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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission file number: 001-35733

 

Silvercrest Asset Management Group Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

45-5146560

(State or Other Jurisdiction

of Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

1330 Avenue of the Americas, 38th Floor

New York, New York 10019

(Address of Principal Executive Offices and Zip Code)

(212) 649-0600

(Registrant’s Telephone Number, Including Area Code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, $0.01 par value per share

 

SAMG

 

The Nasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

The number of outstanding shares of the registrant’s Class A common stock, par value $0.01 per share, and Class B common stock, par value $0.01 per share, as of May 2, 2022 was 9,871,990 and 4,590,798, respectively.

 

 

 


 

 

Part I

 

Financial Information

 

 

Item 1.

 

Condensed Consolidated Financial Statements (Unaudited)

 

 

 

 

Condensed Consolidated Statements of Financial Condition as of March 31, 2022 and December 31, 2021

 

1

 

 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021

 

2

 

 

Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2022 and 2021

 

3

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

 

4

 

 

Notes to Condensed Consolidated Financial Statements as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022 and 2021

 

5

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

28

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

43

Item 4.

 

Controls and Procedures

 

43

 

Part II

 

Other Information

 

 

Item 6.

 

Exhibits

 

44

 

 


 

Except where the context requires otherwise and as otherwise set forth herein, in this report, references to the “Company”, “we”, “us” or “our” refer to Silvercrest Asset Management Group Inc. (“Silvercrest”) and its consolidated subsidiary, Silvercrest L.P., the managing member of our operating subsidiary (“Silvercrest L.P.” or “SLP”). SLP is a limited partnership whose existing limited partners are referred to in this report as “principals”.

Forward-Looking Statements

This report contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include but are not limited to: incurrence of net losses, fluctuations in quarterly and annual results, adverse economic or market conditions, our expectations with respect to future levels of assets under management, inflows and outflows, our ability to retain clients from whom we derive a substantial portion of our assets under management, our ability to maintain our fee structure, our particular choices with regard to investment strategies employed, our ability to hire and retain qualified investment professionals, the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation, failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct, our expected tax rate, and our expectations with respect to deferred tax assets, adverse economic or market conditions, including the continued adverse effects of the coronavirus pandemic, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy, failure to develop and maintain the Silvercrest brand and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2021 which is accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

 

 

 

 


 

Part I – Financial Information

 

Item 1. Financial Statements

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Financial Condition

(Unaudited)

(In thousands, except share and par value data)

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

57,020

 

 

$

85,744

 

Investments

 

 

1,588

 

 

 

1,588

 

Receivables, net

 

 

9,444

 

 

 

8,850

 

Due from Silvercrest Funds

 

 

1,286

 

 

 

428

 

Furniture, equipment and leasehold improvements, net

 

 

5,007

 

 

 

5,257

 

Goodwill

 

 

63,675

 

 

 

63,675

 

Operating lease assets

 

 

25,032

 

 

 

26,130

 

Finance lease assets

 

 

217

 

 

 

247

 

Intangible assets, net

 

 

23,280

 

 

 

23,924

 

Deferred tax asset—tax receivable agreement

 

 

9,085

 

 

 

10,797

 

Prepaid expenses and other assets

 

 

2,269

 

 

 

2,678

 

Total assets

 

$

197,903

 

 

$

229,318

 

Liabilities and Equity

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

13,031

 

 

$

19,820

 

Accrued compensation

 

 

10,704

 

 

 

41,707

 

Borrowings under credit facility

 

 

8,125

 

 

 

9,025

 

Operating lease liabilities

 

 

31,174

 

 

 

32,371

 

Finance lease liabilities

 

 

223

 

 

 

253

 

Deferred tax and other liabilities

 

 

9,423

 

 

 

9,334

 

Total liabilities

 

 

72,680

 

 

 

112,510

 

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, 2022 and December 31, 2021

 

 

 

 

 

 

Class A common stock, par value $0.01, 50,000,000 shares authorized; 9,905,073 and
   
9,871,990 shares issued and outstanding as of March 31, 2022, respectively;
   
9,902,184 and 9,869,101 shares issued and outstanding as of and December 31, 2021,
   respectively

 

 

99

 

 

 

99

 

Class B common stock, par value $0.01, 25,000,000 shares authorized; 4,590,798 and
   
4,593,687 issued and outstanding, as of March 31, 2022 and December 31, 2021,
   respectively

 

 

45

 

 

 

45

 

Additional Paid-In Capital

 

 

52,961

 

 

 

52,936

 

Treasury stock, at cost, 33,083 shares as of March 31, 2022 and December 31, 2021

 

 

(512

)

 

 

(512

)

Retained earnings

 

 

33,669

 

 

 

27,782

 

Total Silvercrest Asset Management Group Inc.’s equity

 

 

86,262

 

 

 

80,350

 

Non-controlling interests

 

 

38,961

 

 

 

36,458

 

Total equity

 

 

125,223

 

 

 

116,808

 

Total liabilities and equity

 

$

197,903

 

 

$

229,318

 

 

See accompanying notes to condensed consolidated financial statements.

