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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 September 30, 2021

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)

(212649-0600

(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 November 1, 2021 was 9,653,214 and 4,815,460, respectively.

 

 

 

 


 

 

 

Part I

 

Financial Information

 

 

Item 1.

 

Condensed Consolidated Financial Statements (Unaudited)

  

 

 

 

Condensed Consolidated Statements of Financial Condition as of September 30, 2021 and December 31, 2020

  

1

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020

  

2

 

 

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2021 and 2020

  

3

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

  

5

 

 

Notes to Condensed Consolidated Financial Statements as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020

  

6

 

 

 

  

 

Item 2.

 

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

  

31

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

  

49

Item 4.

 

Controls and Procedures

  

49

 

Part II 

 

Other Information

  

 

Item 6.

 

Exhibits

  

50

 

 

 

 


 

 

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, 2020 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)

 

 

  

September 30,

2021

 

  

December 31,
2020

 

Assets

  

 

 

 

  

 

 

 

Cash and cash equivalents

  

$

65,930

  

  

$

62,498

  

Investments

  

 

53

  

  

 

914

  

Receivables, net

  

 

9,386

  

  

 

8,341

  

Due from Silvercrest Funds

  

 

2,188

  

  

 

1,018

  

Furniture, equipment and leasehold improvements, net

  

 

5,272

  

  

 

5,523

  

Goodwill

  

 

63,675

  

  

 

63,675

  

Operating lease assets

 

 

26,580

 

 

 

30,068

 

Finance lease assets

 

 

276

 

 

 

254

 

Intangible assets, net

  

 

24,582

  

  

 

26,553

  

Deferred tax asset—tax receivable agreement

  

 

11,100

  

  

 

11,397

 

Prepaid expenses and other assets

  

 

3,870

  

  

 

3,563

  

Total assets

  

$

212,912

  

  

$

213,804

  

Liabilities and Equity

  

 

 

 

  

 

 

 

Accounts payable and accrued expenses

  

$

18,763

  

  

$

18,040

  

Accrued compensation

  

 

31,567

  

  

 

33,849

  

Borrowings under credit facility

 

 

9,927

 

 

 

12,600

 

Operating lease liabilities

 

 

32,896

 

 

 

36,127

 

Finance lease liabilities

 

 

283

 

 

 

259

 

Deferred tax and other liabilities

  

 

9,651

  

  

 

9,530

  

Total liabilities

  

 

103,087

  

  

 

110,405

  

Commitments and Contingencies (Note 10)

  

 

 

 

  

 

 

 

Equity

  

 

 

 

  

 

 

 

Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding, as of September 30, 2021 and December 31, 2020

  

 

 

  

 

 

Class A common stock, par value $0.01, 50,000,000 shares authorized; 9,680,411 and 9,653,214 shares issued and outstanding as of September 30, 2021, respectively; 9,650,692 shares issued and outstanding as of December 31, 2020

  

 

97

  

  

 

96

 

Class B common stock, par value $0.01, 25,000,000 shares authorized; 4,815,460 and 4,721,646 issued and outstanding, as of September 30, 2021 and December 31, 2020, respectively

 

 

47

 

 

 

46

 

Additional Paid-In Capital

  

 

51,408

  

  

 

51,039

 

Treasury stock, at cost, 27,197 and 0 shares as of September 30, 2021 and December 31, 2020, respectively

 

 

(418

)

 

 

 

Retained earnings

  

 

24,363

  

  

 

19,498

 

Total Silvercrest Asset Management Group Inc.’s equity

  

 

75,497

  

  

 

70,679

 

Non-controlling interests

  

 

34,328

  

  

 

32,720

 

Total equity

  

 

109,825

  

  

 

103,399

 

Total liabilities and equity

  

$

212,912

  

  

$

213,804

  

 

 

 

 

 

 

 

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 September 30,

 

 

Nine months ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management and advisory fees

 

$

32,248

 

 

$

26,148

 

 

$

94,435

 

 

$

76,554

 

Performance fees

 

 

86

 

 

 

 

 

 

86

 

 

 

 

Family office services

 

 

1,127

 

 

 

1,034

 

 

 

3,278

 

 

 

3,014

 

Total revenue

 

 

33,461

 

 

 

27,182

 

 

 

97,799

 

 

 

79,568

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

18,758

 

 

 

15,142

 

 

 

54,882

 

 

 

44,217

 

General and administrative

 

 

6,522

 

 

 

7,091

 

 

 

21,706

 

 

 

16,431

 

Total expenses

 

 

25,280

 

 

 

22,233

 

 

 

76,588

 

 

 

60,648

 

Income before other (expense) income, net

 

 

8,181

 

 

 

4,949

 

 

 

