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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO

Commission file number: 001-35733

 

Silvercrest Asset Management Group Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

45-5146560

(State or Other Jurisdiction

of Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

1330 Avenue of the Americas, 38th Floor

New York, New York 10019

(Address of Principal Executive Offices and Zip Code)

(212649-0600

(Registrant’s Telephone Number, Including Area Code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, $0.01 par value per share

 

SAMG

 

The Nasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

☐  

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of outstanding shares of the registrant’s Class A common stock, par value $0.01 per share, and Class B common stock, par value $0.01 per share, as of November 2, 2020 was 9,544,607 and 4,827,731, respectively.

 

 

 

 


 

 

Part I

 

Financial Information

 

 

Item 1.

 

Condensed Consolidated Financial Statements (Unaudited)

  

1

 

 

Condensed Consolidated Statements of Financial Condition as of September 30, 2020 and December 31, 2019

  

1

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019

  

2

 

 

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2020 and 2019

  

3

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

  

5

 

 

Notes to Condensed Consolidated Financial Statements as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and 2019

  

7

 

 

 

  

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

34

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

  

52

Item 4.

 

Controls and Procedures

  

52

 

Part II 

 

Other Information

  

 

Item 1A.

 

Risk Factors

 

53

Item 6.

 

Exhibits

  

54

 

 

 

 


 

Except where the context requires otherwise and as otherwise set forth herein, in this report, references to the “Company”, “we”, “us” or “our” refer to Silvercrest Asset Management Group Inc. (“Silvercrest”) and its consolidated subsidiary, Silvercrest L.P., the managing member of our operating subsidiary (“Silvercrest L.P.” or “SLP”). SLP is a limited partnership whose existing limited partners are referred to in this report as “principals”.

Forward-Looking Statements

This report contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include but are not limited to: incurrence of net losses, fluctuations in quarterly and annual results, adverse economic or market conditions, our expectations with respect to future levels of assets under management, inflows and outflows, our ability to retain clients from whom we derive a substantial portion of our assets under management, our ability to maintain our fee structure, our particular choices with regard to investment strategies employed, our ability to hire and retain qualified investment professionals, the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation, failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct, our expected tax rate, and our expectations with respect to deferred tax assets,  adverse economic or market conditions, including the continued adverse effects of the coronavirus pandemic, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy, failure to develop and maintain the Silvercrest brand and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2019 which is accessible on the SEC’s website at www.sec.gov.  We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

 

 

 

 


 

Part I – Financial Information

 

Item 1. Financial Statements

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Financial Condition

(Unaudited)

(In thousands, except share and par value data)

 

 

  

September 30,

2020

 

  

December 31,
2019

 

Assets

  

 

 

 

  

 

 

 

Cash and cash equivalents

  

$

48,171

  

  

$

52,832

  

Investments

  

 

16

  

  

 

1,781

  

Receivables, net

  

 

8,642

  

  

 

8,958

  

Due from Silvercrest Funds

  

 

1,806

  

  

 

1,697

  

Furniture, equipment and leasehold improvements, net

  

 

5,630

  

  

 

6,015

  

Goodwill

  

 

63,675

  

  

 

63,675

  

Operating lease assets

 

 

31,103

 

 

 

33,485

 

Finance lease assets

 

 

284

 

 

 

198

 

Intangible assets, net

  

 

27,216

  

  

 

29,286

  

Deferred tax asset—tax receivable agreement

  

 

11,646

  

  

 

13,190

 

Prepaid expenses and other assets

  

 

3,057

  

  

 

3,132

  

Total assets

  

$

201,246

  

  

$

214,249

  

Liabilities and Equity

  

 

 

 

  

 

 

 

Accounts payable and accrued expenses

  

$

16,576

  

  

$

18,527

  

Accrued compensation

  

 

22,554

  

  

 

32,252

  

Borrowings under credit facility

 

 

13,500

 

 

 

16,200

 

Operating lease liabilities

 

 

37,254

 

 

 

39,848

 

Finance lease liabilities

 

 

289

 

 

 

196

 

Deferred tax and other liabilities

  

 

10,160

  

  

 

9,419

  

Total liabilities

  

 

100,333

  

  

 

116,442

  

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, 2020 and December 31, 2019

  

 

 

  

 

 

Class A common stock, par value $0.01, 50,000,000 shares authorized; 9,544,607 and 9,329,879 issued and outstanding, as of September 30, 2020 and December 31, 2019, respectively

