Financials

v3.8.0.1
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Assets    
Cash and cash equivalents $ 39,558 $ 37,517
Investments 13 335
Receivables, net 6,458 6,270
Due from Silvercrest Funds 2,656 2,876
Furniture, equipment and leasehold improvements, net 2,505 2,411
Goodwill 25,168 25,168
Intangible assets, net 12,035 13,404
Deferred tax asset—tax receivable agreement 19,204 20,221
Prepaid expenses and other assets 1,953 4,079
Total assets 109,550 112,281
Liabilities and Equity    
Accounts payable and accrued expenses 2,649 4,485
Accrued compensation 20,134 23,797
Notes payable 731 2,486
Deferred rent 138 436
Deferred tax and other liabilities 15,297 14,993
Total liabilities 38,949 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 September 30, 2017 and December 31, 2016
Additional Paid-In Capital 41,555 41,260
Retained earnings 8,416 5,916
Total Silvercrest Asset Management Group Inc.’s equity 50,102 47,305
Non-controlling interests 20,499 18,779
Total equity 70,601 66,084
Total liabilities and equity 109,550 112,281
Class A Common Stock    
Equity    
Common stock, value 81 81
Total equity 81 81
Class B Common Stock    
Equity    
Common stock, value 50 48
Total equity $ 50 $ 48

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue        
Management and advisory fees $ 21,774 $ 19,457 $ 63,900 $ 56,194
Performance fees and allocations     10  
Family office services 1,071 1,013 2,977 2,876
Total revenue 22,845 20,470 66,887 59,070
Expenses        
Compensation and benefits 13,508 12,166 39,618 35,390
General and administrative 4,021 4,123 12,052 12,370
Total expenses 17,529 16,289 51,670 47,760
Income before other (expense) income, net 5,316 4,181 15,217 11,310
Other (expense) income, net        
Other (expense) income, net 8 (215) 24 (99)
Interest income 11 15 33 47
Interest expense (17) (47) (85) (174)
Total other (expense) income, net 2 (247) (28) (226)
Income before provision for income taxes 5,318 3,934 15,189 11,084
Provision for income taxes 1,604 1,041 4,575 3,589
Net income 3,714 2,893 10,614 7,495
Less: net income attributable to non-controlling interests (1,842) (1,397) (5,197) (3,766)
Net income attributable to Silvercrest $ 1,872 $ 1,496 $ 5,417 $ 3,729
Net income per share:        
Basic $ 0.23 $ 0.19 $ 0.67 $ 0.47
Diluted $ 0.23 $ 0.19 $ 0.67 $ 0.47
Weighted average shares outstanding:        
Basic 8,119,444 8,038,638 8,101,077 8,020,793
Diluted 8,125,131 8,049,220 8,108,893 8,026,625

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows From Operating Activities    
Net income $ 10,614 $ 7,495
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity-based compensation 2,447 2,417
Depreciation and amortization 2,051 2,012
Deferred rent (298) (324)
Deferred income taxes 1,273 1,227
Tax receivable agreement adjustment 217 123
Non-cash interest on notes receivable from partners (27) (43)
Distributions received from investment funds 322 2
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds 32 1,796
Prepaid expenses and other assets 1,756 (451)
Accounts payable and accrued expenses (921) 224
Accrued compensation (3,663) (5,305)
Interest payable on notes payable 71 140
Net cash provided by operating activities 13,874 9,313
Cash Flows From Investing Activities    
Restricted certificates of deposit and escrow   507
Acquisition of furniture, equipment and leasehold improvements (583) (290)
Acquisition of Cappiccille & Company, LLC   (148)
Net cash (used in) provided by investing activities (583) 69
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (756) (630)
Repayments of notes payable (1,826) (2,102)
Payments on capital leases (121) (131)
Distributions to partners (6,001) (5,760)
Dividends paid on Class A common stock (2,917) (2,887)
Payments from partners on notes receivable 371 533
Net cash used in financing activities (11,250) (10,977)
Net increase (decrease) in cash and cash equivalents 2,041 (1,595)
Cash and cash equivalents, beginning of period 37,517 31,562
Cash and cash equivalents, end of period 39,558 29,967
Net cash paid during the period for:    
Income taxes 1,179 3,505
Interest 115 202
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 247 234
Asset acquired under capital lease 241  
Earnout accrual for acquisition of certain assets of Cappiccille & Company LLC   354
Note receivable from new partners issued for capital contribution to Silvercrest L.P. $ 165 $ 120

Source

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