Financials

v3.8.0.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Assets    
Cash and cash equivalents $ 53,822 $ 37,517
Investments 626 335
Receivables, net 9,436 6,270
Due from Silvercrest Funds 1,094 2,876
Furniture, equipment and leasehold improvements, net 2,453 2,411
Goodwill 25,168 25,168
Intangible assets, net 11,578 13,404
Deferred tax asset—tax receivable agreement 11,838 20,221
Prepaid expenses and other assets 1,345 4,079
Total assets 117,360 112,281
Liabilities and Equity    
Accounts payable and accrued expenses 3,506 4,485
Accrued compensation 28,274 23,797
Notes payable 740 2,486
Deferred rent 3,473 436
Deferred tax and other liabilities 9,248 14,993
Total liabilities 45,241 46,197
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 41,606 41,260
Retained earnings 7,359 5,916
Total Silvercrest Asset Management Group Inc.’s equity 49,095 47,305
Non-controlling interests 23,024 18,779
Total equity 72,119 66,084
Total liabilities and equity 117,360 112,281
Class A Common Stock    
Equity    
Common stock, value 81 81
Total equity 81 81
Class B Common Stock    
Equity    
Common stock, value 49 48
Total equity $ 49 $ 48

Source

v3.8.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenue      
Management and advisory fees $ 86,542 $ 76,185 $ 71,759
Performance fees and allocations 834 322 11
Family office services 3,982 3,755 3,368
Total revenue 91,358 80,262 75,138
Expenses      
Compensation and benefits 54,143 49,009 42,856
General and administrative 16,846 16,617 15,325
Total expenses 70,989 65,626 58,181
Income before other income (expense), net 20,369 14,636 16,957
Other income (expense), net      
Other income (expense), net 5,346 (105) 1,268
Interest income 47 61 72
Interest expense (112) (228) (261)
Equity income from investments 615 304 18
Total other income (expense), net 5,896 32 1,097
Income before provision for income taxes 26,265 14,668 18,054
Provision for income taxes (13,734) (4,686) (6,969)
Net income 12,531 9,982 11,085
Less: net income attributable to non-controlling interests (7,194) (4,967) (5,761)
Net income attributable to Silvercrest $ 5,337 $ 5,015 $ 5,324
Net income per share:      
Basic $ 0.66 $ 0.62 $ 0.68
Diluted $ 0.66 $ 0.62 $ 0.68
Weighted average shares outstanding:      
Basic 8,110,128 8,031,161 7,855,038
Diluted 8,117,407 8,038,177 7,855,038

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities      
Net income $ 12,531 $ 9,982 $ 11,085
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity-based compensation 3,248 3,228 1,524
Depreciation and amortization 2,801 2,664 2,359
Deferred rent 3,037 (416) (466)
Deferred income taxes 8,646 1,587 3,533
Tax receivable agreement fair value adjustment (5,299) 152 (1,209)
Provision for doubtful accounts   294  
Non-cash interest on notes receivable from partners (39) (56) (66)
Distributions received from investment funds 322 1 1,292
Equity income from investments (615) (304) (18)
Other 1 1 2
Cash flows due to changes in operating assets and liabilities:      
Receivables and due from Silvercrest Funds (1,384) (608) (501)
Prepaid expenses and other assets 2,744 (801) (973)
Accounts payable and accrued expenses (940) 730 (121)
Accrued compensation 4,477 2,032 285
Other liabilities (24) (679) (695)
Interest payable on notes payable 80 171 212
Net cash provided by operating activities 29,586 17,978 16,243
Cash Flows From Investing Activities      
Release of restricted certificates of deposit and escrow   587 (1)
Acquisition of furniture, equipment and leasehold improvements (804) (723) (388)
Net cash used in investing activities (804) (284) (3,936)
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (756) (630) (570)
Repayments of notes payable (1,826) (2,200) (2,010)
Payments on capital leases (166) (171) (145)
Distributions to partners (6,205) (5,761) (5,546)
Dividends paid on Class A common stock (3,895) (3,857) (3,783)
Payments from partners on notes receivable 371 880 489
Net cash used in financing activities (12,477) (11,739) (11,565)
Net increase in cash and cash equivalents 16,305 5,955 742
Cash and cash equivalents, beginning of year 37,517 31,562 30,820
Cash and cash equivalents, end of year 53,822 37,517 31,562
Net cash paid during the period for:      
Income taxes 1,713 4,079 3,967
Interest 115 204 149
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Notes receivable from new partners issued for capital contributions to Silvercrest L.P. 165 120  
Recognition of deferred tax assets as a result of share conversions 279 328 1,038
Assets acquired under capital leases 301   50
Class B Common Stock      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison     3,562
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison, par value $0.01     3
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 (109)    
Jamison      
Cash Flows From Investing Activities      
Acquisition     (3,547)
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 $ (345) (180)  
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Earnout accrual for acquisition     1,342
Issuance of notes payable for acquisition     $ 2,165
Cappiccille      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Earnout accrual for acquisition   $ 354  

Source

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