Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities    
Net income $ 16,350 $ 13,952
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity-based compensation 1,107 456
Depreciation and amortization 2,942 2,995
Deferred income taxes 452 1,741
Non-cash interest on notes receivable from partners (4) (6)
Interest on notes payable 27  
Non-cash lease expense 3,488 2,382
Distributions received from investment funds 861 1,765
Cash flows due to changes in operating assets and liabilities:    
Receivables and Due from Silvercrest Funds (2,215) 207
Prepaid expenses and other assets (657) 73
Accounts payable and accrued expenses 4,807 (1,181)
Accrued compensation (2,282) (9,698)
Operating lease liabilities (3,231) (2,594)
Deferred and other liabilities (2) 13
Net cash provided by operating activities 21,643 10,105
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (630) (453)
Net cash used in investing activities (630) (453)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions (3,045) (741)
Repayments of notes payable (2,700) (2,700)
Principal payments on financing leases (88) (81)
Distributions to partners (6,821) (6,521)
Dividends paid on Class A common stock (4,737) (4,570)
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc. (418)  
Payments from partners on notes receivable 228 300
Net cash used in financing activities (17,581) (14,313)
Net increase (decrease) in cash and cash equivalents 3,432 (4,661)
Cash and cash equivalents, beginning of period 62,498 52,832
Cash and cash equivalents, end of period 65,930 48,171
Net cash paid during the period for:    
Income taxes 3,999 2,775
Interest 240 419
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 53 703
Assets acquired under finance lease   78
Accrued dividends 8 4
Non-controlling Interest    
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes 10 12
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Notes receivable from new partners issued for capital contributions to Silvercrest L.P. 475  
Neosho Capital, LLC    
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions (100) $ (300)
Neosho Capital, LLC | Non-controlling Interest    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of Class B shares of Silvercrest L. P. in conjunction with the acquisition 25  
Cortina Asset Management, LLC | Non-controlling Interest    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of Class B shares of Silvercrest L. P. in conjunction with the acquisition $ 674