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
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows From Operating Activities      
Net income $ 9,982 $ 11,085 $ 10,708
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity-based compensation 3,228 1,524 1,013
Depreciation and amortization 2,664 2,359 1,968
Deferred rent (416) (466) (443)
Deferred income taxes 1,587 3,533 3,600
Tax receivable agreement fair value adjustment 152 (1,209) (713)
Provision for doubtful accounts 294   227
Non-cash interest on notes receivable from partners (56) (66) (61)
Distributions received from investment funds 1 1,292 4
Equity income from investments (304) (18) (1,208)
Other 1 2 6
Cash flows due to changes in operating assets and liabilities:      
Receivables and due from Silvercrest Funds (608) (501) (690)
Prepaid expenses and other assets (801) (973) 711
Accounts payable and accrued expenses 730 (121) (959)
Accrued compensation 2,032 285 4,857
Other liabilities (679) (695) 369
Interest payable on notes payable 171 212 249
Net cash provided by operating activities 17,978 16,243 20,351
Cash Flows From Investing Activities      
Release of restricted certificates of deposit and escrow 587 (1) 435
Acquisition of furniture, equipment and leasehold improvements (723) (388) (664)
Earn-outs paid related to acquisitions completed before January 1, 2009     (1,805)
Net cash used in investing activities (284) (3,936) (2,034)
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (630) (570) (511)
Payments under revolving credit facility     (3,000)
Redemptions of partners’ interests     (270)
Repayments of notes payable (2,200) (2,010) (2,627)
Payments on capital leases (171) (145) (60)
Distributions to partners (5,761) (5,546) (5,242)
Dividends paid on Class A common stock (3,857) (3,783) (3,657)
Payments from partners on notes receivable 880 489 748
Net cash used in financing activities (11,739) (11,565) (14,619)
Net increase in cash and cash equivalents 5,955 742 3,698
Cash and cash equivalents, beginning of year 31,562 30,820 27,122
Cash and cash equivalents, end of year 37,517 31,562 30,820
Net cash paid during the period for:      
Income taxes 4,079 3,967 5,014
Interest 204 149 437
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Notes receivable from new partners issued for capital contributions to Silvercrest L.P. 120   940
Common stock surrendered as payment for notes receivable from partners     92
Recognition of deferred tax assets as a result of IPO     11
Recognition of deferred tax assets as a result of share conversions 328 1,038  
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  
Cappiccille      
Cash Flows From Investing Activities      
Acquisition (148)    
Jamison      
Cash Flows From Investing Activities      
Acquisition   (3,547)  
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (180)    
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Earnout accrual for acquisition   1,342  
Issuance of notes payable for acquisition   $ 2,165  
Cappiccille      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Earnout accrual for acquisition $ 354