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