Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities    
Net Income $ 8,920 $ 7,962
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity-based compensation 716 848
Depreciation and amortization 1,678 1,489
Deferred rent (346) (320)
Provision for doubtful accounts   227
Deferred income taxes 2,396 1,830
Tax receivable agreement adjustment (990)  
Non-cash interest on notes receivable from partners (50) (47)
Distributions received from investment funds 1,292 3
Other 3 4
Cash flows due to changes in operating assets and liabilities:    
Receivables and due from Silvercrest Funds 1,289 (175)
Prepaid expenses and other assets (614) 1,682
Accounts payable and accrued expenses (392) (2,280)
Accrued compensation (5,011) (1,250)
Other liabilities   647
Interest payable on notes payable 156 249
Net cash provided by operating activities 9,047 10,869
Cash Flows From Investing Activities    
Restricted certificates of deposit and escrow (1) 435
Acquisition of furniture, equipment and leasehold improvements (337) (337)
Earn-outs paid related to acquisitions completed before January 1, 2009   (1,679)
Acquisition of Jamison (3,550)  
Net cash used in investing activities (3,888) (1,581)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (570) (511)
Redemptions of partners’ interests   (270)
Repayments of notes payable (1,316) (421)
Payments on capital leases (99) (38)
Distributions to partners (5,571) (5,244)
Dividends paid on Class A common stock (2,824) (2,724)
Payments from partners on notes receivable 481 741
Net cash used in financing activities (9,899) (8,467)
Net (decrease)/increase in cash and cash equivalents (4,740) 821
Cash and cash equivalents, beginning of period 30,820 27,122
Cash and cash equivalents, end of period 26,080 27,943
Net cash paid during the period for:    
Income taxes 3,361 4,308
Interest 114 133
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Common stock surrendered   92
Recognition of deferred tax assets as a result of IPO   11
Recognition of deferred tax assets as a result of share conversions 675  
Asset acquired under capital lease 32 $ 321
Issuance of notes payable related to acquisition of certain assets of Jamison 2,165  
Earnout accrual for acquisition of certain assets of Jamison 1,429  
Class B Common Stock    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison 3,562  
Issuance of Class B shares of Silvercrest L.P. in conjunction with the acquisition of certain assets of Jamison, par value $1 $ 3