Financials

v3.19.2
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Assets    
Cash and cash equivalents $ 50,877 $ 69,283
Investments 16 1,493
Receivables, net 6,790 8,022
Due from Silvercrest Funds 831 1,233
Furniture, equipment and leasehold improvements, net 5,498 3,436
Goodwill 27,352 25,168
Operating lease assets 35,220  
Finance lease assets 157  
Intangible assets, net 9,198 9,893
Deferred tax asset—tax receivable agreement 11,407 12,206
Prepaid expenses and other assets 3,939 2,629
Total assets 151,285 133,363
Liabilities and Equity    
Accounts payable and accrued expenses 3,803 2,947
Accrued compensation 13,568 31,470
Deferred rent   7,225
Operating lease liabilities 41,768  
Finance lease liabilities 160  
Deferred tax and other liabilities 9,458 9,322
Total liabilities 68,757 50,964
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, 2019 and December 31, 2018
Additional Paid-In Capital 44,188 43,584
Retained earnings 13,332 12,330
Total Silvercrest Asset Management Group Inc.’s equity 57,653 56,047
Non-controlling interests 24,875 26,352
Total equity 82,528 82,399
Total liabilities and equity 151,285 133,363
Class A Common Stock    
Equity    
Common stock, value 86 85
Total equity 86 85
Class B Common Stock    
Equity    
Common stock, value 47 48
Total equity $ 47 $ 48

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v3.19.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue        
Total revenue $ 23,897 $ 24,577 $ 46,469 $ 48,908
Expenses        
Compensation and benefits 14,018 14,447 27,381 28,757
General and administrative 5,449 4,677 10,659 9,404
Total expenses 19,467 19,124 38,040 38,161
Income before other (expense) income, net 4,430 5,453 8,429 10,747
Other (expense) income, net        
Other (expense) income, net 8 8 15 18
Interest income 79 76 149 129
Interest expense (8) (13) (16) (29)
Total other (expense) income, net 79 71 148 118
Income before provision for income taxes 4,509 5,524 8,577 10,865
Provision for income taxes 1,158 1,331 2,181 2,622
Net income 3,351 4,193 6,396 8,243
Less: net income attributable to non-controlling interests (1,487) (1,856) (2,823) (3,675)
Net income attributable to Silvercrest $ 1,864 $ 2,337 $ 3,573 $ 4,568
Net income per share:        
Basic $ 0.22 $ 0.28 $ 0.42 $ 0.55
Diluted $ 0.22 $ 0.28 $ 0.42 $ 0.55
Weighted average shares outstanding:        
Basic 8,584,614 8,288,392 8,552,017 8,238,115
Diluted 8,587,156 8,292,809 8,555,181 8,243,163
Management and Advisory Fees        
Revenue        
Total revenue $ 22,879 $ 23,539 $ 44,468 $ 46,842
Family Office Services        
Revenue        
Total revenue $ 1,018 $ 1,038 $ 2,001 $ 2,066

Source

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows From Operating Activities    
Net income $ 6,396 $ 8,243
Adjustments to reconcile net income to net cash used in operating activities:    
Equity-based compensation 1,721 1,601
Depreciation and amortization 1,243 1,233
Deferred rent   2,524
Deferred income taxes 1,160 211
Tax receivable agreement adjustment   578
Non-cash interest on notes receivable from partners (6) (15)
Distributions received from investment funds 1,477 488
Other   1
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds (613) (813)
Prepaid expenses and other assets (864) (1,499)
Accounts payable and accrued expenses (699) (823)
Accrued compensation (17,902) (12,441)
Interest payable on notes payable   18
Net cash used in operating activities (8,087) (694)
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (2,816) (527)
Net cash used in investing activities (3,215) (527)
Cash Flows From Financing Activities    
Repayments of notes payable   (758)
Principal payments on financing leases (53) (47)
Operating lease liabilities 1,413  
Distributions to partners (5,759) (5,012)
Dividends paid on Class A common stock (2,571) (2,307)
Payments from partners on notes receivable 291 552
Net cash used in financing activities (7,104) (8,019)
Net decrease in cash and cash equivalents (18,406) (9,240)
Cash and cash equivalents, beginning of period 69,283 53,822
Cash and cash equivalents, end of period 50,877 44,582
Net cash paid during the period for:    
Income taxes 2,590 3,502
Interest 4 39
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 306 671
Assets acquired under finance lease 26 11
Notes receivable from new partners issued for capital contribution to Silvercrest L.P.   100
Operating lease assets (ASC 842 adoption) 35,220  
Operating lease liabilities (ASC 842 adoption) 41,768  
Finance lease assets (ASC 842 adoption) 157  
Finance lease liabilities (ASC 842 adoption) 160  
Neosho Capital, LLC    
Cash Flows From Investing Activities    
Acquisition (399)  
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (425) $ (447)
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Earnout accrual for acquisition $ 1,686  

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