Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows From Operating Activities      
Net income $ 11,085 $ 10,708 $ 17,168
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity-based compensation 1,524 1,013 1,962
Depreciation and amortization 2,359 1,968 1,944
Deferred rent (466) (443) (448)
Deferred income taxes 3,533 3,600 283
Tax receivable agreement fair value adjustment (1,209)    
Provision for doubtful accounts   227  
Non-cash interest on notes receivable from partners (66) (61) (82)
Distributions received from investment funds 1,292 4 1,900
Equity income from investments (18) (1,208) (21)
Other 2 6  
Cash flows due to changes in operating assets and liabilities:      
Receivables and due from Silvercrest Funds (501) (690) (2,762)
Prepaid expenses and other assets (973) 711 (4,532)
Accounts payable and accrued expenses (121) (959) 1,443
Accrued compensation 285 4,857 8,485
Other liabilities (695) 369 734
Interest payable on notes payable 212 249 313
Net cash provided by operating activities 16,243 20,351 26,387
Cash Flows From Investing Activities      
Restricted certificates of deposit and escrow (1) 435 (1)
Acquisition of furniture, equipment and leasehold improvements (388) (664) (275)
Earn-outs paid related to acquisitions completed before January 1, 2009   (1,805) (703)
Net cash used in investing activities (3,936) (2,034) (3,479)
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (570) (511) (462)
Borrowings under revolving credit facility     7,000
Payments under revolving credit facility   (3,000) (4,000)
Contributions from partners     165
Redemptions of partners’ interests   (270) (451)
Repayments of notes payable (2,010) (2,627) (2,217)
Payments on capital leases (145) (60) (15)
Distributions to partners (5,546) (5,242) (29,317)
Dividends paid on Class A common stock (3,783) (3,657) (661)
Offering costs     (1,482)
Payments from partners on notes receivable 489 748 887
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 (11,565) (14,619) (9,229)
Net increase in cash and cash equivalents 742 3,698 13,679
Cash and cash equivalents, beginning of year 30,820 27,122 13,443
Cash and cash equivalents, end of year 31,562 30,820 27,122
Net cash paid during the period for:      
Income taxes 3,967 5,014 1,067
Interest 149 437 316
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Notes receivable from new partners issued for capital contributions to Silvercrest L.P.   940 455
Accrual of partner incentive distributions     6,000
Issuance of notes for redemption of partnership interests     5,300
Common stock surrendered as payment for notes receivable from partners   92  
Recognition of deferred tax assets as a result of IPO   11 26,097
Recognition of deferred tax assets as a result of share conversions 1,038    
Recognition of tax receivable agreement liability 14,654   15,271
Assets acquired under capital leases 50 321  
Adjustment of partner redemption obligation   $ 1,774  
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 $0.01 3    
Ten-Sixty      
Cash Flows From Investing Activities      
Acquisition     (2,500)
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Issuance of notes payable for acquisition     1,374
Jamison      
Cash Flows From Investing Activities      
Acquisition (3,547)    
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Earnout accrual for acquisition 1,342    
Issuance of notes payable for acquisition $ 2,165    
Marathon Capital Group, LLC      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Earnout accrual for acquisition     $ 1,795