Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities      
Net income $ 30,793 $ 24,946 $ 17,478
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity-based compensation 1,149 1,426 659
Depreciation and amortization 3,883 3,923 3,968
Deferred income taxes 3,967 901 2,229
Tax receivable agreement fair value adjustment (202) (114) (186)
Non-cash interest on notes receivable from partners (3) (6) (8)
Non-cash lease expense 2,477 3,938 3,417
Distributions received from investment funds 1,411 861 1,765
Equity income from investments 31 (1,534) (898)
Cash flows due to changes in operating assets and liabilities:      
Receivables and due from Silvercrest Funds (417) 81 1,296
Prepaid expenses and other assets (2,765) 116 (815)
Accounts payable and accrued expenses (12,161) 5,616 63
Accrued compensation (1,973) 7,858 1,597
Operating lease liabilities (2,819) (3,756) (3,721)
Other liabilities   (3) 2
Interest payable on notes payable 12 25  
Net cash provided by operating activities 23,383 44,278 26,846
Cash Flows From Investing Activities      
Acquisition of furniture, equipment and leasehold improvements (956) (908) (626)
Net cash used in investing activities (956) (908) (626)
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions (4,568) (3,045) (741)
Repayments of notes payable (2,700) (3,600) (3,600)
Principal payments on financing leases (120) (118) (111)
Distributions to partners (7,912) (6,680) (6,297)
Dividends paid on Class A common stock (6,828) (6,397) (6,105)
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc. (8,783) (512)  
Payments from partners on notes receivable 172 228 300
Net cash used in financing activities (30,739) (20,124) (16,554)
Net (decrease) increase in cash and cash equivalents (8,312) 23,246 9,666
Cash and cash equivalents, beginning of year 85,744 62,498 52,832
Cash and cash equivalents, end of year 77,432 85,744 62,498
Net cash paid during the period for:      
Income taxes 5,195 4,848 3,129
Interest 345 315 523
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Notes receivable from new partners issued for capital contributions to Silvercrest L.P.   475  
Recognition of deferred tax assets as a result of share conversions 648 566 883
Assets acquired under capital leases 211 137 78
Accrued dividends 21 12 5
Non-controlling Interest      
Cash Flows From Operating Activities      
Net income 11,965 10,253 7,518
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Notes receivable from new partners issued for capital contributions to Silvercrest L.P.   475  
Silvercrest Asset Management Group Inc.'s Equity      
Cash Flows From Operating Activities      
Net income 18,828 14,693 $ 9,960
Neosho Capital, LLC      
Cash Flows From Financing Activities      
Earn-outs paid related to acquisitions (100) (100)  
Neosho Capital, LLC | Non-controlling Interest      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Issuance of Class B units/ shares of Silvercrest L. P. in conjunction with the acquisition 25 25  
Cortina Asset Management, LLC | Non-controlling Interest      
Supplemental Disclosures of Non-cash Financing and Investing Activities      
Issuance of Class B units/ shares of Silvercrest L. P. in conjunction with the acquisition $ 1,122 $ 674