Financials

v3.10.0.1
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Assets    
Cash and cash equivalents $ 57,715 $ 53,822
Investments 16 626
Receivables, net 7,949 9,436
Due from Silvercrest Funds 2,763 1,094
Furniture, equipment and leasehold improvements, net 2,491 2,453
Goodwill 25,168 25,168
Intangible assets, net 10,313 11,578
Deferred tax asset—tax receivable agreement 12,299 11,838
Prepaid expenses and other assets 1,989 1,345
Total assets 120,703 117,360
Liabilities and Equity    
Accounts payable and accrued expenses 2,139 3,506
Accrued compensation 23,879 28,274
Notes payable   740
Deferred rent 7,204 3,473
Deferred tax and other liabilities 9,692 9,248
Total liabilities 42,914 45,241
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, 2018 and December 31, 2017
Additional Paid-In Capital 42,682 41,606
Retained earnings 10,614 7,359
Total Silvercrest Asset Management Group Inc.’s equity 53,429 49,095
Non-controlling interests 24,360 23,024
Total equity 77,789 72,119
Total liabilities and equity 120,703 117,360
Class A Common Stock    
Equity    
Common stock, value 83 81
Total equity 83 81
Class B Common Stock    
Equity    
Common stock, value 50 49
Total equity $ 50 $ 49

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue        
Total revenue $ 24,932 $ 22,845 $ 73,840 $ 66,887
Expenses        
Compensation and benefits 14,949 13,508 43,706 39,618
General and administrative 4,817 4,021 14,221 12,052
Total expenses 19,766 17,529 57,927 51,670
Income before other (expense) income, net 5,166 5,316 15,913 15,217
Other (expense) income, net        
Other (expense) income, net (23) 8 (5) 24
Interest income 70 11 199 33
Interest expense (7) (17) (36) (85)
Total other (expense) income, net 40 2 158 (28)
Income before provision for income taxes 5,206 5,318 16,071 15,189
Provision for income taxes 1,313 1,604 3,935 4,575
Net income 3,893 3,714 12,136 10,614
Less: net income attributable to non-controlling interests (1,731) (1,842) (5,406) (5,197)
Net income attributable to Silvercrest $ 2,162 $ 1,872 $ 6,730 $ 5,417
Net income per share:        
Basic $ 0.26 $ 0.23 $ 0.81 $ 0.67
Diluted $ 0.26 $ 0.23 $ 0.81 $ 0.67
Weighted average shares outstanding:        
Basic 8,321,927 8,119,444 8,266,359 8,101,077
Diluted 8,325,718 8,125,131 8,270,984 8,108,893
Management and Advisory Fees        
Revenue        
Total revenue $ 23,841 $ 21,774 $ 70,683 $ 63,900
Performance Fees and Allocations        
Revenue        
Total revenue       10
Family Office Services        
Revenue        
Total revenue $ 1,091 $ 1,071 $ 3,157 $ 2,977

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows From Operating Activities    
Net income $ 12,136 $ 10,614
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity-based compensation 2,433 2,447
Depreciation and amortization 1,832 2,051
Deferred rent 3,731 (298)
Deferred income taxes 127 1,273
Tax receivable agreement adjustment 578 217
Non-cash interest on notes receivable from partners (22) (27)
Distributions received from investment funds 610 322
Other 37  
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds (182) 32
Prepaid expenses and other assets (1,408) 1,756
Accounts payable and accrued expenses (732) (921)
Accrued compensation (4,395) (3,663)
Deferred and other liabilities (51)  
Interest payable on notes payable 18 71
Net cash provided by operating activities 14,712 13,874
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (631) (583)
Net cash used in investing activities (631) (583)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (447) (756)
Repayments of notes and interest payable (758) (1,826)
Payments on capital leases (86) (121)
Distributions to partners (6,541) (6,001)
Dividends paid on Class A common stock (3,475) (2,917)
Payments from partners on notes receivable 1,119 371
Net cash used in financing activities (10,188) (11,250)
Net increase in cash and cash equivalents 3,893 2,041
Cash and cash equivalents, beginning of period 53,822 37,517
Cash and cash equivalents, end of period 57,715 39,558
Net cash paid during the period for:    
Income taxes 4,732 1,179
Interest 39 115
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 818 247
Asset acquired under capital lease 11 241
Notes receivable from new partners issued for capital contribution to Silvercrest L.P. $ 100 $ 165

Source

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