Financials

v3.10.0.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Assets    
Cash and cash equivalents $ 69,283 $ 53,822
Investments 1,493 626
Receivables, net 8,022 9,436
Due from Silvercrest Funds 1,233 1,094
Furniture, equipment and leasehold improvements, net 3,436 2,453
Goodwill 25,168 25,168
Intangible assets, net 9,893 11,578
Deferred tax asset—tax receivable agreement 12,206 11,838
Prepaid expenses and other assets 2,629 1,345
Total assets 133,363 117,360
Liabilities and Equity    
Accounts payable and accrued expenses 2,947 3,506
Accrued compensation 31,470 28,274
Notes payable   740
Deferred rent 7,225 3,473
Deferred tax and other liabilities 9,322 9,248
Total liabilities 50,964 45,241
Commitments and Contingencies (Note 10)
Equity    
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding
Additional Paid-In Capital 43,584 41,606
Retained earnings 12,330 7,359
Total Silvercrest Asset Management Group Inc.’s equity 56,047 49,095
Non-controlling interests 26,352 23,024
Total equity 82,399 72,119
Total liabilities and equity 133,363 117,360
Class A Common Stock    
Equity    
Common stock, value 85 81
Total equity 85 81
Class B Common Stock    
Equity    
Common stock, value 48 49
Total equity $ 48 $ 49

Source

v3.10.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenue      
Total revenue $ 98,673 $ 91,358 $ 80,262
Expenses      
Compensation and benefits 57,938 54,143 49,009
General and administrative 19,583 16,846 16,617
Total expenses 77,521 70,989 65,626
Income before other income (expense), net 21,152 20,369 14,636
Other income (expense), net      
Other income (expense), net (15) 5,346 (105)
Interest income 274 47 61
Interest expense (62) (112) (228)
Equity income from investments 1,477 615 304
Total other income (expense), net 1,674 5,896 32
Income before provision for income taxes 22,826 26,265 14,668
Provision for income taxes (5,458) (13,734) (4,686)
Net income 17,368 12,531 9,982
Less: net income attributable to non-controlling interests (7,738) (7,194) (4,967)
Net income attributable to Silvercrest $ 9,630 $ 5,337 $ 5,015
Net income per share:      
Basic $ 1.16 $ 0.66 $ 0.62
Diluted $ 1.16 $ 0.66 $ 0.62
Weighted average shares outstanding:      
Basic 8,298,354 8,110,128 8,031,161
Diluted 8,302,768 8,117,407 8,038,177
Management and Advisory Fees      
Revenue      
Total revenue $ 94,675 $ 86,542 $ 76,185
Performance Fees and Allocations      
Revenue      
Total revenue 25 834 322
Family Office Services      
Revenue      
Total revenue $ 3,973 $ 3,982 $ 3,755

Source

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows From Operating Activities      
Net income $ 17,368 $ 12,531 $ 9,982
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity-based compensation 3,275 3,248 3,228
Depreciation and amortization 2,432 2,801 2,664
Deferred rent 3,752 3,037 (416)
Deferred income taxes 570 8,646 1,587
Tax receivable agreement fair value adjustment 30 (5,299) 152
Provision for doubtful accounts     294
Non-cash interest on notes receivable from partners (25) (39) (56)
Distributions received from investment funds 610 322 1
Equity income from investments (1,477) (615) (304)
Other 37 1 1
Cash flows due to changes in operating assets and liabilities:      
Receivables and due from Silvercrest Funds 1,275 (1,384) (608)
Prepaid expenses and other assets (2,665) 2,744 (801)
Accounts payable and accrued expenses 512 (940) 730
Accrued compensation 3,196 4,477 2,032
Other liabilities (51) (24) (679)
Interest payable on notes payable 18 80 171
Net cash provided by operating activities 28,857 29,586 17,978
Cash Flows From Investing Activities      
Release of restricted certificates of deposit and escrow     587
Acquisition of furniture, equipment and leasehold improvements (1,756) (804) (723)
Net cash used in investing activities (1,756) (804) (284)
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (447) (756) (630)
Repayments of notes payable (758) (1,826) (2,200)
Payments on capital leases (122) (166) (171)
Distributions to partners (6,773) (6,205) (5,761)
Dividends paid on Class A common stock (4,659) (3,895) (3,857)
Payments from partners on notes receivable 1,119 371 880
Net cash used in financing activities (11,640) (12,477) (11,739)
Net increase in cash and cash equivalents 15,461 16,305 5,955
Cash and cash equivalents, beginning of year 53,822 37,517 31,562
Cash and cash equivalents, end of year 69,283 53,822 37,517
Net cash paid during the period for:      
Income taxes 5,953 1,713 4,079
Interest 39 115 204
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Notes receivable from new partners issued for capital contributions to Silvercrest L.P. 100 165 120
Recognition of deferred tax assets as a result of share conversions 1,235 279 328
Assets acquired under capital leases 11 301  
Cappiccille      
Cash Flows From Investing Activities      
Acquisition     (148)
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 $ (102) $ (109)  
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Earnout accrual for acquisition     $ 354

Source