and Equity    
Accounts payable and accrued expenses 3,979 4,031
Accrued compensation 16,459 21,786
Notes payable 2,552 4,514
Deferred rent 528 852
Deferred tax and other liabilities 15,596 15,391
Total liabilities 39,114 46,574
Commitments and Contingencies (Note 10)
Equity    
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding, as of September 30, 2016 and December 31, 2015
Additional Paid-In Capital 41,235 40,951
Retained earnings 5,600 4,758
Total Silvercrest Asset Management Group Inc.’s equity 46,963 45,835
Non-controlling interests 16,473 15,802
Total equity 63,436 61,637
Total liabilities and equity 102,550 108,211
Class A Common Stock    
Equity    
Common stock, value 80 80
Total equity 80 80
Class B Common Stock    
Equity    
Common stock, value 48 46
Total equity $ 48 $ 46

Source

v3.5.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue        
Management and advisory fees $ 19,457 $ 19,117 $ 56,194 $ 53,492
Family office services 1,013 836 2,876 2,435
Total revenue 20,470 19,953 59,070 55,927
Expenses        
Compensation and benefits 12,166 11,547 35,390 31,740
General and administrative 4,123 4,137 12,370 11,177
Total expenses 16,289 15,684 47,760 42,917
Income before other (expense) income, net 4,181 4,269 11,310 13,010
Other (expense) income, net        
Other (expense) income, net (215) 8 (99) 1,013
Interest income 15 17 47 54
Interest expense (47) (77) (174) (191)
Total other (expense) income, net (247) (52) (226) 876
Income before provision for income taxes 3,934 4,217 11,084 13,886
Provision for income taxes 1,041 1,434 3,589 4,966
Net income 2,893 2,783 7,495 8,920
Less: net income attributable to non-controlling interests (1,397) (1,457) (3,766) (4,470)
Net income attributable to Silvercrest $ 1,496 $ 1,326 $ 3,729 $ 4,450
Net income per share:        
Basic $ 0.19 $ 0.17 $ 0.47 $ 0.57
Diluted $ 0.19 $ 0.17 $ 0.47 $ 0.57
Weighted average shares outstanding:        
Basic 8,038,638 7,876,930 8,020,793 7,823,618
Diluted 8,049,220 7,876,930 8,026,625 7,823,618

Source

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows From Operating Activities    
Net income $ 7,495 $ 8,920
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity-based compensation 2,417 716
Depreciation and amortization 2,012 1,678
Deferred rent (324) (346)
Deferred income taxes 1,227 2,396
Tax receivable agreement adjustment 123 (990)
Non-cash interest on notes receivable from partners (43) (50)
Distributions received from investment funds 2 1,292
Other   3
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds 1,796 1,289
Prepaid expenses and other assets (451) (614)
Accounts payable and accrued expenses 224 (392)
Accrued compensation (5,305) (5,011)
Interest payable on notes payable 140 156
Net cash provided by operating activities 9,313 9,047
Cash Flows From Investing Activities    
Restricted certificates of deposit and escrow 507 (1)
Acquisition of furniture, equipment and leasehold improvements (290) (337)
Net cash provided by (used in) investing activities 69 (3,888)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (630) (570)
Repayments of notes payable (2,102) (1,316)
Payments on capital leases (131) (99)
Distributions to partners (5,760) (5,571)
Dividends paid on Class A common stock (2,887) (2,824)
Payments from partners on notes receivable 533 481
Net cash used in financing activities (10,977) (9,899)
Net decrease in cash and cash equivalents (1,595) (4,740)
Cash and cash equivalents, beginning of period 31,562 30,820
Cash and cash equivalents, end of period 29,967 26,080
Net cash paid during the period for:    
Income taxes 3,505 3,361
Interest 202 114
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 234 675
Asset acquired under capital lease   32
Note receivable from new partner issued for capital contribution to Silvercrest L.P. 120  
Class B Common Stock    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison   3,562
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison, par value $0.01   3
Jamison    
Cash Flows From Investing Activities    
Acquisition   (3,550)
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of notes payable for acquisition   2,165
Earnout accrual for acquisition   $ 1,429
Cappiccille    
Cash Flows From Investing Activities    
Acquisition (148)  
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Earnout accrual for acquisition $ 354  

Source

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