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, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities      
Net income $ 12,531 $ 9,982 $ 11,085
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity-based compensation 3,248 3,228 1,524
Depreciation and amortization 2,801 2,664 2,359
Deferred rent 3,037 (416) (466)
Deferred income taxes 8,646 1,587 3,533
Tax receivable agreement fair value adjustment (5,299) 152 (1,209)
Provision for doubtful accounts   294  
Non-cash interest on notes receivable from partners (39) (56) (66)
Distributions received from investment funds 322 1 1,292
Equity income from investments (615) (304) (18)
Other 1 1 2
Cash flows due to changes in operating assets and liabilities:      
Receivables and due from Silvercrest Funds (1,384) (608) (501)
Prepaid expenses and other assets 2,744 (801) (973)
Accounts payable and accrued expenses (940) 730 (121)
Accrued compensation 4,477 2,032 285
Other liabilities (24) (679) (695)
Interest payable on notes payable 80 171 212
Net cash provided by operating activities 29,586 17,978 16,243
Cash Flows From Investing Activities      
Release of restricted certificates of deposit and escrow   587 (1)
Acquisition of furniture, equipment and leasehold improvements (804) (723) (388)
Net cash used in investing activities (804) (284) (3,936)
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (756) (630) (570)
Repayments of notes payable (1,826) (2,200) (2,010)
Payments on capital leases (166) (171) (145)
Distributions to partners (6,205) (5,761) (5,546)
Dividends paid on Class A common stock (3,895) (3,857) (3,783)
Payments from partners on notes receivable 371 880 489
Net cash used in financing activities (12,477) (11,739) (11,565)
Net increase in cash and cash equivalents 16,305 5,955 742
Cash and cash equivalents, beginning of year 37,517 31,562 30,820
Cash and cash equivalents, end of year 53,822 37,517 31,562
Net cash paid during the period for:      
Income taxes 1,713 4,079 3,967
Interest 115 204 149
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Notes receivable from new partners issued for capital contributions to Silvercrest L.P. 165 120  
Recognition of deferred tax assets as a result of share conversions 279 328 1,038
Assets acquired under capital leases 301   50
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)  
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (109)    
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 $ (345) (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