Financials

v3.10.0.1
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Assets    
Cash and cash equivalents $ 44,582 $ 53,822
Investments 138 626
Receivables, net 8,894 9,436
Due from Silvercrest Funds 2,449 1,094
Furniture, equipment and leasehold improvements, net 2,602 2,453
Goodwill 25,168 25,168
Intangible assets, net 10,733 11,578
Deferred tax asset—tax receivable agreement 12,136 11,838
Prepaid expenses and other assets 2,079 1,345
Total assets 108,781 117,360
Liabilities and Equity    
Accounts payable and accrued expenses 2,048 3,506
Accrued compensation 15,833 28,274
Notes payable   740
Deferred rent 5,997 3,473
Deferred tax and other liabilities 9,721 9,248
Total liabilities 33,599 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 June 30, 2018 and December 31, 2017
Additional Paid-In Capital 42,450 41,606
Retained earnings 9,620 7,359
Total Silvercrest Asset Management Group Inc.’s equity 52,201 49,095
Non-controlling interests 22,981 23,024
Total equity 75,182 72,119
Total liabilities and equity 108,781 117,360
Class A Common Stock    
Equity    
Common stock, value 83 81
Total equity 83 81
Class B Common Stock    
Equity    
Common stock, value 48 49
Total equity $ 48 $ 49

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue        
Total revenue $ 24,577 $ 22,091 $ 48,908 $ 44,042
Expenses        
Compensation and benefits 14,447 13,030 28,757 26,110
General and administrative 4,677 3,907 9,404 8,031
Total expenses 19,124 16,937 38,161 34,141
Income before other (expense) income, net 5,453 5,154 10,747 9,901
Other (expense) income, net        
Other (expense) income, net 8 8 18 16
Interest income 76 11 129 22
Interest expense (13) (34) (29) (68)
Total other (expense) income, net 71 (15) 118 (30)
Income before provision for income taxes 5,524 5,139 10,865 9,871
Provision for income taxes 1,331 1,539 2,622 2,971
Net income 4,193 3,600 8,243 6,900
Less: net income attributable to non-controlling interests (1,856) (1,742) (3,675) (3,355)
Net income attributable to Silvercrest $ 2,337 $ 1,858 $ 4,568 $ 3,545
Net income per share:        
Basic $ 0.28 $ 0.23 $ 0.55 $ 0.44
Diluted $ 0.28 $ 0.23 $ 0.55 $ 0.44
Weighted average shares outstanding:        
Basic 8,288,392 8,104,697 8,238,115 8,091,742
Diluted 8,292,809 8,111,930 8,243,163 8,100,640
Management and Advisory Fees        
Revenue        
Total revenue $ 23,539 $ 21,107 $ 46,842 $ 42,126
Performance Fees and Allocations        
Revenue        
Total revenue   10   10
Family Office Services        
Revenue        
Total revenue $ 1,038 $ 974 $ 2,066 $ 1,906

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows From Operating Activities    
Net income $ 8,243 $ 6,900
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Equity-based compensation 1,601 1,615
Depreciation and amortization 1,233 1,347
Deferred rent 2,524 (195)
Deferred income taxes 211 907
Tax receivable agreement adjustment 578 122
Non-cash interest on notes receivable from partners (15) (19)
Distributions received from investment funds 488 322
Other 1  
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds (813) 627
Prepaid expenses and other assets (1,499) 369
Accounts payable and accrued expenses (823) (562)
Accrued compensation (12,441) (10,565)
Interest payable on notes payable 18 58
Net cash (used in) provided by operating activities (694) 926
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (527) (493)
Net cash used in investing activities (527) (493)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (447) (756)
Repayments of notes payable (758) (890)
Payments on capital leases (47) (76)
Distributions to partners (5,012) (4,642)
Dividends paid on Class A common stock (2,307) (1,942)
Payments from partners on notes receivable 552 371
Net cash used in financing activities (8,019) (7,935)
Net decrease in cash and cash equivalents (9,240) (7,502)
Cash and cash equivalents, beginning of period 53,822 37,517
Cash and cash equivalents, end of period 44,582 30,015
Net cash paid during the period for:    
Income taxes 3,502 1,182
Interest 39 73
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 671 139
Asset acquired under capital lease 11 163
Notes receivable from new partners issued for capital contribution to Silvercrest L.P. $ 100 $ 165

Source

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