1


 

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

Management and advisory fees

 

$

32,448

 

 

$

30,205

 

Performance fees

 

 

 

 

 

 

Family office services

 

 

1,062

 

 

 

1,032

 

Total revenue

 

 

33,510

 

 

 

31,237

 

Expenses

 

 

 

 

 

 

Compensation and benefits

 

 

18,659

 

 

 

17,649

 

General and administrative

 

 

(588

)

 

 

7,900

 

Total expenses

 

 

18,071

 

 

 

25,549

 

Income before other (expense) income, net

 

 

15,439

 

 

 

5,688

 

Other (expense) income, net

 

 

 

 

 

 

Other (expense) income, net

 

 

8

 

 

 

7

 

Interest income

 

 

1

 

 

 

2

 

Interest expense

 

 

(78

)

 

 

(105

)

Total other (expense) income, net

 

 

(69

)

 

 

(96

)

Income before provision for income taxes

 

 

15,370

 

 

 

5,592

 

Provision for income taxes

 

 

2,974

 

 

 

1,257

 

Net income

 

 

12,396

 

 

 

4,335

 

Less: net income attributable to non-controlling interests

 

 

(4,828

)

 

 

(1,783

)

Net income attributable to Silvercrest

 

$

7,568

 

 

$

2,552

 

Net income per share:

 

 

 

 

 

 

Basic

 

$

0.77

 

 

$

0.26

 

Diluted

 

$

0.77

 

 

$

0.26

 

Weighted average shares outstanding:

 

 

 

 

 

 

Basic

 

 

9,869,444

 

 

 

9,651,765

 

Diluted

 

 

9,891,148

 

 

 

9,660,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

2


 

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(In thousands)

 

 

Class A
Common
Stock
Shares

 

 

Class A
Common
Stock
Amount

 

 

Class B
Common
Stock
Shares

 

 

Class B
Common
Stock
Amount

 

 

Additional
Paid-In
Capital

 

 

Treasury
Stock
Shares

 

 

Treasury
Shares
Amount

 

 

Retained
Earnings

 

 

Total
Silvercrest
Asset
Management
Group Inc.’s
Equity

 

 

Non-
controlling
Interest

 

 

Total
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2021

 

 

9,651

 

 

$

96

 

 

 

4,722

 

 

$

46

 

 

$

51,039

 

 

 

 

 

$

 

 

$

19,498

 

 

$

70,679

 

 

$

32,720

 

 

$

103,399

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,758

)

 

 

(1,758

)

Issuance of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(475

)

 

 

(475

)

Issuance of Class B shares

 

 

 

 

 

 

 

 

56

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

475

 

 

 

476

 

Repayment of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

228

 

 

 

228

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

469

 

 

 

469

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,552

 

 

 

2,552

 

 

 

1,783

 

 

 

4,335

 

Deferred tax, net of amounts payable under
   tax receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

7

 

Accrued interest on notes receivable from
   partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Share conversion

 

 

8

 

 

 

 

 

 

(8

)

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

 

 

 

56

 

 

 

(56

)

 

 

 

Dividends paid on Class A
   common stock - $
0.16 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,545

)

 

 

(1,545

)

 

 

 

 

 

(1,545

)

March 31, 2021

 

 

9,659

 

 

$

96

 

 

 

4,770

 

 

$

47

 

 

$

51,102

 

 

 

 

 

$

0

 

 

$

20,505

 

 

$

71,750

 

 

$

33,384

 

 

$

105,134

 

 

January 1, 2022

 

 

9,869

 

 

$

99

 

 

 

4,594

 

 

$

45

 

 

$

52,936

 

 

 

33

 

 

$

(512

)

 

$

27,782

 

 

$

80,350

 

 

$

36,458

 

 

$

116,808

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,685

)

 

 

(2,685

)

Issuance of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Class B shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

 

 

 

 

Repayment of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

157

 

 

 

157

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

228

 

 

 

228

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,568

 

 

 

7,568

 

 

 

4,828

 

 

 

12,396

 

Deferred tax, net of amounts payable under
   tax receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Accrued interest on notes receivable from
   partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

Share conversion

 

 

3

 

 

 

 

 

 

(3

)

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

(24

)

 

 

 

Dividends paid on Class A
   common stock - $
0.17 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,681

)

 

 

(1,681

)

 

 

 

 

 

(1,681

)

March 31, 2022

 

 

9,872

 

 

$

99

 

 

 

4,591

 

 

$

45

 

 

$

52,961

 

 

 

33

 

 

$

(512

)

 

$

33,669

 

 

$

86,262

 

 

$

38,961

 

 

$

125,223

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

Silvercrest Asset Management Group Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cash Flows From Operating Activities

 

 

 

 

 

 

Net income

 

$

12,396

 

 

$

4,335

 

Adjustments to reconcile net income to net cash used in operating activities: