Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities    
Net income $ 10,445 $ 21,869
Adjustments to reconcile net income to net cash (used in) operating activities:    
Equity-based compensation 694 504
Depreciation and amortization 2,016 1,927
Deferred income taxes 1,122 2,595
Non-cash interest on notes receivable from partners (2) (2)
Interest on notes payable (7) 1
Non-cash lease expense 1,855 2,165
Distributions received from investment funds   398
Cash flows due to changes in operating assets and liabilities:    
Receivables and Due from Silvercrest Funds (1,372) (1,739)
Prepaid expenses and other assets (686) (1,213)
Accounts payable and accrued expenses 292 (9,815)
Accrued compensation (23,262) (20,925)
Operating lease liabilities (985) (2,327)
Deferred and other liabilities   1
Net cash used in operating activities (9,890) (6,561)
Cash Flows From Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (2,645) (290)
Net cash used in investing activities (2,645) (290)
Cash Flows From Financing Activities    
Earn-outs paid related to acquisitions (75) (75)
Repayments of notes payable (2,700) (1,800)
Principal payments on financing leases (58) (60)
Distributions to partners (6,340) (6,209)
Dividends paid on Class A common stock (3,437) (3,363)
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc. (4,940)  
Payments from partners on notes receivable 95 172
Net cash used in financing activities (17,455) (11,335)
Effect of exchange rate changes on cash and cash equivalents (5)  
Net decrease in cash and cash equivalents (29,995) (18,186)
Cash and cash equivalents, beginning of period 77,432 85,744
Cash and cash equivalents, end of period 47,437 67,558
Net cash paid during the period for:    
Income taxes 1,203 3,085
Interest 198 144
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 158 155
Assets acquired under finance lease   29
Accrued dividends 8 8
Purchase of shares of Class A common stock excise tax accrual 49  
Non-controlling Interest    
Adjustments to reconcile net income to net cash (used in) operating activities:    
Deferred income taxes 16 41
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 of Neosho $ 25 $ 25