Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows From Operating Activities    
Net income $ 27,512 $ 16,350
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Equity-based compensation 789 1,107
Depreciation and amortization 2,904 2,942
Deferred income taxes 3,393 452
Tax receivable agreement fair value adjustment (93)  
Non-cash interest on notes receivable from partners (3) (4)
Interest on notes payable 6 27
Non-cash lease expense 3,291 3,488
Distributions received from investment funds 1,411 861
Cash flows due to changes in operating assets and liabilities:    
Receivables and Due from Silvercrest Funds (2,568) (2,215)
Prepaid expenses and other assets (1,861) (657)
Accounts payable and accrued expenses (10,844) 4,807
Accrued compensation (12,706) (2,282)
Operating lease liabilities (3,537) (3,231)
Deferred and other liabilities   (2)
Net cash provided by operating activities 7,694 21,643
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (669) (630)
Net cash used in investing activities (669) (630)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions (4,569) (3,045)
Repayments of notes payable (2,700) (2,700)
Principal payments on financing leases (91) (88)
Distributions to partners (7,881) (6,821)
Dividends paid on Class A common stock (5,108) (4,737)
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc. (5,240) (418)
Payments from partners on notes receivable 172 228
Net cash used in financing activities (25,417) (17,581)
Net (decrease) increase in cash and cash equivalents (18,392) 3,432
Cash and cash equivalents, beginning of period 85,744 62,498
Cash and cash equivalents, end of period 67,352 65,930
Net cash paid during the period for:    
Income taxes 4,453 3,999
Interest 238 240
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 155 53
Notes receivable from new partners issued for capital contributions to Silvercrest L.P.   475
Assets acquired under finance lease 211  
Accrued dividends 15 8
Non-controlling Interest    
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Deferred income taxes 47 10
Neosho Capital, LLC    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of Class B shares of Silvercrest L. P. in conjunction with the acquisition 25 25
Cortina Asset Management, LLC    
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Issuance of Class B shares of Silvercrest L. P. in conjunction with the acquisition 1,122 $ 674
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 $ 1