Financials

v3.21.2
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Assets    
Cash and cash equivalents $ 53,631 $ 62,498
Investments 53 914
Receivables, net 9,425 8,341
Due from Silvercrest Funds 1,648 1,018
Furniture, equipment and leasehold improvements, net 5,331 5,523
Goodwill 63,675 63,675
Operating lease assets 28,188 30,068
Finance lease assets 314 254
Intangible assets, net 25,239 26,553
Deferred tax asset—tax receivable agreement 11,324 11,397
Prepaid expenses and other assets 3,934 3,563
Total assets 202,762 213,804
Liabilities and Equity    
Accounts payable and accrued expenses 21,522 18,040
Accrued compensation 20,530 33,849
Borrowings under credit facility 10,828 12,600
Operating lease liabilities 34,071 36,127
Finance lease liabilities 319 259
Deferred tax and other liabilities 9,514 9,530
Total liabilities 96,784 110,405
Commitments and Contingencies (Note 10)
Equity    
Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding, as of June 30, 2021 and December 31, 2020
Additional Paid-In Capital 51,240 51,039
Retained earnings 22,291 19,498
Total Silvercrest Asset Management Group Inc.’s equity 73,675 70,679
Non-controlling interests 32,303 32,720
Total equity 105,978 103,399
Total liabilities and equity 202,762 213,804
Class A Common Stock    
Equity    
Common stock, value 97 96
Total equity 97 96
Class B Common Stock    
Equity    
Common stock, value 47 46
Total equity $ 47 $ 46

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v3.21.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue        
Total revenue $ 33,101 $ 24,021 $ 64,338 $ 52,386
Expenses        
Compensation and benefits 18,475 13,367 36,124 29,075
General and administrative 7,284 9,297 15,184 9,340
Total expenses 25,759 22,664 51,308 38,415
Income before other (expense) income, net 7,342 1,357 13,030 13,971
Other (expense) income, net        
Other (expense) income, net 8 8 15 15
Interest income 2 4 4 10
Interest expense (97) (134) (202) (325)
Total other (expense) income, net (87) (122) (183) (300)
Income before provision for income taxes 7,255 1,235 12,847 13,671
Provision for income taxes 1,594 453 2,851 3,199
Net income 5,661 782 9,996 10,472
Less: net income attributable to non-controlling interests (2,326) (292) (4,109) (4,450)
Net income attributable to Silvercrest $ 3,335 $ 490 $ 5,887 $ 6,022
Net income per share:        
Basic $ 0.35 $ 0.05 $ 0.61 $ 0.64
Diluted $ 0.35 $ 0.05 $ 0.61 $ 0.64
Weighted average shares outstanding:        
Basic 9,662,809 9,511,767 9,657,317 9,451,567
Diluted 9,678,466 9,520,655 9,669,288 9,458,363
Management and Advisory Fees        
Revenue        
Total revenue $ 31,982 $ 23,018 $ 62,187 $ 50,406
Family Office Services        
Revenue        
Total revenue $ 1,119 $ 1,003 $ 2,151 $ 1,980

Source

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities    
Net income $ 9,996 $ 10,472
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity-based compensation 762 263
Depreciation and amortization 1,962 2,027
Deferred income taxes 74 1,958
Non-cash interest on notes receivable from partners (3) (4)
Interest on notes payable 28  
Non-cash lease expense 1,880 1,347
Distributions received from investment funds 861 1,004
Cash flows due to changes in operating assets and liabilities:    
Receivables and Due from Silvercrest Funds (1,714) 806
Prepaid expenses and other assets (900) (638)
Accounts payable and accrued expenses 4,380 (2,687)
Accrued compensation (13,319) (17,535)
Operating lease liabilities (2,056) (1,479)
Deferred and other liabilities   40
Net cash provided by (used in) operating activities 1,951 (4,426)
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (396) (360)
Net cash used in investing activities (396) (360)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions (349) (741)
Repayments of notes payable (1,800) (1,800)
Principal payments on financing leases (60) (59)
Distributions to partners (5,350) (5,024)
Dividends paid on Class A common stock (3,091) (3,043)
Payments from partners on notes receivable 228 300
Net cash used in financing activities (10,422) (10,367)
Net decrease in cash and cash equivalents (8,867) (15,153)
Cash and cash equivalents, beginning of period 62,498 52,832
Cash and cash equivalents, end of period 53,631 37,679
Net cash paid during the period for:    
Income taxes 2,672 1,640
Interest 156 308
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 48 623
Assets acquired under finance lease 137  
Non-controlling Interest    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income taxes (19) 69
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Notes receivable from new partners issued for capital contributions to Silvercrest L.P. 475  
Neosho Capital, LLC    
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions (100) $ (300)
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 of Neosho $ 25  

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