Financials

v3.8.0.1
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Assets    
Cash and cash equivalents $ 35,394 $ 53,822
Investments 626 626
Receivables, net 9,224 9,436
Due from Silvercrest Funds 1,879 1,094
Furniture, equipment and leasehold improvements, net 2,419 2,453
Goodwill 25,168 25,168
Intangible assets, net 11,153 11,578
Deferred tax asset—tax receivable agreement 12,128 11,838
Prepaid expenses and other assets 2,158 1,345
Total assets 100,149 117,360
Liabilities and Equity    
Accounts payable and accrued expenses 2,800 3,506
Accrued compensation 7,862 28,274
Notes payable 749 740
Deferred rent 4,765 3,473
Deferred tax and other liabilities 9,690 9,248
Total liabilities 25,866 45,241
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, 2018 and December 31, 2017
Additional Paid-In Capital 42,203 41,606
Retained earnings 8,446 7,359
Total Silvercrest Asset Management Group Inc.’s equity 50,779 49,095
Non-controlling interests 23,504 23,024
Total equity 74,283 72,119
Total liabilities and equity 100,149 117,360
Class A Common Stock    
Equity    
Common stock, value 82 81
Total equity 82 81
Class B Common Stock    
Equity    
Common stock, value 48 49
Total equity $ 48 $ 49

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenue    
Management and advisory fees $ 23,303 $ 21,019
Family office services 1,028 932
Total revenue 24,331 21,951
Expenses    
Compensation and benefits 14,310 13,080
General and administrative 4,727 4,124
Total expenses 19,037 17,204
Income before other (expense) income, net 5,294 4,747
Other (expense) income, net    
Other (expense) income, net 10 8
Interest income 53 11
Interest expense (16) (34)
Total other (expense) income, net 47 (15)
Income before provision for income taxes 5,341 4,732
Provision for income taxes 1,291 1,432
Net income 4,050 3,300
Less: net income attributable to non-controlling interests (1,819) (1,613)
Net income attributable to Silvercrest $ 2,231 $ 1,687
Net income per share:    
Basic $ 0.27 $ 0.21
Diluted $ 0.27 $ 0.21
Weighted average shares outstanding:    
Basic 8,187,279 8,078,643
Diluted 8,192,966 8,089,225

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities    
Net income $ 4,050 $ 3,300
Adjustments to reconcile net income to net cash used in operating activities:    
Equity-based compensation 800 810
Depreciation and amortization 613 665
Deferred rent 1,292 (91)
Deferred income taxes 130 431
Tax receivable agreement adjustment 474 122
Non-cash interest on notes receivable from partners (8) (9)
Distributions received from investment funds   322
Other   (1)
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds (573) 1,061
Prepaid expenses and other assets (1,679) (516)
Accounts payable and accrued expenses 134 (158)
Accrued compensation (20,412) (17,223)
Interest payable on notes payable 9 29
Net cash used in operating activities (15,170) (11,258)
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (143) (93)
Net cash used in investing activities (143) (93)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (447) (756)
Repayments of notes payable   (96)
Payments on capital leases (4) (34)
Distributions to partners (2,072) (1,949)
Dividends paid on Class A common stock (1,144) (969)
Payments from partners on notes receivable 552 346
Net cash used in financing activities (3,115) (3,458)
Net decrease in cash and cash equivalents (18,428) (14,809)
Cash and cash equivalents, beginning of period 53,822 37,517
Cash and cash equivalents, end of period 35,394 22,708
Net cash paid during the period for:    
Income taxes 2,398 790
Interest 3 1
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 552 139
Asset acquired under capital lease $ 11 $ 163

Source

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