Financials

v3.19.3
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Assets    
Cash and cash equivalents $ 40,841 $ 69,283
Investments 16 1,493
Receivables, net 8,867 8,022
Due from Silvercrest Funds 1,549 1,233
Furniture, equipment and leasehold improvements, net 6,019 3,436
Goodwill 63,675 25,168
Operating lease assets 34,467  
Finance lease assets 204  
Intangible assets, net 29,992 9,893
Deferred tax asset—tax receivable agreement 12,913 12,206
Prepaid expenses and other assets 4,555 2,629
Total assets 203,098 133,363
Liabilities and Equity    
Accounts payable and accrued expenses 18,388 2,947
Accrued compensation 21,291 31,470
Borrowings under credit facility 17,100  
Deferred rent   7,225
Operating lease liabilities 40,920  
Finance lease liabilities 206  
Deferred tax and other liabilities 9,958 9,322
Total liabilities 107,863 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 September 30, 2019 and December 31, 2018
Additional Paid-In Capital 48,238 43,584
Retained earnings 14,608 12,330
Total Silvercrest Asset Management Group Inc.’s equity 62,989 56,047
Non-controlling interests 32,246 26,352
Total equity 95,235 82,399
Total liabilities and equity 203,098 133,363
Class A Common Stock    
Equity    
Common stock, value 92 85
Total equity 92 85
Class B Common Stock    
Equity    
Common stock, value 51 48
Total equity $ 51 $ 48

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v3.19.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue        
Total revenue $ 27,845 $ 24,932 $ 74,314 $ 73,840
Expenses        
Compensation and benefits 15,100 14,949 42,481 43,706
General and administrative 6,444 4,817 17,103 14,221
Total expenses 21,544 19,766 59,584 57,927
Income before other income (expense), net 6,301 5,166 14,730 15,913
Other income (expense), net        
Other income (expense), net 242 (23) 257 (5)
Interest income 11 70 160 199
Interest expense (239) (7) (255) (36)
Equity income from investments 9   9  
Total other income (expense), net 23 40 171 158
Income before provision for income taxes 6,324 5,206 14,901 16,071
Provision for income taxes 1,501 1,313 3,682 3,935
Net income 4,823 3,893 11,219 12,136
Less: net income attributable to non-controlling interests (2,170) (1,731) (4,993) (5,406)
Net income attributable to Silvercrest $ 2,653 $ 2,162 $ 6,226 $ 6,730
Net income per share:        
Basic $ 0.30 $ 0.26 $ 0.72 $ 0.81
Diluted $ 0.30 $ 0.26 $ 0.72 $ 0.81
Weighted average shares outstanding:        
Basic 8,870,674 8,321,927 8,659,403 8,266,359
Diluted 8,872,571 8,325,718 8,662,140 8,270,984
Management and Advisory Fees        
Revenue        
Total revenue $ 26,842 $ 23,841 $ 71,310 $ 70,683
Family Office Services        
Revenue        
Total revenue $ 1,003 $ 1,091 $ 3,004 $ 3,157

Source

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities    
Net income $ 11,219 $ 12,136
Adjustments to reconcile net income to net cash used in operating activities:    
Equity-based compensation 2,166 2,433
Depreciation and amortization 2,216 1,832
Deferred rent   3,731
Deferred income taxes 1,885 127
Tax receivable agreement adjustment (234) 578
Non-cash interest on notes receivable from partners (9) (22)
Distributions received from investment funds 1,486 610
Equity income from investments (9)  
Other (1) 37
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds (3,408) (182)
Prepaid expenses and other assets (1,137) (1,408)
Accounts payable and accrued expenses (158) (732)
Accrued compensation (10,179) (4,395)
Deferred and other liabilities (5) (51)
Interest payable on notes payable   18
Net cash provided by operating activities 3,832 14,712
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (3,579) (631)
Net cash used in investing activities (39,147) (631)
Cash Flows From Financing Activities    
Borrowings under credit facility 18,000  
Repayments of notes payable (900) (758)
Principal payments on financing leases (78) (86)
Operating lease liabilities 1,318  
Distributions to partners (7,385) (6,541)
Dividends paid on Class A common stock (3,948) (3,475)
Payments from partners on notes receivable 291 1,119
Net cash provided by (used in) financing activities 6,873 (10,188)
Net decrease in cash and cash equivalents (28,442) 3,893
Cash and cash equivalents, beginning of period 69,283 53,822
Cash and cash equivalents, end of period 40,841 57,715
Net cash paid during the period for:    
Income taxes 3,771 4,732
Interest 234 39
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 994 818
Assets acquired under finance lease 98 11
Notes receivable from new partners issued for capital contribution to Silvercrest L.P.   100
Operating lease assets (ASC 842 adoption) 34,467  
Operating lease liabilities (ASC 842 adoption) 204  
Finance lease assets (ASC 842 adoption) 40,920  
Finance lease liabilities (ASC 842 adoption) 206  
Non-controlling Interest    
Adjustments to reconcile net income to net cash used in operating activities:    
Deferred income taxes 27 (55)
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  
Neosho Capital, LLC | Non-controlling Interest    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of Class B shares of Silvercrest L. P. in conjunction with the acquisition 20  
Cortina Asset Management, LLC    
Cash Flows From Investing Activities    
Acquisition (35,169)  
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Earnout accrual for acquisition 13,800  
Cortina Asset Management, LLC | Non-controlling Interest    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of Class B shares of Silvercrest L. P. in conjunction with the acquisition 8,945  
Cortina Asset Management, LLC | Silvercrest Asset Management Group Inc.'s Equity    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of Class B shares of Silvercrest L. P. in conjunction with the acquisition $ 7  

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