Financials

v3.7.0.1
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Assets    
Cash and cash equivalents $ 30,015 $ 37,517
Investments 13 335
Receivables, net 5,465 6,270
Due from Silvercrest Funds 3,054 2,876
Furniture, equipment and leasehold improvements, net 2,585 2,411
Goodwill 25,168 25,168
Intangible assets, net 12,491 13,404
Deferred tax asset—tax receivable agreement 19,463 20,221
Prepaid expenses and other assets 3,352 4,079
Total assets 101,606 112,281
Liabilities and Equity    
Accounts payable and accrued expenses 2,923 4,485
Accrued compensation 13,232 23,797
Notes payable 1,654 2,486
Deferred rent 242 436
Deferred tax and other liabilities 15,170 14,993
Total liabilities 33,221 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 June 30, 2017 and December 31, 2016
Additional Paid-In Capital 41,428 41,260
Retained earnings 7,519 5,916
Total Silvercrest Asset Management Group Inc.’s equity 49,076 47,305
Non-controlling interests 19,309 18,779
Total equity 68,385 66,084
Total liabilities and equity 101,606 112,281
Class A Common Stock    
Equity    
Common stock, value 81 81
Total equity 81 81
Class B Common Stock    
Equity    
Common stock, value 48 48
Total equity $ 48 $ 48

Source

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue        
Management and advisory fees $ 21,107 $ 18,403 $ 42,126 $ 36,737
Performance fees and allocations 10   10  
Family office services 974 934 1,906 1,863
Total revenue 22,091 19,337 44,042 38,600
Expenses        
Compensation and benefits 13,030 11,782 26,110 23,224
General and administrative 3,907 4,050 8,031 8,247
Total expenses 16,937 15,832 34,141 31,471
Income before other (expense) income, net 5,154 3,505 9,901 7,129
Other (expense) income, net        
Other (expense) income, net 8 108 16 116
Interest income 11 15 22 32
Interest expense (34) (62) (68) (127)
Total other (expense) income, net (15) 61 (30) 21
Income before provision for income taxes 5,139 3,566 9,871 7,150
Provision for income taxes 1,539 1,460 2,971 2,548
Net income 3,600 2,106 6,900 4,602
Less: net income attributable to non-controlling interests (1,742) (1,180) (3,355) (2,369)
Net income attributable to Silvercrest $ 1,858 $ 926 $ 3,545 $ 2,233
Net income per share:        
Basic $ 0.23 $ 0.12 $ 0.44 $ 0.28
Diluted $ 0.23 $ 0.12 $ 0.44 $ 0.28
Weighted average shares outstanding:        
Basic 8,104,697 8,027,825 8,091,742 8,011,773
Diluted 8,111,930 8,034,686 8,100,640 8,015,203

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows From Operating Activities    
Net income $ 6,900 $ 4,602
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity-based compensation 1,615 1,575
Depreciation and amortization 1,347 1,341
Deferred rent (195) (214)
Deferred income taxes 907 1,086
Tax receivable agreement adjustment 122 (100)
Non-cash interest on notes receivable from partners (19) (29)
Distributions received from investment funds 322 2
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds 627 874
Prepaid expenses and other assets 369 (645)
Accounts payable and accrued expenses (562) (432)
Accrued compensation (10,565) (11,084)
Interest payable on notes payable 58 105
Net cash provided by (used in) operating activities 926 (2,919)
Cash Flows From Investing Activities    
Restricted certificates of deposit and escrow   507
Acquisition of furniture, equipment and leasehold improvements (493) (195)
Acquisition of Cappiccille & Company, LLC   (148)
Net cash (used in) provided by investing activities (493) 164
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (756) (630)
Repayments of notes payable (890) (1,031)
Payments on capital leases (76) (87)
Distributions to partners (4,642) (4,415)
Dividends paid on Class A common stock (1,942) (1,922)
Payments from partners on notes receivable 371 533
Net cash used in financing activities (7,935) (7,552)
Net decrease in cash and cash equivalents (7,502) (10,307)
Cash and cash equivalents, beginning of period 37,517 31,562
Cash and cash equivalents, end of period 30,015 21,255
Net cash paid during the period for:    
Income taxes 1,182 2,528
Interest 73 119
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 139 152
Asset acquired under capital lease 163  
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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