Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net income $ 15,825 $ 27,512
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity-based compensation 1,047 789
Depreciation and amortization 3,013 2,904
Deferred income taxes 1,579 3,393
Tax receivable agreement fair value adjustment 40 (93)
Non-cash interest on notes receivable from partners (3) (3)
Interest on notes payable (13) 6
Non-cash lease expense 2,955 3,291
Distributions received from investment funds   1,411
Cash flows due to changes in operating assets and liabilities:    
Receivables and Due from Silvercrest Funds (1,301) (2,568)
Prepaid expenses and other assets 76 (1,861)
Accounts payable and accrued expenses 45 (10,844)
Accrued compensation (14,915) (12,706)
Operating lease liabilities (2,100) (3,537)
Net cash provided by operating activities 6,248 7,694
Cash Flows from Investing Activities    
Acquisition of furniture, equipment and leasehold improvements (3,355) (669)
Net cash used in investing activities (3,355) (669)
Cash Flows From financing Activities    
Earn-outs paid related to acquisitions (75) (4,569)
Repayments of notes payable (2,700) (2,700)
Principal payments on financing leases (86) (91)
Distributions to partners (7,759) (7,881)
Dividends paid on Class A common stock (5,212) (5,108)
Purchase of shares of Class A common stock of Silvercrest Asset Management Group Inc. (5,705) (5,240)
Payments from partners on notes receivable 95 172
Net cash used in financing activities (21,442) (25,417)
Effect of exchange rate changes on cash and cash equivalents (16)  
Net Decrease in Cash and Cash Equivalents (18,565) (18,392)
Cash and cash equivalents, beginning of period 77,432 85,744
Cash and cash equivalents, end of period 58,867 67,352
Net cash paid during the period for:    
Income taxes 1,585 4,453
Interest 273 238
Supplemental Disclosures of Non-cash Financing and Investing Activities    
Recognition of deferred tax assets as a result of share conversions 141 155
Assets acquired under finance lease   211
Accrued dividends 13 15
Purchase of shares of Class A common stock excise tax accrual 57  
Non-controlling Interest    
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes 17 47
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 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
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   $ 1,122