Annual report pursuant to section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash Flows From Operating Activities      
Net income $ 17,168 $ 19,720 $ 14,609
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity-based compensation 1,962 1,354 977
Depreciation and amortization 1,944 1,918 1,469
Amortization of acquired deferred revenue     (870)
Deferred rent (448) (336) (265)
Reversal of lease abandonment charge   (576)  
Deferred income taxes 283 22 (275)
Loss on forgiveness of notes receivable     34
Non-cash interest on notes receivable from partners (82) (138) (180)
Distributions received from investment funds 1,900 965 1,231
Equity income from investments (21) (1,911) (950)
Other   (6)  
Cash flows due to changes in operating assets and liabilities:      
Receivables and due from Silvercrest Funds (2,762) (1,016) (780)
Prepaid expenses and other assets (4,532) 117 192
Accounts payable and accrued expenses 1,443 (76) 644
Accrued compensation 8,485 406 (360)
Other liabilities 734 154 (282)
Interest payable on notes payable 313 201 115
Net cash provided by operating activities 26,387 20,756 15,401
Cash Flows From Investing Activities      
Restricted certificates of deposit and escrow (1) 110 335
Acquisition of furniture, equipment and leasehold improvements (275) (257) (606)
Earn-outs paid related to acquisitions completed before January 1, 2009 (703) (720) (663)
Acquisition of Milbank, net of cash acquired     (3,357)
Acquisition of Ten-Sixty (2,500)    
Purchase of investments   (42) (419)
Proceeds from sale of investments   139 234
Net cash used in investing activities (3,479) (770) (4,476)
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (462) (75)  
Borrowings under revolving credit facility 7,000    
Payments under revolving credit facility (4,000)    
Contributions from partners 165   13
Redemptions of partners’ interests (451) (222) (237)
Repayments of notes payable (2,217) (1,695) (1,445)
Payments on capital leases (15) (20) (16)
Distributions to partners (29,317) (14,749) (9,994)
Dividends paid on Class A common stock (661)    
Offering costs (1,482)    
Payments from partners on notes receivable 887 2,864 1,083
Purchase of Class B units from partners of Silvercrest L.P. (35,365)    
Sale and issuance of Silvercrest Asset Management Group Inc. Class A common stock 56,689    
Net cash used in financing activities (9,229) (13,897) (10,596)
Net increase (decrease) in cash and cash equivalents 13,679 6,089 329
Cash and cash equivalents, beginning of year 13,443 7,354 7,025
Cash and cash equivalents, end of year 27,122 13,443 7,354
Net cash paid during the period for:      
Income taxes 1,067 995 855
Interest 316 225 114
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Notes receivable from new partners issued as capital contributions to Silvercrest L.P. 455 112 836
Accrual of partner incentive distributions 6,000 0 0
Issuance of notes for redemption of partnership interest 5,300 0 34
Recognition of deferred tax assets as a result of IPO 26,097 0 0
Recognition of tax receivable agreement liability 15,271 0 0
Marathon Capital Group, LLC
      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Earnout accrual for acquisition of Marathon Capital Group, LLC 1,795 1,061 419
Milbank
      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Earnout accrual for acquisition of Marathon Capital Group, LLC 0 0 1,726
Issuance of notes payable for acquisition of Milbank 0 0 3,181
Issuance of shares for acquisition of Milbank 0 0 3,105
Ten-Sixty
      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Issuance of notes payable for acquisition of Milbank 1,374 0 0
MW Commodity Advisors, LLC
      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Issuance of shares for acquisition of Milbank $ 0 $ 147 $ 0