21,211

 

 

 

18,920

 

Other (expense) income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income, net

 

 

43

 

 

 

8

 

 

 

58

 

 

 

23

 

Interest income

 

 

1

 

 

 

2

 

 

 

5

 

 

 

12

 

Interest expense

 

 

(92

)

 

 

(120

)

 

 

(294

)

 

 

(445

)

Total other (expense) income, net

 

 

(48

)

 

 

(110

)

 

 

(231

)

 

 

(410

)

Income before provision for income taxes

 

 

8,133

 

 

 

4,839

 

 

 

20,980

 

 

 

18,510

 

Provision for income taxes

 

 

1,779

 

 

 

1,359

 

 

 

4,630

 

 

 

4,558

 

Net income

 

 

6,354

 

 

 

3,480

 

 

 

16,350

 

 

 

13,952

 

Less: net income attributable to non-controlling interests

 

 

(2,631

)

 

 

(1,421

)

 

 

(6,740

)

 

 

(5,871

 

)

Net income attributable to Silvercrest

 

$

3,723

 

 

$

2,059

 

 

$

9,610

 

 

$

8,081

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.38

 

 

$

0.22

 

 

$

0.99

 

 

$

0.85

 

Diluted

 

$

0.38

 

 

$

0.22

 

 

$

0.99

 

 

$

0.85

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

9,670,054

 

 

 

9,532,362

 

 

 

9,661,610

 

 

 

9,478,695

 

Diluted

 

 

9,691,103

 

 

 

9,540,604

 

 

 

9,676,639

 

 

 

9,488,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Retained
Earnings

 

 

Total
Silvercrest
Asset
Management
Group Inc.’s
Equity

 

 

Non-
controlling
Interest

 

 

Total
Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2020

 

 

9,330

 

 

$

93

 

 

 

5,031

 

 

$

49

 

 

$

49,246

 

 

$

15,648

 

 

$

65,036

 

 

$

32,771

 

 

$

97,807

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,226

)

 

 

(2,226

)

Repayment of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300

 

 

 

300

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

9

 

 

 

100

 

 

 

109

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,532

 

 

 

5,532

 

 

 

4,158

 

 

 

9,690

 

Deferred tax, net of amounts payable under tax receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(364

)

 

 

 

 

 

(364

)

 

 

 

 

 

(364

)

Accrued interest on notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Share conversion

 

 

176

 

 

 

2

 

 

 

(176

)

 

 

(2

)

 

 

1,149

 

 

 

 

 

 

1,149

 

 

 

(1,149

)

 

 

 

Dividends paid on Class A common stock - $0.15 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,520

)

 

 

(1,520

)

 

 

 

 

 

(1,520

)

March 31, 2020

 

 

9,506

 

 

$

95

 

 

 

4,855

 

 

$

47

 

 

$

50,040

 

 

$

19,660

 

 

$

69,842

 

 

$

33,952

 

 

$

103,794

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,798

)

 

 

(2,798

)

Repayment of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

 

 

2

 

 

 

 

 

 

9

 

 

 

 

 

 

10

 

 

 

 

 

 

10

 

 

 

147

 

 

 

157

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

490

 

 

 

490

 

 

 

292

 

 

 

782

 

Deferred tax, net of amounts payable under tax receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

8

 

 

 

 

 

 

8

 

Accrued interest on notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Share conversion

 

 

12

 

 

 

 

 

 

(12

)

 

 

 

 

 

88

 

 

 

 

 

 

88

 

 

 

(88

)

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,523

)

 

 

(1,523

)

 

 

 

 

 

(1,523

)

June 30, 2020

 

 

9,520

 

 

$

95

 

 

 

4,852

 

 

$

47

 

 

$

50,146

 

 

$

18,627

 

 

$

68,915

 

 

$

31,503

 

 

$

100,418

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,497

)

 

 

(1,497

)

Repayment of notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

52

 

 

 

 

 

 

52

 

 

 

169

 

 

 

221

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,059

 

 

 

2,059

 

 

 

1,421

 

 

 

3,480

 

Deferred tax, net of amounts payable under tax receivable agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(176

)

 

 

 

 

 

(176

)

 

 

 

 

 

(176

)

Accrued interest on notes receivable from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Share conversion

 

 

24

 

 

 

 

 

 

(24

)

 

 

 

 

 

163

 

 

 

 

 

 

163

 

 

 

(163

)

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,531

)

 

 

(1,531

)

 

 

 

 

 

(1,531

)

September 30, 2020

 

 

9,545

 

 

$

95

 

 

 

4,828

 

 

$

47

 

 

$

50,185

 

 

$

19,155

 

 

$

69,482

 

 

$

31,431

 

 

$

100,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

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