Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities    
Net income $ 4,335 $ 9,690
Adjustments to reconcile net income to net cash used in operating activities:    
Equity-based compensation 469 108
Depreciation and amortization 968 1,007
Deferred income taxes (12) 2,306
Non-cash interest on notes receivable from partners (2) (2)
Interest on notes payable 32  
Non-cash lease expense 814 323
Distributions received from investment funds 861 1,004
Cash flows due to changes in operating assets and liabilities:    
Receivables and Due from Silvercrest Funds (458) 1,803
Prepaid expenses and other assets (652) (732)
Accounts payable and accrued expenses 3,045 (6,354)
Accrued compensation (24,096) (23,910)
Operating lease liabilities (896) (400)
Deferred and other liabilities (2) 40
Net cash used in operating activities (15,594) (15,117)
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (142) (173)
Net cash used in investing activities (142) (173)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions (114) (413)
Repayments of notes payable (900) (900)
Principal payments on financing leases (30) (30)
Distributions to partners (1,758) (2,226)
Dividends paid on Class A common stock (1,544) (1,520)
Payments from partners on notes receivable 228 300
Net cash used in financing activities (4,118) (4,789)
Net decrease in cash and cash equivalents (19,854) (20,079)
Cash and cash equivalents, beginning of period 62,498 52,832
Cash and cash equivalents, end of period 42,644 32,753
Net cash paid during the period for:    
Income taxes 1,273 940
Interest 64 183
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 21 602
Notes receivable from new partners issued for capital contributions to Silvercrest L.P. 475  
Assets acquired under finance lease 86  
Non-controlling Interest    
Cash Flows From Operating Activities    
Net income 1,783 4,158
Adjustments to reconcile net income to net cash used in operating activities:    
Deferred income taxes (13) $ 104
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Notes receivable from new partners issued for capital contributions to Silvercrest L.P. $ 475