Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows From Operating Activities    
Net income $ 9,690 $ 3,045
Adjustments to reconcile net income to net cash used in operating activities:    
Equity-based compensation 108 842
Depreciation and amortization 1,007 511
Deferred income taxes 2,306 409
Non-cash interest on notes receivable from partners (2) (3)
Non-cash lease expense 323  
Distributions received from investment funds 1,004  
Cash flows due to changes in operating assets and liabilities:    
Receivables and Due from Silvercrest Funds 1,803 (761)
Prepaid expenses and other assets (732) (448)
Accounts payable and accrued expenses (6,354) 562
Accrued compensation (23,910) (25,102)
Deferred and other liabilities 40  
Operating lease liabilities (400)  
Net cash used in operating activities (15,117) (20,945)
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (173) (218)
Net cash used in investing activities (173) (617)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 (413) (425)
Repayments of notes payable (900)  
Principal payments on financing leases (30) (30)
Operating lease liabilities   1,500
Distributions to partners (2,226) (2,285)
Dividends paid on Class A common stock (1,520) (1,278)
Payments from partners on notes receivable 300 291
Net cash used in financing activities (4,789) (2,227)
Net decrease in cash and cash equivalents (20,079) (23,789)
Cash and cash equivalents, beginning of period 52,832 69,283
Cash and cash equivalents, end of period 32,753 45,494
Net cash paid during the period for:    
Income taxes 940 841
Interest 183 1
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 602 69
Assets acquired under finance lease   26
Operating lease assets (ASC 842 adoption)   36,150
Operating lease liabilities (ASC 842 adoption)   42,785
Finance lease assets (ASC 842 adoption)   180
Finance lease liabilities (ASC 842 adoption)   183
Neosho Capital, LLC    
Cash Flows From Investing Activities    
Acquisition   (399)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions completed on or after January 1, 2009 $ (300)  
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Earnout accrual for acquisition   $ 1,686