  

 

95

  

  

 

93

 

Class B common stock, par value $0.01, 25,000,000 shares authorized; 4,827,731 and 5,031,017 issued and outstanding, as of September 30, 2020 and December 31, 2019, respectively

 

 

47

 

 

 

49

 

Additional Paid-In Capital

  

 

50,185

  

  

 

49,246

 

Retained earnings

  

 

19,155

  

  

 

15,648

 

Total Silvercrest Asset Management Group Inc.’s equity

  

 

69,482

  

  

 

65,036

 

Non-controlling interests

  

 

31,431

  

  

 

32,771

 

Total equity

  

 

100,913

  

  

 

97,807

 

Total liabilities and equity

  

$

201,246

  

  

$

214,249

  

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

1


 

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and advisory fees

 

$

26,148

 

 

$

26,842

 

 

$

76,554

 

 

$

71,310

 

Family office services

 

 

1,034

 

 

 

1,003

 

 

 

3,014

 

 

 

3,004

 

Total revenue

 

 

27,182

 

 

 

27,845

 

 

 

79,568

 

 

 

74,314

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

15,142

 

 

 

15,100

 

 

 

44,217

 

 

 

42,481

 

General and administrative

 

 

7,091

 

 

 

6,444

 

 

 

16,431

 

 

 

17,103

 

Total expenses

 

 

22,233

 

 

 

21,544

 

 

 

60,648

 

 

 

59,584

 

Income before other (expense) income, net

 

 

4,949

 

 

 

6,301

 

 

 

18,920

 

 

 

14,730

 

Other (expense) income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income, net

 

 

8

 

 

 

242

 

 

 

23

 

 

 

257

 

Interest income

 

 

2

 

 

 

11

 

 

 

12

 

 

 

160

 

Interest expense

 

 

(120

)

 

 

(239

)

 

 

(445

)

 

 

(255

)

Equity income from investments

 

 

 

 

 

9

 

 

 

 

 

 

9

 

Total other (expense) income, net

 

 

(110

)

 

 

23

 

 

 

(410

)

 

 

171

 

Income before provision for income taxes

 

 

4,839

 

 

 

6,324

 

 

 

18,510

 

 

 

14,901

 

Provision for income taxes

 

 

1,359

 

 

 

1,501

 

 

 

4,558

 

 

 

3,682

 

Net income

 

 

3,480

 

 

 

4,823

 

 

 

13,952

 

 

 

11,219

 

Less: net income attributable to non-controlling interests

 

 

(1,421

)

 

 

(2,170

)

 

 

(5,871

)

 

 

(4,993

 

)

Net income attributable to Silvercrest

 

$

2,059

 

 

$

2,653

 

 

$

8,081

 

 

$

6,226

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.22

 

 

$

0.30

 

 

$

0.85

 

 

$

0.72

 

Diluted

 

$

0.22

 

 

$

0.30

 

 

$

0.85

 

 

$

0.72

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

9,532,362

 

 

 

8,870,674

 

 

 

9,478,695

 

 

 

8,659,403

 

Diluted

 

 

9,540,604

 

 

 

8,872,571

 

 

 

9,488,259

 

 

 

8,662,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 

2


 

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(In thousands)

 

 

 

Class A
Common
Stock
Shares

 

 

Class A
Common
Stock
Amount

 

 

Class B
Common
Stock
Shares

 

 

Class B
Common
Stock
Amount

 

 

Additional
Paid-In
Capital

 

 

Retained
Earnings

 

 

Total
Silvercrest
Asset
Management
Group Inc.’s
Equity

 

 

Non-
controlling
Interest

 

 

Total
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2019

 

 

8,518

 

 

$

85

 

 

 

4,934

 

 

$

48

 

 

$

43,584

 

 

$

12,330

 

 

$

56,047

 

 

$

26,352

 

 

$

82,399

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,285

)

 

 

(2,285

)

Repayment of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

291

 

 

 

291

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

 

 

836

 

 

 

842

 

Issuance of Class B shares

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

 

 

 

20

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,709

 

 

 

1,709

 

 

 

1,336

 

 

 

3,045

 

Deferred tax, net of amounts payable under tax receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

9

 

Accrued interest on notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

(3

)

Share conversion

 

 

17

 

 

 

 

 

 

(17

)

 

 

 

 

 

97

 

 

 

 

 

 

97

 

 

 

(97

)

 

 

 

