Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash Flows From Operating Activities    
Net income $ 2,241 $ 5,464
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity-based compensation 514 359
Depreciation and amortization 481 449
Deferred rent (114) (108)
Provision for doubtful accounts 227  
Deferred income taxes 1,013 44
Non-cash interest on notes receivable from partners (19) (25)
Distributions received from investment funds 3 1,900
Other 2 (4)
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds 1,293 770
Prepaid expenses and other assets 2,889 (545)
Accounts payable and accrued expenses (1,274) 237
Accrued compensation (11,648) (1,098)
Other liabilities   (95)
Interest payable on notes payable 89 36
Net cash (used in) provided by operating activities (4,303) 7,384
Cash Flows From Investing Activities    
Restricted certificates of deposit and escrow (1) (255)
Acquisition of furniture, equipment and leasehold improvements (27) (27)
Earn-outs paid related to acquisitions completed before January 1, 2009 (1,679)  
Acquisition of Ten-Sixty Asset Management, LLC   (2,500)
Net cash used in investing activities (1,707) (2,782)
Cash Flows From Financing Activities    
Redemptions of partners’ interests (240) (261)
Repayments of notes payable (194) (480)
Payments on capital leases (15)  
Distributions to partners (1,349) (13,669)
Dividends paid on Class A common stock (903)  
Payments from partners on notes receivable 629 720
Net cash used in financing activities (2,072) (13,690)
Net decrease in cash and cash equivalents (8,082) (9,088)
Cash and cash equivalents, beginning of period 27,122 13,443
Cash and cash equivalents, end of period 19,040 4,355
Net cash paid during the period for:    
Income taxes 1,707 260
Interest 35 27
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of IPO 11  
Asset acquired under capital lease 289  
Ten-Sixty
    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of notes payable for acquisition of Ten-Sixty Asset Management, LLC   $ 1,479