Financials

v3.19.1
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Assets    
Cash and cash equivalents $ 45,494 $ 69,283
Investments 1,493 1,493
Receivables, net 6,352 8,022
Due from Silvercrest Funds 1,417 1,233
Furniture, equipment and leasehold improvements, net 3,262 3,436
Goodwill 27,352 25,168
Operating lease assets 36,150  
Finance lease assets 180  
Intangible assets, net 9,545 9,893
Deferred tax asset—tax receivable agreement 11,846 12,206
Prepaid expenses and other assets 3,363 2,629
Total assets 146,454 133,363
Liabilities and Equity    
Accounts payable and accrued expenses 4,903 2,947
Accrued compensation 6,368 31,470
Deferred rent   7,225
Operating lease liabilities 42,785  
Finance lease liabilities 183  
Deferred tax and other liabilities 9,175 9,322
Total liabilities 63,414 50,964
Commitments and Contingencies (Note 10)
Equity    
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding, as of March 31, 2019 and December 31, 2018
Additional Paid-In Capital 43,696 43,584
Retained earnings 12,761 12,330
Total Silvercrest Asset Management Group Inc.’s equity 56,590 56,047
Non-controlling interests 26,450 26,352
Total equity 83,040 82,399
Total liabilities and equity 146,454 133,363
Class A Common Stock    
Equity    
Common stock, value 85 85
Total equity 85 85
Class B Common Stock    
Equity    
Common stock, value 48 48
Total equity $ 48 $ 48

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v3.19.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue    
Total revenue $ 22,572 $ 24,331
Expenses    
Compensation and benefits 13,363 14,310
General and administrative 5,210 4,727
Total expenses 18,573 19,037
Income before other (expense) income, net 3,999 5,294
Other (expense) income, net    
Other (expense) income, net 7 10
Interest income 70 53
Interest expense (8) (16)
Total other (expense) income, net 69 47
Income before provision for income taxes 4,068 5,341
Provision for income taxes 1,023 1,291
Net income 3,045 4,050
Less: net income attributable to non-controlling interests (1,336) (1,819)
Net income attributable to Silvercrest $ 1,709 $ 2,231
Net income per share:    
Basic $ 0.20 $ 0.27
Diluted $ 0.20 $ 0.27
Weighted average shares outstanding:    
Basic 8,519,058 8,187,279
Diluted 8,522,850 8,192,966
Management and Advisory Fees    
Revenue    
Total revenue $ 21,589 $ 23,303
Family Office Services    
Revenue    
Total revenue $ 983 $ 1,028

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows From Operating Activities    
Net income $ 3,045 $ 4,050
Adjustments to reconcile net income to net cash used in operating activities:    
Equity-based compensation 842 800
Depreciation and amortization 511 613
Deferred rent   1,292
Deferred income taxes 409 130
Tax receivable agreement adjustment   474
Non-cash interest on notes receivable from partners (3) (8)
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds (761) (573)
Prepaid expenses and other assets (448) (1,679)
Accounts payable and accrued expenses 562 134
Accrued compensation (25,102) (20,412)
Interest payable on notes payable   9
Net cash used in operating activities (20,945) (15,170)
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (218) (143)
Net cash used in investing activities (617) (143)
Cash Flows From Financing Activities    
Principal payments on financing leases (30) (4)
Operating lease liabilities 1,500  
Distributions to partners (2,285) (2,072)
Dividends paid on Class A common stock (1,278) (1,144)
Payments from partners on notes receivable 291 552
Net cash used in financing activities (2,227) (3,115)
Net decrease in cash and cash equivalents (23,789) (18,428)
Cash and cash equivalents, beginning of period 69,283 53,822
Cash and cash equivalents, end of period 45,494 35,394
Net cash paid during the period for:    
Income taxes 841 2,398
Interest 1 3
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 69 552
Assets acquired under finance lease 26 11
Operating lease assets (ASC 842 adoption) 36,150  
Operating lease liabilities (ASC 842 adoption) 42,785  
Finance lease assets (ASC 842 adoption) 180  
Finance lease liabilities (ASC 842 adoption) 183  
Neosho Capital, LLC    
Cash Flows From Investing Activities    
Acquisition (399)  
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (425) $ (447)
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Earnout accrual for acquisition $ 1,686  

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