Dividends paid on Class A common stock - $0.15 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,278

)

 

 

(1,278

)

 

 

 

 

 

(1,278

)

March 31, 2019

 

 

8,535

 

 

$

85

 

 

 

4,919

 

 

$

48

 

 

$

43,696

 

 

$

12,761

 

 

$

56,590

 

 

$

26,450

 

 

$

83,040

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,474

)

 

 

(3,474

)

Equity-based compensation

 

 

2

 

 

 

 

 

 

1

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

 

 

873

 

 

 

879

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,864

 

 

 

1,864

 

 

 

1,487

 

 

 

3,351

 

Deferred tax, net of amounts payable under tax receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28

 

 

 

 

 

 

28

 

 

 

 

 

 

28

 

Accrued interest on notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(3

)

Share conversion

 

 

87

 

 

 

1

 

 

 

(87

)

 

 

(1

)

 

 

458

 

 

 

 

 

 

458

 

 

 

(458

)

 

 

 

Dividends paid on Class A common stock - $0.15 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,293

)

 

 

(1,293

)

 

 

 

 

 

(1,293

)

June 30, 2019

 

 

8,624

 

 

$

86

 

 

 

4,833

 

 

$

47

 

 

$

44,188

 

 

$

13,332

 

 

$

57,653

 

 

$

24,875

 

 

$

82,528

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,626

)

 

 

(1,626

)

Equity-based compensation

 

 

 

 

 

 

 

 

241

 

 

 

3

 

 

 

6

 

 

 

 

 

 

9

 

 

 

436

 

 

 

445

 

Issuance of Class B shares

 

 

 

 

 

 

 

 

663

 

 

 

7

 

 

 

 

 

 

 

 

 

7

 

 

 

8,945

 

 

 

8,952

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,653

 

 

 

2,653

 

 

 

2,170

 

 

 

4,823

 

Deferred tax, net of amounts payable under tax receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,493

 

 

 

 

 

 

1,493

 

 

 

 

 

 

1,493

 

Accrued interest on notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(3

)

Share conversion

 

 

556

 

 

 

6

 

 

 

(556

)

 

 

(6

)

 

 

2,551

 

 

 

 

 

 

2,551

 

 

 

(2,551

)

 

 

 

Dividends paid on Class A common stock - $0.15 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,377

)

 

 

(1,377

)

 

 

 

 

 

(1,377

)

September 30, 2019

 

 

9,180

 

 

$

92

 

 

 

5,181

 

 

$

51

 

 

$

48,238

 

 

$

14,608

 

 

$

62,989

 

 

$

32,246

 

 

$

95,235

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.


3


 

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(In thousands)

 

 

 

Class A
Common
Stock
Shares

 

 

Class A
Common
Stock
Amount

 

 

Class B
Common
Stock
Shares

 

 

Class B
Common
Stock
Amount

 

 

Additional
Paid-In
Capital

 

 

Retained
Earnings

 

 

Total
Silvercrest
Asset
Management
Group Inc.’s
Equity

 

 

Non-
controlling
Interest

 

 

Total
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2020

 

 

9,330

 

 

$

93

 

 

 

5,031

 

 

$

49

 

 

$

49,246

 

 

$

15,648

 

 

$

65,036

 

 

$

32,771

 

 

$

97,807

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,226

)

 

 

(2,226

)

Repayment of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300

 

 

 

300

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

9

 

 

 

100

 

 

 

109

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,532

 

 

 

5,532

 

 

 

4,158

 

 

 

9,690

 

Deferred tax, net of amounts payable under tax receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(364

)

 

 

 

 

 

(364

)

 

 

 

 

 

(364

)

Accrued interest on notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Share conversion

 

 

176

 

 

 

2

 

 

 

(176

)

 

 

(2

)

 

 

1,149

 

 

 

 

 

 

1,149

 

 

 

(1,149

)

 

 

 

Dividends paid on Class A common stock - $0.15 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,520

)

 

 

(1,520

)

 

 

 

 

 

(1,520

)

March 31, 2020

 

 

9,506

 

 

$

95

 

 

 

4,855

 

 

$

47

 

 

$

50,040

 

 

$

19,660

 

 

$

69,842

 

 

$

33,952

 

 

$

103,794

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,798

)

 

 

(2,798

)

Repayment of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

 

 

2

 

 

 

 

 

 

9

 

 

 

 

 

 

10

 

 

 

 

 

 

10